House Select Committee on China and Senate Committee on Aging Hold Joint Hearing on the CCP’s Grip on U.S. Capital

WASHINGTON, D.C. – On April 9th, the House Select Committee on China and the Senate Special Committee on Aging held a joint hearing to address the growing threats posed by the Chinese Communist Party to Americans’ retirement savings. The hearing underscored the urgent need to shield U.S. capital from exploitation by hostile foreign actors.

Expert witnesses included Kevin O'Leary, Chairman and CEO of O'Leary Ventures; Chris Iacovella, President and CEO of the American Securities Association; and Brady Finta, Founder of the National Elder Fraud Justice Coordination Center. Each detailed how Communist China’s influence is endangering the financial stability of hardworking Americans—particularly seniors—through deceptive practices, market manipulation, and targeted scams. Their testimony exposed how the CCP is targeting American retirees with financial warfare—using deception, rigged markets, and global scam networks.

“The CCP is actively using its financial system and state-controlled companies to infiltrate American capital markets. And while some might see that as just another investment risk, it’s much more than that,” said Chairman Moolenaar. “We’ve already seen the damage. In 2021, the CCP abruptly imposed sweeping regulations on China’s private education sector—banning profit-making, foreign capital, and public listings. That decision wiped out billions of dollars in U.S. investments almost overnight, devastating major companies like TAL Education and New Oriental.” 

Below are additional key moments and quotes from the hearing: 

📃Kevin O’Leary: 

• “In my opinion, since joining the WTO in 2000 the Chinese Government has never played by its rules. The Chinese Communist Party has the ability and the desire to exercise total control over its people and their companies – and anyone else who wants to do business with or operate inside its territory."
• “So, by investing in China, Americans are propping up their military, surveillance state, industrial capacity that operates off of unchecked environmental spoilage, slave labor, forced organ harvesting, and gross human rights violations. Not to mention that these companies are the very ones that then destroy U.S. jobs and industries through their corporate espionage, IP theft, dumping, trade crimes, and more.”
• “TikTok is weapons grade spyware. Period. It’s one of the best propaganda machines I have ever seen.” 

📃Chris Iacovella: 

• “American investor money funds the CCP’s use of forced labor, genocide, and other human rights abuses, the ongoing internment of Uyghurs in concentration camps, the emission of more greenhouse gases than all developed countries combined, weapon systems for the People’s Liberation Army, a broad-based disinformation campaign to undermine American values, subsidies for Chinese companies so they can dump goods into our market at artificially low prices to put U.S. companies out of business, and a cyber-army that relentlessly attacks the United States, and other nations of the free world."
• “Wall Street profits by selling Chinese companies to U.S. investors — and in return, the CCP gains the money to build weapons aimed at America.”
• “The CCP’s strategy includes infiltrating U.S. institutions, manipulating global markets, and exploiting our capital system — all without firing a shot.” 

📃Brady Finta 

• "Just in my limited territory of San Diego County, I was inundated with elder fraud complaints without adequate resources to impact the threat. No one has that level of resource. Even after standing up the FBI San Diego Elder Justice Task Force alongside the San Diego District Attorney’s Office, and bringing forward our very first successful RICO prosecution, our ability to make a dent in this crime problem was minimal, particularly as we were only able to address less than 1% of the available leads.”
• “In one typical case, scammers operated from India, the Bahamas, the Dominican Republic, Canada, China, and the U.S. — all targeting elderly Americans.”
• “The United States currently lacks the resources to effectively pursue the global criminal networks defrauding our seniors.” 

📺 Kevin O'Leary tells Congress we need t give China "the stick"

📺 “Whoever is going to buy TikTok is not going to buy the algorithm.” 

🧵Americans Don’t Know They Are Funding the CCP’s Plan for American Demise

The joint hearing made clear that protecting Americans' retirement savings from foreign influence—particularly from the Chinese Communist Party—is a matter of national security. The House Select Committee on China and the Senate Special Committee on Aging will continue to pursue legislative and oversight actions to safeguard U.S. capital, defend American investors, and expose the CCP’s campaign of financial aggression.

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