According to a report from Reuters, Republican elected officials are rolling out legislation this week to prevent Americans from investing in foreign defense companies that have connections to China’s military.
This is the latest proposal that lawmakers have introduced to keep Chinese firms from receiving American funding.
Congressmen Mike Gallagher, Jim Banks and Doug LaMalfa are introducing this bill, which would have Treasury Secretary Steve Mnuchin submit a report to Congress detailing which foreign defense companies have “substantial contracts with, ties to, or support from” the Chinese military.
Six months after the report is released, American companies and citizens must divest from those firms and would then be prohibited from making new investments in them.
“On one hand, Congress is asking taxpayers to help grow our military so we can compete with China. On the other hand, large U.S. investment funds are dumping U.S. dollars into China’s military industrial base,” Banks declared in a statement. “We need to end our cognitive dissonance and stop funding the rise of our chief global adversary.”
This move comes at a time when U.S. relations with China have become testy due to China’s lack of transparency with regards to the Wuhan virus outbreak. Other issues such as Beijing’s decision to put the clamps on Hong Kong’s independence and its controversial internment policies directed towards Uighur Muslims.
On June 6, 2020. President Donald Trump said his administration will look into ways of protecting Americans from the dangers of investing in Chinese companies. It plans on doing so by dialing up pressure on the companies to comply with U.S. accounting and disclosure standards.
Thanks to President Donald Trump’s focus on China during the campaign trail and throughout his presidency, Republicans are waking up to the existential threat that it poses. China is resoundingly authoritarian and has ambitions of global domination.
Policymakers must recognize that China is not a normal trading partner. It’s a geopolitical threat and it should not be coddled through free trade and its citizens should not be allowed to enter the U.S. at will.
The Attorney General on His Way Out?: Trump Mulls Firing Bill Barr, Advisers Trying to Dissuade Him
Trump is unhappy about more than just Barr’s recent voter fraud comments.
President Donald Trump is considering firing Attorney General William Barr, with the Washington Post reporting Wednesday evening that Trump “remained livid” at him.
On Tuesday Barr said that the Justice Department did not find evidence of “fraud on a scale that could have effected a different outcome in the election.”
An unnamed senior administration official told the Post that although Trump is upset about Barr’s comments, he’s also unhappy with Barr about other matters, such as his previous lack of action on the FBI’s investigation into the Trump campaign and his handling of John Durham.
The president is pressuring Barr to release the “Durham report,” which could implicate officials in using the investigation to target Trump for political reasons. Trump also sees Barr’s secret appointment of Durham to DOJ special counsel as a “stall tactic.”
In the wake of Election Day Attorney General Barr authorized federal prosecutors to “investigate substantial allegations” of voter fraud. But in his comments Tuesday, Barr claimed that “most claims of fraud are very particularized to a particular set of circumstances or actors or conduct.”
“They are not systemic allegations,” said Barr.
Trump may want to fire Barr, but several advisers are trying to persuade him not to, according to the unnamed senior official.
Either way, it’s tough to see how Barr remains attorney general for much longer. If Joe Biden pulls off the steal and gets inaugurated, he will certainly replace Barr with his own AG. And if Trump hangs on for his second and final term, he may very well want to clean house and start afresh.
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