Mr. Chairman, thank you for calling this hearing.
I am very troubled by what I see happening in this situation. On one hand, a Russian state owned firm is insulting the U.S. by openly defying our sanctions law against Iran.
On the other hand, they are coming to Wall Street saying:
"Can we use your deep pockets to help us to finance this deal?"
Well, Wall Street's deep pockets are our mutual funds and pension funds.
Why should America's small investors and retirees finance the development of Iran's natural gas reserves?
When I see this kind of absurdity, it reminds me of the old communist phrase -- give them enough rope and they will hang themselves.
And that is exactly what we are doing here, if we finance this deal.
Why should we be financing projects for our enemies? I cannot understand anybody with any common sense wanting to be a part of this deal.
I think Wall Street should say no to this deal -- and if they don't we should block it by legislation.
Mr. Chairman, let me also add that this is part of a bigger problem, and that is the foreign influence in our securities markets by governments and companies connected to governments.
Last week, I introduced a bill to create an office of National Security at the SEC to monitor these kinds of bond offerings. I am particularly concerned about China and companies that are connected to the Chinese government and army.
I plan to look at the China aspect next week in a hearing.
Thank you Mr. Chairman, and again, thank you for holding this
hearing.
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