March 17, 2023
(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), a senior member of the Senate Foreign Relations and Small Business and Entrepreneurship Committees, and U.S. Senator Rick Scott (R-FL) recently introduced the Protecting American Capital Act, bipartisan legislation that would require the U.S. Department of Treasury to annually report to Congress on the United States’ financial exposure to China.
Companies based in China often benefit from American capital, while providing little to no financial reporting to foreign countries to validate their domestic economic claims. This lack of reliable data around investments limits the U.S.’ ability to assess the larger financial and national security risks imposed by China. This bipartisan bill responds to a bipartisan and unanimous recommendation by the U.S.-China Economic and Security Review Commission.
“To ensure the United States maintains a competitive edge over China, we need full transparency on the flow of U.S. dollars into China. The status quo relies on China’s domestic economic claims, which we know cannot be trusted,” said Shaheen. “I’m glad to once again help lead this bipartisan effort that would require annual reports to Congress identifying risks associated with the United States and China’s economic relationship. This bill would provide U.S. oversight that is needed to protect our economic and national security.”
Full text of the bill is available here.
Senator Shaheen is a leader in the Senate in the push against an increasingly competitive and aggressive China. Shaheen is also Chair of the Appropriations Subcommittee on Commerce, Justice, Science and Related Agencies, and secured important provisions in the historic Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act of 2022, which was passed by Congress last year and signed into law. The historic legislation develops U.S. policy to address strategic, economic and diplomatic tools for a global strategy that will allow the United States to confront the challenges that China poses to the United States. The comprehensive package invests in scientific research and microchips that are key to the economy and military, as well as strengthens domestic manufacturing and the supply chain. Shaheen previously introduced the Transatlantic Telecommunication Security Act (TTSA), which would strengthen European telecommunications infrastructure and counter China’s influence by helping key allies in the region build 5G networks. Shaheen serves as an honorary co-chair of the Global Tech Security Commission, which seeks to develop a global tech security strategy that safeguards freedom through the adoption of trusted technology.
###
