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How One GOP Rep Is Seeking to Stop China from Taking Advantage of Us Economy During Pandemic

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Posted: May 05, 2020 2:00 PM
How One GOP Rep Is Seeking to Stop China from Taking Advantage of Us Economy During Pandemic

Source: Li Xueren/Xinhua via AP

We already know that China is the coronavirus culprit. Reports are iffy as to how the virus escaped from Wuhan, China, but what's clear is that the CCP covered it up for days. Even more despicable is the fact that they closed their own borders, yet allowed infected individuals to travel freely to other parts of the world such as Europe and here in the U.S., where nearly 70,000 people have now lost their lives.

But China may not be done wreaking havoc on Americans. The Chinese government could pursue predatory investments of American companies as we deal with the outbreak.

House Armed Services Committee member Rep. Jim Banks (R-IN) believes his Restricting Predatory Acquisition During COVID-19 Act would nip that issue in the bud by expanding the scope of the Committee on Foreign Investment in the United States, which reviews foreign investments and real estate transactions to determine their effect on U.S. national security.

"The Committee on Foreign Investment in the United States shall review, and the President shall deny, any purchase of a controlling interest in a covered company by a covered foreign interest, except as provided by subsection," Banks's bill reads.

The measure would place temporary restrictions on acquisitions by the People's Republic of China.

"Our job is to ensure the Chinese Communist Party doesn't profit off a pandemic of their own making," Rep. Banks explained in a statement. "President Trump won an election vowing to stop China from taking advantage of Americans. I am glad to be working with him now to stop Chinese predation."

You can read the entire bill here.