OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Bioeconomy Research and Development Act of 2021

Floor Speech

Date: Feb. 2, 2022
Location: Washington, DC

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Ms. WATERS. Mr. Speaker, I rise in support of the America COMPETES Act. This crucial piece of legislation will strengthen our Nation's financial system and allow us to maintain and strengthen our ability to compete with the rest of the world, especially with the People's Republic of China; that is, PRC.

After arriving in Congress, I have made it a priority to advance legislation to empower American workers and make sure America's economy remains competitive for generations to come.

Under my leadership, the Committee on Financial Services has:

Reauthorized the Terrorism Risk Insurance Act and the Export-Import Bank to benefit American workers, small businesses, and communities throughout our country;

Set aside $60 billion of Paycheck Protection Program, that is PPP, funds for community lenders to lend to some of the smallest businesses, including minority, and women-owned businesses;

Protected small investors and businesses from bad practices on Wall Street to give everyone a fair shot in our capital markets.

Today, I continue that leadership with the America COMPETES Act, including several provisions from our committee that, among other things, will combat ransomware attacks, strengthen Defense Production Act authorities to protect the supply chains of medical materials, and more.

I am also pleased to have included my bill to end World Bank and Asian Development Bank funding for China, unless such assistance contributes a global public good that serves the U.S. national interest, such as stopping climate change.

Moreover, I urge the House to pass the Sherman amendment, which strengthens the integrity and, thus, increases the competitiveness of our economy and capital markets by adding long overdue transparency to the shadow or exempt securities markets.

Mr. Speaker, this bill will set up our Nation, its businesses and workers, to better compete in the world, especially against the PRC. Let's invest in our Nation's future and get this historic bill to the President's desk.

I urge an ``aye'' vote.

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