Sen. Jon Husted, R-Ohio, said Tuesday that his newly introduced INVEST Act would curb long-term federal ownership of private companies while directing any investment profits toward reducing the national debt.
"What we're trying to do is limit the federal government's ability to invest in American companies over a long period of time," Husted said on Newsmax's "National Report."
"I would cap that at eight years," he said.
Husted said the legislation is designed to preserve free-market principles while allowing limited federal investment in strategic industries such as rare earth minerals and semiconductor manufacturing.
"There may be reasons why the federal government might invest in an American business," he said, "but we don't want to undermine capitalism. We don't want a Chinese model where we have state-owned businesses."
Under the proposal, any profits generated from federal investments would be used to reduce the national debt.
"This is really my attempt to support capitalism, to lessen the role of state ownership in American businesses, and to find a reasonable pathway to do that," Husted said.
"Any profits that the federal government makes off of owning a business or investing in a business, we want that to pay down the national debt," he added.
Husted also reflected on the appointment of Darlene Graham Nordone to fill the Senate seat of her late brother, Sen. Lindsey Graham, calling it "a very appropriate move."
"She was very close with Lindsey Graham," Husted said.
"He raised her from the time she was 13," he said. "They had a very close bond. She knows his mind and heart as well as anyone, and she'll do a wonderful job finishing out his term."
Husted said Graham's influence in the Senate cannot be replicated by a single lawmaker.
"It will take a team effort because there's nobody that can replace Lindsey Graham," he said, crediting the late senator with helping rebuild relations between President Donald Trump and Ukrainian President Volodymyr Zelenskyy.
"His relationship with President Trump helped us bridge gaps that sometimes existed between the president and the Senate. Nobody's going to fill that role," Husted said.
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