 The SEC has refused to extend the no-action letter – which, when it expires, would result in a significant reduction in the research available to American investors and thus an increase in operational costs that would cost hard-working people saving for their future. The MiFID II Act reflects a substantial commitment to safeguard the interests of American investors. H.R. 2622 is my 190th piece of legislation to be passed by the House of Representatives and – as a pro-growth, free-enterprise-seeking Republican – I am thrilled to deliver a bill that supports the growth of small businesses and free markets and creates a conducive environment for retirement savers and job creators. With support from other members - notably Congressman Josh Gottheimer (NJ-05) - the bill passed the House Financial Services Committee by an overwhelming 45-2 vote. This represents the necessity of congressional interjection to protect small businesses when federal agencies – such as the SEC – fail to provide adequate assistance. The extension of the SEC no-action letter will grant U.S. broker-dealers much needed relief and will give the SEC time to properly study the impact of the no-action letter’s expiration. I am greatly encouraged by the sweeping support for H.R 2622 in the House, and I expect similar levels of bipartisan work as the bill makes its way to the Senate. |
In addition to securing our southern border, I also discussed the necessity of ensuring the federal government transitions back to in-person work. COVID-era telework policies have resulted in slowed and inefficient federal operations. As Chairman of the Subcommittee on Government Operations and the Federal Workforce, it is my duty to push for a return to in-person work to ensure productivity within the workforce post-COVID.
Congress must make significant investments to national security to keep our nation safe and secure. However, we must ensure that the taxpayer dollars we appropriate to these federal agencies are properly accounted for and spent efficiently. Understanding how the DoD spends the over $877 billion they receive is instrumental to exposing areas that perpetuate unnecessary waste, fraud, and abuse within these federal organizations. The DoD receives the largest share of annual discretionary spending, yet the Department has not returned a clean audit for the past six years and is currently the only major federal agency where that is the case. Ensuring that the DoD and other outside auditing organizations have access to resources that will properly enable them to conduct their audits will be a priority within our subcommittee. Considering the scope of their funding, legislative action must be taken to provide solutions improve their accounting and auditing systems to ensure spending is directed to most effectively enable the Department of Defense to keep our nation safe.
