The speaker pro tempore on this vote the yeas are 225. The nays are 184. With three answering present. The journal stands approved. The speaker pro tempore for what purpose does the gentleman from nebraska seek recognition . Mr. Speaker, i ask unanimous consent that the committee on Armed Services be discharged from further consideration of h. R. 3891, and ask for its immediate consideration by the house. The speaker pro tempore the clerk will report the title of the bill. The clerk h. R. 3897, a bill to amend title x United States code to provide for the issuance of the gold star installation access card to the surviving spouse, dependent children, and other next of kin of a member of the armed forces who dies while serving on certain activity or reserve duty to ensure that a remarried surviving spouse with dependent children of the deceased member remains eligible for installation of benefits to which the surviving spouse is previously eligible, and for other purposes. The speaker pro tempore is there objection to the consideration of the bill . Without objection, the bill is engrossed, read a third time, and passed. And the motion to reconsider is laid upon the table. The house will be in order. Members, if you would take your discussionings off the floor discussions off the floor. The house will be in order. Members please take your discussions off the floor and be eated. Pursuant to clause 8 of rule 20, the chair will postpone further proceedings today on motions to pursuant to clause 8 suspend the rules on which a recorded vote or the yeas and nays are ordered. Or votes objected to under clause 6 of rule 20. The house will resume proceedings on postponed questions at a later time. For what purpose does the gentleman from michigan seek recognition . Mr. Speaker, i move to suspend the rules and pass the bill h. R. 3911. The speaker pro tempore the clerk will report the title of the bill. The clerk Union Calendar number 281, h. R. 3911, a bill to amend the Securities Exchange act of 1934 with respect to riskbased examinations of nationally recognized statistical Rating Organizations. The speaker pro tempore pursuant to the rule, the gentleman from michigan, mr. Huizenga, and the gentleman from michigan, mr. Kildee, each will control 20 minutes. The chair recognizes the gentleman from michigan, mr. Huizenga. Mr. Huizenga thank you, mr. Speaker. First, id like to point out the house is not in order. The speaker pro tempore the house will be in order. Please take your conversations off the floor. The house will be in order. The gentleman may proceed. Mr. Huizenga thank you, mr. Speaker. I ask knack that all members may have five legislative days to evise and extend their remarks and to include extraneous materials on this bill. The speaker pro tempore without objection. Mr. Huizenga mr. Speaker, i yield myself such time as i may consume. The speaker pro tempore the gentleman is recognized. Mr. Huizenga thank you. Mr. Speaker, nationally recognized statistical Rating Organizations, or nrsros as they are known, have been heavily criticized for the role that they played in facilitating the financial crisis. In the years leading up to the crisis, the government adopted a series of policies that had the effect of conferring a quoteunquote, Good Housekeeping seal of approval on the rating agencies and their products. Including designating certain agencies as nationally recognized, a label they put on, and hard wiring references to their ratings into numerous federal statutes and regulations. These regulatory privileges and the perception that the government had placed its blessing on the Rating Agencys assessments led to a sense of complacency among investors and a failure of private sector Due Diligence that contributed to mispriced risk and a collapse of market confidence when ratings of certain assetbacked securities were called into question during the prime credit meltdown of 2007 and 2008. Mr. Speaker, id like to point out the house is not in order. The speaker pro tempore please take your conversations from the floor. The gentleman may proceed. Mr. Huizenga thank you, mr. Speaker. As a result, the doddfrank act mandated myriad regulatory requirements on these nrsros aimed at enhancing their disclosure and transparency. While some of these provisions may have been constructive, several created new barriers tonetry and further entrenched the type of Rating Agency that served investors or the economy well. The doddfrank act follows a quote, registration not regulation approach, while it does not require the served s. E regulate or evaluate the Rating Agencys methodologies or models, it does seek to ensure that ratings are based on an objective application of the methodologies and that commercial considerations do not influence ratings decisions. Specifically, section 932 creates the office of Credit Ratings at the securities and Exchange Commission which imposes more stringent conflict of interest regulation on Credit Rating agencies and gives the compliance officers at these rating agencies additional responsibilities including filing annual reports with the s. E. C. While credit agencies must be held accountable, these increased reporting requirements have a burden, have given a burden to small Credit Rating agencies and have hurt investors who bear the true costs of these rules. That one size fits all annual reporting requirements imposed by doddfrank on all nrsros placed unnecessary burdens and Compliance Costs on small nrsros that there is a who in no way were a cause of the financial crisis. As a result of the annual reporting requirements, large nrsros that can absorb these compliance cost vs. Gotten bigger and costs have gotten bigger, and smaller nrsros for whom these Compliance Costs really impose a disproportionate burden, they have been prevented from entering the marketplace and providing necessary competition. On may 15 of 2013, former securities and Exchange Commission chair mary joe white, wrote a letter on behalf of a unanimous commission to chairman hensarling of the Financial Services committee to request the provisions of h. R. 3911 as a legislative proposal, and i quote, rather than focusing on each of the designated eight review areas, allowing a riskbased approach would permit this s. E. C. Staff to tailor examinations, as a result staff could focus limited resources on these specific risks rather on each of the tha designated eight areas, some of which may not present a risk for a particular firm. Close quote. Consistent with former chair whites request, h. R. 3911, statutorily changes the annual reporting requirements so that they are riskbased instead of requiring the burdensome review of all eight review areas currently mandated. This approach is a commonsense balance that still ensures large nrsros are regulated while smaller nrsros are provided necessary relief to enter and thrive in the marketplace. The legislation unanimously passed the Financial ServicesCommittee Last month, and were was pleased to be part of that. At this time id like to commend the party works of representatives wagner and mr. Foster of was pleased to be par important bill. I encourage all my colleagues to vote in favor of h. R. 3911. With that, mr. Speaker, i reserve the balance of my time. The speaker pro tempore the gentleman reserves. The gentleman from michigan, mr. Kildee, is recognized. Mr. Kildee thank you, mr. Speaker. I yield myself such time as i may consume. The speaker pro tempore without objection. Mr. Kildee i think the house should note that the speaker and two gentlemen controlling the time are from the greatest state, great state of michigan. I think were in good hands. I rise today in support of h. R. 3911 which is offered as my colleague has said in a bipartisan fashion by representatives wagner and foster. This legislation would allow the securities and Exchange Commission to focus on the most high risk areas when conducting examinations of certain Credit Rating agencies known as nationally recognized statistical Rating Organizations. Credit rating agencies did, in Credit Rating fact, play a central role in the subprime mortgage meltdowns by routinely assigning inflated Credit Ratings to highrisk structured mortgage products. These ratings which were issued by agencies operating under conflicts of interest allowed banks to assume unreasonable amounts of risk and resulted in the loss of trillions of dollars when the mortgages underlying those risky investments began to default. In the wake of the ensuing financial crisis, the doddfrank act strengthened oversight of Credit Rating agencies, including by directing the s. E. C. To create an office of Credit Ratings responsible for conducting annual examinations of the Rating Organizations. Currently, each Rating Organization examination must include review of eight topic areas designed to assess the adequacy of each agencys internal controls, conflicts of interests, and rating methodologies, among other areas. This legislation, h. R. 3911, is responsive to former s. E. C. Chair mary jo whites 2013 requests to the Financial Services committee for legislation that would allow the s. E. C. Staff to take a riskbased approach to annual Rating Organization examinations. Such an approach would allow the s. E. C. To focus valuable resources on the areas where problematic conduct is most likely to exist. H. R. 3911 is designed to strengthen regulatory efforts rather than provide a basis for reduced accountability. And so i do urge the s. E. C. To use the discretion afforded under h. R. 3911 to focus on areas that present the greatest risk of misconduct. It is vital that our ratings organizations are accountable. I believe this bill is an important step to ensure that the inflated ratings that led up to the financial crisis are not repeated. I support h. R. 3911. I thank representatives foster and wagner for their bipartisan work on this bill, and i at this point, mr. Speaker, reserve the balance of my time. The speaker pro tempore the gentleman reserves. The gentleman from michigan, mr. Huizenga, is recognized. Mr. Huizenga thank you, mr. Speaker. At this time i am pleased to yield as much time as she may consume to the gentlewoman from missouri, the author of this bill, and chair of the on ncial Services Oversight investigation, mrs. Wagner. Mrs. Wagner i thank my friend and colleague, mr. Huizenga, for his support. And, mr. Speaker, i also wish to thank the Ranking Member and congressman foster for his support of this both in the 114th congress and the 115th congress. Makes the rating ganizations, nrsros riskbased. In 2008, the financial crisis taught us many lessons. T also highlighted how nrsros regularly gave high ratings to mortgagebacked securities. As we know these mortgagebacked securities led to the financial collapse which some economists put on par with the Great Depression in the 1930s. In 2010, with the passage of doddfrank and in an attempt to not have mistakes, they aimed at enhancing their disclosure and transparency. Unfortunately, the onesizefitsall annual reporting requirements mandated under section 932 of doddfrank placed unnecessary burdens and Compliance Costs on small nrsros that were in no way the cause of the financial crisis. Contrary to what some might believe, more regulation doesnt solve everything. In fact, it doesnt solve most things. After the office of Credit Ratings was created in 2012, the new requirements went into place, and smaller nrsros found it difficult to enter the marketplace. Ironically, the large Credit Rating agencies which, again, have a hand in the financial crisis, are getting bigger, driving out small Credit Rating agencies and making it clear that these new regulatory requirements missed their intended mark and placed unnecessary requirements on smaller nrsros. Mr. Speaker, a move to a riskbased model will alleviate the burden on small nrsros will provide competition while continuing to maintain oversight and transparency over the industry. The marketplace needs this fix. As the chairman noted, in a 2013 letter, s. E. C. Chairman white concurred with these conclusions. And lets be clear. This bill does not eliminate reporting requirements for Credit Rating agencies. Instead, it simply makes the criteria required in annual reports riskbased. Secret rating agencies will still be held accountable while allowing real competition in the market. Mr. Speaker, i urge my colleagues to support the legislation that is both bipartisan and common sense, something we dont often see in washington, d. C. With that i yield back the balance of my time. The speaker pro tempore the gentlewoman yields back. The gentleman reserves. Mr. Huizenga i continue to reserve. The speaker pro tempore the gentleman from michigan, mr. Kildee, is recognized. Mr. Kildee i continue to reserve. I dont have more speakers. I dont know if the gentleman has speakers but i continue to reserve. Mr. Huizenga mr. Speaker, i am prepared to close and would like to reserve at this time. The speaker pro tempore the gentleman reserves. Mr. Kildee is recognized. Mr. Kildee thank you, mr. Speaker. I would just reiterate two things. One, i think here is an opportunity for us to demonstrate that there are times when we come together to deal with specific problems in a bipartisan fashion. We ought to encourage it, and i am pleased to be a part of it. And to, again, reiterate the point that this legislation is not intended to weaken oversight and in fact is intended to focus oversight on those areas of greatest risk and its my hope and belief its the approach the s. E. C. Will take upon passage and enactment of this legislation. Its the step in the right direction, and i urge my colleagues to support the legislation. I yield back. The speaker pro tempore the gentleman yields back. Mr. Huizenga is recognized. Mr. Huizenga thank you, mr. Speaker. Id like to echo the words of my colleague from michigan. Bipartisan, unanimous bill coming out of Financial Services committee deserves the support of this house and we are very pleased that we have been able to strike this accommodation, this balance between making sure that those rating agencies which really did have a hand in causing our economic downturn are separated from those smaller institutions that really had nothing to do with that. And now with this overregulation that has occurred due to doddfrank, i have really been put at a disadvantage and ironically have lowered competition in this space. So we believe we are restoring some commonsense provisions back into the law, and with that i would like to encourage all of my colleagues to vote for h. R. 3911 and with that i yield back. The speaker pro tempore the gentleman yields. The question is will the house suspend the rules and pass the bill h. R. 3911. Those in favor say aye. Those opposed, no. In the opinion of the chair, 2 3 having responded in the affirmative mr. Huizenga mr. Speaker, i request a recorded vote, 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 uestion will be postponed. For what purpose does the gentleman from michigan seek recognition . Mr. Huizenga mr. Speaker, i move to suspend the rules and pass the bill h. R. 2148 as amended. The speaker pro tempore the clerk will report the title of the bill. The clerk Union Calendar number 288, h. R. 2148, a bill to amend the federal deposit insurance act to clarify Capital Requirements for certain acquisition, development, or construction loans. The speaker pro tempore pursuant to the rule, the gentleman from michigan, mr. Huizenga, and the gentleman from michigan, mr. Kildee, each will control 20 minutes. The chair recognizes the gentleman from michigan, mr. Huizenga. Mr. Huizenga mr. Speaker, i ask unanimous consent that all members may have five legislative days to revise and extend their remarks and include extraneous materials on this bill. The speaker pro tempore without objection. Mr. Huizenga mr. Speaker, at this time i yield myself such time as i may consume. The speaker pro tempore without objection. Mr. Huizenga mr. Speaker, in response to the 2008 financial crisis, the Basel Committee on banking supervision, an organization that frankly most citizens might not have any idea exists, much less the effects and the influences on their banking lives, while the committee on banking supervision agreed to modified internationally Bank Regulatory standards, known as the basel accords. This was going to increase bank Capital Requirements and on june july 9 sorry of 2013, the federal banking regulators here in the United States including the federal verve, the federal deposit insurance corporation, fdic, the o. C. C. , they all issued a final rule to implement most of the socalled basel 3 recommendations, including modifications to requirements. It has commercial real estate known as hcvrca unfortunately, we have a lot of acronyms in the financial space. You will be hearing these in