I ask unanimous consent that a statement from the National Sheriff's Association about border security and immigration reform be printed in the Record. There being no objection, the material was ordered to be printed in the Record, as…

I want to turn now to legislation I have introduced with Senator Jones, the Small Business Audit Correction Act.

the cyber threat is nearly unique among all threats that our companies and investors face.

This requirement may seem harmless or obscure, but in fact it has increased the cost for small broker-dealers quite a bit.

I think the current audit requirements are like trying to put a square peg into a round hole.

I do hope this Committee can mark up our legislation and then move it to the floor for a vote.

In hindsight, I think it is clear that Congress overshot the mark trying to prevent another Bernie Madoff-style scandal.

This requirement is devastating for small investment firms . . . These firms are closing at an alarming rate, in part due to skyrocketing audit costs required by a rule that is illogical for firms that don't hold customer assets.

I ask unanimous consent to have a colloquy with the Senator from Maryland. THE PRESIDING OFFICER. Without objection, it is so ordered.

I thank the Senator from Maryland for his remarks and once again for working together in such a constructive fashion. As he said, we have had a number of Senators from both parties sponsoring our amendment. I think that reflects the…

The Senator and I have done a lot of work together on a an issue that is a genuine threat to our national security; that is, the threat of Chinese telecom companies stealing our technology, infiltrating our telecom networks, and hacking…

I couldn't agree more with that. In fact, the House version of the National Defense Authorization Act does include language that is similar, not identical, to our language. To my knowledge, it passed without any objection in the House from…