Rubio's Bill Targets 'Malicious Chinese Companies'

Rubio's Bill Targets 'Malicious Chinese Companies'

“It is necessary that Congress act to restrict financial investment in the PRC.”

Daniel Molina
Daniel Molina
|
December 22, 2021

As tension continues to heighten between the United States and China, Florida Senator Marco Rubio (R) is taking issue with “malicious Chinese companies.” The lawmaker, who’s been banned & sanctioned from China, has been a vocal critic of the Communist Chinese Party, and he’s calling for the Senate to support his new bill that was reintroduced earlier this year.

Urging his colleagues to vote in favor of his American Financial Markets Integrity and Security Act, the bill would “prohibit American investment in Chinese companies that pose threats to our national security.”

Rubio released a statement explaining the goal of the bill, saying that “American investment in Chinese companies has surged, even as the Chinese Communist Party (CCP) has turned increasingly authoritarian and reckless on the global stage.”

Rubio and Florida Senator Rick Scott (R) have also called for the Winter Olympics to be conducted away from Beijing, and criticism towards the CCP has only increased after concerns surrounding Chinese tennis player Peng Shuai who accused a CCP member of sexual assault.

“According to the 2021 annual Report to Congress of the U.S.-China Economic and Security Review Commission, U.S. holdings of Chinese equity and debt securities have risen by 57.5 percent since 2017, to $1.2. trillion total.”

Rubio argues that the numbers are staggering, and “unreported flows through offshore investment vehicles and private equity mean this amount is likely significantly higher.” “Major Wall street banks have in recent months announced the approval of large wealth management products focused on investing in the PRC,” Rubio added.

Because of this. Rubio said that “it is necessary that Congress act to restrict financial investment in the PRC.”

Rubio directed a letter to members of the Senate, explaining that his bill "would at least ensure that American investment in China is not going directly to Chinese companies that pose threats to our national security."

Daniel Molina

Daniel Molina

Daniel Molina holds a Bachelor’s in English Literature. His hobbies include reading, writing and watching films and basketball.

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