On Wednesday, Wisconsin Rep. Scott Fitzgerald voiced his endorsement of and announced the approval of H.R. 760, known as the "Chinese Military and Surveillance Company Sanctions Act." Fitzgerald voted in favor of advancing the bill through the House Financial Services Committee, and it received unanimous approval.
"I was proud to vote in Financial Services GOP to pass one of the strongest measures ever considered by the House to target the Chinese Communist Party’s military-industrial complex," Fitzgerald said.
The bill, introduced by Kentucky Rep. Andy Barr in February, builds upon previous Executive Orders issued by both the Trump and Biden Administrations, which involved the publication of lists identifying Chinese military and surveillance technology companies as threats to national security. This new act grants the president the authority to impose sanctions on these concerning Chinese entities.
"In the face of the CCP'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 firms threatening U.S. national security,” said Barr. “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. 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.”
Missouri Rep. Blaine Luetkemeyer also expressed his support for the legislation, saying, "China and Russia have enjoyed relatively unfettered access to U.S. capital markets. Both countries have essentially shrugged off past half-measures and continued operating with near impunity. Mr. Barr's sanctions represent thoughtful, direct action to hamstring companies involved in these military-industrial complexes and dissuade the global community from funding their atrocities. I am proud to support this impactful legislation."
The bill was introduced in response to the China spy balloon incident off South Carolina's coast. The balloon was suspected of spying on U.S. military sites, but Beijing denied involvement, calling it a weather balloon off course. Balloon examination revealed American and Chinese equipment, contradicting Beijing's claims.
The "Chinese Military and Surveillance Company Sanctions Act" aims to address the growing concerns about Chinese entities' involvement in the military-industrial complex and their threat to U.S. national security. By imposing sanctions and cutting off financing to these firms, the bill aims to isolate them from the global financial system and disrupt their defense and surveillance capabilities.
With the unanimous approval in the House Financial Services Committee, the bill will now advance to the House floor for further consideration and voting. If passed, it will be a significant step in countering China's military-industrial complex and protecting U.S. national security interests.
