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Chairman Mike Gallagher (R-WI) of the House Select Committee on the Chinese Communist Party and Sen. Dan Sullivan (R-AK), along with 41 of their colleagues, wrote to leadership of the House and Senate Armed Services Committees last week to recommend strong restrictions on certain U.S. investments to China and other adversarial nations. The lawmakers called for urgent action amidst the increased threat of the Chinese Communist Party weaponizing U.S. capital against the American people. The lawmakers wrote the letter amid negotiations over the annual National Defense Authorization Act (NDAA), demonstrating strong bipartisan support for additional oversight and restrictions on U.S. investments to China.
The bipartisan coalition writes, “There is strong bipartisan consensus in both the U.S. Senate and U.S. House of Representatives that Congress must act to address the national security threat posed by these outbound investments. We have known for some time that U.S. companies are sending capital, intellectual property, and innovation to the PRC, fueling its advance in dual-use critical technology areas. To safeguard our national security, the U.S. needs visibility into our vulnerabilities by requiring, at a minimum, notification of sensitive investments by U.S. firms in these countries.”
They continue, “None of the tools currently at the government’s disposal, however, fully address the specific risk posed by the transfer of U.S. capital and know-how to our adversaries In order to protect our interests, we need to evaluate the full scope of our vulnerabilities and use the data and insight provided by outbound investment screening to implement tools that ensure sensitive technologies with dual-use applications are not further ceded to adversaries.”
House Select Committee on the CCP Ranking Member Raja Krishnamoorthi (D-IL), House Foreign Affairs Committee Chairman Michael McCaul (R-TX) and Ranking Member Gregory Meeks (D-NY), and Select Committee members Dan Newhouse (R-WA), John Moolenaar (R-MI), Haley Stevens (D-MI), Darin LaHood (R-IL), Neal Dunn (R-FL), Jim Banks (R-IN), Dusty Johnson (R-SD), Michelle Steel (R-CA), Ashley Hinson (R-IA), and Carlos Gimenez (R-FL) were among the 41 bipartisan lawmakers who joined the letter.
Read the full letter below or HERE.
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