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Rich McCormick: “Seven of the top 20 making record profits while we're paying…”

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 40:37

I won't name the insurance company one of the big four. So four of the top 10 companies in America, Fortune 500 most profitable companies are insurance companies. 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 that. they have admitted openly now, yeah, we need to do a better process of pre approval when it's not working. (40:37–40:46)

CLAIM

Asserts that seven of the top 20 companies are making record profits while $5 trillion is spent without adequate returns.

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.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 00:14-00:23
“Over 25% of [the $5 trillion healthcare industry] is administrative costs.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 01:21-01:24
“Four of the top 10 companies in America, Fortune 500 most profitable companies are insurance companies.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 40:31-40:38
“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…”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 44:36-44:45
“We've taken them to court, I think, 27 times in the World Trade Organization since they joined. They've lost every case.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 46:36-46:43
“We're about 1/10 of that as a government with a much larger GDP.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 00:22-00:28
“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.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 05:18-05:26
“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.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 09:01-09:14
“We don't sell it to Russia, we don't sell it to countries that are doing harm to our allies and our friends.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 09:18-09:24
“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.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 13:49-13:56
“Imagine 50 different regulations for the same industry. This is interstate commerce.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 15:52-15:59
“AI is on the Internet. It goes across borders, it goes internationally like that.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 16:42-16:47
“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.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 16:47-17:05
“There are tons of laws in the books already that regulate the safety and transparency and lawfulness of the Internet that apply to the…”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 17:14-17:25
“We will not be competitive with China or anybody else in the world for that matter.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 17:38-17:43
“Interstate commerce never has to do with states rights.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 17:59-18:04
“Georgia is one of the most friendly states in the union for business because we don't over regulate, because we don't overtax.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 19:26-19:32
“That's why you're seeing states like California, New York and Illinois lose population because they're moving to states that actually have…”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 19:45-19:55
“The government needs to be careful not to overregulate, not to get in the way of technology advancements.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 21:22-21:28
“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…”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 21:39-21:51
“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…”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 21:51-22:00
“China's not doing that. We cannot fall behind.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 22:29-22:33
“Georgia Tech is one of the top five research areas.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 24:52-24:56
“This is the last generation that's gonna drive their own car.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 26:52-26:55
“The biggest spending item in America is health care.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 27:21-27:24
“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…”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 27:25-27:33
“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…”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 27:52-28:03
“We have almost, we're over $27 trillion in GDP right now, which is phenomenal.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 30:22-30:27
“Maybe 4% growth this year, which is phenomenal.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 30:26-30:30
“Only affect $500 million of BED funding.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 31:20-31:24
“The entire 42 billion amount for the [BED funding] might be able to be clawed back if states don't comply with the moratorium.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 31:28-31:34
“I'm a huge advocate for states rights.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 32:03-32:06
“It will replace some jobs, especially the lower industry ones.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 33:07-33:13
“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…”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 34:35-34:45
“There's a thing called i2u2 which is Israel, India, United States and UAE.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 36:29-36:36
“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…”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 40:56-41:08
“We don't have an education program that creates STEM students, people who are competitive in that or even want to be.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 44:51-44:58
“That's why we have a TikTok law now, which I'm still waiting for to be incorporated.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 44:57-45:01
“They have people here who are openly trying to steal our secrets.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 45:42-45:47
“They use their government supplementation of businesses to undermine ours.”
Rich McCormick Discusses AI Policy, Economic Espionage, and Global Competitiveness | Uploaded June 25, 2025 | 45:49-45:55