Financial Services and General Government Appropriations Act, 2024
Floor Speech
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Mr. HOYER. Mr. Chairman, I claim the time in opposition.
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Mr. HOYER. Mr. Chair, this is another unserious amendment. We have had over 50 of these. Every one that has been put to a roll call vote has lost, and this one will, as well, I hope.
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Mr. HOYER. Mr. Chairman, this seems to be the substance of the Republican response to all the issues that the gentlewoman raises.
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Mr. HOYER. Mr. Chair, I don't want to prolong this debate, but to hear about election denial from the other side of the aisle is extraordinary, and it is extraordinarily inconsistent with the performance of the former President who lied regularly.
Mr. Chair, I yield back the balance of my time.
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Mr. HOYER. Mr. Chair, I demand a recorded vote.
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Mr. HOYER. Mr. Chair, I rise as the designee of the gentlewoman from Connecticut, and I move to strike the last word.
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Mr. HOYER. Mr. Chairman, I yield to the gentleman from Pennsylvania (Mr. Cartwright), who is the distinguished ranking member of the Commerce, Justice, Science, and Related Agencies Subcommittee.
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Mr. HOYER. Mr. Chair, I yield back the balance of my time. Amendment No. 101 Offered by Ms. Tenney
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Mr. HOYER. Mr. Chair, I claim the time in opposition to the amendment.
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Mr. HOYER. Mr. Chair, the proposed rule promotes transparency by requiring Federal contractors to disclose their greenhouse gas emissions and climate-related financial risks. This transparency enhances accountability and helps the government and the American people make informed decisions regarding its contracts.
By addressing climate-related financial risk, the rule encourages businesses to assess and mitigate their exposure to climate-related challenges. This proactive approach is critical in addressing the financial implications of climate change and fosters sustainability.
Access to data on greenhouse gas emissions and climate risk enables the government to make more informed procurement decisions. This means selecting contractors that are actively addressing climate change and demonstrating environmental responsibility.
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Mr. HOYER. Mr. Chair, I will not characterize it as rightwing or leftwing, but what the gentlewoman does not talk about, of course, is the donor base of the Republican Party and the interests that exist that do not want this transparency.
Mr. Chair, I yield back the balance of my time.
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Mr. HOYER. Mr. Chair, I claim the time in opposition to the amendment.
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Mr. HOYER. Mr. Chair, I have great respect for my friend from Missouri, and it seems to me that this is a very serious matter that she has raised.
It is also my belief that it ought to be considered in the context of the Financial Services Committee and legislation propounded and offered to this House for careful consideration of the serious assertions that the gentlewoman makes. We ought to have the time to debate and fully understand the ramifications of the actions that the gentlewoman speaks of. However, in the context of this bill, we don't have the opportunity to really make that kind of assertion or analysis.
The authority granted to the Financial Stability Oversight Council, FSOC, to require supervision and regulation of certain nonbank financial companies helps mitigate systemic risks in the financial system. I was here in 2008, and we saw that. We saw it at great cost to the economy and to individuals. By identifying and regulating systemically important nonbank entities, FSOC can prevent potential destabilizing events that could harm the broader economy.
The 2008 financial crisis highlighted, Mr. Chairman, the need to monitor and regulate nonbank financial firms that can pose very significant risks. The FSOC's authority fosters a coordinated regulatory approach, ensuring that nonbank financial companies are subject to appropriate oversight without duplicating efforts across different regulatory agencies.
Mr. Chair, this may well be something that ought to be the subject of greater discussion by the committee of jurisdiction and expertise, but I strongly oppose the amendment and urge a ``no'' vote.
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Mr. HOYER. Mr. Chair, again, I thank the gentlewoman for her observations and concern because, obviously, the conclusion that she makes would be of concern to all of us. I simply suggest that this is not the proper place for us to give the analysis and assess the correctness of the assertion that has been made in terms of cost.
We have experienced a time where a failure to deal with nonbanks cost this economy one of its deepest recessions since I have been in the Congress of the United States.
I have no reason to believe one way or the other whether the gentlewoman's assertion is correct because I just don't know. She is a member of the Financial Services Committee, to my understanding, and if her assertion is correct, then I think a bipartisan bill ought to be brought to the floor and considered.
However, I think at this juncture this amendment ought to be rejected.
Mr. Chairman, I urge its defeat, and I yield back the balance of my time.
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Mr. HOYER. Mr. Chair, I claim the time in opposition.
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Mr. HOYER. Mr. Chairman, the gentleman indicates that he came from the private sector. I am sure he was very successful in the private sector, as he has been in public life. In the private sector, one of the things that we admire is the ability to innovate, adjust, and to make changes when those are demanded by the marketplace.
This amendment undermines the ability of the Small Business Administration to do exactly that: to innovate and reach more small businesses by taking away the agency's pilot loan authority.
The gentleman is the chairman of the committee and knows better than I, but pilot loan authority is the flexibility to assess the market, assess the need, and take action. If they don't have that authority, then, as some have argued in numerous amendments here, the Congress ought to take that responsibility. Congress has not taken responsibility very well, Mr. Chairman. We are not doing things we ought to do.
If the private sector or the SBA were as inefficient and ineffective as the Congress of the United States, we would shut it down, but of course we can't shut down the Congress. We can just lament the fact that we can't do our work, that we don't respond in a timely fashion.
I am particularly concerned about Ukraine, under assault by a despotic power. They need resources from the United States. By the way, I read a report today that the United States is not the biggest contributor to Ukraine. We are certainly the major partner. The EU and others, including Japan, are the major partners because they want to defend freedom. I am concerned about the fact that we haven't acted to send a message to Putin, to Iran, to other despots that we will not shrink from the responsibility of defending freedom here and around the world.
This authority, in a microcosm, is to try to give the SBA the opportunity to respond in a timely and effective fashion to opportunities that it sees on behalf of small businesses. Pilot 7(a) loans are provided by SBA to address the development of a specific sector or geographical region based on the agency's identified needs.
We can shut everybody down in government, and unfortunately, frankly, government is very risk averse, not as nimble as the private sector.
Why? It is because the administrators of all these agencies know that they have got us looking over their shoulder, and if they make a slight mistake, they have an amendment or they have a hearing or they have some Congressman or Congresswoman who says: A-ha, gotcha.
If the private sector had that, it would be immobilized. It wouldn't help because in the private sector, we understand that mistakes happen because you are taking risks. By definition, risks sometimes result in not succeeding or they wouldn't be a risk.
When we have an amendment like this--and we have had a number of amendments like this, and concerns expressed--I get that. However, it seems to me in this instance when my friend starts by saying he is in the private sector, I welcome his experience. It is critically important. We are the most successful economy on Earth because we allow people to take risks. By definition, some fail. Obviously, most fail, as a matter of fact. However, some are extraordinarily successful because they took that risk. Now, what needs to happen, of course, in the course of risking is when you find a failure, you stop it.
Mr. Chair, I urge that we reject this amendment because it precludes the SBA from taking chances when they are available and can be successful.
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