consistently proven, and i think it puts a disadvantage, whether ins 32,000 school districts this country, approximately 30% of all schools fall in that category, and many obviously do not have the resources to be as competitive. we have to check whether it is a competitive priority a separate slate. we've made absolutely certain that rural schools and communities are well represented erie it we gotten better over time at doing that, but i think we can address that specific concern pretty well. >> a shifting of $100 million i think is a significant concern -- church, millner, our heavenly father, we bow our heads in your presence.

the bible teaches us behold how good and how pleasant it is for brethrens to well together in unity because the house divided will not stand. may your servants in this body not look to parties, personalities, preference or press, but may they focus on principles and people. let no personal ambition blind them to their responsibilities and accountability. god, we call our representatives politicians, but you call them ministers. may all the members of this body make full proof of their ministry. ask for your guidance and blessings on their decisions and grace on their families. i pray the members of this body will psyche thy will in ways and have the spiritual courage and grace to follow it. lift them above the claims of politics onto the dimension of a higher calling and mission. we pray this prayer respect in

all prayers, all faiths, but we prayer this prayer -- pray this prayer in the name of our lord and savior, jesus christ, and until you come, we pray, amen. the speaker: the chair has examined the journal of the last day's proceedings and announces to the house his approval thereof. pursuant to clause 1 of rule 1 the journal stands approved. the pledge of allegiance today will be led by the gentleman from california, mr. mcnerney. mr. mcnerney: i pledge allegiance to the flag of the united states of america and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. the speaker: without objection, the gentleman from georgia, mr. broun, is recognized for one minute. mr. broun: thank you, mr. speaker. mr. speaker, i rise today to recognize pastor bennie tate, the senior pastor of

rocksprings church in milner, georgia. under the leadership, rocksprings church grew from just 60 members to its current congregation of just over 6,000. dr. tate began numerous ministries at rocksprings church including the rocksprings medical clinic to care for those who cannot afford medical insurance. the potters house, which ministers to women battling drug and alcohol abuse. rock springs christian academy, offering quality education to kids k-12. and the impact ministries which helps the homeless by serving meals and providing clothing and housing to those in need. james 1:27 says, religion our god and father accepts is pure and flawless is this, to look after orphans in distress and to keep one being polluted by the world. dr. tate's work is a shining example of what scripture tells us the role of the church

should be, to care for the poor, the fatherless and widows. mr. speaker, i ask my colleagues to join me in honoring dr. bennie tate, pastor of rock springs church, of his 25 years of outstanding leadership and service to his community. thank you and i yield back. the speaker pro tempore: the chair will entertain up to 15 requests for one-minute speeches on each side of the aisle. for other purposes the gentleman from arkansas wish to be recognized? >> seek unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection. >> today i ask the members of this house and all americans to lift up arkansas in their prayers as we recover from the storms that devastated much of central arkansas on sunday evening. mr. cotton: 15 people lost their lives in these storms and many more saw their homes and neighborhoods destroyed. the communities of mayflower,

vibrant thriving towns were particularly hard hit. i want to thank the first responders and all those on the ground in arkansas who continue to assist with rescue and recovery operations. we are deeply grateful for your service. i know my sorrow and grief for the devastation and loss of life is shared by all arkansans and all americans. we have a long road ahead of us, but arkansans are a tough, hardworking people and together we will come out stronger. the speaker pro tempore: for what purpose does the gentleman from connecticut seek recognition? >> i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection. mr. courtney: thank you, mr. speaker. mr. speaker, last evening the u.s. navy and two shipyards, the electric boat ship yard and the huntington eagle ship yard entered into an $18 billion contract to build 10 submarines over the next five years.

this event did not happen by itself. it was the result of exhaustive national security reviews that started under secretary gates, continued with the nuclear posture review, continual with the quadrennial defense review. the findings were we needed to bolster our undersea fleet which has declined from 100 at the end of the cold war to 53. with rising maritime challenges in the asia pacific, with the decision by vladimir putin to recapitalize his military to the tune of $700 billion, we must bolster our undersea fleet which is the one area where the united states still has undisputed domination of that domain. i want to congratulate the ship yard workers who have shown the virginia class program is ahead of schedule and underbudget, whether it was the u.s.s. california or hawaii or most recently, north dakota, they have set, in my opinion, an example of navy shipbuilding across the board and commercial shipbuilding which the u.s. has got to step up its game and become part of. so, again, congratulations to the hardworking shipyard

workers in groton and new port news, virginia. i yield back the balance of my time. the speaker pro tempore: for what purpose does the gentleman from utah rise? >> request unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection. >> mr. speaker, federal agencies in washington, d.c. are setting new records. mr. stewart: unfortunately these are not records that they should be proud of. in 2013, the federal register contained nearly 80,000 pages. 80,000 pages of new rules and regulations imposed on american businesses. we know that the result of this is that it stiffles jobs, it slows economic growth and it hurts opportunities for hardworking americans. before coming to congress, i was a small business owner. i saw firsthand the devastating effect of these regulations on job creation and growth. this administration will be remembered for one thing and that's obamacare, which i think is the worst law written in the

history of the universe. but it will also be recognized for another and that is dodd-frank, which runs a close second. both of these are emblem attic of this philosophy of bigger government, more powerful government, less effective government. now is the time to get serious about reducing the regulatory overburden upon the american people. and with that, mr. speaker, i yield back my time. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection. >> mr. speaker, i rise today to recognize the first quad, second platoon, hotel company of the 26th marine regiment. mr. hinojosa: it is with great honor that we commemorate these brave marines who risk their lives for our nation. on may 29 of 1967, at the end

of operation hickory, and the beginning of operation prairie four, the first squad under the command of sergeant thomas gonzalez, recovered a spent russian sa-2 missile inside the demilitarized zone of south vietnam on a reconnaissance patrol. the command and control mechanism of the missile was then transported to washington, d.c. for analysis. the intelligence gave the u.s. mission to saving lives. i want to reap the names of these brave marines. thomas gonzalez, anthony astucho, mike mccombs, richard light, thomas lainer, ronald blaine, gerald eggers, albeano martinez, lloyd marker jr., charles milton, hector rodriguez and mel overmyer.

thank you and i yield back my time. the speaker pro tempore: for what purpose does the gentlewoman from florida seek recognition? ms. ros-lehtinen: i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection. ms. ros-lehtinen: thank you so much, mr. speaker. along with my colleagues, lois capps and ted deutch, i introduced the truth in advertising act, a bill that could help reduce the negative impact of photoshopped images in advertising. photoshop ads can promote unrealistic ectspectations of the human body, leading to tragic emotional, physical and health problems. academic evidence has already shown the connection between very thin models in advertising and body image issues, one of the major contributing factors to eating disorders. the truth in advertising act does not impose new regulations but simply asks the federal

trade commission to work with stakeholders to investigate how to confront this important public health issue while ensuring that freedom of speech is protected. mr. speaker, i encourage my colleagues to co-sponsor this bill so that we can find the best way to stop the destructive impact of photoshopping on eating disorders. i thank you for the time, mr. speaker. the speaker pro tempore: for what purpose does the gentleman from new york seek recognition? without objection. mr. higgins: mr. speaker, this day, april 27, our national day of remembrance of the holocaust. in communities across the country, we set aside this time to stand in solemn solidarity with millions of jews worldwide to pledge never again to allow such evil to exist. in israel, on holocaust remembrance day, a siren sounds for two minutes. everybody stops what they're doing and stands silently in a

powerful living memorial to those who were lost and a symbol rejecting the worst evil the world has ever known. as survivors perish each year, it becomes more important to internalize the importance of the holocaust and recall the six million jews and other innocent victims who perished in the great shame of the 20th century. in western new york, we are proud that one of our own, supreme court justice robert h. jackson, was the chief prosecutor for the united states at the normburg trials of nazi war criminals. his actions helped inspire a deep commitment from our community to preserve and honor the story of the holocaust for nut generations. i yield back the balance of my time. the speaker pro tempore: for what purpose does the gentleman from montana seek recognition? without. mr. daines: -- the speaker pro tempore: without objection. mr. daines: i'm proud to recognize a town where my mom

and dad grew up, my grandma lives today, for winning the best electric car competition. this weekend five young montana students traveled to the national science ball in washington, d.c. to compete against 47 other teams from around the nation. i speak for all montanans when i say we are incredibly proud of their success. under the guidance of science teacher patrick kinney, this team of five middle school students designed, built and raced their model car. as montana's representative and a chemical engineer from montana state university, i'm incredibly proud that students like tyler, julian and alex are leading the way in science and technology. congratulations, again, to the will james middle school science bowl team. the speaker pro tempore: for what purpose does the gentleman from california seek recognition? >> i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, the

gentleman is recognized for one minute. >> thank you, mr. speaker. tomorrow we commemorate the 39th anniversary of the fall of saigon and the collapse of the republic of vietnam. this is known in my community as black april. it's been my honor to join with the vietnamese american community of little saigon which is in my district to remember this important event. mr. lone thall: 39 years ago -- mr. lowenthal: 39 years ago, many of them found their way to the united states where today they comprise a strong, vibrant community that has given invaluable contributions to our nation. this week we remember the brave sacrifices of so many in the cause of freedom who fought tirelessly to enable their children to live a better and brighter life. today we must ensure that their sacrifices were not in vain by continuing the fight for

democracy and human rights in vietnam. thank you and i yield the balance of my time. the speaker pro tempore: for what purpose does the gentlewoman from north carolina seek recognition? ms. foxx: i ask unanimous consent to address the house for one minute, mr. speaker. the speaker pro tempore: without objection, the gentlewoman is recognized for ne minute. miss foxx: last week was the 44th earth day. since the first earth day in 1970, much progress has been made in cleaning our water, cleaning our air and preserving the beauty of this great nation. it's my privilege to represent one of the most beautiful places on this planet. north carolina's highlands are majestic. you'll find one of the tallest peaks in the blue ridge mountain the scenic blue ridge parkway passes by the side of grandfather mountain. i feel it's my duty to help protect these treasures and i consider myself a

conservationist. it's unfortunate, though, that the tremendous success of the environmental musme has head some -- led some self-appointed environmentalists to resort to ever more extreme goals and behavior. maintaining a safe, clean, beautiful, natural world for -- for ourselves, our children, and grandchildren is a goal we should all share. i yield back. the speaker pro tempore: for what purpose does the gentleman from california seek recognition? >> i ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is recognized for one minute. >> mr. speaker, i ask my colleagues to join me in honoring life of marine lance corporal sara castamada. she was tradgely murdered in an incident at the marine base at quantico. an invest by the military revealed that there were lapses in security at the base. the lance corporal joined the marines in 2011 after graduating

with honors from liberty hollywood in brentwood, california. a strong-minded individual, she enlisted to serve our great nation. while in the marines she earned the national defense service medal, the global war on terrorism medal, and the good conduct medal, all of which are testament to her honorable service. i appreciate the marine corps for investigating this crime and providing recommendations to prevent future criminal acts. while these steps are in the right direction, we must do more to ensure that this type of event doesn't happen againism ask my colleagues to join me in honoring the memroif marine lance corporate sara ca stmbings ameda and for additional base security. i yield back. the speaker pro tempore: for what purpose does the gentleman from illinois seek recognition? >> i ask ms unanimous consent to address the house for one minute. the speaker pro tempore: without objection the gentleman is recognized for one minute. >> i rise to recognize the u.s.a. science and engineering

festival. this past week, government, industry, and academia came together to recognize students and teachers through hands on experiences to showcase the opportunities of the future and the ways studying stem subjects can be fun and rewarding for boys and girls. mr. hultgren: it wasn't your traditional science fair. it's a model of how a diverse team can partner to further the stem fields that are home to the future careers of our youth. our future generations of technicians, engineers and scientists should be exposed to opportunities they don't realize are in their dwrass , careers and jobs they hadn't even considered when imagining their futures. i wrote a resolution urging states to recognize the last week of april as science week. getting kids excited about robotics and math can spur them to become future leaders. i yield back. the speaker pro tempore: for what purpose does the gentleman from california seek recognition? i ask unanimous cop sent to address the house for one minute

and revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is recognized for one minute. >> thank you, mr. speaker. mr. speaker, yesterday we returned from our district work period or spring recess, although what it was for most of us was the opportunity to be back during passover and the week leading up to easter and for those of us like myself that love celebrating our faith, we go to our synagogues an churches to hear more about the things we believe. mr. vargas: this time what i heard most from religious leaders is how we were letting down the teachings of the hoe holy scriptured by not doing what was commanded in leviticus 19, you shall treat the alien who resides with you no differently than the natives born among you, or what we hear jesus teaching in matthew 25. for i was hungry and you fave me food, i was thirsty and you gave me drink, i was stranger and you welcomed me. let's heed with our -- what our religious leaders pleading with us to do and pass comprehensive

imfration reform. i yield back. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition? >> i ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is recognized for one minute. >> mr. speaker, i rise today in support of the refundable child tax credit eligibility verification reform act. this bill, authored by my friend and colleague, congressman sam johnson, cracks down on fraud. mr. marchant: it requires taxpayers that claim the additional child tax credit to provide a valid social security number. this is just commonsense. it's been well documented that the government loses billions of dollars due to the rampant fraud of the additional child tax credit. the i.r.s. inspector general puts this fraud number at an unbelievable $4.2 billion a year.

this fraud and failure to fix the problem is simply unacceptable. this is why my constituents in texas deserve to know what is being done to address this problem. there is a clear solution, and that solution is in h.r. 556. i urge all my colleagues to join me today in co-sponsoring this bill to deliver a more responsible government to texas and to american taxpayers. thank you and i yield back. the speaker pro tempore: the gentleman's time has ex-tired. for what purpose -- expired. for what purpose does the gentleman from california seek recognition? >> to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection, the gentlewoman is recognized for one minute. >> thank you, mr. speaker. today, african-american women with breast cancer are 40% more likely to die from the disease than white women. in my hometown of los angeles, african-american women are 70% more likely to die from breast

cancer than white women. this is tragic and shameful. ms. hahn: i've heard heartbreaking store roifs women not able to access screening until it was too late or who could not receive treatment because they did not have health insurance. i've introduced a resolution here in congress to recognize this alarming disparity and to raise nationwide awareness of this crisis in our health care system. my hope is that greater awareness of this issue will help to be the impetus for action and help improve the way we treat breast cancer for all women this is an issue of life and death and we must do everything we can to ensure that every woman regardless of race has access to the quality screening and treatment she needs to fight this awful disease and the good news is, now, under the affordable care act, unlike what my colleague said, that it was the worst law ever written in the history of man, lifesaving mammograms are covered for women under this affordable care act in this country allowing them to detect

breast cancer early. thank you and i yield back. the speaker pro tempore: the gentlewoman's time has expired. for what purpose does the gentlewoman from hawaii seek recognition? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection the gentlewoman is recognized for one minute. ms. hanabusa: i rise today in support of h.r. 4495, the asia-pacific region priority act. this is -- this was filed last night, introduced by cookman "forbes" of virginia and myself. the timing of this bill is when the president left his left -- last stop on his trip to the pivot of the asia pacific. also this is the result of five months of hearings, round tables and meetings which congressman "forbes" and i conducted. this is truly a bipartisan effort in that it is in line with the president's commitment to my part of the world. the foift asia pacific is not

just for security but also for prosperity or economic growth, along with what is very important, relationships. the president has said that the 21st century will be defined by asia pacific whether we live in cooperation or in conflict. i believe it will be in cooperation. i ask my colleagues to support our efforts on this truly bipartisan measure for the definition of the 21st century and i yield back. the speaker pro tempore: the gentlewoman yields back. for what purpose does the gentlewoman from nevada seek recognition? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentlewoman is recognized for one minute. ms. titus: extra, extra, read all about it, the republicans are have released their new agenda for the spring. let's take a look at what their legislative priorities are for the months ahead.

unemployment insurance extension? no. equal work for equal pay for women? no. increase in the minimum wage? no. comprehensive immigration reform? no. in short, their plan offers no investment in infrastructure and education, no attempt to create jobs, and no proposal to help people achieve the american dream. they can claim to be like thomas jefferson but this plan reflects nothing that i've ever read about thomas jefferson system of let's honor and value hard work by setting a real agenda, a new agenda that truly gives everyone a chance at the american dream. i yield back. the speaker pro tempore: pursuant to clause 8 of rule 20, the chair will postpone further proceedings today on motions to suspend the rules on which a recorded vote or the yeas and ays are ordered.

or on which the vote incurs objection under clause 6 of rule 20. record votes will be taken later. for what purpose does the gentleman from new jersey seek recognition? >> i ask unanimous con -- i move that the house suspend the rules and pass hmplt r. 4488, the gold medal technical corrections act of 2014. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 4488, a bill to make technical corrections to two bills enabling the presentation of congressional gold medals and for other purposes. the speaker pro tempore: pursuant to the rule, the gentleman from new jersey, mr. garrett, and the gentleman from texas, mr. green, each will control 20 minutes. mr. garrett: i ask unanimous consent that all members have five legislative days within which to revise and extend their remarks and submit extraneous material to the record for -- on h.r. 4488, which is currently

under consideration. the speaker pro tempore: without objection, the chair recognizes the gentleman from new jersey. mr. garrett: i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. garrett: i rise today in support of h.r. 4488 which is, as i said, the gold medal technical corrections act of 2014. introduced by the gentleman from georgia, mr. lewis, and by ms. brown of florida. this legislation seeks to make minor technical corrections to allow the actual awarding of two congressional gold medals authorized in previous congresses. you see the first medal was awarded to martin luther king jr. and coretta scot scott king. the other was awarded to the pioneering mumford point marines of world war ii. but for different reasons there are now no statutory designate red sip yents of the medals. as has often happened in the past with such medals they'll be given to have smithsonian

institution where they'll be available for display, for research, for loan, as appropriate to sites significant to their honorees. importantly in the case of both these medals the sense of congress has expressed that one place that would be appropriate to display either or both of these medals is at the new national museum of african-american history and culture. now under construction, literally just down the street. so mr. speaker, this is a good bill. it is a bipartisan bill. i ask for its immediate passage and reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from texas. mr. green: thank you, mr. speaker. mr. speaker, i too rise in respect of h.r. -- rise in support of h.r. 4488 and i'd like to thank anymy colleague across the aisle for his support and i would like to thank the honorable john lewis for being a sponsor of this legislation.

this is important legislation, as it does embrace two congressional gold medals that have already been accorded. and as fate would have it, mr. lewis was the original sponsor of the medal -- the bill according to the congressional scott dal to ms. coretta king and reverend dr. martin luther king, both honorable people. he has been a champion for human rights and civil rights. it's difficult to have him in your presence and not acknowledge all he's done. today i'm honored to support the technical corrections act of 2014 and i'm also honored to mention one other colleague, the honorable corrine brown. she worked with the bill that accorded a congressional gold medal to the mumford point marines of the united states marine corps. she was an original sponsor of this legislation. these two giants have brought us this far. it will take this legislation to

take us the final steps along the way. the legislation merely indicates where these congressional gold medals may be displayed. it seems to do what we could have done earlier, but we have found that it's not too late to do now. at this time, i'm honored to yield such time as he may consume to the honorable john lewis, our civil rights icon right here in the united states house of representatives. the speaker pro tempore: the gentleman is recognized. mr. lewis: mr. speaker, i want to thank the gentleman from texas for yielding and i want to thank the gentleman from new jersey for all of his work on this legislation. i'd like to thank the chair and ranking member of the financial services committee and all of their staff for their strong support of this legislation. this bill is very simple. it simply ensures that these

medals displayed at the smithsonian national museum african-american history and culture, which opens next year. in 2004, congress passed bipartisan legislation to grant the congressional gold medal to dr. martin luther king jr. and mrs. coretta scott king. i introduced the house bill and my good friend, senator levin, sponsored the senate companion. the legislation passed in the house and senate by voice vote. unfortunately, a couple of years later, my good friend, coretta scott king, passed away. she was a beautiful and strong spirit, and like her husband, a national treasure. they were heroes, breaking down barriers, opening doors, fighting injustice across our country and building bridges around the world. it is only fitting that this congressional tribute is an

exhibit to the world and a permanent national memorial. again, mr. speaker, i'd like to thank the bipartisan leadership and staff for all of their good and great work and support of this commonsense legislation. i yield back the balance of my time, mr. speaker. the speaker pro tempore: the gentleman from texas is recognized. mr. green: mr. speaker, i am so honored to be a part of this and i will thank again the honorable john lewis for his accord the t only congressional gold medals to dr. king and mrs. king, but make sure they're properly cated so they can be displayed properly. and i want to thank the honorable corrine brown. i believe that this bill is one that can be embraced by all of our colleagues, and i yield back the balance of my time.

the speaker pro tempore: the gentleman yields back. the gentleman from new jersey is recognized. mr. garrett: i yield myself such time as i may consume. so at this point we have no other speakers. i, again, would just like to thank my colleagues on the other side of the aisle for joining us for sponsoring this legislation. mr. lewis, not only for legislation that is on the floor today but for your historic work on civil rights prior to coming to congress as well. and with that i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the -- mr. green: i yield as well. the speaker pro tempore: the gentleman yields back. the question is will the house suspend the rules and pass the bill h.r. 4488. those in favor say aye. those opposed, no. in the opinion of the chair, 2/3 having responded in the affirmative, the rules are suspended, the bill is passed,

and without objection the motion to reconsider is laid on the table. for what purpose does the gentleman from new jersey seek recognition? mr. garrett: mr. speaker, i move that the house suspend the rules and at this time pass h.r. 627, the national park service 100th anniversary commemorative coin act, as amended. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 627, a bill to provide for the issuance of coins to commemorate the 100th anniversary of the establishment of the national park service, and for other urposes. the speaker pro tempore: pursuant to the rule, the gentleman from new jersey, mr. mr. murray, will each control 20 minutes.

-- mr. murphy, will each control 20 minutes. the chair recognizes the gentleman from new jersey. mr. garrett: again, i ask unanimous consent that all members may have five legislative days to revise and extend their remarks and also to submit extraneous materials for the record on this bill, h.r. 627, as amended, and currently under consideration. the speaker pro tempore: without objection, so ordered. mr. garrett: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. garrett: mr. speaker, i rise today in support of h.r. 627, the national park service 100th anniversary commemorative coin act. introduced by the gentleman from minnesota, mr. paulsen. mr. speaker, this legislation seeks to authorize the minting and sale in 2016 of gold, plat coin to commemorate the national park service. american landscape so important to all of us.

the idea of federally recognizing and preserving certain sites began in the late 19th century with the official establishment of a select group of national parks, including yellowstone, sequoyah national park in california, and yosemite as well. when theodore roosevelt became president in 1901 he continued this effort, speaking on the importance of preserving the habitat and wildlife and signing the an tech wits act. the president declared by public proclamation historic landmarks, historic and prehistoric structures and other objects of historic or scientific interest, end quote. then about a decade later in 1916, the national park service was created to place all of the sites under the care of a single independent agency. fast forward to today, now today the park service manages nearly 400 sites totaling 84

million acres. these parks cover all corners of our nation in almost every american state and territory is at least home to one. people around the globe are now attracted to our national sites because both of their beauty and also their grandeur. every year our parks hosts, note this, 280 million visitors. the legislation before us today has 307 co-sponsors and a companion senate bill has 73. the coins will be minted and sold at no cost to the taxpayer. no proceeds from the sale may be used to acquire new lands. mr. speaker, this is a good bill, honoring a great part of the federal government that maintains some of the most spectacular parts of american landscape and history and so i ask for its immediate passage. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from florida. mr. murphy: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the

gentleman is recognized. mr. murphy: thank you, mr. speaker. this bill would authorize the u.s. mint to produce gold and silver clad coins for resale in 2016. proceeds from the sale of these coins will be used to help protect our national parks so that our country's great natural and cultural resources will endure for generations to come. this bill comes at no cost to taxpayers. national parks are not only crucial to preserve our national, historic and cultural treasures, but they are also economic engines to job creators. they generate tens of billions in revenue and support hundreds of thousands of jobs nationwide. this bill will help maintain and promote many beautiful and important parks in our country, such as everglades national park, which is located near the district i am proud to represent. the everglades region is a large interconnected ecosystem that is globally unique because of the hundreds of species and plants and animals that live there, such as the florida panther and west indian manatee. this rare ecosystem faces

problems due to rapid development and outdated infrastructure in the area. you may wonder why someone from florida's treasure coast is worried about the everglades. there are serious problems facing florida's waterways. rainfall, is heavy okeechobee water is released in the rivers east and west. these freshwater releases are heavy in nitrogen, phosphorus and clay that hurt our brackish waterways. the st. lucie water contained high levels of bacteria that officials posted health warnings up and down the shore and many residents reported infections resulting from their interaction with the water. toxic algae blooms were found throughout the waterways. this pollution not only forces people to avoid contact with the water, which is frequently the center of their leaflyhood,

but also an extreme threat to the moe biodiversed estuary in the country. just like the broader everglades, several species in the lagoon is being listed as threatened or endangered and this jeopardizes these species further. the health of our environment cannot be separated from the health of our economy. and florida's 18th district, the health of the everglades and our waterways is critical to economic strength. i will continue to advocate to even the most conservative of my colleagues that the economic impact of everglades restoration projects provides a 4-1 return on investment in both short-term and long-term economic benefits. so important are these restoration efforts, the florida delegation continues to come together in a bipartisan manner in support of protecting our environment and the economic role it plays in our great state of florida. all members of our delegation understand that for the entire

system to benefit and for the federal government to work most efficiently we must aggressively continue to push to complete everglades restoration projects that we have already started. it is clear that water quality and management decisions that impact one area of the everglades system have residual impacts throughout the water system of central and south florida and the treasure coast. so people who live along the florida bay may not immediately see the benefits of the c-44 indian river lagoon project in my district and the same for the c-111 spreader canal, you cannot look at one piece of the system as a vacuum. i have been so passionate on everglades restoration issues, not only in my district but throughout the state and the watershed and why today i stand in support of this bill that will help the park service continue its important work of preserving this and other critical habitats. i urge my colleagues to support this bill and reserve the

balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from new jersey. mr. garrett: thank you, mr. speaker. at this time we are joined by the original sponsor of the legislation, mr. paulsen of minnesota, which i yield him such time as he may consume. the speaker pro tempore: the gentleman from minnesota is recognized. mr. paulsen: i thank the gentleman for yielding. i want to thank him for his leadership as well as chairman hensarling and the members of the committee for bringing this bill forward. i want to mention my partner in this effort, congresswoman kaptur, for her efforts in promoting this legislation. mr. speaker, president teddy roosevelt said there can be nothing in the world more beautiful than the yosemite. the sequoyah, the canyon of the colorado, the and people should preserve it for their children and their children's children forever with their ma jetic beauty all unmarred. his leadership and tireless advocacy for conservation led

to the creation of the national park service and system back in 1916. today, the national park service comprises over 401 different areas, covering more than 84 million acres across america, including territories like american samoa, guam, puerto rico and the virgin islands. these areas include some of our most cherished monuments, battlefields, lakeshores, recreation areas, pristine rivers and pristine falls. minnesota is host to five national parks. we're visited by more than 650,000 visitors each and every year, contributing $34 million to our local economy. it spans the entirety of the state, from the national park up on the canadian border to the mississippi river and recreation area running through the heart of the twin cities. americans from all states, though, and all backgrounds have enjoyed the opportunity to visit these sites. in 2016, in just a few years, we will all come together to help celebrate the centennial, the 100th birthday of the

national park service. so to commemorate this occasion, we've got bipartisan, bicameral legislation that will allow the department of the treasury to authorize the minting of a series of commemorative coins. $5 coin, silver dollar and the clad half dollar. there's no cost to the taxpayer. over 300 authors in the house signed onto the bill. bipartisan support in the senate. and all the proceeds from this commemorative coin program go to the national park foundation, which is responsible for preserving and protecting under the -- all these resources under the stewardship of the national park service. and then promoting the public enjoyment and recreation and appreciation for those resources. o more than 278 million people enjoy national parks each and every year, including my wife and my family, my four daughters, we frequently attend -- had the opportunity to visit and vacation in national parks. very first summer jobs was working at yellowstone. some of the best memories of my life.

my brother was a park ranger for many years at glacier national park. so here we have a bill that not only commemorates the anniversary of our park service but also make sure we have dedicated funds that will have no taxpayer cost, no taxpayer impact in promoting these resources. mr. speaker, there's no doubt that our national parks are truly one of our greatest natural resources and crown jewels and they deserve being celebrated and preserved so that future generations can enjoy that beauty and history in our country. so passing this bill is just one important step to help us honor our country's very important heritage. i thank the gentleman for yielding and for his leadership. i yield back the balance of my ime. the speaker pro tempore: the gentleman from new jersey reserves. he gentleman from florida. >> if the gentleman has no further speakers, i'm prepared to close. the speaker pro tempore: the gentleman is recognized. mr. murphy: i would like to thank the gentleman for his work

on this. i urbling my colleagues to support this legislation. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentleman from new jersey. mr. garrett: i yield back. the speaker pro tempore: the gentleman yields back. the question is will the house suspend the rules and pass the bill h.r. 627 as amended? those in favor say aye. those opposed, no. -- e opinion of the chair in the opinion of the chair, 2/3 -- then the affirmative, yeas and nays are requested? >> yes, mr. speaker. the speaker pro tempore: those in favor of taking this vote by the yeas and nays will rise and

remain standing until counted. a sufficient number having risen, the yeas and nays are ordered. pursuant to clause 8 of rule 20, further proceed thongs question will be postponed. for what purpose does the gentleman from new jersey seek recognition? mr. fware rhett: i move that the house suspend the rules as pass h.r. 461 -- 41 of 7, restoring proven financing for american employers act as amended. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 4167, a bill to amend the volcker rule, to exclude certain debt securities of collateralized loan obligations from the prohibition against acquiring or retaining an ownership interest in a hedge fund or private equity fund. the speaker pro tempore: pursuant to the rule, the gentleman from new jersey, mr. garrett, and the gentleman from

florida, mr. murphy, each will control 20 minutes. the chair recognizes the gentleman from new jersey. mr. garrett: thank you, mr. speaker. i ask unanimous consent that all members have five legislative days to revise and extend their trains youd submit ex- material on the question under consideration. the speaker pro tempore: without objection, so ordered. mr. garrett: i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. garrett: i rise in support of h.r. 4167, restering -- restoring proven financing for american employers act, introduced by representative barr of kentucky, who we'll hear from shortly, and i would like to thank the gentlelady from new york, mrs. maloney, for her bipartisan and commonsense work on this important issue as well. today we have the opportunity correct in a strong, bipartisan way, an egregious example of regulatory overreach.

for no reason that has been coherently stated by anyone, the banking regulators responsible for regulating the volcker rule have included provisions in it, in their final rule that will literally crip they will market for collateralized loan obligations, c.l.o.'s. at a stroke of the pen, the banking regulators will wreak havoc on one of the largest and most important sources of financing for literally hundreds of growing companies across the country. if the c.l.o. provision goes forward as manned, there will be a heavy place to -- price to pay in failed companies and lost job. why is the government doing this? did c.l.o.'s do anything to cause the financial crisis? d noh they did it -- they did not. are they a mepnass to our financial system? no, again. is the small portions of securities included in some c.l.o. structures a national crisis that requires such a heavy hand by the federal government? of course not.

thankfully, the bill we have today introduced by my friend, mr. barr, fix this is problem of their own making ching it prevents a disastrous fire sale of legacy c.l.o.'s. it narrows the volcker rules prod definition of ownership interest in a c.l.o. last month the financial services committee passed this bill on an overwhelmingly bipartisan basis with all but three members of the committee voting in favor of it. the independent community bankers of america and the american bankers' association have all voiced their support as well. i'm sorry, though, that it's come to this. time and time again, the committee has admonished the regulators that the c.l.o. provision of the volcker rule were a threat to the economy and the financial stability they're supposed to be protecting. time and again, however, the unwielding banking regulators chose to do nofplg if they had corrected this problem as we've

been urging them to do and which they could do, we would not be here, wasting valuable legislative time, saving the c.l.o. market from our own public servants. now some have suggested the agencies don't have the legal authority to fix the pobs. it's interesting that federal agencies seem to have plenty of authority when it comes to doing something but when they need to fix something they messed up, suddenly they have no authority system of perhaps the real problem is the fact that we have so many different banking regulatory agencies in the first place. if avoiding -- if having them problems is so difficult, maybe we need fewer regulate yrs. more regulators means more empire building, more rivalry, less accountability and less problem solving. an ever increasing number of agencies only make ours financial system more unsustainable and more arbitrary

and more unstable. and it makes it all the more likely that the heavy hand of government will fall suddenly on some unlucky corner of the economy. it's my hope that this body can come together and support this bipartisan piece of legislation so we can ensure that the market for collateralized loan only gailingses, c.l.o.'s, is not carelessly and needlessly destroyed. while they may not have a high profile, c.l.o.'s provide a valuable function that our recovering economy cannot do without and i you remember my colleagues to support h.r. 4167. at this time i reserve. the speaker pro tempore: the gentleman reserves. the gentleman from florida. mr. murphy: i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. murphy: thank you, mr. speaker. i rise in support of h.r. 4167 to create jobs and prevent unintended consequences of the volcker rule which i strongly support. the bill before us represents a truly bipartisan compromise that planses the author's goal to preserve a proven financing

mechanism with democratic concerns against watering down the volcker rule which is designed to prevent banks from gambling on wall street with consumer deposits, the very type of behavior that nearly do you think our -- took down our financial system and gave us the great recession. the truth is the volcker vule not intended to capture debt. debt san everyday tool, of plain vanilla financial institutions. we don't want banks owning hedge funds and private equity funds but we still want banks out in the communities lending to the real economy. i want to thank the gentleman from kentucky and the gentlelady from new york, mrs. maloney, for working together on a compromise that makes a narrow, commonsense fix to the volcker rule without undermining its core purpose, prohibiting risky, proprietary trade big federally insured banks. i want to recognize chairman hensarling and ranking member waters in truly borne way this

bill came to the fly by a vote to have 53-3. i'm hopeful we'll see more bipartisanship from our committee in the business of the american people. comprehensive community bank regulatory relief, tria, re-authorizing the export-import bank to help access foreign markets. reforming fannie and fred dee to help taxpayers and protecting the 30-year fixed rate mortgage for middle class families. this the bill before us would confirm the right to vote in circumstances such as a material breach of contract does not by itself convert a debt security into an equity security under the volcker rule. i would also provide far roar relief to existing c.l.o. securities as long as they qualify as debt under this bill. for c.l.o.'s that are not debt securities thunder bill, banks will get two additional years to divest which will preavepbt

disruptive fire sale of the securities and cost as much as $8 billion. i ask unanimous consent to insert the text of a letter from the independent community bankers of america into the record. the speaker pro tempore: without objection. so ordered. mr. murphy: thank you, mr. speaker. once again i'd like to thank the gentleman from kentucky, mr. barr, who also is a member of the united solutions caucus, dead kayed to real problem solving and saving the partisanship for another day he worked hard on this bill and was willing to reach across the aisle for commonsense compromise. as a result of hard work, this jobs bill is on the suspension calendar and has earned a strong bipartisan vote. i urge my colleagues to support this legislation and resthemb balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from new jersey. mr. garrett: thank you, mr. speaker. at this time we are joined by the sponsor of this bill, the gentleman from kentucky who as was indicated worked in a bipartisan manner to get it out of committee, here on the floor and i assume we're going to see

a strong bipartisan vote for it on the floor as well. i yield such time as he may consume to the gentleman from kentucky, mr. barr. the speaker pro tempore: the gentleman sec are -- is recognized. mr. barr: i thank the gentleman from new jersey who has himself shown a considerable amount of leadership on this issue in making sure that american companies on main street and across the country have access to reliable, affordable capital to grow their businesses and create jobs. i also want to thank the gentleman from florida for participating in the discussion here today in a bipartisan manner for his support and for the support of my colleagues both on this side and that side of the aisle who recognize that we do need to fix this problem. h.r. 4167, restoring proven finance b -- financing for merican employers act is about prosiding access to credit for emergencying companies. some of the most dynamic and job

producing companies in america. as the u.s. chamber of commerce states in its letter of support for my legislation, the chamber says that this is necessary to, quote, fix the adverse impacts of the volcker rule upon thousands of main street businesses. this legislation has been mentioned earlier, passed out of the financial service committees on a march 14 strongly bipartisan vote of 53-3. i want to thank congresswoman carolyn maloney for her support and working to develop this commonsense legislation to provide a necessary clarification of the volcker rule while maintaining the legislative intent of collateralized loan obligations. while there are several exemptions provided in the statute, included in section 619 of the dodd-frank law which authorizes the volcker rule. that language that legislative language state this is a nothing in this section shall be construed to limit or restrict

the ability of a banking entity or nonbank financial company supervised by the federal reserve board to sell or securitize loans in a manner orse permitted by law. nevertheless, despite this plain language in the statute, certain asset-backed securities originally thought to be exempt by the volcker rule are now subject to the covered fund definition. so the pragmatic need to provide this defined narrow fix is why the legislation is endorsed by the american bankers association, by the kentucky bankers association, and the small community banks around this country. the independent communitybackers of america. and it's why a small community bank in my home state of kentucky contacted my office in january. he alerted us to the fact that failing to fix this problem could very well mean significant losses to that small community bank. possible layoffs of employees and higher borrowing rates and fees for their customers in the local community. getting this issue right and

fixing the problem is important to community banks. it's important to u.s. employers and businesses on main street. it's important to a whole lot of job this is a support families in kentucky and around the country. here's why collateralized loan only gailingses, c.l.o.'s, have proven to be a critical source of funding for u.s. businesses over the last 20 years. today c.l.o.'s continue to provide over $300 billion in financing to u.s. companies, including companies that are well known to all of us in this chamber, dunkin' donuts, american airlines, neiman marcus, delta airlines, goodyear tire, even a mattress and bedding company in my hometown f lexington, kentucky, tempur-saley. yet this corporate finance is under assault from the implementation of the volcker rule which makes it impermissible for banks to retain or invest in these assets.

according to the u.s. chamber of commerce, h.r. 4167 would, quote, preserve this important source of financing. that supports growth and job creeation throughout our economy. c.l.o.'s have a proven track record of success and they performed very well before, during and since the financial crisis. according to the kentucky bankers association, investment in c.l.o.'s is a, quote, conservative addition to an existing and balanced investment unapproach, unquote, and a, quote, thoughtful solution to the equity problem, unquote that banks face. the default rate on c.l.o.'s has been less than one-half of 1%. despite the proven track record, despite the critical source of funding for growing u.s. company the volcker rule regulators require that banks di vest of their c.l.o. holdings. the consequences will be a fire sale in the mark this is a will cause significant los -- cause significant losses to bank this

is a are holding what are known as legacy c.l.o.'s. looking forward, it will increase the cost of borrowing in the future for u.s. businesses looking to expand, grow and create much-needed jobs. these warnings may sound abstract so let me explain how it affects a real business that employees in my district. ell purr peedic is a high -- tempurpedic is a high-end mattress bedding company and they produce a very comfortable, high end beds for the market but they knew that in order to be resilient and to be growing if the future they needed to acquire a competitor that covered the rest of marketplace so the value product the mid level products and a lower but higher level form of mattress so in the event of an economic downturn or competitive pressures in the marketplace they would have a cross section of the entire marketplace with all price points of bedding. .

so tell purr peedic used c.l.o. financing where it didn't have financing -- as affordable corporate bond conditions fnsing, they closed this transaction where they acquired a well-known company to a lot of americans. sealy, that closed in march of 2013. this allowed them to expand their business and create already in just a year's time 200 new jobs in my district. thanks to c.l.o. financing, tempursealy is now a better company and better poised for growth in the future. if they see an opportunity to grow even more and in need of a commercial loan, we want to make sure this source of affordable financing is there for them and for all u.s. companies. h.r. 4167 is a defined narrow fix which clarifies that the volcker rule should not be construed to require the divestiture of any debt securities of c.l.o.'s prior to july 21, 2017, if such c.l.o.'s

were issued before january 31, 2014. h.r. 4167 also clarifies that a bank shall not be considered to have an ownership interest in a c.l.o. for purposes of enforcement of the volcker rule if such debt security has no indicia of ownership other than the right to participate in the removal for cause or swlecks of a replacement investment manager or investment advisor of the c.l.o. so in sum, mr. speaker, this legislation is a bipartisan, commonsense fix to a real world problem voiced by community banks and emerging growth companies like tempursealy in my own district that will been fit these companies all arne the country. i urge a vote in support of h.r. 67, the restoring proven financing for american employers act. the speaker pro tempore: does the gentleman from new jersey reserve? mr. garrett: reserve. the speaker pro tempore: the

gentleman from florida. mr. murphy: i'd like to yield to the gentleman from massachusetts for as much time as he'd like to consume. the speaker pro tempore: the gentleman from massachusetts is recognized. >> thank you, mr. speaker. mr. speaker, i am one of those three people who voted no. mr. capuano: i do not expect to win here today on the floor. in the end i want to be real clear i do not oppose consolidated loan obligations. i support them. they are an important financial tool. but that's not what this bill does. this bill allows risky c.l.o.'s. most c.l.o.'s would be permitted pursuant to the volcker rule. if they only contained loans, they are ok. any bank can own them. to any degree. so let's not think that somehow the volcker rule has killed c.l.o.'s. they have simply said they have to be what they say they are. collateralized loan obligations.

not collateralized loan obligations put together with all kinds of other junk. simple. straightforward. in the end there's not going to be a fire sale. the regulators have already listened to the congressional comments, of which i was one, asking for a delay to allow the existing c.l.o.'s that do not meet the regulation to be held for two more years. there will be no fire sale. there has been no fire sale. as we speak the sale of c.l.o.'s is at a historic high. the volcker rule has not killed the market. back to almost the same levels they were at in 2007. before the crash. let me be clear, i agree that c.l.o.'s did not on their own participate in the 2008 problems. and that they do have a record of success, but prior to 2008

most people would have said the same thing about collateralized debt obligations. by the way some point somebody has to explain to me the difference between debt and loans. that's a different issue. collateralized loan obligations are important. they are a good thoughtful way to provide capital. by the way, most of them are used for leveraged buy outs as the example we just heard. but leverage buy outed. you can argue to the extent they hapgood or bad, but that's what they are mostly used for. i also want to be real clear, very, very, very few small community banks have any c.l.o.'s. over 70% of the collateralized loan obligations, both the ones allowed and disallowed, are owned by three, three banks. over 70% owned by three of the largest banks in the world.

by the way, almost all of those c.l.o.'s would be permitted to those three large banks. so what are we solving here? we are pretending to save some great investment tool. it's not under threat. we are pretending that no problems could ever happen. those are the same discussions we had in 2005, 2006, 2007, and 2008. all the risk that was being assumed comfortably, successfully, prior to 2008 was perfectly fine. those regulators -- until the crash happened. of which we are still recovering. all we want to do is take a look at some of the riskier aspects of this financial aspect and simply say, whoa, it doesn't everybody can't do it. it simply means regulated banks can't do it. private investors could still do every one of these things.

why would regulated banks be prohibited from doing only the most risky c.l.o.'s? because they are protected by taxpayer dollars. because they are protected by the fdic. because we as a society have said banks' stability is important to the american economy. so let's be clear, c.l.o.'s are not being killed. they are being limited in a very small way only to target the most risky c.l.o.'s. banks and others have already adjusted for those limitations by reinvigorating the c.l.o. market in a way that's been and would be allowed under the existing rule. but yet we have a problem. we have a crisis. that we have to solve a handful of people who might be allowed to risk my mother's investment.

that's what we are crying about. well, i have heard that before and it didn't turn out too well in 2008. a little limitation is good for the american system. and by the way it's historically the system has it -- as it has been for 1,000 years. i want to end with a quote by paul volcker himself which, i presume, paul volcker knows more about the economy and the markets than most people in congress, maybe not. maybe some people are smarter than him. this is what he said about this bill. this constant -- this is a quote. this constant effort to get around the rule limiting banks' investment in hedge funds and on behalf of a few institutions who apparently want room to resume the financing practice that is got us into trouble in the past really should end. c.l.o.'s straightforward plain vanilla are a good and important investment tool for the american economy. they should and will be allowed

under the current rules. there should and will be time for people to move slowly and thoughtfully without a fire sale out of the handful of risky investments that are there, a eneven those people who love those risky investments will be able to do it still just not through a subsidized bank. i know that i have not convinced anyone. i know i'm going to lose this vote on the floor and i respect it and i hope to god that my concerns are wrong and overblown. i hope in a few years i come back and i apologize to the gentleman for my concerns. they were overblown and unjustified. because america will be better off if you are right. but if you are wrong, a handful of people will make a lot of money, but the rest of us will

be dramatically and deeply hurt once again. thank you, mr. speaker. i thank the gentleman for yielding. the speaker pro tempore: the gentleman yields back. the gentleman from florida reserves. mr. murphy: yes, i reserve. i thank the gentleman from massachusetts for his remarks. the speaker pro tempore: the gentleman from new jersey. mr. garrett: how much time do we have left? the speaker pro tempore: the gentleman from new jersey has 8 1/2 minutes. the gentleman from florida has 10 minutes. mr. garrett: i yield four minutes to the gentleman from kentucky. >> i thank the gentleman from new jersey. i thank the gentleman from massachusetts for his contributi to the debate. it gives us an opportunity to actually analyze what exactly we are talking about here. mr. barr: we are not talking about the assets, risky assets that were contributing factors to the financial crisis. if this was junk as the gentleman from massachusetts describes it to be, the default rate on c.l.o.'s would have been much higher over the last 20 years, but the default rate on c.l.o.'s over the last 20 years, including during the financial crisis, was less than half of

one percent. not one of the nearly 4,000 notes rated triple-a or double-a ever defaulted in c.l.o.'s. and part of the reason why this strong durable performance of c.l.o.'s is because c.l.o.'s are very different from the troubled assets that fueled the financial crisis. c.l.o.'s are distinct because, number one, they are based on diverse assets, commercial loans that are well diversified across the industry. these are solid diversified loans, and they are typically secured loans. there is an alignment of interest between c.l.o. investors and the c.l.o. managers. the managers have skin in the game. finally, third, there are significantly greater transparency features to c.l.o.'s and disclosure since the commercial loans here, the secured commercial loans are issued by companies that report financial information on a regular basis to investors and they are required to file

regular financial reports with the s.e.c. with respect to the gentleman's claim that the c.l.o. market is doing just great, there is a lot of misinformation about this. according to the loan sinned days cagse and trading association, us baungs hold an estimated $70 billion of c.l.o. notes which would have to be divested if we don't make the fix by july 21, 2015, and with the change a little later. even the threat of such divestiture roiled the c.l.o. market in december and january before congress took action. due primarily of uncertainty around the voker rule, in january, 2014, u.s. c.l.o. issuance dropped nearly 90% from the prior year. drying up access to credit. the only reason it has recovered since january is because of this bill. because of the legislative action, the bipartisan efforts of this body. finally, i just would like to conclude by responding to the gentleman's assertion that a

little limitation is good for the system. a little limitation is good for the system. here's what a witness at our hearing about this issue said about this little limitation. quote, if you have a situation where the volcker rule basically impedes u.s. banks and some foreign banks are investing in c.l.o.'s, you can see their appetite reduced by 80%. they will just not participate in the c.l.o. market and ultimately that leads to our other point in that we could see a significant cost of financing for u.s. companies. what happens when you see a significant cost of financing or decreased credit availability for companies? that means these companies that have over five million employees, that can't build new factories. they can't build new cellular networks. they can't expand. they can't find and merge to a bigger, more resilient companies that can compete effectively on a global basis. it ultimately would have a very destructive effect on u.s. companies. so, mr. speaker, in sum, i just

bring it back to my home district. if a little limitation is good for the system, tell that to the 200 kentuckians who now have jobs because of this innovative source and responsible source of commercial credit in america. with that i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from new jersey reserves. mr. garrett: no, i yield myself such time as i may consume. other speakers? i yield myself such time as i may consume. the speaker pro tempore: the gentleman from new jersey is recognized. mr. garrett: thank you. just want to take a moment to respond to -- as well to the gentleman from massachusetts, he indicated that he's probably not going to convince anyone who is supporting the bill, i presume i'm probably not going to convince him, either, as i look over there he's now off the floor. if he's back in his office and tuning us in, let me just make some points that he might be convinced. . he speaks about the fire sale that won't occur under the volcker rule, yes, it still will

occur. just because you're not saying the sale these occur this afternoon or it's going to occur at a set point in time a year from now, two years from now, in either case when you seat date certain for a sale, everyone else out there knowses the day they'll wait for eventually they'll have to sell and they'll engage in a fire sale. by setting a date when you have to sell all your assets, whatever you have, you're pushing the price down in the mark. secondly with regard to sales up, i guess the gentleman from kentucky raised that point. sales were going down until congress came together in a unique experience for congress, which was a bipartisan effort, and once the -- once the rest of main street and wall street saw that congress can do things together and work together in a bipartisan manner they did what the rest of americans will do as well and said, good thing. let's get that market going back up again, as the gentleman from

kentucky pointed out, that's exactly what occur. thirdly the gentleman from massachusetts admitted the c.l.o. market was not in fact -- not the cause or any cause of the crisis that we had back in 2008 and i have not heard any testimony from anyone on any panel from either end of the spectrum that the c.l.o.'s would be a basis for the next crisis that will inevitably come. next, the gentleman raises the point from massachusetts that well, there's only three -- something reich 70% of the c.l.o.'s out there are captured by, what did he said in three large banks three financial institutions, made it sound as though the smaller and mid sized banks are not really playing here. but then you had to listen to the next thing he said, most of those c.l.o.'s already held by those would be protected by the current volcker proposal out of the administration. that tells you right there legislation of the gentleman from kentucky is not trying to

solve a problem for the three large banks. the legislation he's trying to put forward in a bipartisan manner is in fact doing just as he explained for the smaller banks, for the mid sized panks. those are the ones we're --ed my sised banks. those are the ones we're -- the mid sized banks. those are the ones we're concerned about and don't want to be hurt in a fire sale. the last point, that this bill won't end too big to fail. we know dodd-frank did not end too big to fail. dodd-frank did a number of things but id did not end too big to fail. the authors and the proponents of dodd-frank understood that when they passed dodd-frank because hook what is the language in dodd frank when it comes to the volcker rule and the c.e.o. matter before us today, did they want it included in the rule that volcker would

eventually come out? no. the language specifically in dodd-frank, voted in favor of it by the way by the gentleman from massachusetts says, quote, nothing in this section in dodd-frank, shall be construed to limit the ability of a banking entity or nonbank financial company supervised by the federal reserve board to sale or securetize moans -- loans in a manner overs prohibited by law. what does that mean? it means those who supported dodd-frank specifically put into the dodd-frank law the direction to the fed and the other regulators that they should not be doing what they're doing right now, they should not be putting, as it says, limitations on this type of instrument. so for all those reasons if the gentleman from massachusetts is still watching what we're doing on the froor, perhaps we have convinced him he should join with the majority on both sides of the house and not be part of the three or so that remain opposed to this and support the

legislation, h.r. 4167, and with that, i yield back. the speaker pro tempore: thank you. the gentleman's time from new jersey has expired this egentleman from florida is recognized. mr. murphy: thank you, mr. speaker. i'd like to thank my colleagues and the gentleman from new jersey for this thoughtful debate on the commonsense proposal to the volcker rule. i appreciate my deleengs democratic soofed the aisle, always keeping an eye on preventing the world's largest banks from subjecting us to a financial crisis. however i believe this bill strikes the right balance. it was supported in a strong, bipartisan, 53-3 vote in the committee and i urge my colleagues to support this bill. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the question is, will the house suspend the rules and pass the bill h.r. 4167 as amended. those in favor say aye. those opposed, no. in the opinion of the chair, 2/3

in the affirmative, the rules are suspended, the bill is passed and without objection the motion to reconsider is laid on the table. for what purpose does the gentleman from texas seek recognition? mr. burgess: by direction of the

committee on rules i call up house resolution 555 and ask for its immediate consideration. the speaker pro tempore: the clerk will report the resolution. the clerk: house calendar 101, house resolution 555, resolved that upon the dppings of this resolution it shall be in order to consider in the house the bill h.r. 4414 to clarify the treatment under the patient protection and affordable care act health plans in which expatriates are the primary enrollees. all points of order against consideration of the bill are waived. the amendment printed in the report of the committee on rules acompanying this resolution shall be considered as adopted. the bill is amend -- the bill as amened shall be considered as read. all points of order against provisions in the bill are waived. the previous question shall be considered as ordered on the bill as amened and on any amendment thereto to final passage without intervening motion except, one, one hour of debate controlled by the chair and ranking minority member of

the committee on ways and means and two, one motion to recommit with or without instructions. the speaker pro tempore: the gentleman from texas is recognized for one hour. mr. burgess: i thank the speaker. mr. speaker, for the purposes of debate only, i yield the customary 30 minutes to the gentleman from massachusetts, mr. mcgovern, spending which i yield myself such time as i may -- pending which i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. burgess: all time yielded is for the purposes of debate only. i ask unanimous consent that all members have fife legislative days to revise and extend their remarks. the speaker pro tempore: without objection, so ordered. mr. burgess: house resolution 555 provides for consideration to fix yet another flaw that has to be corrected in the affordable care act due to the rushed process by which the bill was passed in march of 2010. as a direct result of the hasty legislation, experts have estimated that over 1,000

americans will lose their job unless congress takes immediate action to correct and clarify the affordable care act's impact on expatriate health care plans. the bill -- this bill before us today will do just that, putting americans above partisan politics and helping yet another subset of people in our country who currently are being harmed by the president's takeover of our health care system. the rule before us today provides for one full hour of debate equally divided and controlled by the chair and the ranking minority member on the committee on ways and means. further, the rule provides for the adoption of an amendment by the bill's authors, representative knew nezz from california and -- nunes from california and karney of delaware which expresses a number of concerns. true to the speak ears commit oment letting the house work its will, republicans listen to those concerns and crafted a

bipartisan amendment to improve the legislation. in addition, the rule provides the minority the standard motion to recommit. h.r. 4414, the expatriate health care coverage clarification act f 2014 addresses the problem caused by the affordable care act which could result in those americans who live abroad for a substantial portion of the year, those individuals referred to as expatriates, that could cause them to lose their health care coverage because of the one size fits all approach to our health care system to our -- that was employed by the wizards who wrote the affordable care act. expatriate health care providers have traditionally offered tailored, specialized insurance plans to meet the needs of americans who spend their time overseas. these citizens simply cannot rely on a local general practitioner or neighborhood

clin exbecause so often they are far away from home. however the affordable care act does not provide an avenue by which these plans can continue to be offered. instead, senator reid, kathleen sebelius and barack obama decided it was up to them -- up to them -- to decide how americans' health care plans should be structured. the legislation before us today is a clear example of why a top-down federal approach to health care does not work. consumers should be in the driver's seat deciding what works best for them, what works best for themselves, what works best for their families, not someone sitting in washington, d.c. because of the regulations in the aed forable -- affordable care act, insurers have anouned they will have to shift their expatriate operations overseas in order to be in compliance with the law. and with those operations will go those jobs. all americans know that it was shown to be an empty promise that when someone said if you

like your health care plan you can keep it -- well, mr. speaker, it's a darn good thing the president never promised if you like your job you can keep it. over a thousand jobs tied to expatriate health care operations will now be shipped overseas. and americans who rely on these health plans which until now have worked well for them and their families are going to have to scramble, and scramble fast, to find alternative coverage. some examples of those americans who will potentially lose their health care coverage due to the unyielding regulations of the affordable care act include businessmen and businesswomen, pilots, foreign aid workers, ship operators and tour guides. the president has already acknowledged that his law will hurt these americans, announcing that the department of health and human services would, yet again, ignore the law and provide attempt lair -- provide a temporary waiver from complying with the law's

requirements. this isn't how you fix flawed legislation. you involve the legislative branch you come to congress. and you ask that you legislate and fix the problem in the law. now, the white house, where there's a so-called constitutional scholar, the president seems to have only read article 2 of the constitution, skipping entirely over the first and longest article, article 1, where the founders make the case that congress is a body where laws are passed. the body where laws are written. the body where laws are amended. as a result of the president making this change unilaterally the relief is only temporary. 24e bill before us today provides the long-term certainty, the security, that is required to give these affected americans and their families the certainty they need to make decisions for their futures. these expatriate plans are not

bare boned plans that some in this body have criticized. this is not lousy insurance. they typically are robust plans, they're comprehensive plans which simply cater to the special needs of americans who travel right hand are -- and are gone for a good portion of the year. the amendment by representatives nunes and carney in the rule before us takes a piece of legislation and improves it further. it clarify this is a future plans offered to expatriates must comply with the actuarial requirements in the affordable care act as well as any preaffordable care act laws, including the employee retirement income and security act known as erisa. the -- and the public health service act. moreover it narrowly tailors this relief to those americans who spend more than 180 kays outside the country. these were concerned that

democrats expressed during the previous debate on this legislation and they are fully addressed in the legislation before us today. his is a carefully crafted fix that was necessary because the underlying law was so poorly crafted. it is needed to help americans who are being directly harmed by the president's health care law. i encourage my colleagues to vote yes on the rule and yes on the underlying bill and i will reserve the balance of my time. . mr. mcp covenfer govern -- mr. mcglovepb thank you, mr. speaker. i ask unanimous consent to revise and extend my remarks. i yield myself such time as i may consume. the speaker pro tempore: without objection, so ordered. mr. mcgovern: mr. speaker, i voted for the affordable care act. i support the affordable care act. and i believe in the affordable care act. i believe every person in this country ought to have health care.

i don't think that's a radical idea. but my friends on the other side of the aisle apparently do. i think everybody in this country is entitled to good quality health insurance. i'm not going to have to worry about whether they are going to get covered or not because of pre-existing conditions, or whether they meet some sort of lifetime cap and be excluded from coverage. that's what the affordable care act is all about. that's what this big controversy that my friends on the other side of the aisle have decided to make on this issue is all about. making sure everybody in this country has health care. what a radical idea. what a radical idea. i will also say that having supported the affordable care act it is not a perfect piece of legislation. i've never seen a perfect piece of legislation. ever come out of congress. legislation, especially legislation that covers a

subject as wide as this, at times will be tweaked. there will be unintended consequences that we will come and try to fix. that's what legislatures are supposed to do. try to fix the problems. democrats have said that from the beginning. we want to make this bill work. work as well as it possibly can. and we said we would be willing to work with republicans and the administration to address the problems that have come about as a result of the implementation of this law. by no means does that mean that we should repeal the affordable care act, which is something my republican friends are obsessed with. to the contrary, we need to do everything we can to fix any challenges that this law may have. to make sure every american gets the been fit -- benefit of the affordable care act. expatriate 4, the health coverage clarification

act is trying to fix one problem with the law. my friend from delaware, mr. carney and others, are attempting to fix a provision in the law that causes some problems with the ways that expatriate are treated under the a.c.a. this is one example how we, democrats and republicans, should be able to work together. this is one example of how we supporters and opponents of the a.c.a., should be able to lay those differences aside as we try to find solutions and move our country forward. it's my understanding, mr. speaker, that house and senate, democrats and republicans, have been working with the white house to come up with a solution that can pass both houses of congress and be signed by the president. it's also my understanding that discussions were ongoing as late as yesterday afternoon when the house majority decided to go with the version before us today instead of waiting to continue negotiations in a bipartisan, bicameral way that we can get a

bill moved expeditiously through both houses and signed into law by the president of the united states. so i'm more than a little disappointed, mr. speaker, because i want to work with the majority to fix this problem. i'm concerned that this bill -- the bill before us that we are talking about right now creates other problems. namely excluding green hard holders and nonimmigrant workers from most of the coverage protections provided by the a.c.a. i'm disappointed this process was closed down even though negotiations were still ongoing. and quite frankly, mr. speaker, the gentleman from texas literally took my breath away when he talked about that this represents the speaker's pledge to let the house work its will. this issue first came up under a suspension which was totally closed, and it's coming to the floor today under a closed rule.

so those of us who have some ideas on how we might be able to make this more palatable to address some of the concerns that we have will not have that opportunity. they closed the process down. i hardly think that that's -- that could be described as an open process, or transparent process. this is yet another closed rule. another closed rule. so, mr. speaker, this process was flawed. and this process could have been better. and there are many of us on my side of the aisle who believe hat we need to fix this flaw that the gentleman from delaware, mr. carney, has brought to our attention, but we need to do it in the right way. and this is not the right way to do it. so i think what's going to happen here is we are going to try -- my friends on the other side of the aisle control most of the votes here, so they'll probably pass this bill, but

what will happen then is the senate will have negotiations with the white house and try to figure out how to fix this problem. they will pass it and then it will have to come back to the house again, and then we'll have to deal with it separately. i regret very much that my friends have decided to go this way. if they waited a few more days we probably could have gotten a solution to this that could have received unanimous support. instead we are back at the same old same old where it's attack the a.c.a., attack the a.c.a., and pretend to try to fix it by addressing a legitimate concern but adding to that a whole bunch of extraneous stuff that creates other problems. i would urge my colleagues to vote no on the rule and to vote no on the bill and let's wait until the senate gets it right with the white house and we can revisit this issue. with that i reserve the balance of my time. the speaker pro tempore: the gentleman from massachusetts yields back and reserves.

the gentleman from texas. mr. burgess: yield myself maint. mr. speaker, this bill was brought to the floor under suspension of the rules prior to the easter recess. so it has been available. it has been available for consideration for staff work to occur for some period of time. the fact of the matter is that it is a problem facing people who are working outside of the country, and for that reason it was important to get it solved. if the gentleman feels more work should have been done prior to that time, perhaps they should have worked with the majority prior to it being brought up under suspension. i don't know the answer to that, but i do know where we are today is that this is a problem that needs to be fixed and the republican majority is seeing to it that it is fixed, bringing it to the floor under a rule. the democrats will have -- minority will have an opportunity to amend during a motion to recommit and look forward to a lively discussion

during that time. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from massachusetts. mr. mcgovern: i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. mcgovern: what we are considering right now before the full house is very clear. one, closed rule. what a closed rule means is you can't offer any amendments. so some of the concerns that have been raised about the underlying bill, we can't fix. and for the life of me i don't understand why if the gentleman claims that the republican majority's committed to an open, transparent process where the house can work its will, i don't understand why you would approve a closed rule on this. and let's just -- let's be honest about this. it's not like my friends on the other side of the aisle are doing anything else. we have had multiple repeals of the affordable care act before us. we have had lots of message

issues that the pollsters say poll well, but the republican majority hasn't done very much to help the american people in any way, shape, or form. it's not like the time doesn't exist to maybe have a little bit more debate on an issue like this and be able to perfect this bill. this is a closed rule. this is a closed rule. this is a closed process. and this has become a closed house. i urge my colleagues to vote no on this closed rule. reject this closed process. and reject the underlying bill. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from texas. mr. burgess: yield myself a minute. the speaker pro tempore: the gentleman is recognized. mr. burgess: mr. speaker, this, this was brought to the house floor as a closed rule in march of 2010. this coercive partisan piece of legislation, which is going to affect health care in this country for every man, woman, and child for the next he three -- for the next three

generations was brought under a closed rule. we are trying to fix one veryaire re problem -- very narrow problem contained within these pages. it seems to me that there has been ample discussion. the bill was debated under suspension. did not receive the required 2/3 vote, so it's being brought back today under a rule. the minority will have an opportunity to offer an amendment during the motion to recommit. this was a closed rule which was very damaging to the country. today's closed rule is simply to fix one of the many problems contained herein. i reserve the balance of my time. the speaker pro tempore: the gentleman from texas reserves. the gentleman from massachusetts is recognized. mr. mcgovern: i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. mcgovern: i remind the gentleman that the speaker of the house said when the republicans won the majority that they were going to conduct proceedings here in the most open way possible. this would be the most open and transparent house ever. and it's become the most closed house ever. and i just want -- because the

gentleman brought up the affordable care act, i want to make sure he understands the facts because while the bill we are talking about right now received 20 minutes of debate under suspension, let me read you the facts about the affordable care act. in case my friend for got. one, the house held nearly 100 hours of hearings and 83 hours of committee markups. the house heard from 181 witnesses, both democrats and republicans. 239 amendments were considered in the three committees of jurisdiction. 121 which were adopted. the bill was available for 72 hours before members were asked to vote on it on the floor. the process was just as open in the senate. the senate finance committee held more than 53 hearings. the finance committee also spent eight days marking up the legislation. the longest markup in 22 years for the committee. the senate health committee held 47 bipartisan hearings, round tables, and walkthroughs on health care reform. the patient protection and

affordable care act may have started out with a different bill number, but the fact remains hundreds of hours of hearings on the affordable care act, hundreds of witnesses, hundreds of amendments considered in the committee and countless hours of town hall meetings. this process of using -- my friend on the other side of the aisle said, well, it was a different bill number when we voted here on the floor, as he knows this process of using a different bill number is very common around here. the republican majority has done it several times in the past three years. but regardless of the bill number, the work that went into forming this legislation was one of the most open processes in the history of congress. that's the facts on that. let me also just make one other point. the problem my friends on the other side of the aisle have with the affordable care act is not with the process. it's just they don't believe that people ought to have affordable health care in this country. they have spent countless hours on this floor trying to repeal a

bill that eliminates pre-existing conditions as a way to deny people insurance. they have been fighting against a bill that helps senior preventive free care coverage, close that doughnut hole in the prescription drug bill. they are fighting against a bill that's brought millions and millions more people into a process where they can afford health care. so they have been against this from the very beginning. i think the american people have a different view. they view they want this bill to work. my friends on the other side of the aisle have just spent countless hours, countless days, countless weeks, countless months trying to repeal it. it's just johnny one note, repeal, repeal, repeal. this idea that everybody should have affordable health care is such a controversy in the republican congress. i can't quite understand why. why is it such a bad idea

everybody in this country has access to good quality health care? why is that such an idea that causes such resentment on the other side of the aisle? i don't get it. we ought to make sure that this law gets implemented properly. we ought to do this the right way. my friends don't want to do it the right way so we are going to have to wait for the senate to work it out with the administration, and send it back to us. but there really should be a better way to do this. with that i reserve the balance of my time. . the speaker pro tempore: the gentleman reserves. the gentleman from texas. mr. burgess: reserve my time. the speaker pro tempore: the gentleman from texas reserves. the gentleman from massachusetts. mr. mcgovern: does the gentleman have any other speakers? the speaker pro tempore: the gentleman from texas. mr. burgess: i yield myself 30 seconds. as much as i would like to continue this lively back and forth, we both know each other's positions on this extremely well, and no, i have no other speakers. i reserve my time.

the speaker pro tempore: the gentleman from massachusetts. mr. mcgovern: i yield my southwest balance of the time. the speaker pro tempore: the gentleman is recognized. mr. mcgovern: mr. speaker, i'm going to urge my colleagues to vote no on the previous question. if we defeat the previous question, i will offer an amendment to the rule that would allow the house to consider the fair minimum wage act. the senate will consider a bill this week to raise the minimum wage to $10.10. now is the time to consider this pill to give americans fair pay. i ask unanimous consent to insert the text into the record immediately prior to the vote thope previous question. again, i would urge my colleagues on the other side of the aisle who like to talk about how the republican majority is committed to allowing the house to work its will, committed to an open and transparent process, to vote with us on this we have

been trying to get the minimum wage bill to the floor forever and can't even get it up for a vote so that every member has an opportunity to vote up or down. this is that opportunity so we can have that vote. to help lift people out of poverty. to help give people an opportunity to live a better life. you know, there are millions of workers in this country who are working full time, working hard, at minimum wage jobs who are still stuck in poverty. there are millions and millions of people in this country who work hard full time in minimum wage job bus earn so lit thail still qualify for snap and rely on that program to put food on the table because their paycheck doesn't provide enough. so this is an important issue and i hope that my colleagues will support me on this. i urge my colleagues to vote no and defeat the previous question. i urge a no vote on the rule and i yield back the balance of my time. the speaker pro tempore: the gentleman from texas.

mr. burgess: mr. speaker i yield myself the plans of my time. the speaker pro tempore: the gentleman is recognized. mr. burgess: today's rule provides for the consideration of a critical bill to ensure american whors being hurt by the affordable care act can have some relief. americans and their families who live abroad for part of the year face losing the specialized health insurance coverage on which they have come to rely. in addition the men and women who operate these health care plans face having their jobs outsourced oversees in order to comply with regulations from the department of health and human services. i want to thank mr. nunes and mr. carney for their legislation. i urge my colleague to support the rule and the underlying bill, i yield back my previous time -- i yield back my time and move the previous question. the speaker pro tempore: the gentleman yields back. the question is on ordering the previous question on the resolution. those in favor say aye.

those opposed, no. in the opinion of the chair the ayes have it. mr. mcgovern: on that, i ask for the yeas and nays. the speaker pro tempore: the gentleman from massachusetts has asked for the yeas and nays. those in favor of a vote by the yeas and nays will rise. a sufficient number having risen, the yeas and nays are ordered. members will record their votes y electronic device. pursuant to clause 8 and clause 9 of rule 20, this 15-minute vote on ordering the previous question will be followed by five-minute votes on adopting the house resolution 555 if ordered. this will be a 15-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purposes is expressly

prohibited by the u.s. house of representatives.]