America Creating Opportunities For Manufacturing, Pre-Eminence In Technology, And Economic Strength Act Of 2022
Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, since Russia's brutal invasion of Ukraine, Vladimir Putin has been shocked by two things: He has been shocked by the courage and the…
Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.
Mr. President, since Russia's brutal invasion of Ukraine, Vladimir Putin has been shocked by two things: He has been shocked by the courage and the resilience and skill of the Ukrainian army and the resistance by the Ukrainian people.
He has also been shocked by the way President Biden has unified the world and put together this broad, effective coalition. Think about this: Countries like Germany and Sweden and Finland, even Switzerland, have never been involved in these kinds of international operations. They are all on board, all working with us on weapons and on humanitarian assistance and on sanctions.
The President's team has done an extraordinary job in mustering the strength of this allied coalition to impose a broad range of powerful, punishing sanctions. We have cut off huge portions of their banking, finance, and business sectors from the Western financial world. We have shut down access to their monetary reserves--what Putin considered his war chest. We have sanctioned their central bank, their large commercial banks, and their sovereign wealth funds.
We have cut off their ability to finance their debt. We have blocked key sanctioned banks from the SWIFT financial messaging system. We are shutting down their borrowing privileges at international institutions like the World Bank and the International Monetary Fund.
We have gone after Putin personally and the oligarchs who prop up his regime. We have gone after their intelligence entities and defense firms and others supporting them and supporting the war effort.
We have sanctioned disinformation agents, freezing their assets, cutting off their ability to propagandize Putin's lies.
Together with our allies, we have begun to go after their lucrative energy sector. We shut down the Nord
Stream 2 gas pipeline. We imposed a broad ban on Russian oil and gas and coal coming to the United States. We have cut off all new American investments into their oil and gas sector, and our big oil and gas firms have withdrawn in droves.
We have cut off the sophisticated technology Russia's refining industry needs and other technologies that have powered their industrial efforts.
In all this, we make it clear: Russia cannot invade its neighbors, cannot kill civilians, cannot expect to benefit from being part of the international economic order.
And again, this has been the leadership of President Biden and the State Department and the Defense Department and the Commerce Department and others and strong leadership that has pulled everybody together. The fact that we have put together this coalition so quickly, again, with countries that really haven't, since World War II, participated in anything like this--again, Sweden and Finland; Germany for the first time; Switzerland, which has been a neutral country since way before even you were born, Mr. President. So this has been a long time that these countries that were neutral are coming to the fore and making a difference for us.
Putin's mistake will set back a generation or more. It will sever its main economic, political, and diplomatic ties with the West and countries around the world which want to have nothing to do with Putin and his regime.
In Brussels tomorrow, the President is set to announce a major new wave of powerful sanctions, including against hundreds of members of the Russian Parliament, the duma, and other elites who have enthusiastically supported this brutal war.
He will intensify American efforts, along with our allies, to impose further sanctions on any defense or intelligence or other Russian firms that have in any way supported this invasion, either directly or indirectly. Our goal is to reach everybody that has been part of Putin's machine, of Putin's war crimes.
Every day, large teams at Treasury and the Department of Justice work with our allies to find and freeze and seize the assets of the oligarchs and other Russians who have supported Putin's war machine-- their yachts, their mansions, their overseas bank accounts. There will be no place to hide. All of that is vital. We can always do more.
Russia should not have free and unlimited access to America's economy or to the global economy. The President has committed already--and one of the reasons we are here today--to end permanent normal trade relations with Russia so that they aren't permanent.
We need to do our part to give the President the immediate legal authority he needs to work with our allies on this to shut off access to favorable tariff treatment for Russia's goods here and around the world.
We should not delay this another day.
The bill passed the House with a nearly unanimous bipartisan vote. We need to finalize this in the Senate so we can ratchet up the pressure further and cut off Russia's ability to finance any of its unprovoked invasion of another member country of the World Trade Organization.
Even before this war, we knew that Russia, along with China, cheats on the rules of trade. They subsidize their industries, and they pollute the environment to gain an unfair advantage in the global market. My State, Ohio, knows all too well about being forced to compete with countries that cheat.
If we don't remove this now, Russia will continue to use its status to position their industries in the global market, hurting American companies in the process.
It is not a partisan issue. I introduced a bicameral, bipartisan bill with Senator Cassidy of Louisiana to remove Russia's permanent normal trade relation status. We did that almost a month ago. There is bipartisan support to do this quickly.
I have worked with my colleague Senator Crapo from Idaho on many Russian sanction efforts over the years. I know we share the same goals.
I am hopeful there is a path forward in getting this done today. He is arguing that an oil ban should be included in this, even though the President already issued an Executive order on this that is already in effect.
I hope we can work out our differences quickly so we can send a clear, strong, unified message to Russia and to the world: Countries that invade another sovereign nation will not ever have free and unrestricted access to our economy. They will not be able to finance that invasion by continuing to cheat the rules on trade.
It is time to come together to end permanent normal trade relations with Russia.
I suggest the absence of a quorum.