It is the anti-Abraham Accords, in my view.

The new budget lays out another $2.5 trillion of spending increases and going to the Treasury Green Book that you just mentioned a few minutes earlier, another $4.7 trillion of tax increases as well.

It damages the confidence of taxpayers in America.

I don't think it is right to put American taxpayers on the hook for defending themselves in these cases.

I would first like to just start out by commenting on the fact that yesterday, the SEC refrained from inserting itself into an ongoing court case regarding the determination of syndicated loans as securities.

My concern, however, is when the agency diverts these resources and spends these dollars on initiatives not even within the authority of the SEC.

I have significant concerns with the negative impact this will have on Treasury liquidity.

I could not agree with you more about the criticality of telecommunications infrastructure, particularly given the difficulties that we have had with Huawei, ZTE, and others that are trying to invade the entire 5G infrastructure system.

I appreciate you holding this important hearing today.

I encourage, and look forward to working with you to do everything we can in that regard.

I was deeply disappointed, however, to see that the President's proposed budget this year included only 113 million in new FMF lines for emergency foreign policy priorities.

I think many Tennessee banks are concerned that they would not be deemed...

I think the even deeper shock though, is the concern that a Chinese company is involved in building a section of the railway nearby.

I look forward to working with you, Assistant Secretary Nichols.

I look forward to working with you, Assistant Secretary Nichols.

I look forward to working with you, Assistant Secretary Nichols.

I want to contrast that with how the Chinese Communist Party handles their diplomacy, how the CCP handles their foreign assistance and their infrastructure development overseas, and in that regard, it is predatory.

Ambassador Power gave a speech at Georgetown talking about the burden on your contracting officers.

I certainly feel honored to have been able to work with you in the last Congress to achieve the beginning that we have in the State Department and I applaud you for taking us in this direction with USAID.

I applaud Ambassador Power and her setting the goal of 25 percent localization over this Administration.

I would take us back to the Obama administration, and at that point the Obama administration put forward the USAID Forward program.

I appreciate the approach that Ambassador Power is taking.

USAID already has the legal authorities and other tools necessary to pursue a comprehensive localization agenda.

I certainly feel honored to have been able to work with you in the last Congress to achieve the beginning that we have in the State Department and I applaud you for taking us in this direction with USAID.

I applaud Ambassador Power and her setting the goal of 25 percent localization over this Administration.