rebuild our economy. and, again, i applaud congresswoman moore's efforts to improve this bill and i yield back the balance of my time. the speaker pro tempore: the gentlewoman from california yields back the balance of her time. the gentleman from missouri is recognized. mr. luetkemeyer: thank you, mr. speaker. i now yield five minutes to the gentleman from ohio, mr. stivers, who is the lead co-sponsor of this legislation. the speaker pro tempore: the gentleman from ohio is recognized for five minutes. mr. stivers: thank you, mr. speaker. i'd like to thank the gentleman from missouri for yielding me time. i'd also like to thank ms. moore from wisconsin for her work on this bill. she's been dedicated and engaged and hard working and willing to compromise to move this effort forward to help a lot of main street businesses that are in my district, her district and the map of america. i also want to thank ms. fudge and mr. gibson for their collaborative efforts and work through the agriculture committee on this bill as well. mr. speaker, this bill is the culmination of over 2 1/2 years' work. in 2012, ms. moore, ms. fudge,

mr. gibson and i joined together to introduce legislation that clarified rules under the dodd-frank act with regard to margin clearing and reporting requirements of interaffiliate transactions. what that means is a lot of main street businesses in various industries from agriculture to consumer products that work across international boundaries use this central treasury unit structure to offset competing or offsetting risks and that way they can decide what their total aggregate risk is and then make it much more affordable for a corporation. . unfortunately the way the rules were interpretted by the commodities futures trading commission, these companies were being charged double or triple the cost by imposing these

central clearing unit ways of managing risk. it just didn't make sense and it actually cost them more money. and these companies did not add systemic risk. that's what the rules on swaps were all about is to make sure we reduce systemic risks. these companies are using these companies to offset risk to their company and their operating risks. so this is a commonsense piece of legislation. in fact, barney frank, the author of the dodd-frank legislation, spoke in favor of this when he was the ranking member in the last congress. unfortunately, there was no activity on the bill in the last congress and over the last two years both the securities and exchange commission and the cfpc have worked with us with ms. moore and i on these rules. they have done a pretty good job in that regard, but there's more to be done because their rules left out the folks that use the centralized treasury units as a

specific business model. just last month they did -- the cftc published a no action letter that ms. moore referred to, but a no action letter means it's still part of the law, we are not going to enforce the law. what we need to do is fix the law. it's really common sense. this bill that ms. moore introduced fixes the law for that centralized treasury unit way of doing business. it makes sense, it does not add any risk to the system, and it allows these companies that are all over america to manage their risk in a smarter way without being charged two or three times as more -- two or three times as much and without risking that they are violating the law even though it won't be enforced. i applaud the gentlelady from wisconsin for changing the law, fixing the law, making it work for a lot of small, medium, and

even large businesses across america so they can use their cash to hire americans in this tough time and hire more americans and not waste it on unneeded costs that does not provide any safety to anyone. i want to thank the gentlelady from wisconsin and as well as the gentleman from new york and the gentlelady from ohio for all their work. i was proud to be a small part of this. i would urge my colleagues to support this bill and i yield back the balance of my time. the speaker pro tempore: the gentleman from ohio yields back the balance of his time of the the gentleman from missouri reserves. the the gentlewoman from wisconsin is recognized. ms. moore: thank you so much, mr. speaker. am so delighted to yield time to the ranking member of the ag committee, the gentleman from minnesota, mr. peterson. mr. peterson: i thank the gentlelady. the speaker pro tempore: the gentleman from minnesota is recognized for how long? ms. moore: two minutes. the speaker pro tempore: the gentleman from minnesota is recognized for two minutes. mr. peterson: i thank the

gentlelady. i thank her and the others for their work on this legislation. h.r. 5471 provides further clarity to those using the derivatives market to hedge against risk and builds upon language in h.r. 4413, legislation approved by the house last summer to re-authorize the cftc. the bill before us today makes it clear that if an affiliate of a company already exempted from clearing engauge was a swap dealer or participant to hedge or mitigate commercial risk, those swaps would also be exempt from the clearing requirement as long as they use an appropriate credit support measure. while it is my understanding that the cftc would prefer to address this issue through agency action, i also believe that they are supportive of this language. because h.r. 5471 improves the work already done by the house, i urge my colleagues to support this bill and yield back the balance of my time.

the speaker pro tempore: the gentleman from minnesota yields back the balance of his time. the gentlewoman from us wisconsin reserves. the gentleman from -- the gentleman from missouri reserves. the gentlewoman from wisconsin is recognized. ms. moore: thank you so much, mr. speaker. i would like to ask unanimous consent to put the second half of the cftc letter and place it into the record. the speaker pro tempore: without objection. ms. moore: thank you, mr. speaker. i have no further speakers. again i just want to thank everyone who was involved in this process. this is not -- this is something that is going to protect thousands of jobs across our country. i do -- people often criticize us for not doing things in a bipartisan manner, but i think this is an exemplary of what we can do when we really work at it, even though it's taken a couple years. with that i yield back the balance of my time. the speaker pro tempore: the gentlewoman from wisconsin yields back the balance of her

time. the gentleman from missouri is recognized. >> yield back. the speaker pro tempore: the gentleman from missouri yields back the balance of his time. the question is, will the house suspend the rules and pass the bill h.r. 5471. so many as are in favor say aye. those opposed, no. in the opinion of the chair, 2/3 of those voting having responded in the affirmative, the rules are suspended, the bill is passed, and without objection the motion to reconsider is laid pon the table. for what purpose does the gentleman from missouri seek recognition? >> mr. speaker, morph the house suspend the rules and pass h.r. 3240. the speaker pro tempore: the clerk will report the title of the bill. the clerk: union calendar number 4880, h.r. 3240, a bill to instruct the comptroller general of the united states to study the impact of regulation d and for other purposes. the speaker pro tempore: pursuant to the rule, the gentleman from missouri, mr. luke mitre, and the gentlewoman from wisconsin, ms. moore, each will control 20 minutes. the chair recognizes the gentleman from missouri. mr. luke myer. >> i ask unanimous consent that

all members may have five legislative days to revise and extend their remarks on h.r. 3240 currently under consideration. the speaker pro tempore: without objection, the gentleman is recognized. mr. luetkemeyer: i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. luetkemeyer: i rise in support of h.r. 3240, the regulation d study act introduced by my friend and colleague on the financial services committee, mr. pittenger. it's a simple but important bill that directs the g.a.o. to study the impact of federal reserve regulation d minimum reserve requirements that have on depository institutions and monetarypolicy. section 19 of the act gives the reserve authority to impose reserve requirements on the institutions. these requirements are set forth in what's referd to as reg d. they are calculated as a percentage of the amount of funds, financial institutions members hold in transaction accounts. the transaction account is typically an account from which the depositor or account holder is permitted to make unlimited

transfers or withdrawals such as a checking account. because balances in those accounts can change quickly, the federal reserve requires institutions to reserve funds for those accounts as a stabilizing tool for the money supplied. regulation d limits transfers and withdrawals from nontransaction accounts to six per month. it is important that we periodically review the impact of regulations on those whom we have the honor to represent. the regulation d study act does just that. i was pleased to support it. with that i reserve the balance of my time. the speaker pro tempore: the gentleman from missouri reserves the balance of his time of the the gentlewoman from wisconsin is recognized. ms. moore: thank you, mr. speaker. i -- i yield myself such time as i may consume. the speaker pro tempore: the gentlewoman from which is wits is recognized. ms. moore: thank you so much. i strongly, strongly support representative pittenger's reg d study act. again as my colleague has indicated this is a technical bill but it's extremely important.

commentators have argued that the maintence in of these reserves imposes opportunity costs on depository institutions, namely by requiring them to hold funds in awayens that otherwise would be lent out. i think that it's worth g.a.o. studying the issue and reporting back to congress. i just want to make a point, mr. speaker. and to stress this. that reserve requirements are separate and distinct from capital requirements. liquidity and leverage rules which protect the safety and soundness of the financial system. this bill does not take away of those protections, those important protections. -- i hat i would urge reserve my time. the speaker pro tempore: the gentlewoman from wisconsin reserves the balance of her time. the gentleman from missouri is recognized.

million luetkemeyer: i yield to the gentleman from north carolina, mr. pits inker, the sponsor of this legislation. the speaker pro tempore: the gentleman from north carolina is recognized. mr. pittenger: i rise today in support of h.r. 3240, the regulation d study act. this bill is simple. it directs the government accountability office, g.a.o., to study the regulatory impact on depository institutions, consumers, and monetary policy. current regulations limit common online and automated transfers and withdrawals from nontransaction accounts such as savings accounts, six transfers per month. the regulators who created this rule never envisioned online banking and modern banking technology. and because only some transactions are subject to the six per month restriction, others are without limit, this rule is very confusing to consumers. today many families use online banking tools to actively manage their finances with unnecessary restrictions from these outdated rules.

regulation d requirements force financial institutions to focus on compliance concerns rather than spending more time with their consumers to meet their financial needs. this is common sense legislation that is not only good for financial institutions but for american families as well. the issue of allowing only six transfers per month for certain bank accounts has been reviewed in several decades. with new technological advancements in online banking, we owe it to hardworking american families to revisit this regulation. h.r. 3240 enjoys the support from the credit union national association, the national association of federal credit unions. these financial institutions serve millions of americans. mr. speaker, i'd also like to submit for the record a letter of support from the president of the credit union national association which serves 100 million members across the country.

if technology advances, we need to make sure federal regulations keep pace. former federal reserve chairman bernanke has said that account reserve balances far exceed the level of reserve requirements and the level of reserve requirements thus plays only a minor role in the daily implementation of monetary policy. we can continue to protect the financial system while allowing families more flexibility to use online banking tools. this legislation has strong bipartisan support and i would like to thank my colleague on financial services committee, congresswoman maloney from new york, for joining me in introducing h.r. 3240. a g.a.o. study will allow an objective assessment of whether the rarely changed monetary reserves imposed on depository institutions and consumers are necessary in order for the federal reserve to implement monetary policy in the 21st century. thank you. i yield back. the speaker pro tempore: the gentleman from north carolina yields back the balance of his

time of the the gentleman from missouri reserves. the gentlewoman from wisconsin is recognized. ms. moore: thank you so much, mr. speaker. i am absolutely delighted to yield time to the democratic co-sponsor of this bill, the gentlelady from new york who is the ranking member of the capital markets subcommittee, mrs. maloney from new york. the speaker pro tempore: how long? ms. moore: for such time she might consume. the speaker pro tempore: the gentlewoman from new york is recognized for such time she may consume. mrs. maloney: thank you. i thank the gentlelady for her leadership and yielding. i rise today in support of h.r. 3240. i am pleased to have worked on this bill with my colleague, mr. pittenger. i'd also like to take this opportunity to compliment his work on attempting to end terrorism, cracking down on terrorism financing in our country. the purpose of this particular bill is to study the current monthly limits under regulation d on the number of automatic

withdrawals from a consumer's savings account. currently regulation d limits the number of automatic withdrawals from a consumer's account to six per month. this means that if a consumer has already hit his limit on automatic withdrawals for the month and then overdrafts his or her checking account, the bank won't transfer money from his savings account to cover the overdraft and this results in an unnecessary overdraft fee. two recent studies from the consumer financial protection bureau said it can harm those who can least afford it. so if there's a regulation that is causing unnecessary overdraft fees, we should study whether that regulation is necessary. that is what our commonsense

bill does. it asks the g.a.o. to study the limitation in regulation d to determine if in fact it is useful or harmful. is bill is supported by many stakeholders in financial services, the credit union national association, the national association of federal credit unions and the american bankers association. i urge my colleagues to support this commonsense bill and i appreciate the help of my colleague and i yield back the balance of my time. the speaker pro tempore: the gentlewoman from new york yields back the balance of her time. the gentlewoman from wisconsin reserves? ms. moore: i have no further requests for speakers, so i would yield back the balance of our time. the speaker pro tempore: the gentlewoman from wisconsin yields back the balance of her time. the gentleman from missouri is recognized. mr. luetkemeyer: we'll yield back the balance of our time as well. the speaker pro tempore: the gentleman from missouri yields back as well. the question is will the house suspend the rules and pass the 3240..r. 4 --

those in favor say aye. those opposed, no. in the opinion of the chair in the opinion of the chair -- mr. luetkemeyer: mr. speaker, on that i request the yeas and nays. the speaker pro tempore: the yeas and nays are requested. all those in favor of taking this vote by the yeas and nays will rise and remain standing until counted. a sufficient number having arisen, the yeas and nays are ordered. pursuant to clause 8 of rule 20, further proceeding on this uestion will be postponed. for what purpose does the gentleman from new mexico seek recognition? >> mr. speaker, i move that the house suspend the rules and pass h.r. 4329, as amended. the speaker pro tempore: the clerk will report the title of he bill. he clerk: h.r. 4329, a bill to

re-authorize the native american housing assistance and self-determination act of 1996, and for other purposes. the speaker pro tempore: pursuant to the rule, the gentleman from new mexico, mr. pearce, and the gentlewoman from wisconsin, ms. moore, will each control 20 minutes. the chair recognizes the gentleman from new mexico. mr. pearce: mr. speaker, i ask unanimous consent that all members may have five legislative days to revise and extend their remarks and submit extraneous materials for the record on h.r. 4329, as amended, currently under consideration. the speaker pro tempore: without objection, so ordered. mr. pearce: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman from new mexico is recognized. mr. pearce: mr. speaker, the native american housing assistance and self-determination act was first signed into law in 1996. this five-year authorization bill was conceptualized not to be another federal subsidy for native americans but rather a bridge to assist millions in creating a better living condition, create housing opportunities and find prosperity for tribal members. my family's story is exactly this one.

when i was born, dad and mom had to move the chickens out of the shack that we moved into. that building still has a dirt floor in it today. wires in the windows. i've seen housing conditions similar to this still in new mexico. i understand that my family made its way up the prosperity ladder starting first with owning our own home and second finding other ways to asset acquisitions. the same thing can happen for native americans. in the last 10 years, na has da has -- nahasda has become a driving force, from increased access to safe and affordable houses and lease to own programs aimed at providing rural tribes with the means for self-growth, the program has provided flexibility and independence to tribal members nationwide. this year we are not only re-authorizing this critical bill that provides much-needed housing, we're also continuing

to transforming housing programs. we are doing so by capturing and enhancing market efficiencies and the effectiveness of streamlined processes to continue building prosperity, something that has been elusive on tribal lands for too long. i'd like to thank all of those who assisted in the development and promotion of this legislation. congressman don young, congressman tom cole, congresswoman gwen moore, congressman denny heck and congresswoman maxine waters who made great suggestions during the markup of this bill. along with their staffs they worked tirelessly to make the re-authorization of this act possible and a truly -- in a truly bipartisan effort. working together, we are able to reduce the burden on tribes and expand the opportunities in native american housing. these reforms will result in more efficient use of taxpayer money and provide approval of ojects with greater speed,

allowing them to focus on development and innovation instead of spending amounts of time on requirements. ultimately, this will provide more families with homes. i commend h.u.d. for them truly embracing the need for more modernized programs with more accountability, transparency and increased self-determination among native americans. their willingness to engage with our offices, my counterparts working on this issue in the committee has created a more united product, a product which some native americans upon reading the bill have declared these changes and ideas will become transformational if they're adopted into law. transformational, that's what we all came here to do. h.r. 4329 includes a number of reforms, updates and additions to the originating legislation which are widely supported across native american tribes.

since passage out of financial services committee, our office has received countless letters of support for passage of the bill. in suggestion with tribal housing councils and tribal leaders, there was great frustration with h.u.d. for continued delays and in extreme cases failure to respond altogether. this legislation includes a compromised way forward to address the shortcoming, sets a requirement that h.u.d. shall respond to tribes within a 60-day period, ensuring timely responsiveness, but it does not -- it does this without jeopardizing h.u.d.'s oversight responsibility. this re-authorization has a special provision that provides friable businesses with greater opportunities -- tribal businesses with greater opportunities. the bill provides tribes with the flexibility to create independent maximum rent requirements dictated by the needs of their communities and with the flexibility to co-mingle indian health services fund with na has da money to -- nahasda money

around housing development. working with the administration, my legislation includes language to recoup unexpended funds within the program. the agreement that was reached is more accommodating to tribal needs than the original request, allowing more room for tribes to work through their balances while meeting the need for efficiencies in the system. finally, we have included a new demonstration project in the bill designed to attract greater private financing and more developers to invest private money in housing projects on tribal lands. this program envisioned the same privatization projects that occurred in military lands and succeeded in providing great numbers of new houses for military individuals in a very short period of time. the objective here is to put more native americans in homes, work through the backlog of housing needs in ways unseen before on native lands. nahasda was designed to promote development, increase flexibility so that tribes may

meet the unique challenges they face and provide the self-determination tribes deserve. the legislation before you today expands upon these principles and represents an opportunity for greater prosperity for a cross-section of our society that in many parts of the nation is truly in need of assistance. finally, i would like to thank chairman hensarling and majority leader mccarthy and their staffs for their willingness to address this issue and work with me to bring it up to date. i reserve the remainder of my time. the speaker pro tempore: the gentleman from new mexico reserves the balance of his time. the gentlewoman from wisconsin is recognized. ms. moore: thank you so much, mr. speaker. i would yield myself such time as i may consume. the speaker pro tempore: the gentlewoman from wisconsin is recognized. ms. moore: mr. speaker, this day is a culmination of a lot of time, a lot of work, a lot of conversations back and forth but, again, it is the best work that we have been able to produce in a bipartisan manner. it's not perfect but i do want

to thank all of our partners in this process. representatives cole and hanabusa and heck and kildee and pearce and young have really been just outstanding partners. i really want to thank ranking member waters. she has been supportive and constructive and not to mention exceedingly patient. i also want to thank the native american community, the national congress of american indians, the national american indian housing council and many individual tribes from across the country have provided their expertise, their comments, their education, their energy every single step of the way. my very first meeting in the 112th congress was with one of my wisconsin tribes, and i assured them that i would keep fighting to get nahasda to the floor.

this re-authorization that honors the unique needs and sovereignty of the nations of the first people, and h.r. 4329 keeps that promise. it's a model for how congress can work and, of course, again, there's not 100% agreement on every provision. i am waiting for the perfect bill, but we cannot let the perfect stand in the way of the possible. we must do what is the best for our tribal communities at this time. nahasda provides tribal governments the ability to provide safe and affordable housing to tribal communities consistent with their status as sovereigns. it's no small task. some of the poorest and most remote communities in this country are native american. in fact, the three poorest communities in the united states are native american. improvements that this bill

accomplishes include expediting certain federal approvals, providing rental assistance for native american veterans and providing that all, all native people are eligible for nahasda. expediting approval ends costly administrative duplication and delays which is important due to unique timing and building challenges on reservations. i am hopeful that when we -- i yield time to another of my colleagues, mr. heck, that he will expand on the provisions that we're proud of in this bill regarding native american veterans. we're going to have several speakers, mr. speaker, who are going to comment on how we after much back and forth have included all native people in this bill. and with that i would reserve my time.

the speaker pro tempore: the gentlewoman from wisconsin reserves the balance of -- reserve her time. the gentleman from new mexico is recognized. mr. pearce: mr. speaker, at this time i'd like to yield three minutes to the gentleman from alaska, mr. young, who has devoted not just time this year but through decades of helping native americans and would yield three minutes to him. the speaker pro tempore: the gentleman from alaska is recognized for three minutes. mr. young: mr. speaker, i thank the gentleman for yielding. i rise today to support h.r. 4329, the nahasda re-authorization act of 2014. over the last two years, i've had the privilege of working with a bipartisan group of my colleagues on this crucial legislation. i'd like to first start by thanking and commending mr. pearce for his leadership and sponsoring this bill. this bill wouldn't have been possible without the efforts of mr. cole, ms. moore, mr. denny heck, ms. hanabusa, mr. kildee and all others. i also would like to thank chairman hensarling for his dedication on moving this bill through the committee and for

his statesmanship in resolving the difficult issues. i would be remiss without thanking alex on my team who has done great work on this legislation with the good of the first americans. finally, it's important to acknowledge that many tribes and organizations that contributed to this legislation, these include the national american indian housing council, which developed the foundation for this legislation, and cook housing authority which has been a tireless advocate in my state. as my colleagues note, nahasda continues to be a successful and well-liked program throughout the indian country. nahasda amplifies the spirit of self-determination by allowing native communities to create their own innovative housing assistance programs in ways that best serve their members. this bill upholds the success of nahasda and includes improvements to the programs that empower native communities to better confront their housing challenges. furthermore, the bill responsibly streamlines administration of the program so that both tribes and h.u.d. will spend less time navigating red tape and more time

advancing housing that makes a difference for native people. as we pass this bill, the senate must act quickly to take up the legislation before the end of this congress. i called on our colleagues in the senate to recognize the bipartisan nature of the bill and listen to the voices on this side of the aisle in support of indian country. it is my hope the legislation will be signed into law before the end of the year. as i've said i urge and i thank those and pass this bill h.r. 4329 and i yield back the balance of my time. the speaker pro tempore: the gentleman from alaska yields back the balance of his time. the gentleman from new mexico reserves. the gentlewoman from wisconsin is recognized. . ms. moore: it is my pleasure to introduce a colleague who's been very active in the financial services committee, the gentleman from florida, mr. murphy. for two minutes. the speaker pro tempore: the gentleman from florida is recognized for two minutes. mr. murphy: thank you, mr. speaker. i want to thank the gentlelady for yielding and all of her hard work on this legislation. i rise in support of re-authorizing native american

housing assistance and self-determination act. it's build on access to safe, quality, and affordable housing. for many of america's great tribal nations, bureaucratic red tape has restricted tribe's abilities to make the most of scarce federal housing dollars. while native americans face some of the worst housing and economic conditions in the country, this is simply unacceptable. giving control of housing grants to tribal nations makes sense. in addition to providing housing, the tribe of florida, number one, preserves tradition, two, fights to protect the florida everglades. three, works to develop the trail reservation using the flexibility provided to grow native owned construction and building materials businesses. i thank the gentleman from new mexico, mr. pearce, the chairman ranking member of the committee, the tribal leaders for their work on this important bipartisan legislation that provides much needed reform to keep our nation's promise to tribal nations and strengthen

their communities. i urge my colleagues to support this bipartisan legislation and yield the balance of my time. the speaker pro tempore: the gentleman from florida yields back the balance of his time. the gentlewoman from wisconsin reserves. the gentleman from new mexico is recognized. mr. pearce: thank you, mr. speaker. there are many different native american groups across the country who have sent letters of support, including the national american indian housing council, u.s. chamber of commerce, southwestern tribal housing alliance, nevada and california indian housing authorities, northwest indian housing association. in new mexico, the pueblo, la pueblo, blo, -- laguna he st. philippe peb low, and navajo nation offers its support. indian tribes across the country lending its support. i did note i overlooked mr. kildee on the other side of the aisle. he is -- his office was also

greatly involved and instrumental in this bill. would like to recognize those efforts. i reserve the balance of my time. the speaker pro tempore: the gentleman from new mexico reserves the balance of his time. the gentlewoman from wisconsin is recognized. ms. moore: thank you so much, mr. speaker. i could tell you that i am so happy to yield time to a colleague who came here in his running shoes and really came here because of his relationship to his uncle who is one of our former retired colleagues, mr. kildee of michigan. the younger mr. kildee has been a tremendous asset in terms of putting this bill together. i would like to yield two minutes to mr. kildee of michigan at this time. the speaker pro tempore: the gentleman from michigan is recognized for two minutes. mr. kildee: thank you, mr. speaker. i want to thank the gentlelady, ms. moore, for her great work on this legislation and her kind words as well as the ranking member waters. and to mr. pearce who has

pursued this legislation relentlessly. mr. young and others. i think this is a fine moment for us. exercise in bipartisanship which we don't see enough of around here. this is important legislation that has taken too long for congress to bring to the floor. i think we all agree that it's long overdue. our responsibility, our trust relationships to the tribes has to be adhered to. i will say this and it's been referenced, no bill is perfect and i do support this legislation with some concerns. primarily around, as i voiced in committee, the demonstration project that is included in this bill which is by some viewed as a step toward privatization of the program. i know that most don't feel that way, but some feel it might lead to that. tribes already have the ability to contract with monday profit or for-profit private developers in building and rehabilitating tribal housing.

this particular program, the demonstration program, is not included in the national american indian housing council's recommendations. i think it really is important that we listen to indian country, to those in the tribal communities, because the very name of this bill has to do with self-determination. that really is i think porne that we adhere to the interests of -- important that we adhere to the interests of those sovereign tribes that will be administering this program. there are other provisions at that will be exempt from the requirements if, in fact, the privatization effort goes forward. i would just be cautioning those tribal organizations and housing authorities that will be implementing under this law to take care to examine those relationships that they might enter into before pursuing the pilot program. i will finish by saying it is important that this legislation move forward. no bill is perfect. this is a very good step

forward. i commend both sides, leaders on both sides of the aisle for bringing this to the floor. i look forward to -- the speaker pro tempore: the gentleman's time has expired. the gentlewoman from wisconsin reserve. the gentleman from new mexico is recognized. mr. pearce: thank you, mr. speaker. again i appreciate the observations by the gentleman. we have time to discuss after the hearing, after the markup, and again at that time pointed out that the pilot project is completely voluntary. easy to opt in to easy to opt out of. it's not our intent to trap or entrap anyone but instead to open a door if they desire to go through it. i think they are going to be tribes who can go in and build all of the houses they need in a very short period of time. that's what we are looking for. again take his observations very seriously and we looked for flaws in the program that might be hooked, might be unintended consequences. with that would continue to reserve the balance of my time.

the speaker pro tempore: the gentleman from new mexico reserves the balance of his time. the gentlewoman from wisconsin is recognized. ms. moore: thank you so much, mr. speaker. i am absolutely delighted to introduce the gentlelady from hawaii, ms. hanabusa, who is not a member of the committee but really weighed in heavily on the final draft that is before us today. two minutes. the speaker pro tempore: the gentlewoman from hawaii is recognized for two minutes. ms. hanabusa: thank you, mr. speaker. i thank the gentlelady from wisconsin not only for yielding but for her hard work and her advocacy of native people. mr. speaker, i rise in support of this important piece of legislation for all our native peoples. and i want to thank the chair and ranking member of the financial services committee for moving the bill forward. our native people, all native people, the native hawaiians included have a very strong tie to the land. in hawaii it's called the ina. the need to have homeownership

and to be tied to the land equates to the preservation of the cull tire and of the people. in hawaii we continue to have beneficiaries of a federal law called the hawaii homes commission act of 1920, which congress did pass. who are still waiting to get on the land. still waiting. this re-authorization will bring us closer to fulfilling of the intent and purpose of that act. i appreciate the bipartisan efforts which have gone into this bill and i'd like to point out that title 8, the portion that is relevant to the native hawaiians, expired in 2005, almost 10 years later and it is only through the bipartisan efforts of this committee and those like my good friend from alaska, mr. young, and oklahoma, mr. cole, that have managed to

push this forward with all of our strong advocates on the committee as well. i ask that all members of this body join me in supporting h.r. 4329 for all the native peoples because it is how we define and how we treat our native peoples that makes us a better nation and a great nation. thank you. i yield back the balance of my time. the speaker pro tempore: the gentlewoman from hawaii yields back the balance of her time. ms. moore: i reserve. the speaker pro tempore: the gentleman from new mexico is recognized. mr. pearce: thank you, mr. speaker. again i recognize the gentlelady from hawaii. we had the opportunity to visit on the floor multiple times and i recognize her inputs and would again salute her for her support of the bill. at this time we would continue to reserve. the speaker pro tempore: the gentleman from new mexico reserves the balance of his time. the gentlewoman from wisconsin is recognized.

ms. moore: thank you so very much. there are many, many people who have participated in getting this bill to where it is today. and i want to now yield to the gentlelady from hawaii, ms. gabbert from -- gabbard from hawaii who would like to speak, two minutes. the speaker pro tempore: the gentlewoman from hawaii is recognized for two minutes. ms. gabbard: i rise proudly in support of h.r. 4329, the native american housing assistance and self-determination rehabilitation act of 2014. in the 18 years since its enactment, this legislation has strengthened indigenous self-determination by empowering native nations to empower their low-income families and households by assisting with their affordable housing needs. the state department of hawaiian homelands uses these funds to manage a trust that congress established for the rehabilitation of the native hawaiian people. over 1,400 low-income families

in hawaii have benefit interested these services and many cases homeownership would not have been possible given the $640,000 medium price of a single family home on the island of oahu. i would like to give you an example of a family on the island of molokai. they could not have afforded to remain in the neighborhood where brent grew up. but they partnered with the habitat for humanity and hawaiian homes to build a new three bedroom, one bath house in 2007. they invested 700 hours of work towards construction of that house and their four children will now learn the responsibilities of homeownership from a young age and have a safe home to grow up in. passage of this legislation will continue to have a tremendous impact by enabling other families like this one. nationwide, passage of this legislation also would represent an important step to removing

roadblocks to economic success in native communities and would reaffirm the house's long-standing commitment to tribal sovereignty and self-determination. i would like to thank my colleagues, chairman hensarling, ranking member waters, representative moore for their outstanding leadership in allowing this legislation to move forward and long time advocate, representative young, hanabusa, and my colleague, dan kildee, who worked very hard on this legislation. i urge my colleagues to join me in supporting h.r. 4329. i yield back. the speaker pro tempore: the gentlewoman from hawaii yields back the balance of her time. the gentleman from wisconsin reserve. the the gentlewoman from new mexico is recognized. the speaker pro tempore: the gentleman from new mexico is recognized. the gentlewoman from wisconsin is recognized. ms. moore: thank you so very, very etch. i'm delighted at this time to recognize the ranking member of the financial services committee who has really put a lot of time into this bill. as the ranking member she serves

on all the subcommittee, but she has been particularly passionate about her stewardship over this bill. it's my pleasure to yield time, four minutes -- as much time as she might consume to the ranking member from california, ms. waters. the speaker pro tempore: the gentlewoman from california is recognized. ms. waters: thank you very much. mr. speaker, this bill will provide an important and long overdue re-authorization of the native american housing assistance and self-determination act. the federal government provides housing assistance to native americans and native hawaiians. two groups that not only experience some of the poorest housing conditions in the nation, but also face unique barriers to housing due to the legal status of tribal lands. through block grants and loan garntees, it ensures federal assistance, insures it is tailored to address their needs

while respecting their right to self-determination. i'm encouraged that my republican colleagues have finally agreed to include a provision to re-authorize native american -- native hawaiian programs. as a supporter of the re-authorization of the bill, i did not reject the bill for us today moving forward under suspension. however this is one of those times while you understand very well why re-authorization is necessary. i must go on record to continue to support a fight and a struggle that i have been involved in with some of my colleagues for many years. the bill will do nothing to rotect the freedmen, the desendents of african-american slaves of the cherokee who are facing possible expulsion by the cherokee nation. the ancestors of the friedman march with the cherokee on the

trail of tears and yet today their tragic history continues as the freed men face ongoing discrimination from the tribe that they call their own. for the past several years under the leadership of former members, including carolyn kilpatrick, former congresswoman, and former congressman mel watt, the congressional black caucus has stood up for the rights of the cherokee freed men. i attempted to deal with this issue by way of an amendment, but the republicans, again, refused to offer protections for the cherokee freed men in this legislation. during committee markup my amendment was objected which would have full recognition of the freed men as citizens of the cherokee nation. so it causes me great pain to not be able to support the

continued silence on this issue. and furthermore, there's one other issue that i have to be concerned about. this bill would undercut the central goal of providing affordable housing for low-income native americans. it would waive a long-standing tenet of affordable housing, known as the brook rule, which states that the maximum rent paid by assisted households must be no more than 30% of their income. and i have to be concerned about this because this is a rule that's throughout h.u.d., and so i do not wish to be part of opening up that door and then having to face that later on as we deal with public housing and assisted housing. this bill strips away this basic safeguard, making low-income native americans vulnerable to unlimited increases in rent, without any kind of hardship exemption in place. lastly, the bill includes a new demonstration program that moves towards increased privatization and deregulation of tribal housing activities.

i remain very concerned that this program could have negative impacts on low-income native american households in participating tribes. but i would like to sincerely thank ms. moore, mr. heck and mr. kildee for their efforts to reach a bipartisan agreement on this bill. i'd like to thank ms. hanabusa and ms. gabbard for the work they are doing. i won't support the re-authorization in its current form for all the reasons i've stated but i thank all of those who have worked so hard to try and deal with the need for assistance for the -- both hawaiians and the native americans in housing. i yield back to the gentlelady. the speaker pro tempore: the gentlewoman from california yields back the balance of her time. the gentlewoman from wisconsin. ms. moore: how much time do i have? the speaker pro tempore: the gentlewoman from wisconsin has 5 1/2 minutes remaining. the gentleman from new mexico has 10 minutes remaining. the gentlewoman from wisconsin

reserves? ms. moore: can i just take my time now, mr. speaker? the speaker pro tempore: sure. the gentlewoman from wisconsin is recognized. ms. moore: let me thank all of the partners in getting this legislation to the floor. i do want to make mention of someone who's not part of this debate, the gentlelady from minnesota, representative betty mccullum, who is the co-chair of the native american caucus, and she wanted to make sure that she weighed in during this discussion about the extraordinary need to deal with native american housing. many of us believe that native americans often are involved in gaming and that they're wealthy and rich. but as the ranking member mentioned, this is some of the -- they are subjected to some of the poorest housing conditions in our country and, you know, although we're

re-authorizing nahasda, none of us should be fooled at all that this will in any way deal with the tremendous need for affordable housing within native american communities. i again am very, very empathetic with the issues, particularly that ranking ember has raised, and i am really hopeful that many of these issues, particularly the issue of the cherokee freed men, will be dealt with and it seems promising to me because of some of the decisions that have been made in courts so far. and we do seem to have a more ee chairman who is open, it would seem, to providing membership, retaining membership of the care key freed men.

i'm happy that the native awaiians are in this bill, and i think that as we move forward we should be ever mindful to make sure that nothing that we ave done here will preempt the native americans of sovereignty -- of sovereignty status. again, i want to thank all of your partners. thank you for your indulgence, mr. speaker, and i would yield back the balance of our time. the speaker pro tempore: the gentlewoman from wisconsin yields back the balance of her time. the gentleman from new mexico is recognized. mr. pearce: thank you, mr. speaker. and i would yield three minutes to the gentleman from oklahoma, mr. cole, who is a tireless advocate for native americans and native american housing. the speaker pro tempore: the gentleman from oklahoma is recognized for three minutes. mr. cole: thank you, mr. speaker. i thank my friend for yielding. i rise to support the native american housing authorization self-determination re-authorization of 2014. i want to begin by thanking my friend, mr. pearce.

nobody has worked harder on this legislation and frankly cared more and done more to make sure that a part of our population that historically has not done well, to say the least, has the opportunity to not only receive some benefits or appropriate -- that are appropriately and rightfully theirs but to take more control of their own destiny and their own housing and i think this legislation does just that. i want to thank members on both sides of the aisle. i see my friend from wisconsin who we worked together on vawa. i know her commitment on native american issues. i appreciate that very, very much. this legislation provides native american tribes with much greater efficiencies when deploying nahasda funding. and we all know government, however well-intentioned, quite often is a pretty clumsy and pretty bureaucratic instrument. consolidating environmental retirement requirements, requiring the h.u.d. secretary to study and recommend to

congress standards to streamline the construction of indian housing, recommendations for h.u.d. to waive the -- establish alternative reporting requirements for tribes, these are all good things that will speed development of housing and allow tribes to deploy their funds more efficiently. there's also legislation in here to deal with taxpayer protections and tribal accountability, make sure the h.u.d. secretary has the authority to recoup unexpended funds that are held for too long. it strengthens tribal flexibility and sovereignty. and finally, it allows tribes to pursue alternative funding sources by encouraging private investment, something that is desperately needed. i know and have to come in the last part of the debate about the care key freed men issue. that's an issue i know a fair amount about since the tribe is located in my home state of oklahoma. i want to agree with ms. waters

in the sense that -- excuse me -- my friend, ms. moore, that we do have a chief, chief baker, who is extremely concerned about this issue and is trying to work it through. the bill itself, the language is really just an update from what we did in 2008. we're trying to allow the courts and the tribe to solve the issue. and i think they genuinely have made progress and the people here that have had legitimate concerns about this issue can be proud of and i think they'll continue to do that. but there's no substantive change in what my friend, mr. pearce, has brought forward and what existing law was in this area. i just want to end once more by thanking my friend, mr. pearce. frankly this bill would not have been on this floor without his diligent work. i certainly want to thank mr. hensarling for working with my friend, mr. pearce. i want to thank my friends on the other side of the aisle who also have focused a great deal of attention and focus on this issue to try and make sure that the first americans aren't the last americans in almost every category. so, again, i thank my friends

and look forward to the passage of this legislation. with that, mr. speaker, i yield back my time. the speaker pro tempore: the gentleman's time has expired. the gentleman from new mexico is recognized. mr. pearce: i thank the gentleman from oklahoma and appreciate his leadership. mr. speaker, i'd yield myself the remainder of the time. the speaker pro tempore: the gentleman from new mexico is recognized. mr. pearce: well, you've heard, there is no shortage of debate on the bill, but there's also no shortage of people coming together and saying let's pass this bill. i listened with interest to the ranking member and in these points that she made today were articulate, were made during the markup and, again, appreciate and respect that and have not set those concerns off on the side. it was absolutely essential that we move the bill forward in order to get this passed in this session so i appreciate all of the support from our partners across the aisle. this support that you're hearing from native americans across the country, from people in this chamber is no

coincidence. it comes from hard work and that hard work has come from both sides of the aisle but especially from ms. moore and from mr. heck, mr. kildee and, again, ms. waters. so thank you all for that dedicated effort. on our side, mr. young and mr. cole, mr. hensarling have been just vital in getting this kind of pulled together in a fashion we can bring it here today under suspension. for the past two years my office and i have worked with countless tribal leaders, housing associations nationwide. we worked with other members of the congress from both sides of the aisle. we worked with h.u.d. and the administration all for one end result. that is to create greater prosperity for native americans and it's that simple. i'm proud to co-sponsor h.r. 4329 because it does so much to accomplish this goal. for generations, prosperity and growth has evaded many native american communities. nahasda is not designed as an

entitlement but rather as a tool of empowerment and growth. to date, each re-authorization as built upon the past to make alterations to great greater autonomy on tribal lands. h.r. 3429 is no exception. i ask that you join me in re authorizing this commonsense yet transformative legislation which will help millions realize the dream of prosperity. vote yes and help break a perpetual cycle of poverty through self-determination and independence. thank you, mr. speaker, and i yield back the balance of my time. the speaker pro tempore: the gentleman from new mexico yields back the balance of his time. the question is will the house suspend the rules and pass the bill h.r. 4329 as amended. 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 mexico seek recognition? mr. pearce: mr. speaker, i move that the house suspend the rules and pass h.r. 2790. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 2790, a bill to authorize private nonprofit organizations to administer permanent housing rental assistance provided through the continuum of care program under the mckinney-vento homeless assistance act, and for other urposes. the speaker pro tempore: pursuant to the rule, the gentleman from new mexico, mr. pearce, and the gentlewoman from wisconsin, ms. moore, each will control 20 minutes. the chair recognizes the gentleman from new mexico. mr. pearce: mr. speaker, i ask unanimous consent that all members may have five legislative days to revise and and their remarks include extraneous materials for the record on h.r. 2790, currently under consideration. the speaker pro tempore: without objection. mr. pearce: mr. speaker, i

yield myself such time as i may consume. the speaker pro tempore: the gentleman from new mexico is recognized. mr. pearce: mr. speaker, the housing assistance efficiency act was introduced by scott peters in july of 2013 as a technical correction to the 09 amendments to the mckinney-vento act, changes to restoring nonprofit programs to rental programs as well as alter the way in which h.u.d. reallocates funds. originally enacted in 1989 as the mckinney homeless assistance act, this legislation created a number of new programs to assist homeless americans -- homeless american needs, including food, shelter, health care and education. since 1987, it has twice been re-authorized. in 2000 it came to be known as the mckinney-vento homeless assistance act with updates including the creation of the h.u.d. homeless assistance grants, the department of labor homeless veterans reintegration

program and others. in 2009, the homeless assistance emergency assistance and rapid transportation housing, the haearth, combined the shelter plus care and the supportive housing programs into a single competitive program. supported by h.u.d. and the administration, the bill before us today will correct unintended consequences created that operate act c.f.p. programs for leased housing to homeless people to manage the mckinney-vento grants as rental assistance. it restores nonprofit participation and maximum community flexibility by delegating authority to these organizations to rental assistance. it allows innovation of promising practices, providing nonprofits with administration of rental assistance, will allow these dwrupes to implement new housing

practices, which will better assist the communities therein. it reduces administrative work by allowing reallocation to occur once a year instead of semiannually. and with that i reserve the balance of my time. the speaker pro tempore: the gentleman from new mexico reserves the balance of his time. the gentlewoman from wisconsin is recognized. ms. moore: thank you so very, very much, mr. speaker. i really rise to congratulate and thank the gentleman from california, mr. peters, for championing this bill and bringing to our attention a real tremendous cost savings in this h.u.d. program with h.r. 2790. . and really providing using the homeless assistant action act to provide services to the homeless rather than just additional legal fees, operating costs, additional insurance issues, establishing ew internal controls and

tracking systems. this is really innovative in terms of how it maximizes the mckinney moneys. the bill does not include more money, mr. speaker, it just seed us to use the small that we have more effectively. i would yield now as much time as he might consume to mr. eters, the author of h.r. 2790 . mr. peters: thank you, mr. speaker. you know, many laws are intended to ensure efficiency in federal agencies. but often have unintended consequences. preventing agencies from serving the public and costing taxpayer money. currently the department of housing and urban development's continuum of care program spends too much time fulfilling administrative obligations instead of helping individuals and families transition out of homelessness and putting them on a path to independent

living. twice a year h.u.d. has -- twice a fiscal year h.u.d. has to allocate funds that are unused, returned or otherwise become available in the program, but because almost no funds are unused or become available under the program, the reallocation of funds takes a lot of time and unwarranted human capital to complete. it's administratively more efficient to reallocate funds only once a year. this frees up h.u.d. employees to provide more human resources toward providing better service to constituents and we shouldn't saddle h.u.d. with more administrative work that isn't helping anyone. in addition to mandatory fund allocations, h.u.d. also faces a mountain of paperwork when it comes to administering rental assistance. prior to 2009, private nonprofits could administer rental assistance through .u.d.'s continuum of care. t however private nonprofits were left off the properties.

currently only states, units of general local government or public housing agencies can dispense housing assistance, despite nonprofit's substantial experience and their ability to reach vulnerable populations. private nonprofits can still execute other homelessness programs, but they have to go through public housing agencies or another layer of bureaucracy to get rental assistance to their clients or the landlord. this creates more bureaucratic burdens when individuals and families really need the help quickly to stay in their homes. h.r. 2790, the housing assistance efficiency act, would remedy both of these programs, would get homelessness assistance to those who need it more quickly. this is important in particular to san diego, we have the third largest population of -- homeless population and it's wildly supported in my district and across the country and thank you are thank the gentleman from -- and i thank the gentleman from new mexico. the san diego housing agency said this helps get important

resourceses to those who need it most. that's what it's all about. so here's my colleague -- i urge my colleagues to help pass this legislation, to take substantive action to improve government efficiency and help fight chronic homelessness in our country. thank you and i yield back. the speaker pro tempore: the gentleman from california yields back. the gentlewoman from wisconsin -- mr. moore: is mr. pearce ready to close? i would yield back the balance of my time. the speaker pro tempore: the gentlewoman from wisconsin yields back the balance of her time. the gentleman from new mexico is recognized. mr. pearce: thank you, mr. speaker. i would again like to thank the gentleman for his hard work in this area and bringing this bill forward. we have no other speakers and i would yield back the balance of my time. the speaker pro tempore: the gentleman from new mexico yields back the balance of his time. the question is, will the house suspend the rules and pass the bill, h.r. 2790. those in favor say aye. those opposed, no. in the opinion of the chair, 2/3 of those voting 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 mexico seek recognition? mr. pearce: mr. speaker, i move that the house suspend the rules and pass h.r. 2366 as amended. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 2366, a bill to require the secretary of the treasury to mint coins in commemoration of the centennial of world war i. the speaker pro tempore: pursuant to the rule, the gentleman from new mexico, mr. pearce, and the gentlewoman from wisconsin, ms. moore, each will control 20 minutes. the chair recognizes the gentleman from new mexico. mr. pearce: thank you, mr. speaker. i ask unanimous consent that all members may have five legislative days within which to revise and extend their remarks and include extraneous materials for the record on h.r. 2366 as amended, currently under consideration. the speaker pro tempore: without objection. mr. pearce: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman from new mexico is recognized. mr. pearce: mr. speaker, a few short weeks ago the world marked the 96th anniversary of the signing of the peace accords between the allied

forces in germany that ended what at the time was called the great war. sadly it was only the first of what we now called world wars, because it was followed only two short decades later by the beginning of what became known as world war ii. that anniversary, which america today calls veterans day, was for years called armistice day and it still is called that across europe. four years from now, november 11, 2018, will mark the signing of that armistice. it will be 100 years since the end of that ugly, bloody war that has ushered in area warfare, chemical weapons, tanks and a host of other horrors. mr. speaker, in the ensuing century we have not managed to move past war. it is well that we remember its costs. for that reason i rise in strong support of this legislation before us, h.r. 2366, introduced by the gentleman from colorado, mr. lamborn, along with the gentleman from missouri, mr.

cleaver. the world war i american veterans centennial commemorative coin act calls for the treasury secretary to mint and make available for sale no more than 350,000 silver coins in recognition of the centennial and the end of that war. the veterans of the great war are long gone. the last having died nearly four years ago. it is well that we remember, though, that nearly four million americans, men and women, served in uniform during the first world war. half of them served overseas and some even volunteered to fight for other allied armies, even before the u.s. entered the war in april of 1917. of those four million veterans, even those who are not students of military history know some of the names such as general john joseph percy, known as black jack percy, who led the american expeditionary forces in that war and became the only general of the army promoted to that rank while he was alive.

sergeant alvin york was perhaps the best known and most decorated sold who are won a medal of honor for leading an attack on a nest of enemy machine guns at the height of the battles in france. capturing 32 of them and 132 enemies while killing 28. james norman hall, an a iowa youngster, went to france before the americans entered the war to fly on the french air corps and later drifted to the south seas where he co-wrote "mutiny on the bounty" trilogy. the coins authorized by this legislation would be sold at a price that would recoup all cost to the taxpayers. the sale price would include a surcharge that after requirements for raising private matching funds are met would support the work of the world war i centennial commission established by the 11th congress, to plan and execute activities marking the centennial of the war. this legislation currently has

co-sponsors and a companion bill -- co-sponsors and a companion bill has 72. mr. speaker, while not celebrating this or any other war, i urge members to sobe early reflect on the horrors -- soberly reflect on the horrors and tragedy of this first global conflict and support this legislation. with that i reserve the balance of my time. the speaker pro tempore: the gentleman from new mexico reserves his time. the gentleman from missouri is recognized. mr. cleaver: mr. speaker, i rise to yield myself such time as i may consume. the speaker pro tempore: the gentleman from missouri is recognized. mr. cleaver: mr. speaker, i rise today in support of h.r. 2366, the world war i american veterans centennial commemoration -- commemorative coin act introduced by doug lamborn of colorado, and seek its immediate passage. mr. speaker, as you may know this summer marked the 100th anniversary of the start of world war i. the united states formally joined the war in april of 1917. during that time 4.7 million

americans served and of those brave men and women, more than 116,000 soldiers made the ultimate sacrifice. while other great conflicts, including the civil war, world war ii, the korean war, the vietnam war, have all been memorialized on united states commemorative coins, there currently exists no coin to honor the brave veterans of world war i. this bill would honor their service by directing the secretary of the treasury to, number one, hold a competition to design the coins, and number two, mint and issue $1 silver coins in commemoration of the centennial of america's involvement in world war i. the sale of the coins will assist the world war i centennial commission in raising funds that will be utilized in commemorating the u.s.'s involvement in the great war, and educating a new generation of americans about the role the united states

assumed in that war. i'm also pleased to report that the passage of this bill entails no net cost to taxpayers. i would urge my colleagues to join me in passing this commonsense, bipartisan bill without further delay. mr. speaker, i yield back the balance of my time. the speaker pro tempore: the gentleman from missouri yields back the balance of his time. the gentleman from new mexico is recognized. mr. pearce: mr. speaker, i'd like to yield as much time as he may consume to the gentleman from colorado, mr. lamborn. the speaker pro tempore: the gentleman from colorado is recognized. mr. lamborn: thank you, mr. speaker. i want to thank my friend and colleague from the state of new mexico for his leadership. i rise in support of h.r. 2366, which i introduced with the help of my colleague, representative emmanuel cleaver, which would require the secretary of the treasury to mint coins in commemoration of the centennial of world war i. he year 2018 will be the 100th anniversary of the signing of the armistice with germany, marking the end of battlefield

hostilities in world war i. during the war more than four million men and women from the united states served in uniform and more than 100,000 gave their lives. to honor their service and sacrifices, congress crealted a world war i centennial commission in 2013 and tasked them with planning and executing activities to commemorate the centennial of world war i through the use of private donations and coin sales. by requiring the secretary of the treasury to mint coins to commemorate this centennial, this bill would allow us to honor the memory, service and sacrifices of the brave veterans of world war i while also providing the means to pay tribute to the end of world war i battlefield hostilities. other great conflicts including the civil war, world war ii, the korean war and the vietnam war have all been memorialized on united states commemorative coins but no such honor has been extended to the brave veterans of world war i. this year, 2014, as has been

said, is the 100th anniversary of the start of world war i, making it a very fitting tribute that we pass the measure for it this year. it is my pleasure to offer h.r. 2366. i am grateful for the opportunity to work with both representative emanuel cleaver and blunt on this bill. together we have gathered 300 co-sponsors just in the house for this patriotic bill. it will not cost the u.s. treasury anything, as has been said, but on a voluntary basis will actually raise money. it's no coincidence that representatives and senators from the state of missouri are helping on this effort. there is a wonderful memorial to world war i in kansas city, aining museum an that's a world class museum. for those who haven't had the opportunity to visit that museum and learn about this chapter in our nation's history, i would strongly urge them to do so. i think chairman hensarling and

the financial services committee for their support of this legislation and i ask my colleagues to join me in honoring the brave veterans of world war i by supporting this bill. thank you, mr. speaker, and i yield back the balance of my time. the speaker pro tempore: the gentleman from colorado yields back his time. the gentleman from new mexico is recognized. mr. pearce: mr. speaker, i now yield four minutes to the gentleman from texas, judge poe. the speaker pro tempore: the gentleman from texas is recognized for four minutes. mr. poe: i thank the gentleman from new mexico. mr. speaker, it was called the war to end all wars. it began 100 years ago and after three years world war i was a bloody stalemate. then the american dough boys entered the bloody trenches of europe and the tenacious teenagers went over there to a land they had never seen, fighting for people they did not know.

but soon after the war turned in the favor of the allies and the war was over. allied victory was declared in 1918, millions and millions of people throughout the world had died. 116,000 americans died. many more thousands died when they came back to america from the spanish flu that they got while they were overseas. the last survivors world war i veteran was frank buckles. this is a offense of him shortly before -- photo graph of him shortly before his death. i got to know him before he died at the age of 110. like i said, he was the last surviving world war i veteran from america. he lied to get into the united states army. he was probably 15. he convinced some army recruiter that he was 21. and they signed him up. he served in world war i, after world war i was over with,

world war ii started, he found out that he found himself in the philippines, he was captured by the japanese, put in a prisoner of war camp until world war ii was over. but he came to the united states capitol and met with many members of the house and senate for the sole purpose of making sure that those dough boys he fought with and died were remembered by the united states congress. his dying wish was that those he served with would be honored by the house of representatives and the senate. the proceeds from the sale of the coins will be used for the world war i commission to help commemorate the sacrifices of those warriors. i was primplingd to be appointed as an -- privileged to be appointed as commissioner of the world war i commission and still serve on the world war i foundation. i want to thank congressman cleaver from missouri for all the work he has done to remember those dough boys. not only in this specific bill of getting this coin act passed

but the original commission that you worked on to make sure that we as an american nation remembered them. and i appreciate the work that you do in kansas city with the first class memorial that we have to honor those world war i veterans. mr. speaker, all those that served, every one of them that served in world war i, they're all gone. there are none left. frank buckles was the last one. but the united states world war i commission will make sure we americans remember and honor them for the worst casualty of war is to be forgotten. and that's just the way it is. i yield back. the speaker pro tempore: the gentleman from texas yields back the balance of his time. the gentleman from new mexico is recognized. mr. pearce: thank you, mr. speaker. i yield myself the balance of the time. the speaker pro tempore: the gentleman from new mexico is recognized. mr. pearce: first of all, thanks to mr. cleaver, mr. lamborn for bringing that --

this bill to the floor today and thanks for your dedicated work on that. thanks to mr. poe. around here we just simply know him as judge, but thanks for his poignant comments. as a vietnam veteran returning to the united states in 1973 era, i found a nation that was disrespectful to young men and women who had served, myself included. took my uniform off and put it in a closet never to pull it out till i ran for congress and people began to ask why i didn't tell about the military story. that's something that's a mind set that i think -- no matter how you're registered, no matter what culture you're in, what religion, whatever, we must not let this happen again. you must be willing to sacrifice for those who have sacrificed for us and those who have been willing to make the sacrifice.

my grandfather was in world war i. as i approaching my time to go to vietnam, he visited with me about going in the argon forest and about being gassed there. the condition left him with a lung condition and frailt throughout the rest of his -- fraility throughout the rest of his life. but he never was sorry for serving, never was sorry for those things that happened to him. it is the young men and women who are willing to do for others' freedom that we're honoring here today. again, i'd ask all to support this legislation. it's a noble concept and noble tradition of remembering those who have served this country in the military. and with that i yield back the balance of my time. the speaker pro tempore: the gentleman from new mexico yields back the balance of his time. the question is will the house suspend the rules and pass the bill h.r. 2366 as amended. those in favor say aye. those opposed, no. in the opinion of the chair, 2/3 having responded in the affirmative -- mr. pearce: i request a recorded vote.

on that i request a recorded vote. the speaker pro tempore: does the gentleman ask for the yeas and nays? mr. pearce: i ask for the yeas and nays. the speaker pro tempore: the yeas and nays are requested. all those in favor of taking this vote by the yeas and nays will rise and remain standing until counted. a sufficient number having arisen, the yeas and nays are ordered. pursuant to clause 8 of rule 20, further proceedings on this qub postponed. -- question will be postponed. the speaker pro tempore: for what purpose does the gentleman from new jersey seek recognition? mr. garrett: thank you, mr. speaker. i move that the house suspend the rules and pass h.r. 4569 as amended. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 4569, a bill to require the securities and exchange commission to make certain improvements to form 10-k and regulation s-k, and or other purposes.

the speaker pro tempore: pursuant to the rule, the gentleman from new jersey, mr. garrett, and the gentlewoman from wisconsin, ms. moore, each will control 20 minutes. the chair recognizes the gentleman from new jersey. mr. garrett: thank you, mr. speaker. now i ask unanimous consent that all members may have five legislative days to revise and tend their remarks and include extemporaneous materials for the record for h.r. 4569, as amended, that's currently under consideration. the speaker pro tempore: without objection. mr. garrett: thank you, mr. speaker. at this point i yield myself such time as i may consume. the speaker pro tempore: the gentleman from new jersey is recognized. mr. garrett: mr. speaker, i rise now in support of h.r. 4569, which is the disclosure modernization and simplification act of freen. -- of 2014. you know, having access to the u.s. capital markets and the broad investor base that comes with it is vital, literally vital for u.s. companies to be able to grow their businesses and create jobs in this

country. over time, as our security laws have continued to grow and evolve, the number of new s.e.c. rules and regulations have been weighing down on public companies continue now to multiply and it's becoming more and more difficult and costly for small businesses to succeed and eventually go public. see, many of the disclosure rules that have been added over time are both duplicative and are no longer needed due to many technological advancements that we're all familiar with. and yet the s.e.c. has taken little action to remove these unnecessary and outdated regulations and to make appropriate changes to help investors. so we have h.r. 4569 before us and it seeks to do what? it removes some of the outdated and unnecessary red tape and allows for the small companies' investors to benefit from a more streamline and efficient and public disclosure regime. specifically, the legislation would direct the s.e.c. to simplify public companies disclosure regime for issuers

and investors by permitting the issuers to submit a summary page of annual reports on form 10-k with cross-references to the contents of the report. it's that simple. because the typical 10-k filed by issuers are hundreds of pages long and written in legallies, they do find it difficult to digest the truly important information about the company in the report. so permitting issuers to submit a summary page would allow companies to disclose pertinent information without exposing them to liability. so this summary page would enable investors to more easily access the most relevant information about that company. also, this legislation would also direct the s.e.c. to revise regulation s.k. reg s.k., it's called, to better scale disclosure rules to eliminate other jew plick indicated, outdated reg s.k.

to issuers. before the testimony, the burdens imposed by exesting -- existing regulation doesn't allow them to make investors willing to invest. he said this bill h.r. 4569 is very constructive and the commission is likely to be receptive to it. it might well launch a process that would substantially reduce nneed impediments -- impediments to smaller markets. another commenter testified, over the course of time proxies have become voluminous. some requires disclosures become obsolete and the information has changed through the legal mandated forms and disclosures have not. this situation is commonly referred to as disclosure overload and it is apparent that investors are not being given information in decisions useful manner. in some cases they're

overwhelmed with nonrelevant information. even s.e.c. chair white on several occasions stated that a review of our current disclosure system is a top priority for the commission this year. so this bill would help augment the s.e.c.'s effort by requiring the commission to first eliminate wholly unnecessary or outdated disclosure requirements and to allow issuers to include a summary of material in the form 10-k. so this legislation builds on section 108 of the jump-start our business startups bill. you remember that, the jobs act, which directed the s.e.c. to study reg s.k. in order to simplify and modernize disclosure rules. they completed the study in december of 2014. it recommended further study of reg s.k. disclosure rules. given our economic difficulties i believe we need to stop studying and start taking

action. cyrimfying streamlines disclosure requirements will enable companies to divert fewer resources to compliance, freeing up additional capital to create american jobs. with that i reserve. the speaker pro tempore: the gentleman from new jersey reserves the balance of his time. the gentlewoman from wisconsin is recognized. ms. moore: thank you so much, mr. speaker. i rise in strong support of mr. garrett's bill, h.r. 4569, which was favorably reported from the house financial services committee and championed by my friend from new york, mrs. maloney. i'd like to associate myself with the long and extended explanation by mr. garrett of new jersey and just to say, mr. speaker, that in short this bill will make discrows ures that public companies make more streamlined, manageable and user friendly. i really appreciate the participation of my good

friend, representative maloney, who really worked hard to make sure that this legislation was balanced and it included language to emphasize that we needed to reduce burdens on companies but we need to preserve investment protections. so given the changes that maloney made with the maloney amendment, i strongly support the legislation, would urge all my colleagues to support it and i would yield back the balance of my time. the speaker pro tempore: the gentlewoman from wisconsin yields back the balance of her time. the gentleman from new jersey is recognized. mr. garrett: i thank the gentlelady for her assistance in this matter. you also made reference to mrs. maloney from new york for her work as well. she's not on the floor right now, but i certainly do appreciate her efforts with the legislation and in full committee and subcommittee as well in order to move forward on this piece of legislation.

and to your comment about -- perhaps i should have taken to the substance of the bill to heart. i did streamline the 10 pages own to four pages to make it not duplicative, unnecessary and outdated information. i do not believe -- i thought we had someone else to speak on the floor. i do not believe we have anyone else. at this point i rise in favor of the legislation, thank you for your support and yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the question is will the house suspend the rules and pass the ill h.r. 4569. the gentleman from new jersey. mr. garrett: i ask unanimous consent to reclaim the balance of my time to yield to the gentlelady from new york. the speaker pro tempore: without objection, the gentleman can reclaim his time and yield to the gentlelady from new york. mrs. maloney: i want to thank my colleague for doing that and also his hard work on this bill. i is it want to come to the floor and support it because

it's one of the areas that we did work together in a positive way. i'd like to also take this opportunity to congratulate him on being reappointed as chairman of the capital markets committee which i serve and i look forward to working with you in the next congress. when the financial services committee marked up the jobs act in 2012, mr. garrett included an amendment requiring the s.e.c. to conduct a study on how to modernize and simplify the disclosure process for emerging growth companies. the s.e.c. published that study last december and while the study failed to make any specific recommendations on how to streamline the disclosure process, it did provide, i thought, a very fascinating history of all the different efforts to simplify registration and disclosure processes, especially for smaller companies, which is a concern for many members of this congress to relieve the

regulatory burden on particularly smaller companies and smaller countries. for example, here are some of the studies they did. the s.e.c.'s 1969 disclosure policy study, the 1977 advisory committee on corporate disclosure, the simplification orm s-18 for small companies in 1979. 1982. the 2005 advisory committee on smaller public companies. the advisory committee on improvements in 2007. and most recently the advisory committee on small and emerging companies. what this history demonstrates is that the process of scaling and streamlining the reporting requirements for smaller companies is something that we all need to focus on in order to keep pace with the ever evolving marketplace and it's one that historically has been revisited every seven to 10

years. it requires a strong oversight by the s.e.c. and also by congress. i believe that now is an excellent time for the s.e.c. to revisit the disclosure requirements for smaller companies and to figure out how to best modernize these requirements. . this bill directs the s.e.c. to build on the 2013 study, by making immediate improvements to regular s.k. in the short-term and making specific and detailed recommendations on how to simplify and modernize the regular-sk in the long-term. we were able to work in a bipartisan manner on this bill to clarify that any revisions the s.e.c. makes should reduce burdens on small businesses, while also ensuring that investors still have access to all important information. this bill will ensure that the s.e.c. properly tailors its regulations to the needs of small businesses and doesn't get caught up in a one-size-fits-all reaction. i urge my colleagues to support

this commonsense bill and i yield my time back to my colleague. the speaker pro tempore: the gentlewoman from new york yields back to the gentleman from new jersey. the gentleman from new jersey ised. -- is recognized. >> i thank the gentlelady for her efforts. mr. garrett: at this point i yield two minutes to the gentleman from indiana to comment on the bill. the speaker pro tempore: the gentleman from indiana is recognized for two minutes. >> thank you, mr. speaker. i rise today in strong support of the disclosure modernization and simplification act of 2014. mr. speaker, for far too long our economy has remained weak and small businesses and wage earners have suffered greatly. part of the reason they have suffered is because of too many regulations. mr. stutzman: and an increase in red tape from federal government agencies have hindered growth and kept businesses from expanding. they also present big challenges for startup companies that are looking to gain solid footing in this shaky economy. if we were going to move this country in the right direction, we need to make it easier and not harder for americans to do

business. the least we can do in washington is to make sure federal regulators do not force business managers to report the same information over and over and that is what this act is all about. this legislation, along with others we will consider today, will help remove the federal government from the backs of small business owners and make it easier for all americans to succeed. it will revise regulations to include startup comes, eliminate redundant and duplicative and disclose information among other simplifications. now is the time to remove these road blocks on the pathway to success. the american people are looking for us to ease some of these painful economic burdens. and today we have an opportunity to support legislation that will have a positive impact on our economy. by limiting the challenges on small business owners and job creators. let's work together in this chamber and pass this series of bills in a bipartisan fashion

and show that our -- show our constituents that we are serious about recharging our economy, by pursuing commonsense regulatory reforms. i'd like to thank chairman hensarling, congressman garrett, representative hurt and the rest of the members of the financial services committee who worked hard on this issue and i urge my colleagues in the house to support this legislation. thank you and i'll yield back. the speaker pro tempore: the gentleman from indiana yields back the balance of his time. the gentleman from new jersey is recognized. mr. garrett: thank you. i appreciate the gentleman coming to the floor. more importantly i appreciate the gentleman's efforts and hard work on this legislation in committee. so thank you very much, appreciate that. with that i think now i finally yield back completely. the speaker pro tempore: the gentleman from new jersey yields back the balance of his time. the question is, will the house suspend the rules and pass the amended -- 679 as 4569 as amended. those in favor say aye. those opposed, no. 2/3 of those voting 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. pursuant to clause 86 rule 20, proceedings will resume -- pursuant to clause 8 of rule 20, proceedings will resume on otions to suspend previously postponed. h.r. 5739 by the yeas and nays, h.r. 3240 by the yeas and nays, h.r. 2366 by the yeas and nays. the first electronic vote will be conducted as a 15-minute vote. remaining electronic votes will be conducted as five minute d votes -- five-minute votes. the unfinished business is the vote on the motion of the gentleman from texas, mr. johnson, to suspend the rules and pass h.r. 5739 on which the yeas and nays are ordered. the clerk will report the title of the bill. the clerk: h.r. 5739, a bill to amend the social security act, to provide for the termination of social security benefits for individuals who participated in nazi persecution and for other purposes. the speaker pro tempore: the question is will the house suspend the rules and pass the bill.

those members will record their votes by electronic device. this is 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.]