Senators Introduce FIGHT China Act to Safeguard U.S. Investments Against Threats

The FIGHT China Act, introduced by a bipartisan group of U.S. Senators, aims to enhance national security by regulating American investments in certain technologies in China. This legislation seeks to prevent the Chinese Communist Party from gaining access to U.S. innovation while ensuring that national interests are prioritized regarding technology investments.

U.S. Senators John Cornyn, Catherine Cortez Masto, and an array of bipartisan colleagues have introduced the Foreign Investment Guardrails to Help Thwart (FIGHT) China Act. This legislation aims to augment national security by prohibiting and requiring notification of American investments in specific technologies in China. The initiative comes in response to the escalating threat posed by the People’s Republic of China (PRC) to both national and economic security.

Senator Cornyn emphasized the importance of the act, stating, “The threat China poses to the United States’ national and economic security continues to grow… this bill would help ensure American ingenuity… do not end up in the hands of the Chinese Communist Party.” His remarks underscored the urgency for regulations on capital flow to nations perceived as hostile. Senator Cortez Masto reiterated the significance of keeping the U.S. at the forefront of critical technologies such as artificial intelligence and semiconductors, ensuring that American investments do not enhance the capabilities of adversarial nations.

Chairman Scott acknowledged the necessity for a strategic approach to countering the Chinese Communist Party, while Ranking Member Warren voiced the bipartisan commitment to safeguarding cutting-edge technologies from foreign influence. Senator Banks advocates for the protection of American investments, emphasizing that American dollar allocations should not facilitate the growth of the Chinese military capabilities.

Senator Slotkin articulated a straightforward stance, suggesting that the legislation is essential for preventing U.S. support from inadvertently bolstering foreign adversaries. Senator Ricketts indicated that the FIGHT China Act is crucial to safeguarding economic interests and innovation, while Senator Bennet highlighted the immediate need to prevent U.S. financial resources from inadvertently supporting Chinese military advancements.

Senator Kim remarked on the importance of comprehensive solutions to impending threats, echoing the bipartisan nature of the proposed legislation. Similarly, Senator McCormick stressed the importance of limiting investments in China’s military and dual-use technologies. Majority Leader Schumer reaffirmed the significance of the U.S. maintaining its competitive edge in innovation.

Senator Sullivan called attention to the dangers posed by unchecked American investments in technologies that could bolster Chinese military capabilities. Senator Fetterman remarked on the historical exploitation of American businesses and labor, emphasizing the necessity for robust legislative measures to curb these threats through bipartisan efforts.

The FIGHT China Act aims to implement strict controls over investment sectors such as artificial intelligence, quantum computing, and other advanced technologies by requiring the Secretary of the Treasury to review and restrict investments deemed potentially harmful to U.S. national interests. The legislation intends to ensure that the U.S. remains the global innovator while preventing sensitive technology from falling into the hands of adversaries.

The introduction of the FIGHT China Act marks a significant bipartisan effort to bolster U.S. national security against the challenges posed by the People’s Republic of China. With provisions to restrict investments in critical technologies, this legislation seeks to safeguard American ingenuity and protect economic interests. The support from various senators emphasizes a united front in addressing the multifaceted threat China represents while ensuring that U.S. investments do not inadvertently enhance foreign adversaries’ military capabilities.

Original Source: www.cornyn.senate.gov