National Defense Authorization Act for Fiscal Year 2022
Floor Speech
BREAK IN TRANSCRIPT
Mr. SHERMAN. Madam Speaker, I rise to offer and support the amendment.
BREAK IN TRANSCRIPT
Mr. SHERMAN. Madam Speaker, I rise in support of the Sherman-Waters amendment, No. 746.
Madam Speaker, for quite some time, Chairwoman Waters and I have been in favor of strong sanctions against Russia for interference in our elections.
Now, I don't want this to be partisan. There is this idea that only Democrats care about protecting our elections from Russian interference. That is not the case.
When the Senate was controlled by Republicans, the Senate Intelligence Committee issued a report stating: ``The Russian Government engaged in an aggressive, multifaceted effort to influence, or attempt to influence, the outcome of the 2016 Presidential election.'' But there are those who think that perhaps President Trump did not believe that Russia tried to influence our elections.
Putting aside 2016, what did the Trump administration say about our 2018 election?
On September 30, 2019, the Trump Treasury Department announced sanctions in response to Russian interference in our 2018 election, and then the Trump administration imposed sanctions on a ``Russian agent'' for trying to influence our 2020 election. Partisanship stops at the water's edge.
We need to stop Russia from interfering in our elections. Both parties have imposed sanctions on Russia for doing so. The question is how we make those sanctions effective.
Existing sanctions apply to the purchase of sovereign debt--this is debt issued by the Russian Government--but only when you are acting as the underwriter, not purchases in the secondary market. That is ineffective.
In May of this year, the Russian Deputy Finance Minister told us that when he said sanctions-imposed restrictions don't cover the secondary market and so they are going to be ineffective or, in his words: ``So we don't expect the share of nonresidents to move far from the current levels.''
We need to listen to the Russian Deputy Finance Minister as to how to make the sanctions that both Democrats and Republicans agree on more effective. The sanctions imposed here will raise the cost of borrowing of the Russian Government by between half a percent and three-quarters of a percent based on a rating by ACRA.
Further, it is good economic policy. We have a scarce amount of investment capital in the United States. I want to see it invested in American businesses, either in stock or as loans by our banks and others to our companies.
Can anybody make the argument that we are worse off if money is invested in American companies instead of being lent to Vladimir Putin?
There is no credible argument as to why American pension plans, asset managers, and households should be funding the Russian Government at a time when, in 2016, 2018, and 2020, both parties and former President Trump realized that Russia was interfering in our elections and deserves to be sanctioned. Let's make those sanctions effective by adopting this amendment.
BREAK IN TRANSCRIPT
Mr. SHERMAN. Madam Speaker, may I inquire how much time I have remaining.
BREAK IN TRANSCRIPT
Mr. SHERMAN. Madam Speaker, I see no substantive reason why the ranking member is opposed to this amendment. Both parties agree Russia has interfered in our elections in 2016 but more recently in 2018 and 2020. Both parties and the Trump administration agree that Russia should be sanctioned. But the Deputy Finance Minister of Russia pointed out that our sanctions so far have not been effective, that they are not effective until they apply to the secondary market.
That is exactly what this amendment does. It is time to raise the cost of borrowing by the Russian Government and to see that money invested in American businesses, lent to American companies, instead of being lent to the Russian Government.
Madam Speaker, I hear no substantive argument against that proposition, and I urge adoption of the amendment.
Madam Speaker, I yield back the balance of my time.
BREAK IN TRANSCRIPT
Source