Foxx Opening Remarks on the NDAA, Energy Items, and INVEST Act
As prepared for delivery:
Good afternoon, the Committee will come to order. Without objection, the Chair is authorized to declare a recess at any time.
Today, the Rules Committee is convening to consider five measures: H.R. 3383, H.R. 3628, H.R. 3638, H.R. 3668, and S. 1071.
H.R 3383, the Increasing Investor Opportunities Act, or INVEST Act, would end the Investment Company Act of 1940 with respect to the authority of close-end companies to invest in private funds.
This legislation is a consensus-driven, bipartisan capital formation package that will strengthen public markets, produce more opportunities for investors, and expand access to capital for small businesses.
At its core, this legislation is about opportunity – opportunity that is not constrained by outdated regulations and red tape.
H.R. 3628, the State Planning for Reliability and Affordability Act, would amend the Public Utility Regulatory Policies Act of 1978 to add a standard related to State consideration of reliable generation.
All of us understand how important a stable supply of electricity really is – it plays a critical role in the economy, public health, and other countless aspects of modern life.
The reliability of electricity is one of the most pressing issues that the nation faces today – it’s a proven fact.
The purpose of this bill is simple: it provides necessary clarity to an existing statute with respect to what reliable electricity generation really means.
It’s time that the states return to fulfilling their reliability and dispatchability goals so that Americans can receive electricity that is as reliable as it is accessible.
H.R. 3638, the Electric Supply Chain Act, would direct the Secretary of Energy to prepare periodic assessments and submit reports on the supply chain for the generation and transmission of electricity.
This legislation is incredibly simple – it calibrates the focus and attention of the Department of Energy to study, understand, and face the challenges of securing our electric supply chain.
If we ignore the different challenges associated with securing America’s electric supply chain, it could lead to a whole host of consequences.
With proper planning and positive steps being made to secure our electricity supply for the future, we can maintain a supply of reliable electricity that all Americans can benefit from.
H.R. 3668, the Improving Interagency Coordination for Pipeline Reviews Act, would promote interagency coordination for reviewing certain authorizations under section 3 of the Natural Gas Act.
In almost every way, natural gas has become the flagship energy resource for America’s electric power systems.
Ensuring the flow of natural gas remains paramount to the overall reliability of America’s energy infrastructure.
Unfortunately, our regulatory structure is poorly equipped to meet the needs of natural gas’s new flagship status.
No agency has the explicit authority to regulate natural gas system reliability.
This bill will bring about that clarity and ensure agency coordination, a streamlined regulatory process, and an incentivized review process all necessary to usher in the pipeline network that meets the needs of the American people and win the energy race of the future.
Finally, we’ll turn to S. 1071, the National Defense Authorization Act for Fiscal Year 2026.
The FY26 NDAA is part of a generational investment in America’s national defense – and its provisions will play pivotal roles to ensure that our nation’s military will remain the strongest in the world.
This legislation contains a 3.8% pay raise for all servicemembers, codifies all or parts of 15 separate executive orders issued by President Trump, and codifies 30 important legislative proposals requested by the Trump administration.
No legislation in perfect – it’s certainly not the bill I would have written.
But, at the same time, it is critical that we pass this legislation so that our nation can continue to build a ready, capable, and lethal fighting force to deter our adversaries.
We have some very positive pieces of legislation before us today, and our Democrat colleagues, I hope, will join us in a spirit of bipartisanship and support them.
With that, I now yield to the Ranking Member, Mr. McGovern, for any comments he wishes to make.
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