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Chairman Mike Gallagher (R-WI) and Ranking Member Raja Krishnamoorthi (D-IL) of the House Select Committee on the Chinese Communist Party expanded a bipartisan investigation into U.S. venture capital firms investing in People's Republic of China (PRC) high-tech by launching an inquiry into Sequoia Capital and Sequoia Capital China, following the announcement that the entities will split in early 2024. The lawmakers request information about Sequoia's investments into PRC artificial intelligence, semiconductor, and quantum computing companies, as well as the announced split.
Some of Sequoia Capital China's problematic publicly known partnerships with Chinese companies, which are set to continue even after the split, include:
- Investments in EverSec, a Chinese company developing AI for the People's Liberation Army's (PLA) warning platforms
- Helping raise $700 million for 4Paradigm, a Chinese company building AI for PLA battlefield programs
- Investments in DJI, a Chinese drone maker that facilitates the CCP's surveillance and genocide of Uyghurs Muslims in China's Xinjiang region
- Investments in DeepGlint, a Chinese facial recognition firm blacklisted by the U.S. government and used by the CCP to track Uyghur Muslims and surveil the Chinese population
- Investments and fundraising for ByteDance, the Chinese company that owns TikTok
- As many as 40 investments in Chinese semiconductor companies since 2020
Read more about the bipartisan probe into Sequoia HERE.
Watch Chairman Gallagher and Ranking Member Krishnamoorthi's interview with CNBC's Squawk Box discussing the investigation HERE.
Gallagher, Krishnamoorthi Express Support for Tibet in Meeting with Actor Richard Gere & Sikyong (President) Penpa Tsering of the Central Tibetan Administration
Following the meeting, Chairman Gallagher and Ranking Member Krishnamoorthi released a joint statement:
“Tibetans have suffered horrendous human rights abuses at the hands of the Chinese Communist Party over the years, including torture, arbitrary arrest or detention, acts of repression aimed at individuals outside the country, and other serious restrictions on Tibetans’ basic freedoms and autonomy. In recent months, Xi Jinping has even expanded the crackdown on Tibetan rights, further intervened in the Dalai Lama’s succession process, and subjected Tibetans to mass DNA collection and surveillance. Today, we stand unified in support of the Tibetan people, and call on the CCP to end its occupation of Tibet. All Tibetans must have the right to peacefully express themselves without fear of reprisal, and we look forward to working with key stakeholders, like Mr. Richard Gere and Sikyong (President) Penpa Tsering, to find a peaceful resolution to the CCP’s brutal repression of Tibet.”
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Deterring America’s enemies from exploiting U.S. education system - Committee Member Michelle Steel (R-CA)
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Rep. Michelle Steel (R-CA), committee member on the House Select Committee on the CCP and Rep. Virginia Foxx (R-NC) wrote an op-ed in The Washington Times highlighting foreign adversaries' donations that seek gain to influence in the American education system.
The lawmakers write, "Reports have found adversaries target academia with large donations and contracts in hopes of increased access and political influence. Foreign adversaries have exposed America’s three main vulnerabilities: (1) loose legislative language, (2) Mr. Biden’s blatant crippling of enforcement and (3) institutions’ refusal to adhere to the law has prevented donations from being reported with basic transparency and accountability.
The current law, found in Section 117 of the Higher Education Act, has not been updated in over 30 years, and its loopholes allow those looking to take advantage to use the law to their benefit. It contains a high foreign gift reporting threshold of $250,000, which is ripe for abuse by bad actors and offers little incentive for compliance. The only penalties explicitly in the law are court fees, a slap on the wrist compared with hundreds of millions these institutions get from China’s checkbook."
Read the full op-ed HERE.
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