hensarling. mr. hensarling: mr. speaker, i ask unanimous consent that all members may have five legislative days to revise and and submit remarks extraneous materials on the bill under consideration. the speaker pro tempore: without objection. mr. hensarling: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. hensarling: mr. speaker, i rise in very strong support of reg a plus he improvement act. i thank the sponsor of this legislation, the gentleman from new jersey, mr. macarthur. he has been a huge leader on all capital formation issues within our committee and in this congress. he is a real asset. his business acuemen is well positioned to help serve us. and his leadership on this bill should be commended. although small companies, mr. speaker, at the forefront of technological innovation and job creation, they often face significant obstacles in obtaining funding in our capital markets. these obstacles generally stem from the disproportionately large

hensarling: mr. speaker, i now yield three minutes to the gentleman from missouri, mr. luetkemeyer, who is the chairman of the financial services subcommittee on financial institutions and a real leader on our committee for proper regulation. the speaker pro tempore: the gentleman from missouri is recognized for three minutes. mr. luetkemeyer: thank you, mr. speaker. and thank you, mr. chairman, for all your hard work and leadership on our committee. i want to first thank the gentleman from colorado, mr. tipton, for being such a champion for this initiative and others to bring about a more responsible, effective regulate regime. for years members on both sides of the aisle advocated for tailored, commonsense approach to federal banking regulation. we've all said time and time again that rules designed for large institutions shouldn't apply to community banks and smaller credit unions. we press the financial regulators to take into consideration the risk profiles of institutions. in their appearance b

hensarling: mr. speaker, i am now very pleased to yield five minutes to the gentleman from georgia, mr. loudermilk, again, a very hardworking member of the financial services committee and the author of h.r. 4607. the speaker pro tempore: the gentleman from georgia is recognized. mr. loudermilk: thank you, mr. speaker. and i also want to thank my colleague from the republic of texas, chairman hensarling, for giving me this time to move away some of the hyperbole that you may hear today and speak about the truth of what this really simple and commonsense measure really does. the comprehensive regulatory review act reduces the burden that outdated regulations police on small banks and lending institutions across the landscape of america. i'd like to start by thanking some of my colleagues on both sides of the aisle who have worked tirelessly to make this a strong, bipartisan piece of legislation. i appreciate the gentleman from new jersey, mr. gottheimer, for negotiating reasonable changes to this bill

hensarling: mr. speaker, i am very, very happy to yield three minutes to the gentleman from michigan, mr. huizenga, who is the chairman of the capital markets subcommittee. the speaker pro tempore: the gentleman from michigan is recognized for three minutes. mr. huizenga: thank you, mr. speaker. i want to commend my friend from new jersey and the work he has put into this and i rise today in support of this much-needed legislation that would increase the limit that small companies looking for additional investments and investors can solicit under reg a+. these deals would increase from $50 million to $75 million. and this will enhance capital formation for growing small companies that are exploring crowdfunding as a method to raise capital. you know, the jobs act has proven to be wildly successful, and this program has proven itself successful as well. yet, it can be even more so with this modest increase. so specifically, the legislation further strengthens e ability for small, mid-sized companies t

hensarling: mr. speaker, pursuant to house resolution 787, i call up h.r. 4566 and ask for its immediate consideration in the house. the speaker pro tempore: the clerk will report the title of the bill. the clerk: union calendar number 457. h.r. 4566, a bill to amend the dodd-frank wall street reform and consumer protection act to provide relief to nonbanks from certain stress test requirements under such act. the speaker pro tempore: pursuant to house resolution 787 in lieu of the amendment in the nature of a substitute recommended by the committee on financial services printed in the bill, an amendment in the nature of a substitute consisting of the text of rules committee print 115-65, is adopted, and the bill, as amended, is considered as read. the bill, as amended, shall be debatable for one hour equally divided and controlled by the chair and ranking minority member of the committee on financial services. the house is not in order. after one hour of debate on the bill, as amended, it shall be i

hensarling: i yield myself such time as i may consume. the speaker pro tempore: the gentleman select niced. mr. hensarling: we were told many, many years ago that dodd-frank was passed to deal with big wall street banks. that somehow our community banks and our credit unions would be held harm lesms because, mr. speaker, they didn't cause the crisis. now, we can have the discussion of what did, that's a whole different discussion for a different day. but unfortunately, regardless of what -- of whatever good intentions there might have been at the time, and i don't offer an opinion as to those intentions, the facts are that since dodd-frank was passed, the big banks are bigger. and the small banks right hand and credit unions are fewer. we are losing on average a community bank or credit union every other day in america and as we lose them, mr. speaker, so do we lose the hopes and dreams and desires of our constituents of so many hardworking americans. who deserve to buy that car. who deserve to be able to own their own home. who deserve a

these are questions that strangers are asking chairm by the way, hensarling is going to join me todayking all things budget, back to jim and will >> also, coming up, walter isaacson is weighing in on facebook we'll be back here on "squawk on the street." obvious. sometimes, they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances. ♪ it should be the biggest tech raising. >> thursday is a fulcrum day there's a lot of good. we have drop box, we have the day after the fed. that is terrific we have the ec past us. >> top of the range would be $650 million raised. >> it's going to blow out that dole going to ub. >> price thursday, trade friday friday up next it's stock trading we'll be back in a minute. for your brain. ake sg with an ingredient originally found in jellyfish, prevagen is the number one selling brain-health supplement in drug stores nationwide. prevagen. the name to remember. we're all under one roof now. congratulations. thank you

politico says hensarling's last stand blocking the banking bill.the american banker, is this jeff hensarling's last stand. is this your last stand. >> at 5'6" i didn't know i could stand against anything we are simply as the house trying to negotiate bipartisan bills with the senate. and so this bill that the senate came forward with, which i'm very happy they came forward with anything, it's a bucket of bipartisan bills guess what we have a bucket of bipartisan bills in the house as well, many of which don't even touch dodd-frank and a third of which either halved unanimously or by voice vote, serving registration requirements for small m&a brokers, bills that have to do with the on ramp for starbucks, 404b so we have a lot of bills that we think, you know, it's a home run it can, to mix metaphors, move the needle on economic growth. i'm kind of surprised because last i read in the constitution there were two houses of congress and if people haven't read the constitution recently, maybe they'll remember schoolhouse rocks and -- ♪ >> "the wall stre

i would like to begin by thanking leader mccarthy and chairman hensarling for their support in getting this legislation to the floor. i also want to thank and express my appreciation to my colleague, andy barr and terri sewell, for serving as original co-sponsors on this legislation. i would also like to oint out this identical language has been included in the bipartisan regulatory relief bill that the senate expected to take up some time this week. by way of background, the federal financial institutions example council requires banks and savings associations to file a quarterly consolidatesed report of condition and income -- consolidated report of condition and income. banking regulators use data in the call report to discover the risk profile of each institution and assess the overall condition of the west bank banking system. we can all agree our regulators should have regular updates on the overall performance health of financial institutions. for example, this is important to federal banking regulators are going to be a prudent steward of federal deposit insurance. however, thi

house financial services committee chairen hensarling said it doesn't go far enough.hensarling joins us this morning it's interesting because we had someone on yesterday and i couldn't believe it. it looked like there were going to be votes for this from both sides of the aisle enough for it to work. what about republicans that say it doesn't go far enough and democrats who say it goes too far. i was eluding to you yesterday i was channelling you. >> here i am >> are you -- this expression gets more and more apt are you an enemy of the good for the perfect here i mean, isn't something better than nothing in terms -- >> no. i think that's an improper characterization what i'm here to do is represent the house. number one, i give chairman crepo, my senate counterpart, great credit for taking this bill this far. we don't know exactly what it looks like until it comes off of the senate floor they've put together a number of bipartisan provisions in the senate and rolled it into one bill well, guess what, in the house we have a number of bipartisan bills. in fact, we have

texas congressman and house services committee chairman jeb hensarling this with you walking through the changes. receive -- louisiana senator and deputy chief of staff for president george w. bush karl rove here. ceo of jaguar, land rover is with us. he'll give us the inside on the tariff story as fox news senior strategic analyst jack keane is with us. the ceo of north america julie sweet stopping by as well. a big show ahead coming out. take it off right here with the art of the deal. wall street kicking offer turns of a trade war for president trump's plan to impose tariffs on steel and aluminum imports. but now reporting the e.u. plans to target $355 billion of american products with a 25% retaliatory tariffs if president trump goes through with his steel tariffs. canadian prime minister justin trudeau now spoken about the controversial tariffs and nasa into the next. >> we've had a very bad deal with mexico. very bad deal with canada. we are renegotiating canada as i said i would. if we don't make a deal i will terminate nafta. i do make a deal which is fair to workers in the a

also, other republicans speaking out against this including jeb hensarling, and in the white house gary: trying to work behind the scenes to bring together business leaders to talk the president out of this. inside the white house peter navarro, a nationalist to has advocated in the past for these protectionist policies saying the president has it right. it comes as president is speaking last night with justin trudeau. they say they talked about nafta in order to get the tariffs out of the negotiation and president is looking for more developments from the canadians and mexico. scarlet: in the meantime, europe is preparing on its end with retaliatory action if the u.s. does impose tariffs on european imports of aluminum and steel. talk to us a little bit here about what the eu is proposing. we are talking a range of products. they could face tariffs from europe. >> yes. that is right. they are trying to send a strong aboute to the white house this threat from donald trump .bout potential tariffs they are doing it by targeting iconic american products. and targeting the districts of majo

. >> congressman hensarling, it's one thing to say to proceed with caution. but it's another thing to say you're going to block him. why would you do that when you know the american people -- many of them like the bravado that he brings? >> i applaud the president, renegotiating trade agreements. i applaud the fact that he can get better deals on trade agreements. we're talking about american jobs. we're talking about american consumers. again, you have to be careful that he's not throwing the baby out with the bath water. i respect our president. i agree with what he's done. there's no winners in a trade war. various members of the administration have said this is small part of the economy. i agree. i hope i'm wrong and the president is right. the last time this was tried about 15 years ago, it did not work for america. it hurt net american jobs. so again, i'm urging the president to be careful here. i'm hearing from the people in east texas that are telling me this is hurting their companies and this puts jobs in danger. >> harris: or potentially could. we

the chair recognizes the thank you chairman hensarling. it's wonderful to meet with you again chairman powell and thanks for being so direct and giving us the answers to the questions that we ask. sir, i represent probably the most stunningly beautiful part of the world, rural maine, and if you haven't been there, mr. powell, we are blessed with such natural beauty, we have 3600 miles of breathtaking coastline, we have thousands and thousands of lakes and ponds and hundreds of miles rivers and streams. we're also called vacationland. you look like a fellow that probably needs a vacation and i'm not sure if you booked your may vacation but if you have a problem, call up our office and we'll help you out. now, when you go on your maine vacation -- and this is a great time to go if you like snowmobile, or the summer -- you'll find throughout our district, the rural part of maine, mostly, that we have a lot of shutdown factories and mills. when i was a kid growing up we had maybe two dozen paper mills, we have six left and they're healthy. you

the chair of the house financial anrvices committee, republ jeb hensarling, warned today the bill needs to go even further. the senate measure would easeon regulaon all but the very largest banks. democrats are celebrating the outcome of tuesday's special congressional election insy peania. conor lamb has a slender lead and has claimed viory over republican rick saccone. a recount remains possible, but today, house minority leader nancy pelosi hailed lamb's showing in a district that president trump carried by 20 points. >> middle class, labor played a very major role there. so this was a great victory.hi personal story and his record are an important part of it. the comparison between the two candidates was drastic. he's superb and we look forward to welcoming him here. >> woodruff: lamb ran supporting much but not all of the national democratic agenda, and calling afor pelosi to give way t younger generation of leaders. the food and drug administration took a first step today to lower nicotine levels in cigarettes, making them less addictive. the regulatory process is expected to take

investors act, is a bipartisan effort from the committee on financial services, under chairman hensarling, authored by mr. poliquin from maine. the second piece of legislation the day's rule, h.r. 5247, right to try act of 2018, authorizes the use of certain drugs to eligible patients who have been diagnosed with a stage of a disease or a condition for which there is a reasonable likelihood that death will occur in a matter of months. the rule provides for one hour of debate for h.r. 4566, the alleviating stress test burdens to help investors act, equally divided -- divided exeen the chair and ranking members -- between the chair and ranking members. the rule makes one amendment in order, authored by ranking member watters from california. further, the rule provides -- waters from california. further, the rule provides for consideration of one motion to recommit with or without instructions. for h.r. 5247, the right to try act of 2018, the rule provides for one hour of debate equally divided between the chair and the ranking member of the committee on energy and commerce. although no amen

that said, you have people like paul ryan and chairman jeb hensarling, and even kevin brady, as wellthy saying they are all against these proposals. this comes at a time in which this white house is doubling down on their america first principles in mayfield. this is what they would like to see happen. we should note that carrie coon is trying to organize more. meet with the president who are against it. the business folks in washington, the chamber of commerce, are all against these policies, but frankly, i speak with sources who say this is an opening bid for the president, but ultimately he could see it watered down, but he will double down this week. let me give you some alternatives. the president sticks to his guns, does what he says he will do. on the other extreme, he backs off. in the middle, he modifies it. mr. brady, who you referred to, says don't do it for canada and mexico. is there a middle course? >> yes, there is. the president could ultimately decide to have carveouts for some types of businesses that would allow them to raise tariffs on some companies while not doi

chairman hensarling, chairman of the house financial services committee, has done great work in this space. chairman crapo as chairman has really done an outstanding job. so we're at a point where we're very close to finally making some progress on this overregulation. i will disclose up front, i have my own personal experience and bias in this space, having worked with a great group of men and women in eastern pennsylvania and western new jersey, we launched a community bank back in 2005. it was an amazing experience, a great experience. it was a very successful bank. but back in 2005, when we launched, i was shocked to learn how heavily regulated a small, tiny start-up, brand-new community bank was. it seemed to me we needed permission from the regulators to change the color of the drapes in the lobby of the bank. and this is all before dodd-frank was passed. dodd-frank came along several years later and made things much, much worse. way overprescriptive. way too much discretion and power in the hands of regulators, a terrible trickle-down effect whereby extensive regulations that

the senate passed the bill but the senate won't sign it as is hensarling plans to negotiate in a formal process or in formal talks behind closed doors to produce a joint bill he assembled a package of some 30 provisions of those that have already passed the house among them bills that would cut the cost for a small business owner. one expanding the definition and a bill that replaces frank's $50 billion threshold with one determined by the fed. that last one directly contradicts which raises the risk to $250 billion in assets despite the objections the senate bill does have the backing of the white house according to people familiar with the matter. he plans to speak with him soon. they will plot next steps but this is stalling shortly before the finish line. >> thanks very much for that all of the numbers are in. jamie was paid the most of america's big bank ceos last year 25.9 million in total. shares up 33% can feel a little hard done by perhaps not the right phrase he came in and equalled $23 million though he was rewarded with a 15% pay raise. sit a 9% rise than morgan stanley's. i

hensarling: i ask for the yeas and nays. ms. waters: call for the yeas and nays. the speaker pro tempore: the yeas and nays are requested. those favoring a vote by the yeas and nays will rise. a sufficient number having arisen, the yeas and nays are ordered. members will record their votes by electronic device. this is a five-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.] the speaker pro tempore: on this vote the yeas are 264. the nays 143. the bill is passed. without objection, the motion to reconsider is laid on the table. the speaker pro tempore: the chair lays before the house a communication. the clerk: the honorable the speaker, house of representatives, sir, i, val demings, is submitting my resignation on the mmittee of oversight and overnment affairs. val demings, member of congress. the speaker

i want to thank chairman hensarling for your letter to secretary mattis last month when you said, and i quote, taxpayers must have trust and confidence that their hard-earned dollars are being spent wisely. if such trust and confidence cannot be built and justified, it will be difficult to achieve the 3% to 5% real growth in spending you have identified as necessary to meet mission requirements. end of quote. i agree with ethis chairman that's it's essential the pentagon demonstrate it's trustworthy and accountable with taxpayer dollars and that's not been the case. that's why i was disappointed to reed that the pentagon buried a report from 2015 that recommended ways to eliminate $125 billion in bureaucratic waste. i don't think there's any debate among anybody here that we want to be able to defend our country, that we want to make sure the men and women of the armed forces have all the equipment they need to protect their lives but i hope nobody believes that just because this is the department of defense we'll defend an enormous amount of bureaucratic waste. one-half, i think the

tipton and chairman hensarling for big these bills to the floor. i urge passage of the rule and the underlying bill. i yield back and i move the previous question on the resolution. the speaker pro tempore: the gentleman yields back the balance of his time. the question on ordering the previous question on the resolution -- 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. polis: i request the yeas and nays. the speaker pro tempore: the request of the yeas and nays. a sufficient number having arisen, the yeas and nays are ordered. pursuant to clause 8, rule 20, further proceedings on this question will be postponed. the speaker pro tempore: the chair will postponefurther proceedings on motiones to suspend the rules. votes object jeggetted to under clause 6 of rule 20. the house will resume proceedings on postponed questions at a later time. the speaker pro tempore: for what purpose does the gentleman from virginia seek recognition. mr. go

financial chairen hensarling says he will not approve it in the current form for more on dodd-frank,ck lew. he served as white house chief of staff and omb director. mr. secretary, it's good to see you. okay, since i introed you with the dodd-frank stuff, we'll do that then let's go to tariffs after that let's even go to gdp and tax reform and whether you think there's some cause and effect there and whether some of the bonuses and some of the positive things that have happened, whether you attribute it to that let's start with dodd-frank. right move on bear stearns on the anniversary? >> i think as we start this season, tenth year anniversaries, what i remember, ten years ago we didn't see what was coming we passed financial reform to get visibility into the system there was always concern that small banks shouldn't be overly burdened, but the question is what do you need to know in order to see a crisis before it's beyond the ability to address it you know, i'm concerned that defining the threshold at $250 billion is too large major sources of failure countrywide was less than 250.