out. i think that might be happening on the other side as well. most founders from landlords are the state level moratorium. in those cases, the judges have found that the >> the u.s. house is about to gavel in. members have four bills scheduled, including one to of foreign rsight companies'that are sold on u.s. and letting the u.s. mint make more coins to deal with the shortage of coins aused by the coronavirus pandemic. live coverage of the u.s. house here on c-span. nesota see recognition? mr. peterson: i move to suspend 4054. es and pass s. the clerk: senate 4054 an act to

reinstate the u.s. grains standard agget and for ear purposes. the gentleman from minnesota, peterson, and the gentleman from texas, mr. conaway. mr. peterson: i ask that members may have five legislative days to include their extraneous remarks on the bill under consideration. the speaker pro tempore: without objection. mr. peterson: i yield myself such time as i may consume. the speaker pro tempore: the gentleman from minnesota is recognized. mr. peterson: i rise in support grains . 4054, u.s. standard re-authorization act of 2020. i thank ranking member conaway and general farms commodity chairman and ranking member for passage of the united states

grain re-authorization act of 2020. the inspections provided by the federal grain inspection service defined and classify grain as as well as assign grains and quality assignments and these inspection provided a gold standard backed by grain buyers and sellers. american grain farmers participate in a very competitive world. the foreign grain buyers should be confident in this process that we put forward and have a place to ensure our exports are adequately inspected. as we move ahead with re-authorization, i hope we take stock of the inspect agency is working and continue to work in a bipartisan basis and provide stability in our federal grain inspection system. i would like to note that we need -- that the need for a dedicated and strong work force

in our ports to ensure that american grain can be expertly and efficiently loaded into ships for export. i would encourage those companies that have not reached an agreement with their work force to continue to seek an agreement. i applaud the companies that have already committed to their workers. so i encourage my colleagues to support the grain standard re-authorization act. american grain farmers participate in a fiercely competitive world marget and we need to ensure that our inspection systems allows importers maintain their confidence in the quality of u.s. grains. and i reserve. the speaker pro tempore: the gentleman from reserves. the gentleman from texas, mr. conaway. mr. conaway: i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. conaway: i, too, rise in support of the united states grains standard re-authorization act senate bill 4054.

for over 100 years this law provided the foundation for the marketplace to establish consistent value. and relied upon by domestic shippers and exporters but the entirety of the u.s. agricultural sector. this legislation contains several wins for agricultural stakeholders and requires delegated states to notify users of efficient inspection or wake services of any attempt to discontinue service in addition to notifying the secretary of agriculture. it ensures the user fees are used for official services and not other government functions and most important, this legislation ensures continuity and the official grain inspection and weighing services providing much needed stability to the grain and oil seed trade. i thank chairman pat roberts to make sure we renew the grains standards act this year. and i thank the chairman and his

team getting this to the floor after passage by the senate. mr. speaker, i support passage of the senate bill 4054 and encourage my colleagues to vote yes as well. and i reserve. the speaker pro tempore: the gentleman from texas reserves. the gentleman from minnesota is recognized. mr. peterson: i yield three minutes to the gentleman from georgia and want to congratulate m on his outstanding support to be the next chairman of the ag committee, mr. scott. the speaker pro tempore: the gentleman is recognized for three minutes. mr. scott: thank very, very much. served , mr. speaker, i .n this body for 18 years , i throughout those 18 years that i am an

to enter ent by god my life at a critical time. of that man is the chairman the agriculture committee, colin peterson. certainly ask everybody to make sure you vote unanimously on the bill. a great ere to express riendship, a heartfelt gratitude. and i say as so many of my colleagues, you cannot have gone through this tremendous

challenge of being an elected having senthout god to le your way to help you, guide you. such a man is colin peterson. and let me tell you why. when i came to congress 18 years ago, i was assigned to the agriculture committee. d i was the only african-american on that committee. for several years. and sometimes when you're going into the corners of life where ou have not been before, god

sends somebody along to give you a helping hand. such a man in my life is colin peterson. not only that, he took me under me, not justguided n one committee did he have me chair, several, starting with livestock, moving on to credit, energy, the commodities and now daring ncial exchanges, to move me into areas where i did not know, but he has faith in me. and so, i wanted to take this moment to say thank you. and now as you mentioned, chairman, thanks to your good

right hand, you have opened the way -- the speaker pro tempore: the gentleman's time has expired. mr. scott: that i might become the next chairman of the house agriculture committee and no man, nothing, has helped me more to be in this position than my friendship with this great man. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas is recognized. mr. conaway: i would like to cognize my colleague and fellow ag committee member. the speaker pro tempore: the gentleman is recognized. >> thank you ranking member conaway and appreciate everything you have done serving as chairman and, thank you for your your help. i rise today in support of the

u.s. grains standards re-authorizeation act 2020. in in 1916 it established the service and benefited agriculture right down the chain for more than a century. this re-authorization will provide five years of certainty and stop disruptions to the weighing standards and make important changes. the folks at the minnesota grain and feed association and many others in agriculture are behind this legislation and let's not forget that the bill additionally requires usda to conduct nationwide review of the agency geographic areas to report its findings and report back to congress in 18 months. i vote yes and i encourage my colleagues to vote yes. and i yield back. thank you for the time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from texas resevers. the gentleman from minnesota is

recognized. mr. peterson: i yield three minutes to the gentlelady from minnesota, when our new and uprising -- upcoming members of he ag committee. the gentlewoman from minnesota is recognized. ms. craig: i thank the chairman for his service to the state of minnesota and family farmers across this nation. rise today in support of s. 4054 grains standards re-authorization act of 2020. as our family farmers face the growing impacts of covid-19 and trade instability, we must maintain the integrity of our grain market and inspection system. this bipartisan legislation passed the senate unanimously to re-authorize the federal grain inspection service at the u.s. department of agriculture. i applaud senate agriculture

committee chairman pat roberts and ranking member debbie stabenow on their bipartisan efforts. this re-authorization provides necessary certainty for buyers and sellers throughout the grain supply ms. cheney:. food and agriculture products have long remained the largest category of exports for minnesota. the federal grain inspection service provides reliable competitive and cost-effective official grain inspection and weighing system to facilitate the marketing of u.s. grains in export and domestic markets. just last year, minnesota produced over $7.5 billion worth of corn, wheat and soy beans. the employees in my district keep our grain markets moving along the mississippi river and off to destinations across the globe. while this year has presented

its challenges, re-authorizing grains standards provides a glim mere of stability for our producers as they continue to secure additional support in export markets. this legislation shores up the infrastructure that will make sure those exports continue into 2021. i look forward to the passage of this bill for the family farmers of my district and minnesota's agriculture economy. thank you. and i yield back. the speaker pro tempore: the gentlewoman from minnesota yields back. the gentleman from minnesota reserves. the gentleman from texas is recognized. mr. conaway: i would like to recognize soon to be former colleague from kansas, dr. roger marshall for three minutes. the speaker pro tempore: the gentleman from kansas is recognized. mr. marshall: grain is the saferest and most reliable quality in the world. this reputation is unchallenged

o the u.s. d.a. inspection service. the kansas economy is dependent upon continued strong agriculture exports and the certainty that comes with strict grain quality and inspection standards. kansas exported $3 billion in farm goods to 96 different countries this past year and kansas is the seventh largest exporter. this ensures a strong kansas economy. through rigorous standards, grain and feed products grown by kansas family farmers is acceptable. because of its transparency and certainty of our nation's grain system that the world continues to look to the u.s. for ag and food products. these high standards is another reason that it has been so successful and renegotiating successfully over 50% of our export ag markets.

i applaud the passage of the u.s. grains standards act and leveling the playing field for agriculture exports. it is essential that the u.s. maintains its reputation through re-authorization of this bipartisan legislation, congress is ensuring the usda in supporting farmers and ranchers across the country. say thanks to my friends and metropolitanors, our current chairman, colin peterson. thank you for your friendship and ranking member and past committee chairman as well, mike conaway. it has been an honor to work you and wish you god speed and health to all your family. i yield back. . .

the speaker pro tempore: the gentleman from minnesota is recognized. >> we have no additional speakers. does the gentleman from texas have -- i yield to the gentleman from texas. the speaker pro tempore: the gentleman from minnesota reserves. the gentleman from texas is recognized. >> thank you, mr. chairman. excuse me, mr. speaker. i would like to now recognize my colleague, fellow ag committee member from south dakota, dusty johnson, for two minutes. the speaker pro tempore: the gentleman is recognized for two minutes. mr. johnson: thank you, mr. speaker. and thank you, chairman conway. sir, you have been a champion. thank you, chairman peterson, sir, you have been a champion. but we're here on the floor this afternoon debating the united states grain standards re-authorization act and of course i rise in support of that act. agriculture is a business where almost nothing is certain. from poor weather to trade disruptions, to transport delays. these all create an incredible environment of unpredictability

and in that environment of unpredictability, producers should not have to face unpredictability in agricultural policy. and that means that when congress can come together in a bipartisan way, and offer a bit of certainty, we absolutely should do so. so that brings us, of course, to the grain standards re-authorization act, and i'm glad that we're passing a five-year re-authorization so usgsa will r-funded allow buyers and sellers to quickly and effectively determine those quality specs that are outlined in the contracts. in this world of uncertainty, ladies and gentlemen, i'm glad -- i'm proud that we're going to send this to the president's desk and of course i urge all of my colleagues to support this legislation and with that, mr. speaker, i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from texas reserves. mr. conaway: mr. speaker, i have no further speakers. i'm ready to close.

the speaker pro tempore: the gentleman is recognized. mr. conaway: i don't yield. i reserve, but i have no further speakers. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from minnesota. mr. peterson: mr. speaker. the speaker pro tempore: the gentleman from minnesota reserves. the gentleman from texas is recognized. mr. conaway: thank you, mr. speaker. i yield myself the remainder of my time. mr. speaker, before i close, i would like to make a couple of comments about my colleague from minnesota. collin peterson has served this house, the constituents of minnesota's seventh district, but more importantly, rural america and production agriculture, for 30 years. i first -- my first memory of chairman peterson came during the 2018 farm bill re-authorization mark -- 2008 farm bill re-authorization markup. that was my first one. i was a rookie. that was his 15th or 16th farm bill to share. and he was stunningly patient with me during that entire process and had a big influence on me. i don't think there's been anyone more dedicated, more steadfast, as a support for

rural america and production agriculture than chairman peterson. he's seen good times, bad times, unfortunately probably more bad times during that 30 years than good times, and he's been a champion for both rural america and production agriculture throughout that time frame. rural america and production agriculture are both better off for his long service to this house, to the constituents of minnesota's seven. mr. speaker, i urge passage of senate bill 4054, and with that i yield back. the speaker pro tempore: the gentleman from texas yields back. the gentleman from minnesota is recognized. mr. peterson: mr. speaker, thank you and want to thank the gentleman for his kind words and for his willingness to work with us over these last number of years. you know, we've got -- with this bill, we got just about all of our work done. we have the cftc re-authorization we didn't get done, but everything else is off the plate.

so that's good. we made good progress and we will both of us ride off into the sunset. i think feeling that we've done a decent job. so, again, i want to thank you. i want to thank all the members of the committee for the work that they do and wish them well in the next congress. with that, i ask everybody to unanimously support s. 4054, and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the question is, will the house suspend the rules and pass senate 4054. those in favor say aye. those opposed, no. in the opinion of the chair, 2/3 of those voting having responded in the affirmative, the rules are suspended, the bill is passed and, without objection, the motion to reconsider is laid n the table.

the speaker pro tempore: for what purpose does the gentleman from missouri seek recognition? mr. clay: mr. speaker, i move that the house suspend the rules and pass the bill, s. 945, the holding foreign companies accountabilityable -- accountable act. the speaker pro tempore: the clerk will report the title of the bill. the clerk: senate 945. an act to amend the sarbanes-oxley act of 2002, to require certain issuers to disclose to the securities and exchange commission information regarding certain foreign jurisdictions that prevent the public company accounting oversight board from performing inspections under that act, and for other purposes. the speaker pro tempore: pursuant to the rule, the gentleman from missouri, mr. clay, and the gentleman from ohio, mr. gonzalez, each will

control 20 minutes. the chair now recognizes the gentleman from missouri, mr. clay. mr. clay: thank you, mr. speaker. i ask unanimous consent that all members may have five legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon. the speaker pro tempore: without objection. mr. clay: i yield myself as much time as i may consume. and i rise. the speaker pro tempore: the gentleman is recognized. the gentleman from missouri, mr. clay. mr. clay: thank you, mr. speaker. i rise in support of s. 945, the holding foreign companies accountable act. which would suspend the trading of securities of foreign issuers that retain accounting firms not subject to audit by the public company accounting oversight board. after three years of noncompliance, as well as require the issuer to disclose whether it is owned or

controlled by a foreign government. i'd like to thank senator kennedy and representative sherman who co-sponsored the house version of s. 945 for working on this incredibly important and long overdue piece of legislation. the enron and worldcomfinancial reporting scandals -- worldcom financial reporting scandals iped out millions of dollars from retirement accounts. to ensure u.s. investors, workers, retirees and capital markets were never again exposed to this type of egregious fraud, congress established the pcaob, through the sarbanes-oxley act, to protect investors by overseeing the audits of public companies and ensuring the

preparation of informtific, accurate and independent corporate disclosures and audit reports by inspection. as former board member steven harris noted, and i quote, the pcaob was established because the accounting profession's framework of self-regulation had failed, unquote. and the creation of an independent auditor to inspect and verify corporate disclosures and audit work was necessary. however, signing various foreign secrecy, privacy and national security laws, many form issuers who enjoy the full benefits and privileges of trading on u.s. exchanges and access to u.s. public markets have openly flouted u.s. investor protections and prohibited the pcaob from inspections --

inspecting their corporate disclosures, as well as their auditors' work. according to a june 2020 report -- june, 2020, report, china alone had 202 public companies listed on u.s. exchanges, representing $1.8 trillion in market capital -- capitalization that the pcaob has been unable to fully and adequately inspect. make no mistake, the ability of foreign issuers to circumvent pcaob inspections affirmatively allows foreign companies to exploit u.s. workers and retirees and comes at the direct expense of u.s. investors and , integrity of u.s. markets to continue to business as usual reverts us back to the enronstadt us kyo. by suspending the trade -- enron

status quo. by suspending the trading commission who are not compliant with pcaob, the holding foreign companies accountable act will hold noncompliant foreign issuers accountable and help safeguard u.s. investors and the integrity of our markets. we can no longer allow foreign issuers to exploit our system. i call on my colleagues on both sides of the aisle to stand with me in protecting american workers, retirees and investors by supporting the bipartisan holding foreign companies accountable act. thank you, mr. speaker, and i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from ohio is recognized. mr. gonzalez: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. gonzalez: thank you. the bill before us today relates to an issue that the president's working group on financial markets and the securities and

exchange commission are diligently working to address. the public company accounting oversight board's inability to inspect the audit work and practices of pcaob-registered auditing firms in china. the mission of the pcaob is to oversee the audits of public companies and provide the public with informative, accurate and independent audit reports. the sarbanes-oxley act and the pcaob's rules impose requirements on firms that perform audit work for public companies which include providing complete and timely access for pcaob inspections. conducting inspections in the united states is simple. however, conducting them internationally requires agreements with foreign regulators and firms. over the years, the pcaob has worked closely with their foreign counterparts on specific requirements for nearly all jurisdictions that have u.s.-listed public companies. this collaboration allows for joint inspections and enforcement matters. however, there are a few countries for which no such agreements exist. the outstanding jurisdictions

include belgium, france, hong kong and china. the board is currently working on agreements that would lead to cooperation in belgium and france and expects to have a final cooperative agreement to facilitate access there in the near future. china on the other hand has skirted these requirements. they have done so without showing any interest in allowing for such cooperation. as a result, the pcaob cannot inspect the audit work and practices of firms in china and hong kong to the extent their clients have operations in mainland china. the chinese government has exacerbated the situation by prohibiting audit firms from providing this information without the consent of chinese financial regulators. this bill before us today this bill prohibits companies to be traded on national security exchange if they had three noninspection years. during these noninspection years, each company would be required to disclose the percentage of the shares owned

by governmental entities and the entities that have a controlling financial interest and any official of the communist party is a member of the company's board and any ownership. as the title of this legislation suggests, the holding foreign companies accountable act and companies based in china from taking advantage of our deep and liquid markets. this situation is unfair and dangerous for investors. for that reason, the act should be read to apply to companies that the auditor that signs the report is loathed in a jurisdiction that does not permit inspection access. six months ago, the president released a member rapid dumb of protecting united states' investors. the memo directed the president's working group to provide recommendations to address the issues with china. three months ago, the president's working group released that report.

the report detailed a number of recommendations to level the playing field for all companies listed on our exchanges and improved disclose sure. the implementation of these ecommendations to help senator kennedy's legislation. s.e.c. chairman directed staff to prepare proposals to address these proposals in a transparent manner through the rulemaking process. i applaud senator kennedy and his staff and the president's working group on financial markets and the pcaob for their diligence and thank minority ranking carthy and member mccaul. republicans and americans will fight against the global threat on communism. i thank mr. sherman working with me and his work in bringing this legislation to the floor today. i thank the gentleman from

louisiana, senator kennedy, for all his work in standing up to china. i reserve. the speaker pro tempore: the gentleman reserves. mr. clay is recognized. mr. clay: it gives me great pleasure to yield to my 20-year friend and colleague from california, mr. sherman, such time as he may consume. the speaker pro tempore: the gentleman from california is recognized. mr. sherman: i thank the gentleman for yielding. i want to persuade people to support the bill and provide important information to the entire house. it would be part of the legislative history of this bill and is designed to guide the s.e.c. in issuing appropriate regulations. i rise in support of s. 945, the holding foreign companies accountable act. i would like to thank chairwoman

waters and her staff for working with my office and the all the members who have been involved in this bill and making this issue a priority. this will be the most significant piece of investor protection legislation that the congress adopts this congress, cause it applies to some 224 publicly traded companies and ensures investors of the financial statement integrity that they expect from all companies that are traded in the united states. let's go back in history a bit. for well over a century, investors incorporations have insisted that the financial statements they get are audited by an independent auditor. but at the beginning of this century, we learned that that was not enough.

we saw enron and worldco p mm pcaob so we have a system where not only the company's financial statements audited, but the audit is subject to being audited by a governmental entity. that's essential in this century to have investors adequately protected. and so when we're dealing with 2 24 public companies with $1.8 trillion in capitalization, we need that level of protection. i would like to thank my colleague from ohio, congressman gonzalez, for joining me in leading this issue in the house. i would like to thank my good friend and co-chair of the bicameral, bipartisan c.p.a.

caucus, mike conaway, who has been working on these issues for many years. and i thank senators kennedy and van hollen for their leadership. is unable to inspect he audit work and practices of certain audit firms in a handful of jurisdictions. today that includes belgium and france to some degree, but primarily the issue is china. in most cases, audit firms cite local laws related to data protection or national security as the reason for being unable to provide the pcaob with the information they need. accordingly, as i mentioned before, the pcaob has noted that the auditor for some 224 listed

companies with the combined capitalization of $1.8 trillion is not subject to the enhanced oversight that this congress has insisted upon since 2002. since it was created, the pcaob has established a tormal cooperative relationship with foreign audit regulateors that allowed it to conduct inspections of more than in firms of more than 59 non-u.s. jurisdictions. the securities and exchange commission have tried to engage with chinese regulateors to reach a cooperative agreement and not able to conduct inspections with regard to china or hong kong. our legislation would bring an end to this sort of rick for investors by requiring the s.e.c. to stop the trading in company stock if the pcaob is

unable to inspect the audit report and audit work papers for a period of three years. this is an investor protection ill. this bill is not anti-china and it is not designed to prohibit the trading of chinese companies, rather it provides a three-year window during which we expect china will enter into a reasonable agreement with the s.e.c. and pcaob so we have the additional level of protection for investors that we expect and have demanded since we passed the sarbanes-oxley bill in 2002. the house has already passed this legislation in similar and actually exterior form as an mendment to the 2001 ndaa,

national defense authorization act. it is the intention of the authors of this senate bill to achieve exactly what that language approved by the house earlier this year sets forward and that amendment to the ndaa is part of the legislative history of this bill and in our consideration of it today. in order to guide the interpretation of this bill, senator kennedy and i have a statement and without objection, i would like to enter it into the record. the speaker pro tempore: without objection. mr. sherman: i want to read it. it is the intent of this legislation to provide the securities and exchange commission with the discretion necessary to determine how much of a company's total audit must be performed by a firm beyond the reach of the pcaob inspections before trading in the trading. consistent with our work with

the securities and exchange commission on this legislation, it is our expectation, the commission will not prohibit trading in the securities of companies in this act as long as not more than one-third of the company's total audit is performed by a firm beyond the reach of the pcaob inspection. the legislation provides the commission with the authority to termine how the size of an audit would be measured and whether you would look at total revenue, assets. furthermore, the scope of this legislation is not intended to be limited to companies which rely on foreign audit firms that has ownership relationship with the pcaob publicly registered accounting firm. it is intended to encompass public companies which rely on foreign audit firms that are affiliated with or maintain

affiliation agreement with a pcaob publicly registered accounting firm. one particular comment to draw your attention to and that it is not the intention of this bill to cover firms that have some small part of their audit being done in china, perhaps one zear in china but is designed to apply when a third or more of he audit is not subject to pcaob inspection. how you define one-third of the revenue or assets is left to the s.e.c. i would like to not only co-signed the statement i just read prepared by senator kennedy, but would have the following additional remarks and take this opportunity to make clear, it's not the intention of this legislation that every

public company which is a client firm which is affiliated beyond the reach of the pcaob be subject to the prohibition. the trading prohibitions are intended to be applied when a significant portion of the audit is prepared by an audit firm or branch or office or affiliate of an audit firm which the pcaob is unable to inspect and the s.e.c. has the authority to interpret this provision. as chair of the investor protection and capital markets subcommittee, i appreciate how critical it is for u.s. investors on stock exchanges to have the additional protection that the financial statements have been audited but the audit is subject to review by the pcaob. i appreciate my colleagues' support of this legislation and look forward to its passage here today. and with that, i thank the gentleman yielding me enough

time to describe the major parts of the legislation and make it clear to the regulateors what expectations the house and senate have for the regulations that they will issue. i yield my time back to the gentleman from missouri. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from missouri reserves. the gentleman from ohio is recognized. mr. gonzalez: i would like unanimous consent to enter the words of congressman barr from kentucky on behalf of this legislation. the speaker pro tempore: the gentleman's request will be covered by general leave. mr. gonzalez: i would like to inquire how much time i have remaining and whether the gentleman from missouri. the speaker pro tempore: the gentleman from ohio has 16 minutes. the gentleman from missouri has 6.5 minutes. mr. clay: i have no other speakers. so i am prepared to close. the speaker pro tempore: the

gentleman from ohio, mr. gonzalez is recognized. mr. gonzalez: i would urge my colleagues to support s. 945. i want to thank everyone for making this legislation possible and i thank mr. sherman for his comments and his work and partnership on this important issue, and i yield back. the speaker pro tempore: the gentleman from ohio yields back. the gentleman from missouri is recognized. mr. clay: i yield myself the balance of the time, let me first thank my friend from maryland, senator chris van hollen for his co-sponsorship of this legislation. the holding foreign companies requiring act would suspend the securities issued by a foreign ompany who are not compliant commencing upon the enactment of this bill. as well as require foreign

issuers to disclosed. r too long foreign issuers have circumvented important investor protections crafted by congress to protect u.s. investors, retirees and u.s. capital markets. this commonsense bill does nothing more than ensure a level playing field by requiring foreign issuers to play by the same rules as everyone else and additionally with passage of this bill, investors and markets can be assured that the legally required disclosures they are re seffing pursuant to u.s. law from the company they are investing and have been thoroughly vetted by an independent agency is to protect investors and safeguard market integrity. maintaining the status quo would allow a foreign issuer to

continue to exploit u.s. retirees and investors while allowing them continued access to the greatest most dynamic capital market system in the world. i call on all my colleagues on both sides of the aisle to join me in supporting the bipartisan holding foreign companies accountable act and, mr. speaker, i yield back the balance of my time. the speaker pro tempore: the gentleman from missouri yields back. the question is, will the house suspend the rules and pass senate 945. those in favor say aye. those opposed, no. in the opinion of the chair, 2/3 of those voting having responded in the affirmative, the rules are suspended, the bill is passed and, without objection, the motion to reconsider is laid n the table. for what purpose does the gentleman from missouri seek recognition? mr. clay: mr. speaker, i move the house suspend the rules and

concur with the senate amendment to h.r. 1830, the national purple heart hall of honor commemorative coin act. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 1830, an act to require the secretary of the treasury to mint coins in commemoration of the national purple heart hall of honor, senate amendment. the speaker pro tempore: pursuant to the rule, the gentleman from missouri, mr. clay, and the gentleman from ohio, mr. gonzalez, each will control 20 minutes. the chair now recognizes the gentleman from missouri, mr. clay. mr. clay: thank you, mr. speaker. i ask unanimous consent that all members may have five legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon. i yield myself -- the speaker pro tempore: without objection. mr. clay: i yield myself such time as i may consume and, mr. speaker, i rise in strong support.

the speaker pro tempore: the gentleman from missouri is recognized. mr. clay: thank you. i rise in strong support of h.r. 1830, the national purple heart hall of honor commemorative coin act. the purple heart is one of the oldest and most recognized american military medals awarded to service members who were killed or wounded by enemy action. the mission of the national purple heart hall of honor, located in new windsor, new york, is to collect and preserve the stories of purple heart recipients from all branches of the armed forces and across all generations. the hall of honor serves as a living memorial to these service members and ensures that all recipients are reremember -- are remembered. currently, there are over 200,000 names installed at the hall of honor. this bill would provide tangible

support to the hall of honor by directing the west point met to -- mint to produce commemorative coins in recognition of the work of the hall of honor. proceeds from the sale of this -- sale of this coin would fund improvements to the museum itself, to help expand the understanding and respect for those who have served and sacrificed. this bill passed the house last september, but the version we are considering today incorporates changes made by a senate amendment that updates the time period for issuance of the commemorative coins to f.y. 2022, and includes financial assurance language that minting and issuing coins under this act will result in no net cost to the federal government. i thank mr. maloney, mr. takano and mr. gallagher for their work

on this bill and urge members to vote yes. thank you, mr. speaker, and i reserve the balance of my time. the speaker pro tempore: jamplet the gentleman from ohio is recognized -- the gentleman reserves the balance of his time. the gentleman from ohio is recognized. mr. gonzalez: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is rozzed. mr. gonzalez: thank you -- is recognized. mr. gonzalez: thank you. mr. speaker, i rise in support of h.r. 1830, also known as the national purple heart honor -- hall of honor commemorative coin act. i thank mr. schumer and congressman maloney. we passed his version of the bill in the house in 2019. i'm glad we have the opportunity to send this important bill to the president's desk. the national purple heart mission opened in 2006. the purple heart mission is a new york state facility that is dedicated to collecting, preserving and sharing the stories of all purple heart recipients from all branches of service and across all conflicts. enrollments at the national purple heart honor mission are

voluntary and submissions are made by purple heart recipients, their families or friends. currently there are 1,095 purple heart recipients enrolled from the great state of north carolina, representing world war i, world war ii, korea, vietnam, somalia, operation enduring freedom and operation iraqi freedom. these courageous men and women are recognized by the national purple heart honor mission because, surprisingly, the federal government does not maintain a comprehensive list. in fact, the only award for which there is a list is the medal of honor. mr. speaker, the national purple heart honor mission is an organization that deserves the recognition, the recommend -- the recognition the commemorative coin will bring. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from missouri is recognized. mr. clay: mr. speaker, at this time i would like to yield to my friend and colleague from new to the ve minutes

gentleman from new york, mr. maloney. the speaker pro tempore: the gentleman from new york, mr. maloney, is recognized for five minutes. mr. maloney: i thank the gentleman and, mr. speaker, i rise in support of my bill, the national purple heart hall of honor commemorative coin act, which will be voted on tonight, after many years of work. i think it's important to note that it was the father of our country, george washington himself, who created the purple heart in the closing days of the revolutionary war. it happened right in my district, in the heart of new york's hudson valley, at the new windsor, where george washington created and awarded something called the badge of military merit. we know that honor today as the purple heart. which is how it appeared when it was originally created out of fabric. the purple heart was revived in 1932 on the bicentennial of general washington's birth to honor veterans of world war i and since then this great honor has been earned. it has been earned.

often at great personal cost by nearly two million brave service men and women. in 2006, as my colleague noted, the national purple heart hall of honor, located in new windsor, opened its doors and launched the first comprehensive list of purple heart recipients. the hall of honor collects and preserves the names and, more importantly, the deeds and stories of the men and women wounded or killed in service of our nation. heroes like rich strago, my friend, who lives in the hudson valley, rich served in vietnam. he continued to man his post under fire even after he had been hit by a mortar blast. it's heroes like rich who we honor tonight. he serves today on my veterans advisory board, he's the vice chair of the national purple heart honor mission board of directors, and is the commander of the military order of the purple heart, chapter 1782. i'd also like to thank so many

others, including members of my staff, my legislative staff, ryan lehman, molly, laura and of course beverly, who has personally worked for so long to make this day a reality. but of course, it's the national purple hall of honor that deserves the credit and the mission and the recipients who do such important work and who create such a powerful example for all of us. because in addition to helping veterans receive their purple heart, you this know -- they now support veterans and their families, offer educational programs for schools, host a four-day honor mission to the hudson valley to see the hall of honor, and my bill will authorize importantly the u.s. treasury to mint 5ds gold coins, $1 silver coins, and half-dollar clad coins and the proceeds from these coins, and this is wonderful, which will be produced at the west point mint, right down the road, outside the united states military academy, those proceeds will support the

critical mission along with other programs to help veterans and their families at no cost to the taxpayers, both in new york and of course across our country. so i want to thank my friend, mr. schumer, for his partnership in passing the bill through the senate with broad bipartisan support. and i want to thank my colleagues here in the house, our chairman of the veterans' affairs committee -- veterans' affairs committee, mike gallagher, himself a marine corps veteran, for their partnership on this legislation. the bill was really made possible, of course, by the extraordinary work of the military order of the purple heart. the team at the national purple heart hall of honor and the honor mission, including russ vernon, ritchiely a, richard gerberth and my friend, willy, thank you all. and of course volunteers like stephanie who helped us win overwhelming bipartisan support from over 300 members of congress. today is particularly moving for me because of how long it has taken to bring this bill to fruition and i can't help but think of two men who inspired

our work on this bill. one is my dad, jim maloney, a navy veteran who was banged up pretty bad on the u.s.s. manchester on his 19th birthday. but who got himself well and was able to live his american dream because his country had his back. and there were people here who wanted to honor his service. and he showed me firsthand the incredible sacrifice of those who have served. another is a republican friend of mine, sander, a dear friend who passed away just last year. bill served our country in world war ii and korea. when we did events together, he would have trouble standing because his feet still hurt from the frostbite he suffered in korea. he served the hudson valley as a state senator for 40 years. and worked closely with me to advance the mission of the hall in this bill. and i could not be more proud to work with his beloved wife, pat, and others to carry on this piece of his legacy and i can't wait to see this coin become a reality. i know my friend, bill, is smiling down from heaven

tonight. so i want to thank you all for your support and the bipartisanship it took to get us to this point, mr. speaker, and i yield back. the speaker pro tempore: the gentleman from new york yields back. the gentleman from missouri reserves. the gentleman from ohio is recognized. mr. gonzalez: mr. speaker, i'm prepared to close. we have no more speakers. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from missouri. mr. clay: mr. speaker, i have no further speakers. so i too am prepared. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from ohio, mr. gonzalez, is recognized. mr. gonzalez: thank you, mr. speaker. i would simply urge my colleagues to support h.r. 1830 as amended, so we can honor our great purple heart recipients in ohio and across the country and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from missouri is recognized. mr. clay: mr. speaker, i yield myself the balance of the time. the speaker pro tempore: the gentleman is recognized. mr. clay: thank you, mr. speaker. this bill ensures that the hall of honor can continue its

.mportant mission the straightforward changes we are considering today will align the time period for the issuance of the commemorative coin and ensures that the coins issued under this act will result in no net cost to the federal government. i urge members to vote yes on this bill and i yield back the alance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the question is, will the house suspend the rules and concur on senate amendment to h.r. 1830. those in favor say aye. those opposed, no. in the opinion of the chair, 2/3 of those voting having responded in the affirmative, the rules are suspended, the senate amendment is agreed to, and, without objection, the gentleman -- mr. clay: mr. speaker, i send to

the desk -- the speaker pro tempore: without objection, the gentleman the motion to reconsider is laid on the table. -- the motion to reconsider is laid on the table. mr. clay: i send to the desk a concurrent resolution and ask unanimous consent for its immediate consideration in the house. the speaker pro tempore: the clerk will report the title of the resolution. the clerk: house concurrent resolution 125. concurrent resolution directing the clerk of the house of representatives to make a correction in the enrollment of h.r. 1830. the speaker pro tempore: is there objection to the consideration of the concurrent resolution? without objection, the concurrent resolution is agreed to and the motion to reconsider s laid on the table. for what purpose does the gentleman from missouri seek recognition? mr. clay: mr. speaker, i move that the house suspend the rules and pass the bill, the coin

metal modification authorization and cost savings act of 2020, as amended. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 7995. a bill to amend title 31, united states code, to save federal funded by authorizing changes to the composition of circulating coins and for other purposes. the speaker pro tempore: pursuant to the rule, the gentleman from missouri, mr. clay, and the gentleman from ohio, mr. gonzalez, each will control 20 minutes. the chair recognizes the gentleman from missouri, mr. clay. mr. clay: thank you, mr. speaker. i ask unanimous consent that all members may have five legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon. the speaker pro tempore: without objection. mr. clay: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. clay: thank you, mr. speaker. i rise in strong support of h.r. 7995.

the coin metal modification and cost savings act of 2020. i want to thank the gentleman from nevada, representative amodei, for his work on this bill, which authorizes the director of the mint in consultation with the secretary of the treasury to modify the metallic composition of circulating coins to better meet public demand for coins while seeking to reduce costs to taxpayers and preserve interoperability with existing coin-accepter technology. despite the changes to our everyday lives brought on by the covid-19 pandemic, coin production is at an all-time high, just this year the u.s. mint averaged a monthly production rate of approximately 1.27 billion coins per month for

a total of 15.2 billion coins over the past 12 months. by comparison, the mint produced 11.9 billion coins for all of 2019. since 2006, metal prices have risen to where the unit cost of a penny and nickel exceed their face value. the u.s. mint estimates that by adjusting the metal content of coins, the federal government can save between $10 million to $17 million per year. this bill would require any proposed change in the metallic composition of coins to both reduce costs to taxpayers and be seamless. this means that the diameter, weight and electromagnetic signature of the new coins would operate interchangeably in most coin accepters that use electromagnetic signature technology such as vending

machines, laund row mats and self-checkout lines at your local grocery store. this commonsense reform provides the mint with the flexibility needed to save taxpayer dollars and avoid future supply chain disruptions while balancing the needs of stakeholders and ensuring that any new coins work within the existing coin acceptance infrastructure. this bill is supported by a wide range of industry stakeholders, including the national automatic merchandising association, the coin laundry association, and the food industry association. i thank mr. ahmad -- mr. amodei for his work on this bill and i urge members to vote yes. thank you, mr. speaker. i reserve the balance of my time. the speaker pro tempore: the gentleman from ohio is recognized.

mr. gonzalez: thank you, mr. speaker. i yield myself such time as i may consume. the speaker pro tempore: the gentleman from ohio is recognized. mr. gonzalez: mr. speaker, i rise in support of h.r. 7995, the coin metal modification authorization and cost savings act of 2020. mr. speaker, as you know, title 31 of the united states code establishes the monetary system on which our nation relies. section 5112 in particular sets out the parameters by which the secretary of the treasury is authorized to mint and issue the coins that we use on a daily basis in the united states. those parameters are incredibly detailed. for example, there are provisions outlining the number of circulating coin programs, better known as coins used to commemorate a person or event, the provisions even depict the metal composition requirements that every coin leaving the united states mint must meet. in fact, different coins have different composition requirements. for example, the five-cent coin -- alloy.

one quarter and a dime must be clad with three layers of metal. the two identical outer layers of 25% nickel. this bill, introduced by congressman amodei, would amend title 31. the bill would allow the united states mint to research and make recommendations to congress regarding changes to the metallic compsition of those circulating coins we use every day. once the mint's research is complete, the director of the mint must report to congress any proposed changes it seeks to make, including justifications for the changes. this report to congress must include the following information. first, the report must describe how the proposed modifications will save taxpayer dollars. the report must describe how the modifications will be implemented without disrupting the current circulation of

coins. this bill maintains congress' article 1 authority over coins. the bill provides if congress, the entity constitutionally responsible for coinage, disagrees with or believes the modifications are too burdensome, it can stop the process. the bill provides for the bill pr pro vidse for an ex-pe did red view process to stop any changes the mint would make. this bill may seem like a strike idea. why thing che -- why change the composition of coins? if it ain't broke, done fix it. this would allow for potential savings of $4 million annually by changing the metal composition of the nickel and $14 million by changing the dime and quarter. these projected numbers done account for the penny which would increase the savings to taxpayers.

needless to say, these savings are not chump change. i'm not a coin expert. but i can say that if the mint is able to save the u.s. taxpayer considerable money by altering the metal composition of circulating coins we should give coin experts the chance to make their case. h.r. 7995 makes sense. it's a commonsense cost savings bill. it's for this reason i support this bill and urge my colleagues to support it as well. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from missouri is recognized. mr. clay: i continue to reserve. the speaker pro tempore: the gentleman reserves. the gentleman from ohio is recognized. >> i yield two minutes to the gentleman from tennessee, mr. ose. the speaker pro tempore: the gentleman from tennessee is recognized. mr. rose: i rise today in opposition to h.r. 7995, the coin metal modification authorization and cost savings act of 2020. i first want to thank the bill's

sponsor for his willingness to amend the bill to address some of the concerns both members and stake hold verse raised. i believe that as a result we have a better bill before us today. however, i do not think these changes went far enough. this legislation still cedes congressional authority and represents a radical shift in the balance of power. section 8, clause 5, of article 1 of the constitution grants congress the power to coin money, regulate the value thereof and of foreign coin and fix the standards of weights and measures. i'm having trouble understanding thise would willingly give power to someone else. historically congress has been reluctant to relinquish that power. it has balked at similar pieces of legislation over separation of powers concerns. we continue it concede executive

authority -- authority to the executive branch. i too believe we should look for efficiency in government. as well as opportunities to save taxpayer dollars. however, it should not come at the cost of willfully handing over specific duties to us in the constitution in the process. madam speaker, mr. speaker, although well intentioned, i believe this is an important issue that deserves a thoughtful discussion and debate, something a hearing would have provided. and its consideration should not be expedited without that debate . i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from ohio reserves. the gentleman from missouri is recognized. mr. clay: mr. speaker, i would inquire through the chair if my colleague has any remaining peakers on his side. mr. gonzalez: mr. speaker, we have two speakers remaining. the speaker pro tempore: the gentleman from missouri reserves? mr. clay: i continue to reserve,

yes. the speaker pro tempore: the gentleman from ohio is recognized. mr. gonzalez: mr. speaker, i yield 30 seconds to the gentleman from tennessee, mr. roe. the speaker pro tempore: the gentleman from tennessee is recognized for 30 seconds. mr. roe: i rise in opposition to this bill. it would shift the constitutional power to coin money and regulate its value from congress to the executive branch. while i applaud the effort to give the mint flexibility to reduce costs, this bill has the unintended affect of relinquishing congress' constitutional power to coin money to the executive branch. we see this shift of power all the time in this body -- in this body. it's a prerogative of congress to regulate the country's coinage. let's vote to maintain this prerogative. i urge my colleagues to support suspending the rules and passing h.r. 795. with that, i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman reserves the balance of his time. mr. clay: mr. speaker, i have no further speakers and am prepared to close. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from ohio is recognized of the mr. gonzalez: mr. speaker, i yield three minutes

the speaker pro tempore: the gentleman from nevada is recognized for three minutes. mr. amodei: i thank my colleagues in granting me some time and my colleagues from ennessee for their comments. when ll be saving money it costs the mint half a cent to make a nickel and 7.15 cents to make a penny. the dime and the quarter are not far behind. and no disrespect to anyone who has spoken before, but when all else fails, read the constitution and read the bill. the constitution says in a we have the ability to regulate, in, ability to coin money to

value the money and we have weights and measures. this is not a long bill, ladies and gentlemen. it is two pages long and it talks about changing the metal content. nowhere in article 1 does it say anything about the content of the metal of the coin. so when my colleague from missouri says this is a commonsense measure is meant to save money, that's it, we lose money on every one of those pennies and nickels that we coin. to ant to give the mipt regulate the content. abilitythrough 7995 the r the mint to regulate the coin. none of these provisions are

covered in the constitution with all due respect. ok. end of analysis, please support the bill. the last part is this, despite the fact that it's not in there about metal content and changing any of the specifically enumerated constitutional provisions there are still provisions in this bill that out of an abundance of caution, let's go ahead and make sure the congress knows when we change the metallic content of a coin with the idea of saving money for taxpayers and making sure that other stakeholders don't have objections. if anything, we expanded the meaning of that provision in the constitution to say by the way, talk to congress and make sure it is ok. with all due respect, i request your consideration and i thank the committee for its jurisdiction and i urge its support and i yield back. the speaker pro tempore: the

gentleman yields back the balance of his time. the gentleman from ohio. mr. gonzalez: i'm prepared to close. the speaker pro tempore: the gentleman is recognized. . gonzalez: i would simply urge my colleagues to support h.r. 79995 and i yield back. the speaker pro tempore: the gentleman from missouri is recognized. mr. clay: i reeled myself the balance of the time. the speaker pro tempore: the gentleman is recognized. mr. clay: this bill is a commonsense reform that provides the mint with the flex built to meet consumer demand while saving taxpayer dollars. this bill ensures that modifications will operate interchangebly and without disruption. i urge members to vote yes on this bill and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the question is, will the house

suspend the rules and pass bill h.r. 7995 as amended. those in favor say aye. those opposed, no. in the opinion of the chair, 2/3 being in the affirmative, the rules are suspended, the bill is passed and without objection -- the gentleman from tennessee. >> i call for ar recorded vote. the speaker pro tempore: ursuant to section 3 of h.res. 965, the yeas and nays are ordered. further proceedings on this motion will be postponed. pursuant to clause 12-a of rule 1, the chair declares the house in recess until approximately 6:30 p.m. today.