Tom Cotton

The ACTING PRESDIENT pro tempore. The Senator from Arkansas. ____________________

I want to read something into the record. I think it is very important.

They have taken some steps beyond what happened under the Soviet regimes, but most of the techniques remain the same: assassination, disinformation, subterfuge, so on and so forth.

Ambassador McFaul, you said, if I heard you correctly, that you do not see much hope for a change in Russian behavior as long Vladimir Putin remains President.

And that's why you've decided to cease cooperation with the Russian government or proxies like Russia Today?

I would urge both of your companies, or any company like yours, to consider whether or not they want to be partners in the fight against our adversaries in places like Beijing and Moscow and Pyongyang and Tehran, as opposed to evenhanded…

I want to commend both of you for your appearance here today, for what was no doubt going to be some uncomfortable questions.

Could you explain why you ceased that cooperation then, or that relationship with, Russia Today and other Russian intelligence proxies?

I think both of you, and your companies, should wear it as a badge of honor that the Chinese Communist Party has blocked you from operating in their country.

Did you make that decision personally?

So thank you for that answer.

To say nothing of nonsanctions activities, for instance, like encouraging our NATO partners to spend more money on their defense.

We need to take additional action.

We have bipartisan agreement about the threat that Russia poses to our democracy and our interests.

They're plainly using this kind of technology in Xinjiang to oppress their own people and to build their national power in a way to challenge us.

Even if there is a legitimate use to it, why would we sell it to China? Why would we authorize it to be sold to China?

I think the current audit requirements are like trying to put a square peg into a round hole.

This requirement may seem harmless or obscure, but in fact it has increased the cost for small broker-dealers quite a bit.

In hindsight, I think Congress pretty clearly overshot the mark when they included small noncustodial firms.

I want to turn now to legislation I have introduced with Senator Jones, the Small Business Audit Correction Act.

The cyber threat is nearly unique among all threats that our companies and investors face.

This requirement is devastating for small investment firms . . . These firms are closing at an alarming rate, in part due to skyrocketing audit costs required by a rule that is illogical for firms that don't hold customer assets.

I do hope this Committee can mark up our legislation and then move it to the floor for a vote.

In hindsight, I think it is clear that Congress overshot the mark trying to prevent another Bernie Madoff-style scandal.

What message does overwhelming Democratic opposition to your nomination send?