Assets about 89 to 90 of them of 1 billion or under this bill is for the big banks. And the big banks are doing quite well. Last year, the banks made record profits. 171 billion. Community banks grew at 8. 3 . Big banks, 4. rate. They are lending to businesses at a record level. But the contention cannot be its because the banks are losing money. It has very little to do how much money they are losing but big banks would like to be deregulated and get back to the business as usual that caused the crisis of 2008. Mr. Speaker, there are 30 big banks that this bill will impact, worth more than 5 trillion in assets. This bill is needed because if we simply allow this bill is not needed, excuse me. Because if this bill is implemented it will cause banks not to be placed under the 50 billion threshold except from regulation from the prudential regulator. Metlife is a pretty good example of what could happen. Metlife is tied up in court probably indefinitely, because the big banks have big bucks. And they are going to fight being designated as sifi. Metlife is fighting it. Its an insurance company, of course. But its fighting. And if they are going to fight the designation, you have to have some way to put them under this i yield myself an additional 30 seconds. The speaker pro tempore the gentleman is recognized. Mr. Green under the stress test, under the living wills test, this has to be done. If you dont have a trigger, its not likely to be done because the banks are going to fight you all the way through the courts and tie you up for years. I yield back reserve. The speaker pro tempore the gentleman reserves the balance of his time. The gentleman from texas, mr. Hensarling. Mr. Hensarling i yield 2 1 2 minutes to a very hardworking member of our committee from maine, mr. Poliquin. The speaker pro tempore the gentleman from maine is recognized. Mr. Poliquin thank you, mr. Speaker. All businesses in america, large and small should be fairly and predictably regulated, including those companies in the Financial Services industry. When the Real Estate Market collapsed in 2008, washington does what it does often, it overreacted by imposing a smothering layer of new regulations on Small Community banks, Credit Unions and retirement advisers where it should have focused its attention on eight or nine large money banks. Mr. Speaker, the goal of doddfrank was to increase regulations on Financial Institutions, which could bring down the economy if they got in trouble. Now, the problem, mr. Speaker, is that this net is this regulatory net was cast so wide that it caught our Community Banks and Credit Unions in having to deal with costly, unnecessary and redundant regulations. I travel the state of maine and meet with our small Financial Institutions and tell me, buse, we are spending so much time and money hiring compliance officers to deal with these regulations instead of Loan Officers to make sure we get money out to our families and Small Businesses to borrow and go. God forbid, the Bangor Savings Bank or the Family Credit union in louis ton gets into trouble. And if they do, they will not bring down this economy. And so why in the world should they deal have to deal with this additional layer of regulations. Mr. Luetkemeyers bill is a terrific bill, it is common sense and bipartisan and will require the Federal Reserve to finally factor in the function and role of these Financial Institutions in the economy instead of basing a size based on assets. Our Community Banks and pension advisers, our retirement advisers and Credit Unions will be able to focus on growing the economy and extending credit so our families can finance a Home Mortgage or a new diesel in their boat for the season. This is a good bill, mr. Speaker. Im grateful that mr. Luetkemeyer introduced this bill. I encourage everyone on both sides of the aisle to help american businesses and families by supporting this bill. I yield back. The speaker pro tempore the gentleman yields back the balance of his time. The gentleman from texas reserves. The gentleman from texas, mr. Green, is recognized. Mr. Green inquiry as to the amount of time remaining. The speaker pro tempore eight minutes remaining. Ms. Waters i think it is important to talk about what is happening in this country with this administration at this time. And it is so related to what we are trying to explain about what this bill attempts to do. First of all, let me just share with you, Committee Democrats have made repeated attempts to follow the trump money trail and investigate the suspicious financial dealings of the president. His immediate family and his associates including their possible involvement in illicit russian financial schemes. Since march, democrats have written six letters to Committee Chair map, one to deutch bank, one to deutch bank c. E. O. , two treasury secretary Steve Mnuchin and another to deutch banks external counsel requesting their cooperation in exposing the scope of russian influence on the trump administration. I have written two letters on my own, one to attorney general deputy sions and one to attorney general rosenstein regarding russian mirror trading schemes. On march 10, 2017, Committee Democrats called on chairman hensarling to use the investigative powers to examine deutch bank russian Money Laundering operation and assess the integrity of the u. S. Department of justices Ongoing Investigation into the scheme given the Trumps Administration conflicts of interest in the manner and the revelations of session communication. Hensarling has failed to respond. We have heard nothing from our chairman. On march 23, 2017, Committee Democrats sent a letter to deutch banks chief officer requesting information on two internal reviews of the bank conducted. The first on its 2011 russian mirror trading scandal and second whether the accounts of President Trump and his family members held at the bank had any ties to russia. Deutch banks counsel responded saying that deutch bank was unable to cooperate with the request citing privacy concerns. On may 23, 2017, there was a letter sent to Stephen Mnuchin that he provide records to the committee that detail President Trumps financial ties to russia as well as those of his family members and associates. Secretary mnuchin failed to respond. Goes on and on and on. June 21, we sent a followup letter to deutch bank. What is important about this is that deutch bank is known and has been fined for many things but including antiMoney Laundering. Knowing that, what we are doing here is lifting oversight on deutch bank, one of the foreign banks that would be covered by this bill. I think this is outrageous. I think people should know what this bill is all about and how its going to put us at greater risk when we are dealing with limiting the oversight of banks like deutch bank and i yield back to mr. Green. Mr. Green how much time does the chair have chair man . The speaker pro tempore the gentleman from texas, mr. Hensarling has 4 1 2 minutes. The gentleman from texas, mr. Green has six minutes. Mr. Mchenry i might point out that she should read her mail because i responded. I yield minute and a half to the the gentleman from ohio, mr. Davidson. The speaker pro tempore the gentleman from ohio is recognized for a minute and a half. Mr. Davidson im so pleased to join mr. Luetkemeyer in supporting his bill. And i am so encouraged that this is a bipartisan bill. Listening to the members opposed, im concerned that the bill is being mischaracterized. When the member opposed mentioned that 97 of banks would not be affected by this that it automatically excludes 97 of banks being affected by this. Mr. Luetkemeyer doesnt say big is add and he says lets judge the bank by its behavior and not the size of its balance sheet. This is drawing bipartisan support. It is focused on solving the problem, not driving Regulatory Burdens and so let me explain that the sifi designation is an arbitrary number and subjects banks to the same standards as trillion dollar banks. They would be regulated as the ame at jpmorgan chase. Janet yellen saw the problem. And what could be the solution . And the Federal Reserve has seen a possible solution as judging the character of the activity, the business activity. And mr. Luetkemeyers bill firmly addresses that. A simple asset threshold captures banks that are widely perceived to be no threat to Financial Stability the speaker pro tempore the gentlemans time has expired. The gentleman from texas reserves. The gentleman from texas, mr. Green is recognized. Mr. Green i yield one minute to the gentlelady from wisconsin, ms. Moore. The speaker pro tempore the gentlelady is recognized for one minute. Ms. Moore thank you, mr. Speaker. Mr. Luetkemeyer might have had a good idea but what we have seen is an arbitrary and republican controlled Federal Reserve board that operates without a quorum and this may be a good idea, but until we have a financial Regulatory Framework where we can trust the people in charge, i think that we should not support this bill. And i yield back. The speaker pro tempore the gentlelady yields back. Mr. Green green i reserve. The speaker pro tempore the gentleman from texas, reserves. Mr. Hensarling i yield to mr. Hollingsworth, a member of the Financial Services committee. Mr. Holingsworth i rise today in strong support of h. R. 3312. This bill is really important to hoosiers back home. Hoosiers back home arent checking the Financial Statements of banks around the country but are checking their own Financial Statements. The total of commercial and industrial loans smaller than 1 million has increased by. 18 when the u. S. G. D. P. Has grown. The total nonfarm residential loans has climbed by 25 during the same time period. This is impacting hoosiers and their ability to get capital and loans. I get the opportunity to stand up here about one size fits all regulation, but in this instance, we are talking about one size restricting all regulation. Now chairman luetkemeyer uses a very strong approach. Instead of the architects of section 165 in doddfrank, uses size as a proxy for risk, he said lets use their underlying risk as an indicator of their actual risk and does it by a system already put in place by the Federal Reserve in tracking the vearls that indicate risk of an institution. I strongly support the measure and support the removal of arbitrary lines in regulation. And with that, i yield back. The speaker pro tempore the gentleman yields back the balance of his time. The gentleman from texas, mr. Hensarling reserves. The gentleman from texas, mr. Green. Mr. Green i yield 30 seconds to the gentlelady from california, ms. Waters. The speaker pro tempore the gentlelady is recognized. Ms. Waters i did check my mail and i have discovered that when he responded to the august 11 letter, he told me he would not use his subpoena power to help us out and he did not respond at all to the march 10 letter. I yield bark to the gentleman. The speaker pro tempore the gentleman from texas reserves. The gentleman from texas, mr. Hensarling. Mr. Hensarling i would be happy to share my letter. Im happy to yield 30 seconds to a democratic colleague, the ntleman from new jersey, mr. Gottheimer. Thank you, mr. Chairman. This bill is a smart and thoughtful effort to perfect and improve our financial safeguards and cut regulations and spur economic growth. It addresses our Systemic Risk in the financial sector. We can free up resources to get loans into the hands of new jersey Small Businesses, families and consumers and does so by making practical changes. I urge support for this Bipartisan Legislation to help my constituents in new jerseys 5th district. Mr. Green ill reserve unless we are at a point where were closing. The speaker pro tempore the gentleman from texas, mr. Green, is recognized. Mr. Greens thank you, mr. Speaker. Mr. Speaker, i think that we have to reemphasize that chairman frank is not supporting this bill. I thought that the initial comment would be sufficient, but, again, ill read what chairman frank has delivered to us. He indicates that h. R. 3312 significantly increases the need for subjective judgment by the regulators and very much weakens the ability of Financial Institutions to rely on clear rules to guide the decisionmaking. Chairman frank does not support this bill. Mr. Speaker, this bill is not before the house because banks are losing money. Banks are making record profits. 171 billion last year. The big banks, 4. 8 growth rate. Mmunity banks, 8. 3 growth rate. His bill is before the house because the big banks want to, again, get back to business as usual which will allow them to do many of the things that brought this economy to its knees. Mr. Speaker, i ask that the house be called to order. The speaker pro tempore the house will be in order. Gentlemen, take your onversation off the floor. The gentleman from texas, mr. Green, is recognized. Mr. Green how much time is left, mr. Speaker . The speaker pro tempore the gentleman has a minute and a half. Mr. Green mr. Speaker, we have 30 banks with assets in excess of 5 trillion. These banks have been designated as sifis for a reason. They ought to have to let the regulators know how they can be wound down in the event there is an emergency crisis in the economy. They ought to undergo stress tests. If a consumer wants a loan, the consumer has to demonstrate credit worthiness. If banks of this size are going to remain in business, they ought to let us know what their liquidity is and require to have a certain amount of liquidity that will cause them to stay in business even when we are faced with a crisis. They ought to be tested for their credit worthiness. Thats what we currently have. If the 50 billion threshold is released, then they will be placed under the designation of sifi by regulators and met life is Proof Positive it is difficult if not impossible to do. A. I. G. Went under simply because it was already known to be a systemically important institution. Mr. Speaker, we must defeat this bill. I call on colleagues to vote against it. It is a big bank bonus bill. I yield back. The speaker pro tempore the gentleman yields back his time. The gentleman from texas, mr. Hensarling, is recognized for the remainder of his time, 2 1 2 minutes. Mr. Hensarling thank you, mr. Speaker. First, i want to thank my colleague, the gentleman from texas, for coming to the floor. I know how busy he is with his impeachment activities, so we are glad that hes had an opportunity to come and share his views on this particular bill. He spent a lot of time telling us who wasnt for the bill but he didnt tell us who was for it. And i would once again inform my friend, my colleague from texas, that not only is every single republican member of the house Financial Services committee for this bill, a majority of the democrats on the committee are for this bill. And perhaps thats why he could find so few democrats to speak out against it. So what we heard, mr. Speaker, is my colleague and the Ranking Member vociferously defend the whole idea there should be institutions that are too big to fail. As they defend the doddfrank act, mr. Speaker, id like to point out yet again that big banks have gotten bigger under their regulatory scheme, the big banks have gotten bigger, and the Community Banks have become fewer. And now what were telling us is, oh, no, we have to protect this regime. Well, i dont believe in it, but what i do believe in, mr. Speaker, and what mr. Luetkemeyer believes in is we need to find some bipartisan solutions, some Common Ground to try to make some common sense out of some of these regulations. And so whats fascinating to me is so many of the obama era regulators have said this 50 billion threshold makes no sense. Usually, my democratic colleagues will quote mr. Turillo. They will quote janet yellin. Theyll quote mr. Curry. All said the 50 billion threshold is essentially arbitrary and doesnt work and so at the end of the day what its doing, mr. Speaker, is putting in an additional Regulatory Burden on banks that pose no Systemic Risk to our economy, making it more difficult to extend credit to hardworking americans who need it. But for people who just voted against tax relief for hardworking americans, i guess thats what i would expect. So now they want to make sure they dont have tax relief, they dont have mortgages, they dont have credit cards. And so thats what theyre defending, mr. Speaker. Its wrong. And so on a bipartisan cistoday i believe we will vote for h. R. 3312 and make some sense out of this sifi rule and well have a better america tomorrow and i yield back the balance of my time. The speaker pro tempore the gentleman yields back. All time for debate has expired. Pursuant to House Resolution 667, the previous question is ordered on the bill as amended. The question is on engrossment of the third reading of the bill. Those in favor say aye. Those opposed, no. The