[Congressional Record Volume 162, Number 20 (Wednesday, February 3, 2016)] [House] [Pages H532-H539] From the Congressional Record Online through the Government Publishing Office [www.gpo.gov] ENCOURAGING EMPLOYEE OWNERSHIP ACT OF 2015 The Committee resumed its sitting. The Acting CHAIR (Mr. Byrne). It is now in order to consider amendment No. 4 printed in part A of House Report 114-414, which the Chair understands will not be offered. It is now in order to consider amendment No. 5 printed in part A of House Report 114-414, which the Chair understands will not be offered. Amendment No. 6 Offered by Mr. Issa The Acting CHAIR. It is now in order to consider amendment No. 6 printed in part A of House Report 114-414. Mr. ISSA. Mr. Chairman, I have an amendment at the desk. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is as follows: Page 16, after line 9, insert the following: (d) Limitation to New Filers.--The exemptions set forth in subsections (a) and (b) shall apply only with respect to issuers that are first required to file financial statements and other periodic reporting with the Commission under the securities laws after the date of the enactment of this Act. The Acting CHAIR. Pursuant to House Resolution 595, the gentleman from California (Mr. Issa) and a Member opposed each will control 5 minutes. The Chair recognizes the gentleman from California. Mr. ISSA. Mr. Chair, my amendment quite simply makes this bill better. Since 2011, almost 5 years, virtually every single public company has reported financial statements to the SEC by electronic, searchable, readable data format, often called XBRL. {time} 1545 This searchable data allows the investor community to look through data in a way they never could under paper, and its accuracy is as good or as bad as the source material that goes onto that paper. Now, both the author of the bill and myself agree on one thing: printing paper and sending electronic format is outdated. There is no question at all that the SEC, the Securities and Exchange Commission, is long overdue to convert to an all-electronic filing. As a matter of fact, for most of the people that will be listening and watching today, they are already electronically filing their income tax and then printing out a paper copy to stick in a drawer. The idea that a public company who spends two, three, four or more millions of dollars in compliance every year would file paper, and then that paper would be electronically scanned, sent to India, converted to data, and then analyzed by the investment community is truly about the most backwards way one could imagine doing it. What my amendment to Mr. Hurt's bill that is enclosed in the larger bill says is, we understand that some small startup companies, even though they are going public, may have a difficult time transitioning, and the idea that they would be allowed to go optional, as Congressman Hurt's bill intends, is acceptable if, in fact, it is for a short period of time, as the eventual transition to all-electronic filing goes forward. The many thousands of companies who have been successfully filing electronically and who have software that makes it simply a push of a button, coming off of this would, in fact, be a giant step backwards. As we go toward all-electronic filing and the elimination of the absurdity of paper as the standard of the Securities and Exchange Commission, we only ask that this provision be one that is focused on new companies for a short period of time. That is the reason the amendment takes the 5-year exemption to all companies to be simply an exemption to new IPOs; in other words, companies that may not at the time of their public offering already have the software in place to do this filing. Mr. Chairman, I reserve the balance of my time. Mr. HENSARLING. Mr. Chairman, I claim the time in gentle opposition. The Acting CHAIR. The gentleman from Texas is recognized for 5 minutes. Mr. HENSARLING. Mr. Chairman, I say I rise in gentle opposition--I do not say that tongue in cheek--because the gentleman from California is highly respected as a Member of this body. His opinions are respected as an entrepreneur and as a small-business individual. His acumen is respected as an investor, and so it is not a pleasant experience to oppose one of his amendments. I appreciate the sentiment with which he offers it. I would just remind all that title IV of the bill provides an optional exemption from the XBRL data filing requirements for emerging growth and smaller public companies for a limited period of time. I think there is an open question. One thing that the gentleman didn't get the benefit of was hearing all the testimony that we had within our committee. There was a lot of testimony about just how costly this is to a number of these companies. Now, if the investing public demands it, then smaller companies will do it. For example, there was a Sarbanes-Oxley exemption for some smaller companies and only roughly half of them took it because for certain smaller companies what they found out was, well, the investors demanded it. I would say, again, why don't we let the free market determine this. We are not talking about the types of information that are provided in disclosure. We [[Page H533]] are talking about the format. We are talking about the format of disclosure. We have heard testimony from a company that is spending over $50,000 annually on XBRL compliance and, at least in their case, they can't find people who follow their company who are actually using it, so that is $50,000 a year that could go into R&D, that could go into productivity enhancement, that could go into hiring more individuals. I am not saying that XBRL is unimportant, but I think to some extent that at least for the smaller companies, and particularly at this time in our country's economic history, where we came off of an incredibly horrendous quarter, and we know that after 8 years of Obamanomics, we are limping along at half of our average economic growth, I think we want to err on the side of our small businesses, of our entrepreneurial ventures, of our small business startups, so I appreciate the value that XBRL provides to a lot of companies, a lot of investors, but I think if they demand it enough, we will provide it. Mr. Chairman, I reserve the balance of my time. Mr. ISSA. Mr. Chairman, I yield 30 seconds to the gentlewoman from New York (Mrs. Carolyn B. Maloney), a senior member of the Committee on Financial Services. Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, I rise in support of the gentleman's well thought out and meaningful amendment. All financial regulators in the developed world require searchable PDFs, as his bill would allow, and that is why the Securities and Exchange Commission began requiring the extensible business reporting language. XBRL is the global standard for structured financial reporting. Why should we be any different? By removing the requirement for 60 percent of the firms, as H.R. 1965 does, is a step backward for corporate transparency and the ability for investors to invest in new startups. It is a well-thought-out amendment. I congratulate you on it. I support it. Mr. HENSARLING. Mr. Chairman, I reserve the balance of my time. Mr. ISSA. Mr. Chairman, may I inquire as to how much time each side has remaining? The Acting CHAIR. The gentleman from California has 1\3/4\ minutes remaining. The gentleman from Texas has 2 minutes remaining. Mr. ISSA. Mr. Chairman, in closing, I have been on the board of a public company, of multiple public companies. I have taken a company public, as have many of the supporters of this amendment. I know the cost of taking a company public. It is in the millions. It is not in the thousands. I also know that whether it is Bernie Madoff or Enron or WorldCom or a host of much smaller companies that have deceived the public, the Securities and Exchange Commission has an obligation to continuously improve the material available to the financial community and to make sure that it is equally searchable and equally accessible to the large and small investor. That is the reason that I strongly believe that elimination of paper, not covered in this bill, should not be replaced by elimination in any way of the reporting under the digital reporting requirements of the Securities and Exchange Commission. I would urge Members that this is narrowly focused, much more narrow than the bill itself. It recognizes that if somebody wants to go public and not do this, they would have the ability to do so. As Mrs. Maloney said, for 60 percent of the reporting companies to be exempted out would begin to rot away the underpinnings of a 5-year-old program that has been successful. I would hope people would realize that it is not a necessary, a draconian backwards step to before 2011. In fact, from my information and from my experience, it is a de minimis cost to simply include a digital format that the world can look at and evaluate quicker and with greater accuracy. I would like to thank the gentleman from Texas (Mr. Hensarling), the chairman of the full committee, for bringing a combined bill that I generally approve of and hope that this amendment will make it a bill I can vote for. Mr. Chairman, I yield back the balance of my time. Mr. HENSARLING. Mr. Chairman, I am happy to yield the balance of my time to the gentleman from Virginia (Mr. Hurt), the author of title IV of H.R. 1675. Mr. HURT of Virginia. Mr. Chairman, I join the chairman of the Committee on Financial Services in my respect for the proponent of this amendment. I certainly appreciate his efforts in attempting to make this title better, but I would point out a couple of things. The first thing I would say, as the chairman of the Committee on Financial Services has said, this is a voluntary exemption. It is a temporary exemption. We heard in the committee this Congress and in previous Congresses that the XBRL format that has been required by the SEC since 2009 has not been reliable. A Columbia study that was done in 2012 indicated at that time that only 10 percent of investors actually used, found XBRL format useful in doing analysis of public companies. It is for those reasons that we believe that this temporary, voluntary option for smaller companies not submitting to the SEC in this format makes sense. I would submit to you that what this amendment does is it would require all companies that are currently submitting in this form to continue. What it would do is exempt future companies. Well, it strikes me like this. If this XBRL format and process is not ready for prime time, if it is not ready for prime time for future users, then we also ought to give relief for those who are currently having to do it and would like not to do it. I believe that we should allow all emerging growth companies and smaller issuers to take advantage of this voluntary exemption while the SEC is getting this format ready for prime time. This amendment goes to the very essence of the underlying measure and would not substantively provide any relief to the small companies who are currently being negatively impacted by this failed XBRL system. I urge my colleagues to oppose this amendment and ask for the support of the underlying bill. Mr. HENSARLING. Mr. Chairman, I yield back the balance of the time. The Acting CHAIR. The question is on the amendment offered by the gentleman from California (Mr. Issa). The question was taken; and the Acting Chair announced that the noes appeared to have it. Mr. ISSA. Mr. Chairman, I demand a recorded vote. The Acting CHAIR. Pursuant to clause 6 of rule XVIII, further proceedings on the amendment offered by the gentleman from California will be postponed. Amendment No. 7 Offered by Mrs. Carolyn B. Maloney of New York The Acting CHAIR. It is now in order to consider amendment No. 7 printed in part A of House Report 114-414. Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, as the designee of the gentleman from Minnesota (Mr. Ellison), the prime author of the amendment, of which I am a lead cosponsor, I offer an amendment. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is as follows: Strike title IV. The Acting CHAIR. Pursuant to House Resolution 595, the gentlewoman from New York (Mrs. Carolyn B. Maloney) and a Member opposed each will control 5 minutes. The Chair recognizes the gentlewoman. Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, this amendment strikes title IV of H.R. 1675. Title IV of this bill requires the Securities and Exchange Commission exempt public companies with less than $250 million in annual revenue from reporting their financial information as searchable data. This exemption would cut off access to searchable, easily accessible data for about 60 percent of all public companies. Instead of using searchable, structured data, we would return to a paper-based system. Exempting 60 percent of public companies from filing their financials in a structured, understandable way makes it harder for the people who review corporate financial disclosure documents to understand what is going on in a company. Eliminating the requirement for searchable data [[Page H534]] harms researchers and academics, regulators, investors, and the general public. All of them will have a harder time understanding the financial performance of corporations. If title IV is passed, documents that are nonsearchable must be manually reviewed to extract useful information, and manual review is much more prone to error. No other financial regulator in the developed world does not require searchable PDFs. That is why the Securities and Exchange Commission began requiring reporting in eXtensible Business Reporting Language, XBRL. It is the global standard for structural financial reporting. We would be behind the world if we do this. By removing the requirement for 60 percent of firms, H.R. 1965 is a backward step for corporate transparency and for investor knowledge and investors. I support this amendment, and I believe that we need to move our financial analysis into the modern world. {time} 1600 We spend a great deal of time on the Financial Services Committee talking about ways to improve small companies' access to capital. Well, that is exactly what XBRL can do. So I am puzzled that some of my colleagues on the other side of the aisle would want to move backward on XBRL instead of moving forward. XBRL makes it possible for investors and analysts to very quickly download standardized financial information for an entire industry and make immediate cross-company comparisons in order to identify the best performers. It makes it easier for them to invest in startups. This allows investors to spend more time analyzing data and less time gathering data. This will also enable investors to more easily identify the companies that are diamonds in the rough, so to speak. Very often, these are small companies that are innovative. These are building models that we need to support. Right now, these small companies have trouble attracting the attention of analysts and institutional investors--this is a fundamental fact, and we spend a lot of time on the Financial Services Committee trying to figure out why this is. Well, one reason is it's simply too time-consuming for analysts and investors to pick through every small company's hundred-page financial filings. Economists call these costs ``search costs''--and unfortunately, they still dramatically outweigh the benefits. A small company's filings may tell a fantastic story about why that company is poised to be the next Apple, but if the ``search costs'' are high enough that analysts and investors never see them, that company will never get the capital infusion it needs to grow. And our economy will never realize the benefits that the company has to offer. This is where XBRL comes in. It dramatically reduces the ``search costs'' by making it fast and cheap for investors to gather standardized financial statements for entire industries--including the small companies that the investor wouldn't have bothered with before. If those small companies offer greater value than the bigger, more established companies in the industry, then it will likely be obvious to the investor when she looks at the data. This will result in capital flowing more efficiently--not just to the biggest, most well-known companies, but to the companies that can use that capital in the most efficient way. But it's important to remember that if those small companies don't file their financial information in XBRL format, then their financial statements won't be part of the investor's data set--and thus will never get a much-needed capital infusion from that investor. This is how XBRL can help improve small companies' access to capital. So if you're concerned about access to capital, then you should vote for this amendment. I urge my colleagues to support the amendment. I yield the balance of my time to the gentleman from Minnesota (Mr. Ellison), my distinguished colleague, who is now here. Mr. ELLISON. Mr. Chairman, if you are a company that is going public, if you are a company that wants to sell shares to retail investors, you are not a small business. You are a big business. You are in the big leagues. Along with the privileges comes some responsibility. If you are too small to report your data, then you are too small to be on the NASDAQ. If you can't run with the big dogs, you should stay on the porch. True, they could choose to report in searchable, structured data, but that would result in a fractured system. Some report by searchable data, some by PDFs. I want the people who review corporate financial disclosure documents to have the data that they need. They need to find corporate financial data faster, in more detail, and at lower cost. That is where eXtensible Business Reporting Language, or XBRL, comes in. XBRL is operating now. When the exemption was brought before the previous Congress, two witnesses testified to costs of $50,000 or more to file in XBRL. But these two companies appear to be outliers. The American Institute for Certified Public Accountants found that smaller firms pay, on average, $10,000 a year. Meanwhile, the group of companies that would be exempt under this bill paid more than $1 million in legal and financial banking fees in 2013 just to raise capital from investors. So the cost of XBRL is miniscule compared to the other costs of being a public company. This amendment is meritorious, and I ask for its support. Mr. HENSARLING. Mr. Chairman, I claim the time in opposition. The Acting CHAIR. The gentleman from Texas is recognized for 5 minutes. Mr. HENSARLING. Mr. Chairman, every working American knows this economy stinks. There are no two ways about it. We have got to jump-start our small businesses and our emerging growth companies. Entrepreneurship is at a generational low. Let's do something to actually help our small businesses raise capital. You can't have capitalism without capital. The gentleman from Virginia, the author of title IV, provides a very simple optional exemption from the XBRL data filing requirement. It has nothing to do with the content of disclosure, Mr. Chairman. All it has to do with is the format--a format that is very expensive for a number of our emerging growth companies, some of whom testified that a lot of investors don't even use it. So what we are essentially hearing from the author of the amendment and others is a rough translation that this is in the small business' best interest because they will need it to attract investors. Well, why don't we let them make that decision? This is almost the analog of ObamaCare: the American people were too stupid to know what kind of health care they needed. If XBRL works for these small companies, they will use it. If it doesn't, then they will opt out of it. It is optional for emerging growth companies and smaller public companies. It is temporary. It is a huge burden on these companies at a time when we just had one of the worst quarters of economic growth we have seen in years and when the economy continues to lag at roughly half of its historic economic growth. At some point, I would hope the other side of the aisle would end the war on small businesses and emerging growth companies. We need title IV. I yield the balance of my time to the gentleman from Virginia (Mr. Hurt), the author of title IV of H.R. 1675. Mr. HURT of Virginia. Mr. Chairman, I rise in opposition to this amendment. The first amendment that we heard about from the gentleman from California was certainly couched as a friendly amendment. This amendment, to be sure, is not a friendly amendment because what it does is strike title IV altogether. I certainly appreciate the comments made by the gentleman and the gentlewoman in support of the amendment, but I would suggest to you that this amendment is not a constructive approach. There have been a lot of misstatements about what this title does, but the fact is this: If the SEC were ready to effectively implement XBRL, we wouldn't be having this conversation, but the SEC is not. Smaller and emerging growth companies are wasting valuable resources on a system that is not ready for prime time. One of the things that was said earlier was that this exemption would affect 60 percent of the companies that are regulated. The truth of it is and the perspective that needs to be remembered is this: Number one, among those 60 percent of companies, we are talking about only less than 7 percent of the market value of all public companies. So, in the grand scheme of things, we are [[Page H535]] talking about companies that are small. The second thing we know about them is they are our most dynamic job creators, period; and the purpose of this bill, the purpose of this title, is to support those that are actually creating jobs in an economy where we need jobs desperately. The other point that I would make is to reiterate again what the chairman said, and that is that title IV is voluntary. It is optional. If it is good for the company, then the company can choose to continue to submit this information in that format. If a company doesn't believe that it is in its best interest and there is not value to it and to potential investors, then it is something they should not have to waste time on. The second point is that it is completely temporary. It is a completely temporary exemption that will expire in 5 years. I agree with where we want to go in terms of the technology, but asking these small companies who are our Nation's most dynamic job creators to waste their resources on a system that is not yet useful to them or to their investors is something that we should not stand for. With that, I ask my colleagues to oppose this amendment. Mrs. CAROLYN B. MALONEY of New York. I yield back the balance of my time. Mr. HENSARLING. Mr. Chairman, I yield back the balance of my time. The Acting CHAIR. The question is on the amendment offered by the gentlewoman from New York (Mrs. Carolyn B. Maloney). The question was taken; and the Acting Chair announced that the noes appeared to have it. Mr. ELLISON. Mr. Chairman, I demand a recorded vote. The Acting CHAIR. Pursuant to clause 6 of rule XVIII, further proceedings on the amendment offered by the gentlewoman from New York will be postponed. Announcement by the Acting Chair The Acting CHAIR. Pursuant to clause 6 of rule XVIII, proceedings will now resume on those amendments printed in part A of House Report 114-414 on which further proceedings were postponed, in the following order: Amendment No. 1 by Mr. DeSaulnier of California. Amendment No. 6 by Mr. Issa of California. Amendment No. 7 by Mrs. Carolyn B. Maloney of New York. The Chair will reduce to 2 minutes the minimum time for any electronic vote after the first vote in this series. Amendment No. 1 Offered by Mr. DeSaulnier The Acting CHAIR. The unfinished business is the demand for a recorded vote on the amendment offered by the gentleman from California (Mr. DeSaulnier) on which further proceedings were postponed and on which the noes prevailed by voice vote. The Clerk will redesignate the amendment. The Clerk redesignated the amendment. Recorded Vote The Acting CHAIR. A recorded vote has been demanded. A recorded vote was ordered. The vote was taken by electronic device, and there were--ayes 180, noes 243, not voting 10, as follows: [Roll No. 57] AYES--180 Adams Aguilar Ashford Bass Beatty Becerra Bera Bishop (GA) Blumenauer Bonamici Boyle, Brendan F. Brady (PA) Brown (FL) Brownley (CA) Bustos Capps Capuano Cardenas Carney Carson (IN) Cartwright Castor (FL) Chu, Judy Cicilline Clark (MA) Clarke (NY) Clay Cleaver Clyburn Cohen Connolly Conyers Cooper Costa Courtney Crowley Cuellar Cummings Davis (CA) Davis, Danny DeFazio DeGette Delaney DeLauro DelBene DeSaulnier Dingell Doggett Doyle, Michael F. Duckworth Edwards Ellison Engel Eshoo Esty Fattah Foster Frankel (FL) Fudge Gabbard Gallego Garamendi Gibson Graham Grayson Green, Al Green, Gene Grijalva Gutierrez Hahn Hastings Heck (WA) Higgins Himes Hinojosa Honda Hoyer Huffman Israel Jackson Lee Jeffries Johnson, E. B. Kaptur Keating Kelly (IL) Kennedy Kildee Kilmer Kind Kirkpatrick Kuster Langevin Larsen (WA) Larson (CT) Lawrence Lee Levin Lewis Lieu, Ted Lipinski Loebsack Lofgren Lowenthal Lowey Lujan Grisham (NM) Lujan, Ben Ray (NM) Lynch Maloney, Carolyn Maloney, Sean Matsui McCollum McDermott McGovern McNerney Meeks Meng Moore Moulton Murphy (FL) Nadler Napolitano Neal Nolan Norcross O'Rourke Pallone Payne Pelosi Perlmutter Peters Peterson Pingree Pocan Polis Price (NC) Quigley Rangel Rice (NY) Richmond Roybal-Allard Ruiz Ruppersberger Ryan (OH) Sanchez, Linda T. Sanchez, Loretta Sarbanes Schakowsky Schiff Schrader Scott (VA) Scott, David Serrano Sewell (AL) Sherman Sinema Sires Slaughter Speier Swalwell (CA) Takai Takano Thompson (CA) Thompson (MS) Titus Tonko Torres Tsongas Van Hollen Vargas Veasey Vela Velazquez Visclosky Walz Wasserman Schultz Waters, Maxine Watson Coleman Welch Wilson (FL) Yarmuth NOES--243 Abraham Aderholt Allen Amash Amodei Babin Barletta Barr Barton Benishek Bilirakis Bishop (MI) Bishop (UT) Black Blackburn Blum Bost Boustany Brady (TX) Brat Bridenstine Brooks (AL) Brooks (IN) Buchanan Buck Bucshon Burgess Butterfield Byrne Calvert Carter (GA) Carter (TX) Chabot Chaffetz Clawson (FL) Coffman Cole Collins (GA) Collins (NY) Comstock Conaway Cook Costello (PA) Crawford Crenshaw Culberson Curbelo (FL) Davis, Rodney Denham Dent DeSantis DesJarlais Diaz-Balart Dold Donovan Duffy Duncan (SC) Duncan (TN) Ellmers (NC) Emmer (MN) Farenthold Fincher Fitzpatrick Fleischmann Fleming Flores Forbes Fortenberry Foxx Franks (AZ) Frelinghuysen Garrett Gibbs Gohmert Goodlatte Gosar Gowdy Granger Graves (GA) Graves (LA) Graves (MO) Griffith Grothman Guinta Guthrie Hanna Hardy Harper Harris Hartzler Heck (NV) Hensarling Hice, Jody B. Hill Holding Hudson Huelskamp Huizenga (MI) Hultgren Hunter Hurd (TX) Hurt (VA) Issa Jenkins (KS) Jenkins (WV) Johnson (GA) Johnson (OH) Johnson, Sam Jolly Jones Jordan Joyce Katko Kelly (MS) Kelly (PA) King (IA) King (NY) Kinzinger (IL) Kline Knight Labrador LaHood LaMalfa Lamborn Lance Latta LoBiondo Long Loudermilk Love Lucas Luetkemeyer Lummis MacArthur Marchant Marino Massie McCarthy McCaul McClintock McHenry McKinley McMorris Rodgers McSally Meadows Meehan Messer Mica Miller (FL) Miller (MI) Moolenaar Mooney (WV) Mullin Mulvaney Murphy (PA) Neugebauer Newhouse Noem Nugent Nunes Olson Palazzo Palmer Pascrell Paulsen Pearce Perry Pittenger Pitts Poe (TX) Poliquin Pompeo Posey Price, Tom Ratcliffe Reed Reichert Renacci Ribble Rice (SC) Rigell Roby Roe (TN) Rogers (AL) Rogers (KY) Rohrabacher Rooney (FL) Ros-Lehtinen Roskam Ross Rothfus Rouzer Royce Russell Salmon Sanford Scalise Schweikert Scott, Austin Sensenbrenner Sessions Shimkus Shuster Simpson Smith (MO) Smith (NE) Smith (NJ) Smith (TX) Stefanik Stewart Stivers Stutzman Thompson (PA) Thornberry Tiberi Tipton Trott Turner Upton Valadao Wagner Walberg Walden Walker Walorski Walters, Mimi Weber (TX) Webster (FL) Wenstrup Westerman Whitfield Williams Wilson (SC) Wittman Womack Woodall Yoder Yoho Young (AK) Young (IA) Young (IN) Zeldin Zinke NOT VOTING--10 Beyer Castro (TX) Cramer Deutch Farr Herrera Beutler Rokita Rush Smith (WA) Westmoreland Announcement by the Acting Chair The Acting CHAIR (during the vote). There are 2 minutes remaining. {time} 1628 Mrs. McMORRIS RODGERS, Mrs. COMSTOCK, Messrs. CRAWFORD, MEEHAN, BISHOP of Michigan, McCLINTOCK, RODNEY DAVIS of Illinois, WEBSTER of Florida, BOUSTANY, KATKO, MARCHANT, and GROTHMAN changed their vote from ``aye'' to ``no.'' Mrs. BEATTY, Mses. BROWNLEY of California and PINGREE, Mrs. KIRKPATRICK, Messrs. LIPINSKI and LEWIS changed their vote from ``no'' to ``aye.'' So the amendment was rejected. The result of the vote was announced as above recorded. [[Page H536]] Amendment No. 6 Offered by Mr. Issa The Acting CHAIR. The unfinished business is the demand for a recorded vote on the amendment offered by the gentleman from California (Mr. Issa) on which further proceedings were postponed and on which the noes prevailed by voice vote. The Clerk will redesignate the amendment. The Clerk redesignated the amendment. Recorded Vote The Acting CHAIR. A recorded vote has been demanded. A recorded vote was ordered. The Acting CHAIR. This will be a 2-minute vote. The vote was taken by electronic device, and there were--ayes 194, noes 221, not voting 18, as follows: [Roll No. 58] AYES--194 Adams Aguilar Ashford Bass Beatty Becerra Bera Bishop (GA) Bishop (UT) Blum Blumenauer Bonamici Boyle, Brendan F. Brady (PA) Brown (FL) Brownley (CA) Burgess Bustos Butterfield Calvert Capps Capuano Cardenas Carney Carson (IN) Cartwright Castor (FL) Chu, Judy Cicilline Clark (MA) Clarke (NY) Clay Cleaver Clyburn Cohen Connolly Conyers Cooper Costa Courtney Crowley Cummings Davis (CA) Davis, Danny DeFazio DeGette DeLauro DelBene DeSaulnier Dingell Doggett Doyle, Michael F. Duckworth Duncan (SC) Duncan (TN) Edwards Ellison Eshoo Esty Farr Fattah Fleischmann Foster Frankel (FL) Franks (AZ) Fudge Gabbard Gallego Garamendi Gosar Graham Green, Al Green, Gene Grijalva Hahn Hanna Hastings Heck (WA) Higgins Himes Hinojosa Honda Hoyer Huffman Israel Issa Jackson Lee Jeffries Johnson (GA) Johnson, E. B. Jones Katko Keating Kelly (IL) Kennedy Kildee Kilmer Kind Kirkpatrick Kuster Langevin Larsen (WA) Larson (CT) Lawrence Lee Levin Lewis Lieu, Ted Lipinski LoBiondo Loebsack Lofgren Loudermilk Lowenthal Lowey Lujan Grisham (NM) Lujan, Ben Ray (NM) Lynch Maloney, Carolyn Maloney, Sean Matsui McCollum McDermott McGovern McHenry McNerney Meeks Meng Messer Moore Moulton Nadler Napolitano Neal Nolan Norcross O'Rourke Pallone Pascrell Payne Pelosi Peters Peterson Pingree Pitts Pocan Polis Price (NC) Quigley Rangel Rice (NY) Richmond Roybal-Allard Ruiz Ruppersberger Russell Ryan (OH) Sanchez, Linda T. Sanchez, Loretta Sanford Sarbanes Schakowsky Schiff Schrader Scott (VA) Scott, David Serrano Sewell (AL) Sherman Sires Slaughter Speier Swalwell (CA) Takai Takano Thompson (CA) Thompson (MS) Titus Tonko Torres Tsongas Van Hollen Veasey Vela Velazquez Visclosky Walz Wasserman Schultz Waters, Maxine Watson Coleman Webster (FL) Welch Wilson (FL) Yarmuth NOES--221 Abraham Aderholt Allen Amash Amodei Babin Barletta Barr Barton Benishek Bilirakis Bishop (MI) Black Blackburn Bost Boustany Brady (TX) Brat Bridenstine Brooks (AL) Brooks (IN) Buchanan Buck Bucshon Byrne Carter (GA) Carter (TX) Chabot Chaffetz Clawson (FL) Coffman Collins (GA) Collins (NY) Comstock Conaway Cook Costello (PA) Crawford Crenshaw Culberson Curbelo (FL) Davis, Rodney Delaney Denham Dent DeSantis DesJarlais Diaz-Balart Dold Donovan Duffy Ellmers (NC) Emmer (MN) Engel Farenthold Fincher Fitzpatrick Fleming Flores Forbes Fortenberry Foxx Frelinghuysen Garrett Gibbs Gibson Gohmert Gowdy Granger Graves (GA) Graves (LA) Graves (MO) Griffith Grothman Guinta Guthrie Gutierrez Hardy Harper Harris Hartzler Heck (NV) Hensarling Hice, Jody B. Hill Holding Hudson Huelskamp Huizenga (MI) Hultgren Hunter Hurd (TX) Hurt (VA) Jenkins (KS) Jenkins (WV) Johnson (OH) Johnson, Sam Jolly Jordan Joyce Kaptur Kelly (MS) Kelly (PA) King (NY) Kinzinger (IL) Kline Knight Labrador LaHood Lamborn Lance Latta Long Love Lucas Luetkemeyer Lummis MacArthur Marchant Marino Massie McCarthy McCaul McClintock McKinley McMorris Rodgers McSally Meadows Meehan Mica Miller (FL) Miller (MI) Moolenaar Mooney (WV) Mullin Mulvaney Murphy (FL) Murphy (PA) Neugebauer Newhouse Noem Nugent Nunes Olson Palazzo Paulsen Pearce Perlmutter Perry Pittenger Poe (TX) Poliquin Pompeo Posey Price, Tom Ratcliffe Reed Reichert Renacci Ribble Rice (SC) Rigell Roby Roe (TN) Rogers (AL) Rohrabacher Rokita Rooney (FL) Ros-Lehtinen Roskam Ross Rothfus Rouzer Royce Scalise Schweikert Scott, Austin Sensenbrenner Sessions Shimkus Shuster Simpson Sinema Smith (MO) Smith (NJ) Smith (TX) Stefanik Stewart Stivers Stutzman Thompson (PA) Thornberry Tiberi Tipton Trott Turner Upton Valadao Vargas Wagner Walberg Walden Walker Walorski Walters, Mimi Weber (TX) Wenstrup Westerman Whitfield Williams Wilson (SC) Wittman Womack Woodall Yoder Yoho Young (AK) Young (IA) Young (IN) Zeldin Zinke NOT VOTING--18 Beyer Castro (TX) Cole Cramer Cuellar Deutch Goodlatte Grayson Herrera Beutler King (IA) LaMalfa Palmer Rogers (KY) Rush Salmon Smith (NE) Smith (WA) Westmoreland Announcement by the Acting Chair The Acting CHAIR (during the vote). There is 1 minute remaining. {time} 1632 Ms. KAPTUR changed her vote from ``aye'' to ``no.'' So the amendment was rejected. The result of the vote was announced as above recorded. Stated for: Mr. CUELLAR. Mr. Chair, on Wednesday, February 3, 2016, I am not recorded on rollcall vote No. 58, Issa of California Part A Amendment No. 6. Had I voted, I would have voted ``aye.'' Amendment No. 7 Offered by Mrs. Carolyn B. Maloney of New York The Acting CHAIR. The unfinished business is the demand for a recorded vote on the amendment offered by the gentlewoman from New York (Mrs. Carolyn B. Maloney) on which further proceedings were postponed and on which the noes prevailed by voice vote. The Clerk will redesignate the amendment. The Clerk redesignated the amendment. Recorded Vote The Acting CHAIR. A recorded vote has been demanded. A recorded vote was ordered. The Acting CHAIR. This will be a 2-minute vote. The vote was taken by electronic device, and there were--ayes 173, noes 248, not voting 12, as follows: [Roll No. 59] AYES--173 Adams Aguilar Bass Beatty Becerra Bera Bishop (GA) Blumenauer Bonamici Boyle, Brendan F. Brady (PA) Brown (FL) Brownley (CA) Bustos Butterfield Capps Capuano Cardenas Carson (IN) Cartwright Castor (FL) Chu, Judy Cicilline Clark (MA) Clarke (NY) Clay Cleaver Clyburn Cohen Connolly Conyers Courtney Crowley Cuellar Cummings Davis (CA) Davis, Danny DeFazio DeGette DeLauro DelBene DeSaulnier Dingell Doggett Doyle, Michael F. Duckworth Edwards Ellison Engel Eshoo Esty Farr Fattah Foster Frankel (FL) Fudge Gabbard Gallego Garamendi Grayson Green, Al Green, Gene Grijalva Gutierrez Hahn Hastings Heck (WA) Higgins Hinojosa Honda Hoyer Huffman Israel Jackson Lee Jeffries Johnson (GA) Johnson, E. B. Jones Kaptur Katko Keating Kelly (IL) Kennedy Kildee Kilmer Kind Kirkpatrick Kuster Langevin Larsen (WA) Larson (CT) Lawrence Lee Levin Lewis Lieu, Ted Lipinski Loebsack Lofgren Lowenthal Lowey Lujan Grisham (NM) Lujan, Ben Ray (NM) Lynch Maloney, Carolyn Maloney, Sean Matsui McCollum McDermott McGovern McNerney Meeks Meng Moore Moulton Nadler Napolitano Neal Nolan Norcross O'Rourke Pallone Pascrell Payne Pelosi Peters Pingree Pocan Polis Price (NC) Quigley Rangel Rice (NY) Richmond Roybal-Allard Ruiz Ruppersberger Ryan (OH) Sanchez, Linda T. Sanchez, Loretta Sarbanes Schakowsky Schiff Schrader Scott (VA) Scott, David Serrano Sewell (AL) Sherman Sires Slaughter Speier Swalwell (CA) Takai Takano Thompson (CA) Thompson (MS) Titus Tonko Torres Tsongas Van Hollen Veasey Vela Velazquez Visclosky Walz Wasserman Schultz Waters, Maxine Watson Coleman Welch Wilson (FL) Yarmuth [[Page H537]] NOES--248 Abraham Aderholt Allen Amash Amodei Ashford Babin Barletta Barr Barton Benishek Bilirakis Bishop (MI) Bishop (UT) Black Blackburn Blum Bost Boustany Brady (TX) Brat Bridenstine Brooks (AL) Brooks (IN) Buchanan Buck Bucshon Burgess Byrne Calvert Carney Carter (GA) Carter (TX) Chabot Chaffetz Clawson (FL) Coffman Cole Collins (GA) Collins (NY) Comstock Conaway Cook Cooper Costa Costello (PA) Cramer Crawford Crenshaw Culberson Curbelo (FL) Davis, Rodney Delaney Denham Dent DeSantis DesJarlais Diaz-Balart Dold Donovan Duffy Duncan (SC) Duncan (TN) Ellmers (NC) Emmer (MN) Farenthold Fincher Fitzpatrick Fleischmann Fleming Flores Forbes Fortenberry Foxx Franks (AZ) Frelinghuysen Garrett Gibbs Gibson Gohmert Gosar Gowdy Graham Granger Graves (GA) Graves (LA) Graves (MO) Griffith Grothman Guinta Guthrie Hanna Hardy Harper Harris Hartzler Heck (NV) Hensarling Hice, Jody B. Hill Holding Hudson Huelskamp Huizenga (MI) Hultgren Hunter Hurd (TX) Hurt (VA) Issa Jenkins (KS) Jenkins (WV) Johnson (OH) Johnson, Sam Jolly Jordan Joyce Kelly (MS) Kelly (PA) King (NY) Kinzinger (IL) Kline Knight Labrador LaHood LaMalfa Lamborn Lance Latta LoBiondo Long Loudermilk Love Lucas Luetkemeyer Lummis MacArthur Marchant Marino Massie McCarthy McCaul McClintock McHenry McKinley McMorris Rodgers McSally Meadows Meehan Messer Mica Miller (FL) Miller (MI) Moolenaar Mooney (WV) Mullin Mulvaney Murphy (FL) Murphy (PA) Neugebauer Newhouse Noem Nugent Nunes Olson Palazzo Paulsen Pearce Perlmutter Perry Peterson Pittenger Pitts Poe (TX) Poliquin Pompeo Posey Price, Tom Ratcliffe Reed Reichert Renacci Ribble Rice (SC) Rigell Roby Roe (TN) Rogers (AL) Rogers (KY) Rohrabacher Rokita Rooney (FL) Ros-Lehtinen Roskam Ross Rothfus Rouzer Royce Russell Salmon Sanford Scalise Schweikert Scott, Austin Sensenbrenner Sessions Shimkus Shuster Simpson Sinema Smith (MO) Smith (NE) Smith (NJ) Smith (TX) Stefanik Stewart Stutzman Thompson (PA) Thornberry Tiberi Tipton Trott Turner Upton Valadao Vargas Wagner Walberg Walden Walker Walorski Walters, Mimi Weber (TX) Webster (FL) Wenstrup Westerman Whitfield Williams Wilson (SC) Wittman Womack Woodall Yoder Yoho Young (AK) Young (IA) Young (IN) Zeldin Zinke NOT VOTING--12 Beyer Castro (TX) Deutch Goodlatte Herrera Beutler Himes King (IA) Palmer Rush Smith (WA) Stivers Westmoreland Announcement by the Acting Chair The Acting CHAIR (during the vote). There is 1 minute remaining. {time} 1635 So the amendment was rejected. The result of the vote was announced as above recorded. The Acting CHAIR. The question is on the amendment in the nature of a substitute, as amended. The amendment was agreed to. The Acting CHAIR. Under the rule, the Committee rises. Accordingly, the Committee rose; and the Speaker pro tempore (Mr. Young of Iowa) having assumed the chair, Mr. Byrne, Acting Chair of the Committee of the Whole House on the state of the Union, reported that that Committee, having had under consideration the bill (H.R. 1675) to direct the Securities and Exchange Commission to revise its rules so as to increase the threshold amount for requiring issuers to provide certain disclosures relating to compensatory benefit plans, and, pursuant to House Resolution 595, he reported the bill back to the House with an amendment adopted in the Committee of the Whole. The SPEAKER pro tempore. Under the rule, the previous question is ordered. Is a separate vote demanded on the amendment to the amendment reported from the Committee of the Whole? If not, the question is on the amendment in the nature of a substitute, as amended. The amendment was agreed to. The SPEAKER pro tempore. The question is on the engrossment and third reading of the bill. The bill was ordered to be engrossed and read a third time, and was read the third time. Motion to Recommit Ms. FRANKEL of Florida. Mr. Speaker, I have a motion to recommit at the desk. The SPEAKER pro tempore. Is the gentlewoman opposed to the bill? Ms. FRANKEL of Florida. I am opposed in its current form. The SPEAKER pro tempore. The Clerk will report the motion to recommit. The Clerk read as follows: Ms. Frankel of Florida moves to recommit the bill H.R. 1675 to the Committee on Financial Services with instructions to report the same back to the House forthwith with the following amendment: Insert after section 1 the following: SEC. 2. PROHIBITION ON BAD ACTORS AND PROTECTION OF AMERICAN RETIREES. (a) Prohibition.--A bad actor may not make use of any exemption, safe harbor, or other authority provided by this Act or an amendment made by this Act or a regulation issued pursuant to this Act or an amendment made by this Act. (b) Rulemaking.--The Securities and Exchange Commission shall issue such regulations as may be necessary to carry out subsection (a). (c) Bad Actor Defined.--For purposes of this section, the term ``bad actor'' means any person that has been convicted of a felony or a misdemeanor involving securities, including those securities used for investing in retirement. Page 19, after line 22, insert the following: (b) Protection of American Seniors.--The Commission may not amend or repeal any regulation pursuant to subsection (a) if such amendment or repeal would weaken the protections provided for American seniors. Ms. FRANKEL of Florida (during the reading). Mr. Speaker, I ask unanimous consent to dispense with the reading. The SPEAKER pro tempore. Is there objection to the request of the gentlewoman from Florida? There was no objection. The SPEAKER pro tempore. The gentlewoman from Florida is recognized for 5 minutes. Ms. FRANKEL of Florida. Mr. Speaker, this is the final amendment to the bill, which will not kill the bill or send it back to committee. If adopted, the bill will immediately proceed to final passage, as amended. Mr. Speaker, in a bipartisan spirit, I offer a motion to recommit in order to make needed improvements to the current proposal. Let me start with the story of Charles Bacino, as noted in ``The Street,'' a financial news service. Charles grew up in Pueblo, Colorado. He was an accomplished musician. He taught music for over 30 years and brought joy to audiences across our country, from Disney World in Orlando to the Venetian in Las Vegas. He even performed alongside the famed tenor, Luciano Pavarotti. But most importantly, Charles was the loving father of three children and seven grandchildren. At age 73, as Charles lay dying of pancreatic cancer in a hospital bed in Las Vegas, he called his financial affairs manager to his bedside to discuss his investments and put his final affairs in order. As a morphine drip was working to ease his pain, Charles' financial adviser persuaded him to invest $82,000 in a cocoa and banana plantation in Ecuador. Charles gave the adviser the keys to his house to get his checkbook, and in a matter of moments, his money was gone. Financial fraud against our seniors cuts deep. Sadly, there are many more out there like Charles. One in five Americans over age 65 have been victimized by financial fraud. This equates to seniors losing nearly $13 billion a year due to financial fraud. I am sad to report to you that close to 1 million seniors are currently forgoing meals as a result of economic hardship due to financial abuse, and this problem may get worse as older Americans live longer. Here is the thing: the bill that my colleagues on the other side of the aisle bring to us today shields abusers like Charles' so-called financial adviser and strips Congress of the power to protect our grandmothers and grandfathers from con artists who swindle them. Mr. Speaker, my motion to recommit would preserve decades of SEC consumer protections designed to help folks just like Charles. It would ensure that those criminals who prey on seniors will be held accountable. My amendment adds something to this legislation that every person in [[Page H538]] this Chamber--Democratic and Republican--should want to do and get behind: stronger protections for the people who held us in their arms when we were young and that sheltered us and shared their wisdom with us as we grew. As they protected us, we must protect them. Mr. Speaker, I urge my colleagues to vote ``yes.'' Mr. Speaker, I yield back the balance of my time. Mr. HENSARLING. Mr. Speaker, I rise in opposition to the motion. The SPEAKER pro tempore. The gentleman from Texas is recognized for 5 minutes. Mr. HENSARLING. Mr. Speaker, that was a heartbreaking story, and I have no doubt that it is true. But I would urge the gentlewoman to perhaps actually read the bill. Unlike ObamaCare and unlike Dodd-Frank, perhaps if the gentlewoman actually read the bill, which is 20 pages, not 2,000 pages, she would understand that H.R. 1675 has nothing to do with her story. {time} 1645 Fraud is illegal. I repeat: Fraud is illegal. If one is convicted of a felony under the Securities and Exchange Act of 1934, there is a statutory prohibition from doing what she has described. Mr. Speaker, at best, this is a duplicative amendment, it is a superfluous amendment, and it takes away from the fact that under 8 years of Obamanomics this economy is not working for working people. It is time to help our small businesses, it is time to help our growth companies, it is time to put America back to work, and it is time to reject the motion to recommit. I yield back the balance of my time. The SPEAKER pro tempore. Without objection, the previous question is ordered on the motion to recommit. There was no objection. The SPEAKER pro tempore. The question is on the motion to recommit. The question was taken; and the Speaker pro tempore announced that the noes appeared to have it. Recorded Vote Ms. FRANKEL of Florida. Mr. Speaker, I demand a recorded vote. A recorded vote was ordered. The SPEAKER pro tempore. Pursuant to clause 9 of rule XX, the Chair will reduce to 5 minutes the minimum time for any electronic vote on the question of passage. This is a 5-minute vote. The vote was taken by electronic device, and there were--ayes 184, noes 241, not voting 8, as follows: [Roll No. 60] AYES--184 Adams Aguilar Ashford Bass Beatty Becerra Bera Bishop (GA) Blum Blumenauer Bonamici Boyle, Brendan F. Brady (PA) Brown (FL) Brownley (CA) Bustos Butterfield Capps Capuano Cardenas Carney Carson (IN) Cartwright Castor (FL) Chu, Judy Cicilline Clark (MA) Clarke (NY) Clay Cleaver Clyburn Cohen Connolly Cooper Costa Courtney Crowley Cuellar Cummings Davis (CA) Davis, Danny DeFazio DeGette Delaney DeLauro DelBene DeSaulnier Dingell Doggett Doyle, Michael F. Duckworth Edwards Ellison Engel Eshoo Esty Farr Fattah Foster Frankel (FL) Fudge Gabbard Gallego Garamendi Graham Grayson Green, Al Green, Gene Grijalva Gutierrez Hahn Hastings Heck (WA) Higgins Himes Hinojosa Honda Hoyer Huffman Israel Jackson Lee Jeffries Johnson (GA) Johnson, E. B. Jones Kaptur Keating Kelly (IL) Kennedy Kildee Kilmer Kind Kirkpatrick Kuster Langevin Larsen (WA) Larson (CT) Lawrence Lee Levin Lewis Lieu, Ted Lipinski Loebsack Lofgren Lowenthal Lowey Lujan Grisham (NM) Lujan, Ben Ray (NM) Lynch Maloney, Carolyn Maloney, Sean Matsui McCollum McDermott McGovern McNerney Meeks Meng Moore Moulton Murphy (FL) Nadler Napolitano Neal Nolan Norcross O'Rourke Pallone Pascrell Payne Pelosi Perlmutter Peters Peterson Pingree Pocan Polis Price (NC) Quigley Rangel Rice (NY) Richmond Roybal-Allard Ruiz Ruppersberger Ryan (OH) Sanchez, Linda T. Sanchez, Loretta Sarbanes Schakowsky Schiff Schrader Scott (VA) Scott, David Serrano Sewell (AL) Sherman Sinema Sires Slaughter Speier Swalwell (CA) Takai Takano Thompson (CA) Thompson (MS) Titus Tonko Torres Tsongas Van Hollen Vargas Veasey Vela Velazquez Visclosky Walz Wasserman Schultz Waters, Maxine Watson Coleman Welch Wilson (FL) Yarmuth NOES--241 Abraham Aderholt Allen Amash Amodei Babin Barletta Barr Barton Benishek Bilirakis Bishop (MI) Bishop (UT) Black Blackburn Bost Boustany Brady (TX) Brat Bridenstine Brooks (AL) Brooks (IN) Buchanan Buck Bucshon Burgess Byrne Calvert Carter (GA) Carter (TX) Chabot Chaffetz Clawson (FL) Coffman Cole Collins (GA) Collins (NY) Comstock Conaway Conyers Cook Costello (PA) Cramer Crawford Crenshaw Culberson Curbelo (FL) Davis, Rodney Denham Dent DeSantis DesJarlais Diaz-Balart Dold Donovan Duffy Duncan (SC) Duncan (TN) Ellmers (NC) Emmer (MN) Farenthold Fincher Fitzpatrick Fleischmann Fleming Flores Forbes Fortenberry Foxx Franks (AZ) Frelinghuysen Garrett Gibbs Gibson Gohmert Gosar Gowdy Granger Graves (GA) Graves (LA) Graves (MO) Griffith Grothman Guinta Guthrie Hanna Hardy Harper Harris Hartzler Heck (NV) Hensarling Hice, Jody B. Hill Holding Hudson Huelskamp Huizenga (MI) Hultgren Hunter Hurd (TX) Hurt (VA) Issa Jenkins (KS) Jenkins (WV) Johnson (OH) Johnson, Sam Jolly Jordan Joyce Katko Kelly (MS) Kelly (PA) King (IA) King (NY) Kinzinger (IL) Kline Knight Labrador LaHood LaMalfa Lamborn Lance Latta LoBiondo Long Loudermilk Love Lucas Luetkemeyer Lummis MacArthur Marchant Marino Massie McCarthy McCaul McClintock McHenry McKinley McMorris Rodgers McSally Meadows Meehan Messer Mica Miller (FL) Miller (MI) Moolenaar Mooney (WV) Mullin Mulvaney Murphy (PA) Neugebauer Newhouse Noem Nugent Nunes Olson Palazzo Palmer Paulsen Pearce Perry Pittenger Pitts Poe (TX) Poliquin Pompeo Posey Price, Tom Ratcliffe Reed Reichert Renacci Ribble Rice (SC) Rigell Roby Roe (TN) Rogers (AL) Rogers (KY) Rohrabacher Rokita Rooney (FL) Ros-Lehtinen Roskam Ross Rothfus Rouzer Royce Russell Salmon Sanford Scalise Schweikert Scott, Austin Sensenbrenner Sessions Shimkus Shuster Simpson Smith (MO) Smith (NE) Smith (NJ) Smith (TX) Stefanik Stewart Stivers Stutzman Thompson (PA) Thornberry Tiberi Tipton Trott Turner Upton Valadao Wagner Walberg Walden Walker Walorski Walters, Mimi Weber (TX) Webster (FL) Wenstrup Westerman Whitfield Williams Wilson (SC) Wittman Womack Woodall Yoder Yoho Young (AK) Young (IA) Young (IN) Zeldin Zinke NOT VOTING--8 Beyer Castro (TX) Deutch Goodlatte Herrera Beutler Rush Smith (WA) Westmoreland Announcement by the Speaker Pro Tempore The SPEAKER pro tempore (during the vote). There are 2 minutes remaining. {time} 1653 So the motion to recommit was rejected. The result of the vote was announced as above recorded. The SPEAKER pro tempore. The question is on the passage of the bill. The question was taken; and the Speaker pro tempore announced that the ayes appeared to have it. Mr. HENSARLING. Mr. Speaker, on that I demand the yeas and nays. The yeas and nays were ordered. The SPEAKER pro tempore. This will be a 5-minute vote. The vote was taken by electronic device, and there were--yeas 265, nays 159, not voting 9, as follows: [Roll No. 61] YEAS--265 Abraham Aderholt Allen Amash Amodei Ashford Babin Barletta Barr Barton Benishek Bilirakis Bishop (MI) Bishop (UT) Black Blackburn Blum Bost Boustany Brady (TX) Brat Bridenstine Brooks (AL) Brooks (IN) Buchanan Buck Bucshon Burgess Byrne Calvert Cardenas Carney Carter (GA) Carter (TX) Chabot Chaffetz Clawson (FL) Coffman Cole Collins (GA) Collins (NY) Comstock Conaway Connolly Cook Cooper Costa Costello (PA) Courtney Cramer Crawford Crenshaw Cuellar Culberson Curbelo (FL) Davis, Rodney Delaney Denham Dent DeSantis DesJarlais Diaz-Balart Dold [[Page H539]] Donovan Duffy Duncan (SC) Duncan (TN) Ellmers (NC) Emmer (MN) Farenthold Fincher Fitzpatrick Fleischmann Fleming Flores Forbes Fortenberry Foxx Franks (AZ) Frelinghuysen Garrett Gibbs Gibson Gohmert Gosar Gowdy Graham Granger Graves (GA) Graves (LA) Graves (MO) Griffith Grothman Guinta Guthrie Hanna Hardy Harper Harris Hartzler Heck (NV) Hensarling Hice, Jody B. Higgins Hill Himes Holding Hudson Huelskamp Huizenga (MI) Hultgren Hunter Hurd (TX) Hurt (VA) Issa Jenkins (KS) Jenkins (WV) Johnson (OH) Johnson, Sam Jolly Jordan Joyce Katko Kelly (MS) Kelly (PA) Kind King (IA) King (NY) Kinzinger (IL) Kline Knight Labrador LaHood LaMalfa Lamborn Lance Latta LoBiondo Long Loudermilk Love Lucas Luetkemeyer Lummis MacArthur Marchant Marino Massie McCarthy McCaul McClintock McHenry McKinley McMorris Rodgers McSally Meadows Meehan Messer Mica Miller (FL) Miller (MI) Moolenaar Mooney (WV) Mullin Mulvaney Murphy (FL) Murphy (PA) Neugebauer Newhouse Noem Nugent Nunes Olson Palazzo Palmer Paulsen Pearce Perlmutter Perry Peters Peterson Pittenger Pitts Poe (TX) Poliquin Polis Pompeo Posey Price, Tom Quigley Ratcliffe Reed Reichert Renacci Ribble Rice (NY) Rice (SC) Rigell Roby Roe (TN) Rogers (AL) Rogers (KY) Rohrabacher Rokita Rooney (FL) Ros-Lehtinen Roskam Ross Rothfus Rouzer Royce Ruppersberger Russell Salmon Sanford Scalise Schrader Schweikert Scott, Austin Sensenbrenner Sessions Shimkus Shuster Simpson Sinema Smith (MO) Smith (NE) Smith (NJ) Smith (TX) Stefanik Stewart Stivers Stutzman Thompson (PA) Thornberry Tiberi Tipton Trott Turner Upton Valadao Vela Wagner Walberg Walden Walker Walorski Walters, Mimi Weber (TX) Webster (FL) Wenstrup Westerman Whitfield Williams Wilson (SC) Wittman Womack Woodall Yoder Yoho Young (AK) Young (IA) Young (IN) Zeldin Zinke NAYS--159 Adams Aguilar Bass Beatty Becerra Bera Bishop (GA) Blumenauer Bonamici Boyle, Brendan F. Brady (PA) Brown (FL) Brownley (CA) Bustos Butterfield Capps Capuano Carson (IN) Cartwright Castor (FL) Chu, Judy Cicilline Clark (MA) Clarke (NY) Clay Cleaver Clyburn Cohen Crowley Cummings Davis (CA) Davis, Danny DeFazio DeGette DeLauro DelBene DeSaulnier Dingell Doggett Doyle, Michael F. Duckworth Edwards Ellison Engel Eshoo Esty Farr Fattah Foster Frankel (FL) Fudge Gabbard Gallego Garamendi Grayson Green, Al Green, Gene Grijalva Gutierrez Hahn Hastings Heck (WA) Hinojosa Honda Hoyer Huffman Israel Jackson Lee Jeffries Johnson (GA) Johnson, E. B. Jones Kaptur Keating Kelly (IL) Kennedy Kildee Kilmer Kirkpatrick Kuster Langevin Larsen (WA) Larson (CT) Lawrence Lee Levin Lewis Lieu, Ted Lipinski Loebsack Lofgren Lowenthal Lowey Lujan Grisham (NM) Lujan, Ben Ray (NM) Lynch Maloney, Carolyn Maloney, Sean Matsui McCollum McDermott McGovern McNerney Meeks Meng Moore Moulton Nadler Napolitano Neal Nolan Norcross O'Rourke Pallone Pascrell Payne Pelosi Pingree Pocan Price (NC) Rangel Richmond Roybal-Allard Ruiz Ryan (OH) Sanchez, Linda T. Sanchez, Loretta Sarbanes Schakowsky Schiff Scott (VA) Scott, David Serrano Sewell (AL) Sherman Sires Slaughter Speier Swalwell (CA) Takai Takano Thompson (CA) Thompson (MS) Titus Tonko Torres Tsongas Van Hollen Vargas Veasey Velazquez Visclosky Walz Wasserman Schultz Waters, Maxine Watson Coleman Welch Wilson (FL) Yarmuth NOT VOTING--9 Beyer Castro (TX) Conyers Deutch Goodlatte Herrera Beutler Rush Smith (WA) Westmoreland Announcement by the Speaker Pro Tempore The SPEAKER pro tempore (during the vote). There are 2 minutes remaining. {time} 1659 So the bill was passed. The result of the vote was announced as above recorded. A motion to reconsider was laid on the table. Stated against: Mr. SMITH of Nebraska. Mr. Chair, on rollcall No. 58, I was unavoidably detained. Had I been present, I would have voted ``nay.'' Personal Explanation Mr. CASTRO of Texas. Mr. Speaker, my vote was not recorded on rollcall No. 57 on the DeSaulnier Amendment for consideration of H.R. 1675, Encouraging Employee Ownership Act of 2015. I am not recorded because I was absent due to the birth of my son in San Antonio, Texas. Had I been present, I would have voted ``aye.'' Mr. Speaker, my vote was not recorded on rollcall No. 58 on the Issa/ Polis Amendment for consideration of H.R. 1675--Encouraging Employee Ownership Act of 2015. I am not recorded because I was absent due to the birth of my son in San Antonio, Texas. Had I been present, I would have voted ``aye.'' Mr. Speaker, my vote was not recorded on rollcall No. 59 on the Maloney/Ellison/Quigley/Polis Amendment for consideration of H.R. 1675, Encouraging Employee Ownership Act of 2015. I am not recorded because I was absent due to the birth of my son in San Antonio, Texas. Had I been present, I would have voted ``aye.'' Mr. Speaker, my vote was not recorded on rollcall No. 60 on the Motion to recommit for consideration of H.R. 1675--Encouraging Employee Ownership Act of 2015. I am not recorded because I was absent due to the birth of my son in San Antonio, Texas. Had I been present, I would have voted ``aye.'' Mr. Speaker, my vote was not recorded on rollcall No. 61 on the final passage of H.R. 1675, Encouraging Employee Ownership Act of 2015. I am not recorded because I was absent due to the birth of my son in San Antonio, Texas. Had I been present, I would have voted ``nay.'' ____________________