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“From one veteran to another” — reprinted by Ronald Woessner

Bob Dole, 95, is helped out of his wheelchair to salute the casket of fellow World War II veteran George H. W. Bush at the US Capitol rotunda on Tuesday, December 4, 2018.  “A last, powerful gesture of respect from one member of the greatest generation …  to another.” tweeted Bush’s spokesman Jim McGrath. Dole said Bush brought “wisdom,” and  “incomparable patriotism” to the American people.

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Chairman Hensarling Urges Senate Action on JOBS Act 3.0 on US House Floor — reprinted by Ronald Woessner

WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following speech on the House Floor today, urging the Senate to pass the “JOBS & Investor Confidence Act of 2018,” otherwise known as the JOBS Act 3.0:

“I come here today, Mr. Speaker, and I picked up a copy of this morning’s edition of the Wall Street Journal. Many Americans would consider it to be the most influential newspaper in America; but certainly at least on economic matters, I think, most would agree.

I just happened to read the lead editorial today, Mr. Speaker, and it says that the House, this body, “has done yeoman’s work shepherding bipartisan bills to expand access to capital.” Most influential paper in America. There’s a lot in between but let me go to the last sentence where it says, “The Senate shouldn’t scuttle what could be one of this congress’s better achievements.” That’s in today’s Wall Street Journal, Mr. Speaker, and the Journal’s talking about JOBS 3.0. It’s a bill that came out of this body 406-4, and its purpose, Mr. Speaker, is to promote small business, to promote entrepreneurial capitalism, to promote venture capital. Again, Mr. Speaker, it came out of this body 406-4. We couldn’t get 406-4 votes on a Mother’s Day resolution. And yet it languishes on that side of the Capitol.

So I’ve been in this body for 16 years, Mr. Speaker, and I’ve learned a few things. One of the things I’ve learned is never underestimate the Senate’s capacity to do nothing. And unfortunately, so far, the United States Senate has done nothing on a bill that passed 406-4.

Mr. Speaker, thanks to the leadership of President Donald Trump, thanks to the leadership of Speaker Paul Ryan, thanks to the leadership of Chairman Kevin Brady, we have what for most Americans – not all, but for most Americans – is the greatest economy they have had in their entire lifetime. Unemployment at a 50-year low. Cutting across all socioeconomic groups. Small business optimism, consumer optimism, off the charts. We are seeing more people come back into the labor force, and this is all great news.

But we cannot be blinded by the fact that as good as the economy is of today, we still have to concentrate on the economy of tomorrow. And we need to know, can we ensure that the seed capital is there? Can we make sure that our public policy nourishes the drivers of tomorrow’s economy, the next Amazons, the next Googles, the next Ubers; where are they going to come from?

So unfortunately, Mr. Speaker, what we have seen is that as recently as 2016, as recently as 2016, startups in America have been cut in half. And oh, incidentally the securities regulatory burden has increased by over 50% in the last 10 years, and by over 80%. It now costs, Mr. Speaker, twice as much to go public today as it did 10 years ago.

And what do we see? We see half the number of companies going public. They don’t seem to have that problem in China, Mr. Speaker, because China has over 1/3 of the world’s I.P.O.’s or initial public offerings.

Yet the United States, our I.P.O.’s have been cut in half. That’s why it’s so important that every Congress, every Congress we go back and we ensure that our securities laws are written in such a way that we make sure that entrepreneurial capitalism can’t just survive in America, but absolutely thrive. So I come to this floor again to ask that our colleagues on the other side of the Capitol, and I have many friends in that body, but I am often confused why, why they cannot act on something that has received incredible, incredible support in the House.

Mr. Speaker, November is National Entrepreneurship Month. There’s only two days left in the month. So I hope that my voice can be heard on the other side of the Capitol, and I would ask the United States Senate to immediately take up the JOBS 3.0 Act, and make sure that the economy of tomorrow for our children and grandchildren is as healthy and thriving as the economy of today.”

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See the link here for Mr. Woessner’s bio.

 

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SEC Proposed Rule Regarding Covered Investment Fund Research Reports – Summary by Ronald Woessner

On May 23, 2018, as directed by Congress pursuant to the Fair Access to Investment Research Act of 2017, the SEC proposed a new rule under the Securities Act of 1933.

If adopted, the proposal would establish a safe harbor for an unaffiliated broker or dealer participating in a securities offering of a “covered investment fund” to publish or distribute a “covered investment fund research report.” If the conditions for the safe harbor are satisfied, this publication or distribution would be deemed not to be an offer for sale or offer to sell the covered investment fund’s securities for purposes of sections 2(a)(10) and 5(c) of the Securities Act of 1933.

The SEC also proposed a new rule under the Investment Company Act of 1940. This proposal would exclude a covered investment fund research report from the coverage of section 24(b) of the Investment Company Act (or the rules and regulations thereunder), except to the extent the research report is otherwise not subject to the content standards in self-regulatory
organization rules related to research reports, including those contained in the rules governing communications with the public regarding investment companies or substantially similar standards.

Public comments on the proposal were required to be submitted to the SEC on July 9, 2018.

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See Mr. Woessner’s biography at the link here.

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House Majority Leader’s Weekly Schedule – Week of 11/26/18 – Reprint by Ronald Woessner

Leader’s Weekly Schedule
WEEK OF NOVEMBER 26TH

MONDAY, NOVEMBER 26TH
On Monday, no votes are expected in the House.

TUESDAY, NOVEMBER 27TH
On Tuesday, the House will meet at 12:00 p.m. for morning hour and 2:00 p.m. for legislative business. Votes will be postponed until 6:30 p.m.

Legislation Considered Under Suspension of the Rules:

1) Concurring in the Senate Amendment to H.R. 4254 – Women in Aerospace Education Act (Sponsored by Rep. Steve Knight / Science, Space, and Technology Committee)

2) S. 1768 – National Earthquake Hazards Reduction Program Reauthorization Act of 2017 (Sponsored by Sen. Dianne Feinstein / Science, Space, and Technology Committee)

3) H.R. 5273 – Global Fragility and Violence Reduction Act of 2018 (Sponsored by Rep. Eliot Engel / Foreign Affairs Committee)

4) H.R. 1567 – United States-Mexico Economic Partnership Act, as amended (Sponsored by Rep. Henry Cuellar / Foreign Affairs Committee)

5) H.R. 6207 – Democratic Republic of the Congo Democracy and Accountability Act of 2018, as amended (Sponsored by Rep. Chris Smith / Foreign Affairs Committee)

6) H.R. 4591 – Preventing Destabilization of Iraq Act of 2018, as amended (Sponsored by Rep. Adam Kinzinger / Foreign Affairs Committee)

7) Concurring in the Senate Amendment to H.R. 390 – Iraq and Syria Genocide Emergency Relief and Accountability Act of 2018, as amended (Sponsored by Rep. Chris Smith / Foreign Affairs Committee)

8) Concurring in the Senate Amendment to the House Amendment to S. 140 – Frank LoBiondo Coast Guard Authorization Act of 2018 (Sponsored by Sen. Jeff Flake / Transportation and Infrastructure Committee)

WEDNESDAY, NOVEMBER 28TH AND THE BALANCE OF THE WEEK
On Wednesday, the House will meet at 12:00 p.m. for legislative business.

On Thursday, the House will meet at 10:00 a.m. for morning hour and 12:00 p.m. for legislative business.

On Friday, the House will meet at 9:00 a.m. for legislative business.

Legislation Considered Under Suspension of the Rules:

1) H.R. 6032 – State of Modern Application, Research, and Trends of IoT Act (Sponsored by Rep. Bob Latta / Energy and Commerce Committee)

2) H.R. 6753 – Strengthening the Health Care Fraud Prevention Task Force Act of 2018, as amended (Sponsored by Rep. Greg Walden / Energy and Commerce Committee)

3) Concurring in the Senate Amendment to H.R. 2422 – Action for Dental Health Act of 2018 (Sponsored by Rep. Robin Kelly / Energy and Commerce Committee)

4) H.R. 2846 – Federal Agency Customer Experience Act of 2018, as amended (Sponsored by Rep. Brian Fitzpatrick / Oversight and Government Reform Committee)

5) H.R. 3121 – All-American Flag Act, as amended (Sponsored by Rep. Cheri Bustos / Oversight and Government Reform Committee)

6) H.R. 3154 – Inspector General Access Act of 2017 (Sponsored by Rep. Cedric Richmond / Oversight and Government Reform Committee)

7) H.R. 5759 – 21st Century IDEA, as amended (Sponsored by Rep. Ro Khanna / Oversight and Government Reform Committee)

8) H.R. 6777 – Settlement Agreement Information Database Act of 2018 (Sponsored by Rep. Gary Palmer / Oversight and Government Reform Committee)

9) H.R. 6901 – Federal CIO Authorization Act of 2018, as amended (Sponsored by Rep. Will Hurd / Oversight and Government Reform Committee)

10) H.R. 4326 – To designate the facility of the United States Postal Service located at 1211 Towanda Avenue in Bloomington, Illinois, as the “Sgt. Josh Rodgers Post Office”., as amended (Sponsored by Rep. Darin LaHood / Oversight and Government Reform Committee)

11) H.R. 6655 – To designate the facility of the United States Postal Service located at 44160 State Highway 299 East Suite 1 in McArthur, California, as the “Janet Lucille Oilar Post Office”. (Sponsored by Rep. Doug LaMalfa / Oversight and Government Reform Committee)

12) H.R. 6831 – To designate the facility of the United States Postal Service located at 35 West Main Street in Frisco, Colorado, as the “Patrick E. Mahany, Jr., Post Office Building”. (Sponsored by Rep. Jared Polis / Oversight and Government Reform Committee)

13) H.R. 6838 – To designate the facility of the United States Postal Service located at 128 East Carlisle Street in Marion, Kentucky, as the “Ollie M. James Post Office Building”. (Sponsored by Rep. James Comer / Oversight and Government Reform Committee)

14) H.R. 1210 – To designate the facility of the United States Postal Service located at 122 W. Goodwin Street, Pleasanton, Texas, as the “Pleasanton Veterans Post Office”. (Sponsored by Rep. Henry Cuellar / Oversight and Government Reform Committee)

15) H.R. 1211 – To designate the facility of the United States Postal Service located at 400 N. Main Street, Encinal, Texas, as the “Encinal Veterans Post Office”. (Sponsored by Rep. Henry Cuellar / Oversight and Government Reform Committee)

16) H.R. 5412 – To designate the facility of the United States Postal Service located at 25 2nd Avenue in Brentwood, New York, as the “Army Specialist Jose L. Ruiz Post Office Building”. (Sponsored by Rep. Peter King / Oversight and Government Reform Committee)

17) H.R. 6216 – To designate the facility of the United States Postal Service located at 3025 Woodgate Road in Montrose, Colorado, as the “Sergeant David Kinterknecht Post Office”. (Sponsored by Rep. Scott Tipton / Oversight and Government Reform Committee)

18) H.R. 6217 – To designate the facility of the United States Postal Service located at 241 N 4th Street in Grand Junction, Colorado, as the “Deputy Sheriff Derek Geer Post Office Building”. (Sponsored by Rep. Scott Tipton / Oversight and Government Reform Committee)

19) H.R. 6428 – Frank Leone Post Office Act (Sponsored by Rep. Josh Gottheimer / Oversight and Government Reform Committee)

20) H.R. 6621 – To designate the facility of the United States Postal Service located at 530 East Main Street in Johnson City, Tennessee, as the “Major Homer L. Pease Post Office”. (Sponsored by Rep. Phil Roe / Oversight and Government Reform Committee)

21) H.R. 6628 – To designate the facility of the United States Postal Service located at 4301 Northeast 4th Street in Renton, Washington, as the “James Marshall ‘Jimi’ Hendrix Post Office Building”. (Sponsored by Rep. Adam Smith / Oversight and Government Reform Committee)

Additional Legislative Items are Possible

Committee activity for the week of November 26 can be found here.

Majority Leader Floor Office •
H-107 U.S. Capitol

Mr. Woessner’s bio appears here.

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Housing and Insurance Subcommittee Hearing Entitled “Oversight of the Federal Housing Administration” by Ronald Woessner

                                             Housing and Insurance

The Subcommittee on Housing and Insurance has rescheduled the hearing entitled “Oversight of the Federal Housing Administration” from Wednesday, November 28, 2018, at 2:00 p.m.to Wednesday, December 5 at 2:00 p.m. in room 2128 of the Rayburn House Office Building.

Witness List

  • The Honorable Brian D. Montgomery, Assistant Secretary for Housing, Federal Housing Commissioner, U.S. Department of Housing and Urban Development

Mr. Woessner’s bio appears here.

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Monetary Policy & Trade Subcommittee Hearing Entitled “Evaluating the Effectiveness of the International Financial Institutions” by Ronald Woessner

The Monetary Policy and Trade Subcommittee will hold a hearing entitled “Evaluating the Effectiveness of the International Financial Institutions” at 9:15 a.m. on Wednesday, November 28, 2018, in Room 2128 of the Rayburn House Office Building.

This will be a one-panel hearing with The Honorable David Malpass, Under Secretary for International Affairs, U.S. Department  of the Treasury as the sole witness.

This hearing will examine the Administration’s efforts to reform the World Bank, International Monetary Fund (IMF), and other international financial institutions (IFIs). A particular focus will be the Treasury Department’s strategy to incentivize IFI staff to produce demonstrable results, its oversight of major lending programs, and its examination of resource levels at the World Bank and IMF.

Mr. Woessner’s bio appears here.