Connect with us

Hi, what are you looking for?

Business

Scott Franklin Wants to Limit How Much of National Debt Owned by Foreign Nations

Share this Story via Text Message, Facebook, X, Gmail, Outlook, or Yahoo Mail

Last week, U.S. Rep. Scott Franklin, R-Fla., brought back the “National Debt is National Security Act.”

The bill would “limit how much national debt can be owned by foreign nation” and “would limit the cumulative debt held by foreign countries to 25 percent of total U.S. debt and limit any single foreign country from owning more than 5 percent.”

The congressman’s office insisted the goal of the bill “is to prevent foreign states from having undue leverage over U.S. interests, which impacts national security.”

Franklin weighed in on the bill last week.

“Allowing adversaries like China to hold too much of our national debt puts our country in a strategically dangerous position,” said Franklin. “By buying up our debt, China can manipulate its currency relative to the dollar and give Chinese Communist Party-controlled companies an unfair trade advantage over American manufacturers. This isn’t just bad for our economy, it’s a threat to our national security.”

“Total U.S. national debt is currently more than $31 trillion, with approximately $7.7 trillion owned by foreign countries. China alone owns nearly $1.07 trillion of U.S. debt, which obligates the U.S. government to pay interest payments to the Chinese Communist Party. This effectively means America is funding CCP policies which threatens our domestic and global interests,” the congressman’s office noted.

The bill was sent to the U.S. House Ways and Means Committee. So far, Franklin has not reeled in any House co-sponsors. U.S. Sen. Joni Ernst, R-Iowa, is championing the bill in the U.S. Senate.

Author

  • Kevin Derby

    Originally from Jacksonville, Kevin Derby is a contributing writer for Florida Daily and covers politics across Florida.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

<

Ed Dean: Publisher

Ed Dean is a leading radio and news media personality including hosting the #1 statewide radio talk show in Florida. Contact Ed.Dean@FloridaDaily.com

You May Also Like

Health Care

Share this Story via Text Message, Facebook, X, Gmail, Outlook, or Yahoo MailBelow is an official statement from U.S. Rep. Scott Franklin (R-Fla). Rep....

Senator Marco Rubio

Share this Story via Text Message, Facebook, X, Gmail, Outlook, or Yahoo MailLast week, U.S. Rep. Laurel Lee, R-Fla, threw her support behind a...

Immigration

Share this Story via Text Message, Facebook, X, Gmail, Outlook, or Yahoo MailLast week, six Republicans representing Florida in the U.S. House–U.S. Reps. Aaron...

Foreign Affairs

Share this Story via Text Message, Facebook, X, Gmail, Outlook, or Yahoo MailA dozen Florida Republicans in the U.S. House are backing U.S. Rep....

Advertisement
Follow us on Social Media