Congressman John Moolenaar Chairman of the Select Committee on the CCP | Official Website
Chairman John Moolenaar (R-MI) of the House Select Committee on China, along with other Congressional leaders focused on national security, has called on the Treasury Department to take further steps in implementing the Comprehensive Outbound Investment National Security (COINS) Act. Their goal is to prevent American capital and expertise from aiding the Chinese Communist Party’s military industrial base.
In a letter addressed to Treasury Secretary Scott Bessent, Chairman Moolenaar and his colleagues stated: “The OISP and the COINS Act have been critical steps toward ensuring that American capital does not finance the military modernization of our foremost strategic competitor. However, more must be done to ensure the United States does not fund capabilities that threaten our national security, economic strength, and technological leadership.”
The COINS Act was enacted last year to address loopholes that previously allowed U.S. investments into sectors such as semiconductors, artificial intelligence, quantum technology, and China’s defense industry.
One recommendation made by Chairman Moolenaar and others is for the Outbound Investment Security Program to expand its coverage to include biotechnology investments in countries of concern. They argue this would prevent U.S. funds from supporting China’s bioweapons development, reinforce American supply chains, and support U.S. leadership in advanced biotechnology.
The letter was cosigned by House Foreign Affairs Committee Chairman Brian Mast, Congressman Michael McCaul, Senator Tom Cotton, Senator Jim Banks, and Senator Pete Rickett.
The House Select Committee on the Chinese Communist Party examines economic and security challenges posed by the Chinese Communist Party while developing policy recommendations for Congress. The committee also proposes legislation aimed at enhancing U.S. competitiveness against China’s government. As a bipartisan body within the U.S. House of Representatives, it addresses issues such as technology competition and supply chain stability through hearings and reports (source). The committee works to safeguard American innovation and coordinate governmental responses to related challenges (source).
