H6124 CONGRESSIONAL RECORD — HOUSE September 19, 2012 

nonprofit organizations for the purpose 

of modifying and rehabilitating homes 

for our Nation’s low-income disabled 

veterans. 

H.R. 6361 was drafted in a bipartisan 

manner, and this is reflected in the 

overwhelming support it received when 

it was reported unanimously by the 

House Financial Services Committee 

on September 12, 2012. 

Mr. Speaker, H.R. 6361 will go a long 

way in providing the services and assistance our low-income disabled vets 

have earned and deserve. I thank the 

subcommittee chair, the distinguished 

lady from Illinois, and all the members 

of the committee for their support of 

this legislation, and I urge my colleagues to support this critical bill. 

Mrs. MALONEY. I would like to compliment the gentleman on his statement and point out that across the 

country one of the largest groups of 

people that are homeless are veterans, 

and this particular bill has the right 

incentives to direct the housing assistance to our veterans and help to keep 

them in their homes. 

I have no other speakers at this time, 

so I yield back the balance of my time. 

Mrs. BIGGERT. I have no further 

speakers, either, so I yield back the 

balance of my time. 

The SPEAKER pro tempore. The 

question is on the motion offered by 

the gentlewoman from Illinois (Mrs. 

BIGGERT) that the House suspend the 

rules and pass the bill, H.R. 6361, as 

amended. 

The question was taken; and (twothirds being in the affirmative) the 

rules were suspended and the bill, as 

amended, was passed. 

A motion to reconsider was laid on 

the table. 

f 

PROVIDING FLEXIBILITY FOR ASSISTANCE PROVIDED BY INTERNATIONAL FINANCIAL INSTITUTIONS FOR BURMA 

Mr. ROYCE. Mr. Speaker, I move to 

suspend the rules and pass the bill 

(H.R. 6431) to provide flexibility with 

respect to U.S. support for assistance 

provided by international financial institutions for Burma, and for other 

purposes. 

The Clerk read the title of the bill. 

The text of the bill is as follows: 

H.R. 6431 

Be it enacted by the Senate and House of Representatives of the United States of America in 

Congress assembled, 

SECTION 1. INTERNATIONAL FINANCIAL INSTITUTIONS. 

Upon a determination by the President 

that it is in the national interest of the 

United States to support assistance for 

Burma, the Secretary of the Treasury may 

instruct the United States Executive Director at any international financial institution 

to vote in favor of the provision of assistance 

for Burma by the institution, notwithstanding any other provision of law. The 

President shall provide the appropriate congressional committees with a written notice 

of any such determination. 

SEC. 2. CONSULTATION AND NOTIFICATION REQUIREMENT. 

(a) Prior to making the determination contained in section 1, the Secretary of State 

and the Secretary of the Treasury each shall 

consult with the appropriate congressional 

committees on assistance to be provided to 

Burma by an international financial institution, and the national interests served by 

such assistance. 

(b) The Secretary of the Treasury shall instruct the United States Executive Director 

at each international financial institution 

that the United States Executive Director 

may not vote in favor of any provision of assistance by the institution to Burma until at 

least 15 days has elapsed from the date on 

which the President has provided notice pursuant to section 1. 

SEC. 3. DEFINITIONS. 

In this Act: 

(1) The term ‘‘appropriate congressional 

committees’’ means the Committees on Foreign Relations, Banking, Housing, and Urban 

Affairs, and Appropriations of the Senate, 

and the Committees on Financial Services, 

Foreign Affairs, and Appropriations of the 

House of Representatives. 

(2) The term ‘‘assistance’’ means any loan 

or financial or technical assistance, or any 

other use of funds. 

(3) The term ‘‘international financial institution’’ shall have the same meaning as contained in section 7029(d) of division I of Public Law 112–74. 

The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 

California (Mr. ROYCE) and the gentlewoman from New York (Mrs. MALONEY) 

each will control 20 minutes. 

The Chair recognizes the gentleman 

from California. 

GENERAL LEAVE

Mr. ROYCE. Mr. Speaker, I ask unanimous consent that all Members may 

have 5 legislative days to revise and extend their remarks and insert extraneous material into the RECORD on this 

measure. 

The SPEAKER pro tempore. Is there 

objection to the request of the gentleman from California? 

There was no objection. 

Mr. ROYCE. Mr. Speaker, I yield myself such time as I may consume. 

This afternoon, Congress was finally 

able to present Aung San Suu Kyi the 

Congressional Gold Medal. Congress’ 

highest medal was awarded for her courageous and unwavering commitment 

to peace, to nonviolence, to human 

rights, and of course to democracy in 

Burma. I was an original cosponsor of 

Mr. CROWLEY’s legislation that set the 

stage for today’s ceremony. 

b 1920 

Of course, that legislation passed 

years ago, back in 2008, when Aung San 

Suu Kyi’s house was her prison. Many 

thought, of course, that this day today 

would never come. That she was able to 

visit Capitol Hill today to accept this 

award, meeting with Members of Congress, is a testament of the changes 

taking place in her important country. 

The opposition has won seats in Parliament. Media restrictions have been 

eased. Hundreds of prisoners, including 

many this week, have been released. 

Congress can be proud of the role 

that it has played in getting Burma to 

this point. Sanctions were important, 

but sanctions can’t keep up the momentum for democracy in Burma 

today. That was the message that Aung 

San Suu Kyi delivered in Washington. 

Instead, she emphasized the role that 

the U.S. can play in helping to build up 

the institutions that Burma badly 

needs. 

This country, once Southeast Asia’s 

richest country, is now its poorest. Its 

corrupt and brutal generals have destroyed the economic landscape of 

Burma. The Burmese people are destitute. Democracy will not thrive in 

this economic despair. 

Isolated for decades, the institutions 

Burma needs to run an economy are either very weak or they do not exist. 

International financial institutions 

could help Burma establish the economic infrastructure needed to reconnect with the world. This assistance 

also can help the Burmese with their 

basic needs. Without this in place, the 

potential for political backsliding is 

real. 

However, several laws on our books 

direct the U.S. representative at each 

international financial institution to 

vote ‘‘no’’ when it comes to any proposal related to Burma. There is no 

waiver, which is very unusual when it 

comes to sanctions. 

I’d note that a U.S. ‘‘no’’ vote is not 

a veto. It doesn’t stop these institutions from being involved with Burma. 

It just stops us from being part of the 

process. 

So we have to ask ourselves, when 

are the interests of the U.S. and the 

Burmese people best served? When the 

U.S. is playing a leading role, helping 

to shape these institutions’ involvement with Burma, or are they best 

served when the U.S. representative is 

shut out of the room, left with only 

one option? 

This legislation gives more options: 

yes, no, or abstain. When U.S. support 

is possible, that gives us leverage. We 

have great weight at these institutions, even while they are mainly funded by others. 

Like other Members, I’m not happy 

with where Burma is today. I want all 

political prisoners released. There is 

too much ethnic violence. 

This bill doesn’t touch the import 

ban or asset freezes, of course, and 

those are targeted at the regime. The 

Treasury Department should use its 

authority to target any individual that 

is undermining progress in Burma. 

This legislation is license to bolster 

reform, where appropriate and where 

possible, not a seal of approval. Given 

where Burma is today, it’s appropriate 

that Congress respond in this way to 

ensure that the U.S. is in a position to 

continue to press for reforms. 

Moving forward, Congress will need 

to ensure that these financial institutions are pushing stringent transparency and monitoring its impact on 

human rights. Those goals, which we 

all share, are best advanced by adopting this legislation. 

Mr. Speaker, I reserve the balance of 

my time. 

Mrs. MALONEY. Mr. Speaker, I rise 

in support of H.R. 6431 and yield myself 

such time as I may consume. 


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September 19, 2012 CONGRESSIONAL RECORD — HOUSE H6125 

Currently, congressional mandates 

require that the U.S. representative 

must vote ‘‘no’’ on any proposed assistance going from an international financial institution to Burma. This bill before us today would change that. It 

would allow the Secretary of the Treasury to instruct our executive directors 

at the World Bank, the Asian Development Bank, and the IMF to support 

proposed assistance to Burma, if the 

President determines that it is in our 

national interest. 

This flexibility will be needed in the 

coming months. There will likely be 

some important votes coming up at the 

World Bank and the Asian Development Bank on development projects 

and arrears clearance packages for 

Burma. Binding the U.S. representative 

to always vote ‘‘no’’ on such measures 

would work directly against our hope 

of engaging Burma and supporting her 

democratic reforms, and that’s why I 

strongly support this bill. 

The economic and political reforms 

in Burma show great promise. That is 

why the United States lifted the sanctions on investment in Burma back in 

July. And the right thing to do now is 

to support development and economic 

aid to Burma through the international financial institutions. 

Both multilateral development and 

humanitarian assistance are important 

now because Burma needs both longterm and short-term results. Her people need to see that a democracy has 

tangible positive impacts on their everyday lives. 

It is not just in the best interests of 

the Burmese people that they continue 

to support the democratic and economic reforms in the country; it is in 

the interest of the United States as 

well. And I would say that it’s in the 

world’s best interest, too. 

It was a great honor today to welcome Aung San Suu Kyi to the Capitol. 

She is a courageous woman of matchless strength and towering integrity. 

I congratulate her on receiving the 

Congressional Gold Medal, the highest 

award that we can give anyone, which 

she so richly deserves. She honors us 

by her presence and her acceptance of 

this award. 

Her unshakeable conviction that 

democratic values and fundamental 

human rights were not only possible 

but absolutely necessary for Burma 

provided her country with a model of 

courage and perseverance that helped 

to sustain it throughout the most difficult years. 

We congratulate her. We thank her. 

And I want to let her know that she is 

a very special heroine to me, and that 

we remain strongly committed to the 

cause of reform in her country and to 

supporting not only her country, but 

her people. 

Aung San Suu Kyi has said that aid 

and investment in Burma must be done 

in a way that is democracy friendly. 

She describes that as investments that 

prioritize transparency, accountability, workers’ rights, and environmental sustainability. Aung San Suu 

Kyi has also said that the government 

needs to apply internationally recognized standards such as the IMF Code 

of Good Practices on Fiscal Transparency. I agree with her wholeheartedly on both of these issues. 

As the international financial institutions move to reengage in Burma and 

we move through this piece of legislation in support of that engagement, I 

urge the administration to use its leadership at the IFIs to ensure that assistance to Burma supports democratic reforms, ensures an open and transparent 

government, and establishes safeguards 

that support growth, alleviates poverty, and safeguards the rights of the 

people. 

There is a tide in the affairs of nations that, taken at the flood, can lead 

to greatness. And this is such a moment of political and economic import 

for Burma. 

I urge my colleagues to support this 

bill and to continue to support the efforts of the people of Burma towards 

the establishment of a truly just and 

democratic society. 

I reserve the balance of my time. 

Mr. ROYCE. We have no further 

speakers. I will close, if the gentlelady 

has no additional speakers. 

Mrs. MALONEY. I have no additional 

speakers and yield back the balance of 

my time. 

Mr. ROYCE. Very good. In that case, 

I thank the gentlelady. 

Mr. Speaker, it is said that Burma is 

undergoing a triple transition, from a 

military government to a more open 

and democratic government. Also, it’s 

moving from conflict to peace, and it’s 

moving from a closed economy to a 

more open economy. All three of these 

transitions, of course, are equally 

daunting. 

Aung San Suu Kyi’s visit to the 

United States tells us just how far this 

country has come, but she also reminds 

us how far Burma has left to go. 

So our responsibility is to keep pushing Burma in the right direction, pushing it in the right direction so that all 

political prisoners are freed and so that 

a fully democratic government respects the rights of all of its people, including its ethnic minorities. 

b 1930 

This legislation is an appropriate response to ensure that Burma continues 

moving in the right direction. 

I urge the passage of the bill, and I 

yield back the balance of my time. 

The SPEAKER pro tempore. The 

question is on the motion offered by 

the gentleman from California (Mr. 

ROYCE) that the House suspend the 

rules and pass the bill, H.R. 6431. 

The question was taken; and (twothirds being in the affirmative) the 

rules were suspended and the bill was 

passed. 

A motion to reconsider was laid on 

the table. 

CLARIFYING PROVISIONS RELATING TO REGULATION OF MUNICIPAL ADVISORS 

Mr. DOLD. Mr. Speaker, I move to 

suspend the rules and pass the bill 

(H.R. 2827) to amend the Securities Exchange Act of 1934 to clarify provisions 

relating to the regulation of municipal 

advisors, and for other purposes, as 

amended. 

The Clerk read the title of the bill. 

The text of the bill is as follows: 

H.R. 2827 

Be it enacted by the Senate and House of Representatives of the United States of America in 

Congress assembled, 

SEC. 1. REGISTRATION OF MUNICIPAL SECURITIES DEALERS. 

Section 15B(a)(1)(B) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-4(a)(1)(B)) is 

amended by striking ‘‘or on behalf of’’. 

SEC. 2. MUNICIPAL SECURITIES RULEMAKING 

BOARD; RULES AND REGULATIONS. 

Section 15B(b)(2)(L) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-4(b)(2)(L)) is 

amended— 

(1) in clause (iii), by striking ‘‘and’’ at the 

end; 

(2) in clause (iv), by striking the period and 

inserting ‘‘; and’’; and 

(3) by adding at the end the following: 

‘‘(v) not regulate as a municipal advisor 

the activities of a person referred to in subparagraph (C) of subsection (e)(4), to the extent that such activities are described under 

such subparagraph.’’. 

SEC. 3. DISCIPLINE OF MUNICIPAL SECURITIES 

DEALERS; CENSURE; SUSPENSION 

OR REVOCATION OF REGISTRATION. 

(a) IN GENERAL.—Section 15B(c)(1) of the 

Securities Exchange Act of 1934 (15 U.S.C. 

78o-4(c)(1)) is amended to read as follows: 

‘‘(1) No broker, dealer, or municipal securities dealer shall make use of the mails or 

any means or instrumentality of interstate 

commerce to effect any transaction in, or to 

induce or attempt to induce the purchase or 

sale of, any municipal security, and no 

broker, dealer, municipal securities dealer, 

or municipal advisor shall make use of the 

mails or any means or instrumentality of 

interstate commerce to provide advice to or 

on behalf of a municipal entity or obligated 

person with respect to municipal financial 

products, the issuance of municipal securities, or to undertake a solicitation of a municipal entity or obligated person, in contravention of any rule of the Board. A municipal advisor, when acting pursuant to an 

engagement described in subsection 

(e)(4)(A)(i), and any person associated with 

such municipal advisor, shall be deemed to 

have a fiduciary duty with respect to such 

engagement to any municipal entity for 

whom such municipal advisor acts as a municipal advisor, and no municipal advisor 

may engage in any act, practice, or course of 

business which is not consistent with such 

municipal advisor’s fiduciary duty or that is 

in contravention of any rule of the Board. In 

issuing regulations to carry out the previous 

sentence and subsection (b)(2)(L)(i), the 

Board shall— 

‘‘(A) require that a municipal advisor act 

in accordance with its fiduciary duty to its 

municipal entity clients, but only in connection with those specific activities involving 

such municipal entity client described under 

subsection (e)(4)(A)(i) (and not excluded 

under subsection (e)(4)(C)); 

‘‘(B) specify when such duties begin and 

terminate in relation to such activities; and 

‘‘(C) not prohibit principal transactions by 

municipal advisors or the receipt of compensation based on commissions or other 


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