Sherman-Waters Amendment to Punish Russia for Election Interference Passes House
Washington, D.C. – Last night, the House voted to adopt Congressman Brad Sherman’s (D-Sherman Oaks) and Chair of the House Financial Services Committee Maxine Waters’ (D-CA) amendment to punish Russian interference in U.S. elections in 2016, 2018 and 2020. The Sherman-Waters amendment prohibits Americans from purchasing Russian sovereign debt.
“An analysis by the Russian credit rating firm ACRA also suggests that a sovereign debt sanction could increase the Russian government’s cost of borrowing by 0.5 to 0.8 percent” said Congressman Sherman. “That’s a very significant economic cost to the Russian government.”
“Chairwoman Waters and I have worked to push for tougher sanctions on Russia for its interference in our elections,” said Congressman Sherman on the House Floor as he spoke in support of this amendment. “An immediate prohibition on U.S. persons trading in new Russian sovereign debt would send a powerful message, both to the markets and to Putin, that U.S. sanctions against Russia have not peaked, and that the United States is prepared to act against Putin’s efforts to undermine our democracy and divide our country.”
The amendment also requires the Office of the Director of National Intelligence to complete a report on foreign interference for each future midterm and Presidential election; and directs the President, after receiving this report, to determine whether to suspend or keep in place these sanctions.
The House voted to adopt the Sherman-Waters Amendment as part of the Annual Defense Authorization Bill.
View Congressman Sherman’s full House Floor speech, where he speaks in favor of the Sherman-Waters amendment, here.