Financial Services Committee Hearing
By Cong. Pete Sessions
Texas Insider Report: WASHINGTON, D.C. – Last Tuesday, the House Financial Services Committee held a hearing entitled “Beyond Silicon Valley: Expanding Access to Capital Across America.” In my remarks to witnesses, I highlighted the growing disparity in venture capital distribution across the United States. Texas, despite being one of the fastest-growing states in population and economic output, receives only 2-3% of national venture capital investment.
- 75% of all venture capital funding is limited to California, New York, and Massachusetts.
- This imbalance limits opportunities for high-potential startups and emerging industries across our great state.
Texas has the talent, vision, and potential. It is time to ensure the necessary resources follow. Watch my remarks here.
Oversight Committee Markup
On Tuesday, the House Committee on Oversight and Government Reform held a legislative markup. I am pleased that my bill, HR 2277, the Federal Accountability for Transparency (FACT) Act was unanimously reported favorably out of Committee. The next step for this legislation is the House floor!
The FACT Act is bipartisan legislation, co-led with my Democratic colleague Congressman Kweisi Mfume (MD-7), that will extend the authorization of the Pandemic Response Accountability Committee (PRAC) through 2026. The PRAC was established to combat fraud during the COVID-19 pandemic but is set to expire and begin destroying critical data this summer.
With billions of taxpayer dollars lost to fraud, we must continue to fight to recover these funds. HR 2277 ensures more time to investigate fraud and protect taxpayer money. As a longtime advocate for preventing fraud and improper payments, I’m proud to lead this effort.
Congressman Sessions speaks to the Planetary Society
On Monday, I enjoyed meeting with Texan members of the Planetary Society, including a constituent from Pflugerville. We discussed the importance of space exploration and the vital role of science in driving innovation. Supporting scientific discovery is key to securing our future. As the great American philosopher Buzz Lightyear put it: 'To infinity and beyond!'
The Baylor Ambassadors meet with Congressman Sessions
This week, the Baylor Ambassadors visited to advocate for issues impacting students. I had the pleasure of welcoming these bright young leaders to my office and leading them on a tour of the U.S. Capitol. It’s always inspiring to see young leaders so engaged and passionate about shaping the future. Their enthusiasm, intelligence, and dedication give me confidence that the future of our country is in great hands. Sic 'em!
Association of United States Postal Lessors
On Thursday, I addressed the Association of United States Postal Lessors at their annual conference in Washington. The AUSPL provides education and information to owners of postal buildings. As Chairman of the Subcommittee on Government Operations, I have direct oversight of the USPS and had much to update the AUSPL on. I am a supporter of the USPS and believe that, despite its challenges and inefficiencies, its mission remains vital to Americans. The USPS must continue adapting to the evolving needs of the nation, ensuring it remains a trusted institution for generations to come.
Salute to Flying Tigers event
On Tuesday morning, I attended a breakfast honoring the WWII Flying Tigers, the brave volunteer pilots who fought the Japanese over China. This year marks the 80th anniversary of Allied Victory, making it a meaningful time to reflect on their heroic contributions. It was a privilege to remember the legacy of these legendary aviators and the vital role they played in history. Reflecting on history allows us to honor those who came before us and recognize their sacrifices that helped shape the world we live in today.
Legislation of the Week
H.J. Res 24→ Stopping the Biden-Harris Administration’s Grocery Store Price Hike
I was a YES on this legislation that repeals a rule by the previous administration that enforces burdensome energy efficiency standards that would needlessly raise grocery prices. This rule disproportionately impacts rural communities and small businesses by forcing newer equipment into spaces that may not be able to expand their operational footprint and lack the infrastructure.
H.J. Res 75→ Preventing Inflation at the Grocery Store
This legislation repeals the Biden-Harris Department of Energy rule to implement new standards for commercial refrigerators and freezers. These standards required massive energy reductions that would lead to higher costs and jeopardize food safety. The DOE estimates the rule will cost $8 billion to be borne by the purchasers of the equipment, harming small businesses. I was a YES on this bill to prevent higher costs for consumers and new burdens on small businesses.
Cong. Pete Sessions represents Texas' 17th Congressional District, and currently serves on the House Financial Services, and the House Oversight & Reform Committees. He chaired the House Rules Committee from 2013 to 2019, and is a former chair of the National Republican Congressional Committee.
