The next speaker, Congressman Greg Murphy from North Carolina, serves on the House Ways and Means Committee. He agrees with Charlie’s standpoint that these institutions should provide something in return for the money they receive. Congressman Murphy addresses the issue of colleges and universities accepting funds from countries like China that pose a threat to the United States.
He shares that he has previously urged the top 15 endowments to divest from China and other watchlist countries, and while some agreed, one college in North Carolina dismissed the idea, saying it is not illegal. Congressman Murphy believes that these institutions should face consequences, such as implementing taxes on their endowments. He suggests a 50% excise tax on the funds they receive and a 100% tax on any capital gains they make.
He criticizes colleges and universities for prioritizing divestment from fossil fuels but not taking a stand against countries like China that pose a threat to the nation. The interviewer thanks Congressman Murphy for his insights and encourages him to continue raising.