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tv   U.S. Senate Senators Kennedy and Sasse on Trade Relations with China  CSPAN  May 21, 2020 1:46am-2:04am EDT

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of us. i hope thef colleagues will be in a bipartisan way to deal with the very real challenges faced by the american people and with that ideological wish list that doesn't deal with the task at hand. i yield the floor. >> i would like to talk for a few minutes about china. china is a wonderful country one.four, one.5 billion people by comparison what you see reported one.2 million.
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to 330 million folks, by land size as the united states the biggest country by land. >> we are close. the few times i have been to china the people are wonderful very interesting, smart, hard-working . very aspirational and a say this because when i talked today about china i hope you understand mr. president and my colleagues to s understand not talking about the people of china. they are good people. the chinese communist party, not so much.
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i really regret having to say this, i would not turn my back on the chinese communist party if it were today's dead. i don't want to have a cold war with china i would rather see us together for the common good of planet earth and we tried but it hasn't worked out very well. >> we admitted china to wto december 11, 2001 you china would not have been admitted without our support. so we agreed and then they
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started cheating december 12th is still have intellectual property, not just ours but everyone else in the world they steal the intellectual property they subsidize substantially state owned companies some other companies throughout the world who don't have state subsidies cannot compete with them. for years they manipulated their currency they are trying to control the ceilings of the world starting with the south anchina sea and seizing islands that don't belong to them the next step they will try to militarized space. they u use the economic power as a weapon.
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my friends and allies in australia ask a reasonable question about the origins of c the coronavirus with covid-19 china has responded by saying we refuse to buy any more products. those are just the facts. now the managerial elites told us those entrenched provocations, deep thinkers of the world and the academics of the media, bureaucrats, those who think they are smarter than the rest of us, they told us the patient with china. free enterprise will change china. they have changed free
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enterprise and they are on a path to dominance. do you know the united states congress is doing? nothing zero. zilch. not up. i love the people of china and i talk about the chinese communisto party and they do not want to get into a new cold war. all i want is for china to play by the rules. let me give you an example. every company in the world going public would like to list on the new york stock
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exchange smp, over-the-counter, nyse, we are very efficient extrusion meeting we transparent we want investors to know what they are buying. we require them to disclose and the sec does an extraordinary job. i think chairman jay clayton has been a rockstar. we have a rule that if you list on our exchanges, you have to file periodic reports. we want investors to understand what they are investing in. and g those reports have to be accurate.
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one of the things for these reports that companies have to file is an audit. but we take it a step further in the united states there is one called the public a county oversight board really, all it does, it is important but it inspects the audits not because they think they are cheating because some do but to play poker with friends they are my friends but i cut the cards every single time. that is that we do through the
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board, double check the audits everybody has to comply with that group american companies, british companies, companies, malaysian, turkmenis. except one, chinese companies. they just say no we will not do it. do you know what we do about it? nothing. this is not a two or three months phenomenon this has gone on for years and years to the executive branch and congress we strut around and hold hearings and press releases and then do nothing. and what i come from what we
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allow is what will continue. so to all the companies out there in the world including, but not limited to china come if you want to list on the american exchange you have to submit an audit and the sec has a right to look at the audit and if you refuse not once, not twice, but three time times, if over a three-year period you say audit but not on it they can no longer be listed. it's very simple.
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and once again i try to be fair and a co-author and i spent a lot of time on this we are not changing the rules they just ignore the rules saying we don't just give you one chance. we give you three. if you ignore the sec request for any other company what they can do to all other companies in the world and if you ignore the sec for three years then you have to take your business somewhere else. and who does that help the most mr. president? the investors. the investment on - - investors of america and of the world.
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and those that i believe tell the truth but some of them don't. but the name of our bil bill, senator crispin holland, holland, is twofold the companies accountable act. as a just explained as if in legislative session a unanimous consent for the committee on baking one - - banking and housing and urban affairs be discharged and the senate proceed to immediate
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consideration. >> the clerk will report. >> a bill to amend sarbanes-oxley of 2002 for self-worth and other purposes. >> is there an objection? the committee is discharged in the senate will proceed to the measure. >> i ask unanimous consent the substitute amendment iso, agreed to an amendment to be read a third time and passed in the motion to reconsider be made and maybe the table. >> objection? >> without objection. >> i suggest the absence of a
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quorum. >> the clerk will call the role. [roll call]
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>> i request a quorum call be officiated. e in the chair. i didn't plan to make a floor speech but i wanted to commend you both on your legislation and on an important point that i think you enumerated both for this body and for the americans watching. so first of all, good piece of legislation. i supported it. i wanted it to move out of the banking committee and get to the floor so it's important legislation. congratulations and thanks for your leadership. second of all, mr. president, you a you began your speech, you distinguished between the chinese people and the chinese communist party. i think many of us who are worried that the number one long-term national security threat this country faces is the technology race with the chinese communist party and the way that they use fake private sector companies to steal from u.s. public and private sector
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entities, and when we talk about the problems, those of us who would consider ourselves china hawks, when we talk about this problem, we regular end up using a short hand that is china when we've all spent a lot of time in the scif and in private and wrestling and we know we mean the chinese communist party but we don't always qualify that for people entering the debate, mu to the debate or looking to politicize the debate. i think it's important that the enemy is not the 1.4 billion chinese people. our opponent here is the chinese communist party which is only about 90 million people, six or -- 6% or 7% of the population and even a lot of those people don't actually believe communist propaganda and nonsense about the fact that so many of their people and people beyond their borders are not perceived by the chinese communist party as actually having dignity. some people just join the party because they need to for local reasons to get ahead or to maintain their property or their
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entities. and so the chinese communist party is a tiny subset of what's happening in china. and our battle, our fight, our problems are not with the chinese people. they are with the chinese communist party. and one of the ways i learned this lesson is by having used a shorthand for vladimir putin a few times in the past, and i said russia when i meant vladimir putin. and i think the american people stand interested not just in the future of the chinese people but also with the russian people and both of these countries are led by some really bad actors. and one time i made a speech here on the floor about some of the terrible things vladimir putin was doing to oppress his people and to meddle in our election and other elections. and after the speech which i thought covered the points i needed to cover, glaric e esparoff, the former chess champion said can i talk to you. he said if you want to fight
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against vladimir putin because freedom loving people in america and russia should be opposed to putin, it would be helpful if you didn't disparage putin and -- he accidentally said to me, you accidentally referred to our problem as russia when you meant putin. so i think i've learned that lesson with regard to russia but i think a lot of us around here don't always sufficiently distinguish between china and the chinese communist party. so i just wanted to affirm and underscore your message not just good legislation that is good for americans, is good for investors in the u.s. and abroad, is good for a level-playing field, but as we oppose the bad action of the chinese communist party and their intellectual property theft and manipulation of currency and numbers and public health data and on and on and on, our opponent is not the chinese people and we should say that both so the american people understand it and so that the chinese people understand it. and so i commend you on the way you introduced y

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