House of Representatives ·
National Defense Authorization Act for Fiscal Year 2027
“I want the House to pass my amendment. It stops the government from secretly giving classified information to big companies. It requires yearly reports to Congress, lasts for five years, and helps small private companies find investors while still following strict security rules.”
“Mr. Chairman, in closing, I will be brief. I am not going to address the items that were said by the opposition because they don’t go to the safeguards in this piece of legislation. Without this amendment, there is nothing to stop the administration from providing, without specific requirements to disclose, classifications to any and all individuals, particularly individuals that are, quite frankly, within companies either doing or wanting to do business with the Federal Government. It doesn’t stop the large companies from having unlimited access to programs that may not be widely understood. As a result, they get an advantage of bidding on something no one knows about. Instead, what it requires is annual reporting, including to this body, to Congress, to ensure that we can monitor this program. It sunsets. It is not for this administration, but for a 5-year period. Most importantly, it is extremely limited to private equity investing, by definition in private companies. No part of public companies are affected here, just the opposite. This is an opportunity for private companies to find investors who can only invest if they have a reasonable knowledge of what the product is asked to be and nothing more, and every one of them must still pass the same rigorous application and retention policy for whatever level of clearance is required. Mr. Chairman, I would hope that these words would help the other side understand that, in fact, Congress gains more control over many of the things being complained about by passing this amendment than by not. Mr. Chair, I urge support for my amendment, and I yield back the balance of my time.”
Mr. Chairman, in closing, I will be brief. I am not going to address the items that were said by the opposition because they don’t go to the safeguards in this piece of legislation. Without this amendment, there is nothing to stop the administration from providing, without specific requirements to disclose, classifications to any and all individuals, particularly individuals that are, quite frankly, within companies either doing or wanting to do business with the Federal Government. It doesn’t stop the large companies from having unlimited access to programs that may not be widely understood. As a result, they get an advantage of bidding on something no one knows about. Instead, what it requires is annual reporting, including to this body, to Congress, to ensure that we can monitor this program. It sunsets. It is not for this administration, but for a 5-year period. Most importantly, it is extremely limited to private equity investing, by definition in private companies. No part of public companies are affected here, just the opposite. This is an opportunity for private companies to find investors who can only invest if they have a reasonable knowledge of what the product is asked to be and nothing more, and every one of them must still pass the same rigorous application and retention policy for whatever level of clearance is required. Mr. Chairman, I would hope that these words would help the other side understand that, in fact, Congress gains more control over many of the things being complained about by passing this amendment than by not. Mr. Chair, I urge support for my amendment, and I yield back the balance of my time.