Rep. Andy Barr
Bipartisan legislation offered by U.S. Rep. Andy Barr (R-KY) to safeguard global interests passed unanimously out of the U.S. House Financial Services Committee this week. The bill is also under consideration by the U.S. House Foreign Affairs Committee.
“In a world with intricate economic ties and challenges, this bill utilizes tested sanctions authorities that are targeted but effective while also providing ‘red light, green light’ clarity to global investors,” said Rep. Barr on Wednesday.
The Chinese Military and Surveillance Company Sanctions Act of 2023, H.R. 760, which Rep. Barr sponsored on Feb. 2, would require the president to impose property-blocking sanctions on companies involved with China’s defense or surveillance technology sectors if the sanctions would address threats related to those sectors, according to the congressional record bill summary.
Specifically, an enacted H.R. 760 would require that if the president determines that imposing sanctions on a foreign person (individual or entity) would address certain threats related to investments in companies in China’s defense or surveillance technology sectors, then the president would be required to impose sanctions on that person under specific instances, the summary says.
Unlike standard investment restrictions, such sanctions would prohibit nearly all economic interactions with blacklisted firms, notes information provided by Rep. Barr’s staff.
“In the face of the CCP’s [Chinese Communist Party’s] unambiguous ambitions to reshape the global order, the Chinese Military and Surveillance Company Sanctions Act stands as a crucial tool to cut off financing to PRC [People’s Republic of China] firms threatening U.S. national security,” Rep. Barr said. “This bill targets the very core of China’s military-industrial prowess, ensuring that firms integral to their defense and surveillance capabilities are isolated from the global financial system.”
Since its introduction, H.R. 760 has gained seven cosponsors, including U.S. Reps. John Moolenaar (R-MI) and Brad Sherman (D-CA).