To get worse. You see security collapse and you we are returning to the house for votes on bills debated earlier. On House Resolution 1052, adoption of hous if ordered, ano suspend the rules and adopt House Resolution 1061, and House Resolution 3821. And pass h. R. 3821. The first electronic vote will be conducted as a 15minute vote. Pursuant to clause 9 of rule 20, remaining electronic votes will be ducted will be conducted as fiveminute votes. Pursuant to clause 8 of rule 20, the Unfinished Business is on ordering the previous question on h. R. 1052 on which the yeas and nays are ordered. The clerk will report the title of the resolution. The clerk House Resolution 1052, resolution providing for coverings the bill h. R. 2799 to make reforms to the Capital Markets of the United States and for other purposes and providing for consideration of the bill h. R. 7511 to require the secretary of Homeland Security to take intoliens who have been charged in the United States with theft and for other purposes. The speaker pro tempore the question is on ordering the previous question and on the resolution. Members will record their votes by electronic device. This is a 15minute vote. [captioning made possible by the United States house of representatives. Any use of the closedcaptioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u. S. House of representatives. ] x x ■ s[ ■8 ■y ■ ■h ■u i ■ t . X ; r ■ those in favor say aye. The speaker pro tempore for at mr. Mcgovern i ask for a recorded vote. The speaker pro tempore a recorded vote is requested. Those in favor of taking this vote by the yeas and nays will rise and remain standing until counted. A sufficient number having arisen. A recorded vote is ordered. Members will record their votes by electronic device. This is a fiveminute vote. [captioning made possible by the national captioning institute, inc. , in cooperation with the United States house of representatives. Any use of the closedcaptioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u. S. House of representatives. ] gn■k■f■]i■ 0 the speaker pro tempore on this vote the yeas are 214, the nays are 211, the resolution is adopted. Without objection, the motion t reconsider is laid on the table. Pursuant to clause 8e 20, the Unfinished Business is the vote on the motion of the gentleman from kentucky, mr. Guthrie. The gentlewoman from texas, ms. Granger. To suspend the rules and adopt House Resolution 1061 on which the yeas and nays are ordered. ■ . The clerk will report the the title. The clerk House Resolution 1061, the resolution providing for the concurrence of the house to Senate Amendment h. R. 4366 with an amendment. The speaker pro tempore the question is will the house suspend the rules andpt record s by electronic device. This will be a [captioning made possible by the national captioning institute, inc. , in cooperation with the United States house of representatives. Any use of the closedcaptioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u. S. House of representative]a the speaker pro tempore on this vote, the yeas are 339, the nays are 85. 2 3 being in the affirmative, the rules are suspended and the resolution is agreed objection pursuant to clause 8 of rule 20, the Unfinished Business is vote on the motion of the gentleman from kentucky, mr. Guthrie, to suspend the rules on which the yeas and nays are ordered are ordered. The clerk Union Calendar number 197, a bill to reauthorize the firefighter cancer registry act of 2018. The speaker pro tempore the question is will the house suspend the rules and pass the bill. Members will record their votes by electronic device. This is a fiveminute vote. [captioning made possible by the national captioning institute, inc. , in cooperation with the United States house of representatives. Any use of the closedcaptioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u. S. House of representatives. ] ■iym4 the speaker pro tempore on this vote, the yeas are 413, the nays are 7, 2 3 being in the affirmative, the rules are suspended and without objection, the motion to reconsider is laid on the table. For what purpose does the gentleman from arkansas seek recognition . Mr. Womack i send to the desk a concurrent resolution and ask unanimous consent for its immediate consideration in the house. The speaker prtempore the clerk will report the title of the house concurrent resolution. The clerk concurrent resolution directing the clerk of the house of representatives to make a correction in the enrollment of h. R. 4366. The speaker pro tempore is there objection to thencurrent . Without objection, the concurrent resolution is agreed to. And the motion to reconsider is laid on the table. The speaker pro tempore the house will be in order. The speaker the house will be inrder. ■■ 0 the speaker pro tempore the house will be in order. Please take your conversations outside. All right. Get in order. For what purpose does the gentlelady from missouri for what purpose does the gentleman from North Carolina rise . I ask unanimous consent sorry. Without pursuant to House Resolution 1052 and rule 28, the chair reading wrong script. Sorry, mr. Chairman mr. Speaker, i ask unanimous consent all members have five legislative days in which to revise and extend their remarks, and submit extraneous material on the bill, h. R. 2799. The speaker pro tempore without objection. Pursuant to House Resolution 1052 and rule 18, the chair declares the househe union for e consideration of h. R. 2799. The chair appoints the gentleman from ohio, mr. Wynn strip, to preside over the committee of the whole. Mr. Winstrop to preside over the committee of the whole. The chair the house is in the somatic cell somatic cell in the committee of the whole house on the state of the union for h. R. 2799 which the clerk will report to the title. The clerk a bill making reforms to the capital of the United States and for other purposes. The chair the bill is considered read the first time. General great shall be confined to the bill and not exceed one hour equally controlled by the chair and ranking minority member on the committee on Financial Services or their respective designees. The gentleman from North Carolina, mr. Mchenry and the■m gentlewoman each will will control an hour. The chair recognizes the gentleman from North Carolina. Mr. Mchenry mr. Chair, as i ma. 40 years ago my father started a Small Business in our back yard, growing up in gastonia, North Carolina, being the kids, my faa business with his friend who also had five kids. It didnt change the world was just a lawn mowing business. We moeed other peoples we mowed each other peoples grass and provided schooling for the children and scaled up as we grew the business. My dadsess didnt change the world but changed mine. Like other entrepreneurs my dad needed access toh affordable capital to start his business and when ever capital dried up, he relied on a charge card we now call a credit card to grow his business and to start employing other folks. This story isnt unique to my family. We see it playing out throughout our country today, entrepreneurs with new ideas and seeking to control their businesses are seeking to access Affordable Credit and affordable capital. That means theyre not given the same opportunity to change their lives, their familys lives or their community. This is a loss for all of us, loss for American Innovation. Thats where Investment Capital in this bill come in to help more entrepreneurs realize their version of the American Dream. Currently the Venture Capital funds startups are concentrated in traditional financial hubs like Silicon Valley, boston, new york city. Those t cities and those three areas of the country account for almost 3 4 of all venture funding. Thats not for every business but its a verype startups. This congress and our Committee Heard compelling testimony from folks across the ideological spectrum who urged us to make it easier for them to raise money from nontraditional sources and would allow them to not only build their funds and deploy more also share their Financial Success within their communities. This bill, the expanding accesst and more by alleviating the unique fundraising challenges faced by entrepreneurs and their investor in Silicon Valley. Its also this bill will also make improvements to our Public Markets and create new opportunities for everyday investors to save and build wealth and to enjoy their version of the American Dream. This Capital Formation is a critical ingredient for creating long Term Economic growth that has proven enduring here in the United States. And not to mention traditionally has been an area where a divided washington can find consensus. A little more than a decade ago, congress came together to pass the jobs act which president obama then signed into law. Theres a republican house, a democrat sat the white house wht historic piece of legislation through the process and into law. It addressed several hurdles with onus regulatory barriers and provided entrepreneurs with access to new streams of funding. Recognizing the need to build on the success of the jobs act, the house Financial Services committee embarked on a years long plan to legislate real and impactful solutions. Many of those solutions are found in tle which consists of common sense, innovative ideas to accomplisho. First, the bill strengthens our Public Markets and aims to incentivize companies to go public. Undoing the troubling decline of initial pu÷blic offerings heren the United States or i. P. O. s. That means the businesses that average everyday investors can own a piece of. And why is this important we attract more companies to the Public Markets in the United States . One, everyday investors, american investors, als Retail Investors, are limited to investing in publicly traded companies. Most Public Companies here in the United States that are of large size and scale should be available in the Public Markets. More Public Companies in the United States means more opportunities for the american Retail Investor to grow their savings. Number two, job growth. A 2021 study found biotech startups expand their work force by on average 150 in thest three years after undertaking an initial Public Offering using the jobs act provisions. To make our Public Markets mor attractive, h. R. 2799, this bill includes provisions that right size regulatory burdens on public cni and allowing more companies to qualify as emerging Growth Company. This is an extension of marqu bipartisan jobs act that have a proven record of success. Second, as i said earlier, this legislation supports Small Businesses and entrepreneurs who are the true engine of our economy and account for 99. 9 of all u. S. Businesses. Among other policies, this bill allows Small Businesses to raise more money through offerings. It also addresses limitations on small, emerging Venture Fund Managers attempting to raise and we employ capital to startups and entrepreneurs in their companies. Third this bill increases access to private markets and allows more americans to participate in high Growth Investment opportunities thatave been traditionally reserved for the wealthy elite. Currently these Investment Opportunities reserved for qualifying as quote, unquote Credit Investors which dictates what a person can invest in based off their wealth or income. We should all agree wealth and income should not be a proxy for sophistication. Expertise or experience that allows them to invest in private authorings. This bill includes expansion allowing Everyday Americans to invest where they see opportunities and where they have expertise, meaning new wealth building opportunities forme have been arbitrarily sidelined for too long. These private markets is where weve had t businesses and the greatest wealth is in these private markets and we want to link it up for all americans to have opportunity to invest in these markets have expertise. Let me close with this. Capital formation should not be a partisan issue. This legislation builds on the success of the bipartisan jobs act and will benefit americans in every single one of our districts either by growing their Retirement Savings orugh d Economic Growth in their community. This bill is a compilation of several stand alone bills introducedy sevembers of the Financial Committee with help on our subcommittee chair of Capital Markets. There are many members i wish to recognize but its too long at this time to go through all of their great work. But it is embodday. Im grateful for the opportunity to be here on the house floor and grateful to the leadership, the House Republican leadership that has pri businesses and our legislative work in the financiale can see we all want to be unified in helping the American People achieve their dreams in the way they see fit. And for Small Business folks, folks that want to start a Small Business, we need to make things easier for them, not harder. This bill makes it better for them and easier for them. So with that, id like to reserve the balance of my time and ask unanimous that i may have someone lead the debate on this side. The chair without objection. The gentleman reserves. The gentlewoman from california is recognized. Ms. Waters thank you, mr. Chair. I yield myself such time as i may consume. Mr. Chair, i rise in strong opposition to h. R. 2799, a bill that would cause significantsiny and mom and pop investors trying to save for their retirements. Aital markets are the envy of the world is because investors have confidence in their Financial Products theyre investing in. That confidence is a hard one to be sure, and the result of a robust disosure regime thats been in place for decades and requires Public Companies to transparently and accurately tell investors about the inner workings of their businesses, their financials and the risks involved with purchasing their shares. Invest confidence is rooted in strong Legal Protections for investors and their right to have a say in the companys direction through the p importa, Investor Confidence is based on having a strong enforcer, the securities and Exchange Commission or s. E. C. That sets clear rules of the road and keeps fraudsters out of the system. Now, while our Capital Markets are far from perfect, trillions of dollars are invested every year because investors are confident that they wont be unfortunately, the bill before us today threatens to undermine that Investor Confidence. First, h. R. 2799 would expand the number of companies that are able to offer securities without needing to register with the s. E. C. Or provide critical disclosures to ordinary investors. This expansion will only benefit moderate to Large Companies rather than the Small Businesses this act purports to companies m public s. E. C. Registration requirements, this bill expands the size of the private Securities Markets which are growing rapidly and already ou