Congressman John Moolenaar Chairman of the Select Committee on the CCP | Official Website
On April 9th, the House Select Committee on China and the Senate Special Committee on Aging conducted a joint hearing in Washington, D.C., to discuss the potential threats posed by the Chinese Communist Party (CCP) to the retirement savings of American citizens. The hearing focused on the necessity to protect U.S. capital from possible exploitation by foreign entities.
Testimonies were heard from various experts, including Kevin O'Leary, Chairman and CEO of O'Leary Ventures; Chris Iacovella, President and CEO of the American Securities Association; and Brady Finta, Founder of the National Elder Fraud Justice Coordination Center. They highlighted potential risks posed by the CCP to American financial stability, emphasizing deceptive practices, market manipulation, and scams targeting seniors. These tactics were described as financial warfare designed to deceive and destabilize.
Chairman Moolenaar remarked on the tactics of the CCP, stating: “The CCP is actively using its financial system and state-controlled companies to infiltrate American capital markets. And while some might see that as just another investment risk, it’s much more than that.” He recalled how regulatory changes in China's private education sector had previously impacted U.S. investments, devastating major companies and leading to substantial financial losses.
Kevin O'Leary expressed concerns about the influence of the Chinese government since its entry into the World Trade Organization in 2000. He asserted, "In my opinion, since joining the WTO in 2000 the Chinese Government has never played by its rules.” O'Leary criticized American investments in China, claiming they support military and industrial activities of the CCP, which he characterized as harmful to the U.S.
Chris Iacovella discussed how investment funds potentially enable the CCP's human rights abuses and military developments. He commented, "American investor money funds the CCP’s use of forced labor, genocide, and other human rights abuses, the ongoing internment of Uyghurs in concentration camps, the emission of more greenhouse gases than all developed countries combined, weapon systems for the People’s Liberation Army." Iacovella warned of the CCP’s strategies to infiltrate U.S. institutions and manipulate markets.
Brady Finta shared experiences from addressing elder fraud, noting the difficulty in tackling such crimes effectively due to limited resources. He stated, "Just in my limited territory of San Diego County, I was inundated with elder fraud complaints without adequate resources to impact the threat."
The hearing concluded that protecting American retirement funds from the influence of the CCP is crucial for national security. The committees intend to continue legislative and oversight actions to protect U.S. capital and counter the financial threats outlined.
