U.S. Reps. Andy Barr (R-KY), John Moolenaar (R-MI), and Michael McCaul (R-TX) on March 21 unveiled a bipartisan bill designed to prevent American capital from financing the Chinese Communist Party (CCP).
“The CCP is using American capital to fuel its military ambitions and undermine our security,” Rep. Barr said, noting that the bill will “stop U.S. investments from strengthening our greatest adversary and ensure we put America’s interests first.”
The Foreign Investment Guardrails to Help Thwart (FIGHT) China Act, H.R. 2246, would protect the national security of the United States by imposing sanctions with respect to certain persons of the People’s Republic of China (PRC) and prohibiting and requiring notifications with respect to certain investments by Americans in the PRC, according to the congressional record bill summary.
Rep. Barr sponsored H.R. 2246 alongside four original cosponsors, including Reps. Moolenaar and McCaul, and U.S. Rep. Jared Golden (D-ME).
“The CCP has long leveraged U.S. capital to advance its agenda, compromising our national security,” said Rep. Moolenaar, chairman of the House Select Committee on the Strategic Competition between the United States and the Chinese Communist Party. “We must halt the flow of American capital to the CCP and safeguard our future from foreign threats.”
Rep. McCaul added that the CCP “will stop at nothing” to prop up its military and surveillance state.
“Today, my colleagues and I are taking a critical step to protect U.S. national security by ensuring the CCP cannot exploit U.S. capital as a tool to accomplish those malign efforts,” said Rep. McCaul. “This is a proud moment for America. I urge my colleagues to swiftly pass this bill, which will help the Trump administration continue to defend against the generational threat posed by Communist China.”
The American Securities Association endorsed H.R. 2246, which has been referred for consideration to both the U.S. House Foreign Affairs Committee and the U.S. House Financial Services Committee.
U.S. Sen. John Cornyn (R-TX) introduced the companion bill in the Senate.