WASHINGTON—Heritage Action President Dr. Kevin Roberts released the following statement Wednesday as Congress finalizes its annual defense bill.
“Congress must seize opportunities in this year’s National Defense Authorization Act (NDAA) to counter threats from Communist China and deliver for the American people. Reports that the House of Representatives may abandon efforts to track the billions of dollars of U.S. capital flowing into China, including into sanctioned Chinese military and technology companies, are extremely concerning. Doing so would all but ensure that the House will close out its first year of Republican leadership without notching any meaningful legislative accomplishments to address the most critical national security threats from China.
“Multiple efforts to address threats from China are in danger of being omitted from the NDAA, including provisions to sanction fentanyl traffickers, protect U.S. agricultural land, and end the funneling of taxpayer dollars to Chinese drone and biotech companies. However, the most important effort would begin to tackle a massive problem: today, U.S. capital freely flows into China with few restrictions, little oversight, and minimal prohibitions. The pensions and savings of millions of Americans are literally financing China’s military buildup. Nevertheless, reports indicate that efforts by House Financial Services Chairman Patrick McHenry may succeed in blocking the Senate’s bipartisan Outbound Investment Transparency Act, which would begin scrutinizing these problematic investments in China.
“Failing to advance outbound investment reform would be a gift to Xi Jinping and the Chinese Communist Party. Congress works for the American people, not Wall Street. It is long past time to stop funding our own destruction and end business as usual with Beijing. Politicians like talking the talk about being tough on China— it’s time to walk the walk.”