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Rich McCormick: “Only affect $500 million of BED funding.”

Featuring: Rich McCormick, Republican | U.S. House Georgia, 7th Congressional District

Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness

Published June 25, 2025 | Video Starts at 31:20

My question is about the AI moratorium. And the bead funds attached to that provision. Senator Cruz second said that the latest draft might have narrowed the provision to. Only affect $500 million of BED funding. But it looks like from the text. The entire 42 billion amount for the. Bid funding might be able to be. Clawed back if states don't comply with the moratorium. (31:20–31:24)

CLAIM

Asserts that a provision might only affect $500 million of BED funding.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Rich McCormick

“50% of AI developers now live in China, which has invested $38 billion into AI development just this year.”
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“Over 25% of [the $5 trillion healthcare industry] is administrative costs.”
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“Four of the top 10 companies in America, Fortune 500 most profitable companies are insurance companies.”
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“Right now we have a million foreign students in our colleges. A million. About a quarter of those come from India, a quarter come from…”
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“We've taken them to court, I think, 27 times in the World Trade Organization since they joined. They've lost every case.”
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“We're about 1/10 of that as a government with a much larger GDP.”
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“AI can cut [administrative costs in healthcare] easily in half.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 01:23-01:27
“If you can save 12% on a $5 trillion economy, think about the impact that has on efficiency.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 02:07-02:17
“AI is not just affecting the way we regulate and tax, but also literally the future of America depends on it.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 02:19-02:35
“The AI diffusion rule basically would not allow us to sell AI chips abroad because somebody might copy them.”
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“If China is able to sell their AI chips, which are comparable, not as good as ours, but comparable, and we're not allowed to sell our chips…”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 06:12-06:23
“We need to throw this out. We're becoming anti-competitive. It's going to hamstring our ability to sell, to develop.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 07:04-07:11
“The Economic Espionage Prevention Act... punishing countries that use our technology... to enhance Russian capabilities.”
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“We don't sell it to Russia, we don't sell it to countries that are doing harm to our allies and our friends.”
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“Right now we are $37 trillion in debt.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 12:00-12:03
“The vast preponderance of money that's invested in AI comes from our private industry.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 12:15-12:20
“China trying to warp the market just like they did with the healthcare industry and all their Made in China initiative.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 13:05-13:11
“Since we're not going to invest $38 billion with the United States, we have to not overtax the industry of AI.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 13:32-13:40
“No matter how much China wants to cheat and invest with their government, they'll never stay ahead of our private industry.”
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“Imagine 50 different regulations for the same industry. This is interstate commerce.”
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“AI is on the Internet. It goes across borders, it goes internationally like that.”
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“If you're a small business, especially you're a startup and you have a $2 million regulatory burden...you're never going to be competitive.”
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“There are tons of laws in the books already that regulate the safety and transparency and lawfulness of the Internet that apply to the…”
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“We will not be competitive with China or anybody else in the world for that matter.”
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“Interstate commerce never has to do with states rights.”
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“Georgia is one of the most friendly states in the union for business because we don't over regulate, because we don't overtax.”
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“That's why you're seeing states like California, New York and Illinois lose population because they're moving to states that actually have…”
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“The government needs to be careful not to overregulate, not to get in the way of technology advancements.”
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“R and D research, which is the bigger part of AI, we'd all agree, whether you talk about quantum or AI incorporation or whatever you're…”
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“That just expired with the last tax bill that you're basically going to defer to a five year depreciation which a small business cannot…”
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“China's not doing that. We cannot fall behind.”
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“Georgia Tech is one of the top five research areas.”
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“This is the last generation that's gonna drive their own car.”
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“The biggest spending item in America is health care.”
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“We can decrease the amount of errors we do because it's going to make doctors better, it's going to make radiologists better, it's going to…”
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“It's going to transform these rural communities into ability to treat the rarest disease in the world without having to live right next to…”
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“We have almost, we're over $27 trillion in GDP right now, which is phenomenal.”
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“Maybe 4% growth this year, which is phenomenal.”
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“The entire 42 billion amount for the [BED funding] might be able to be clawed back if states don't comply with the moratorium.”
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“I'm a huge advocate for states rights.”
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“It will replace some jobs, especially the lower industry ones.”
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“In all the business and all the studies, I've seen people who replace people thinking the AI is going to take over their job. Rehire those…”
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“There's a thing called i2u2 which is Israel, India, United States and UAE.”
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“Seven of the top 20 making record profits while we're paying $5 trillion into an economy and not getting what we should get back out of…”
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“That denial process of 40% for an ER visit that I have an EMR coders scribe and I'm spending three hours after my shift finishing my notes…”
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“We don't have an education program that creates STEM students, people who are competitive in that or even want to be.”
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“That's why we have a TikTok law now, which I'm still waiting for to be incorporated.”
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“They have people here who are openly trying to steal our secrets.”
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“They use their government supplementation of businesses to undermine ours.”
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