Crafted as part of a broader effort by Republicans on the U.S. House Financial Services Committee to combat the rise of the Chinese Communist Party (CCP), a bill proposed by U.S. Rep. Andy Barr (R-KY) would impose sanctions against CCP military or surveillance companies.
“My legislation protects U.S. national security and the privacy of every American by imposing sanctions on companies clearly identified as Chinese Communist Party (CCP) military or surveillance companies,” Rep. Barr said on Wednesday. “Without question, these companies present real and imminent threats to national security, and my bill would limit their access to capital and investment.”
If enacted, H.R. 5326 would require the U.S. president to sanction CCP military companies included on the U.S. Department of Defense’s annual listing, as well as other Chinese military and surveillance companies that pose a risk to U.S. national security, according to a bill summary provided by Rep. Barr’s staff.
“This proposal combats these threats without trying to beat China by becoming China,” said Rep. Barr. “I am committed to preserving our free market, capitalist economic principles while confronting the national security challenges we face from the CCP.”
H.R. 5326 has been referred for consideration to both the U.S. House Foreign Affairs Committee and the House Financial Services Committee. Rep. Barr serves on both committees.