|It is no secret that China has been successfully competing with the United States for years now, trying everything possible to become the world’s greatest superpower. They have a stated goal of building the strongest military, having the most advanced technology and intelligence, and becoming the biggest economic force on earth. And while a little healthy competition never hurt anyone, the Chinese Communist Party (CCP) is not going about this mission in an ethical fashion. They are pursuing their goals by any means necessary, including genocide, forced labor, and intellectual property piracy with blatant disregard for international standards and human decency.
With the Olympics starting today in Beijing, all eyes have been on China recently with growing attention on its extremely disturbing human rights violations and religious persecutions. Human rights violations in China are not necessarily new information, but more details of how the Uyghurs, Tibetans and other religious and ethnic minorities are being treated in China are being brought to light. China may think it’s on its way to becoming the global leader, but any government that operates in such an immoral manner has no business leading the world in anything.
This week, the House passed the “COMPETES Act,” a bill that was supposed to update our laws to give our workers and businesses a boost in competing with China. Remaining competitive with China isn’t a Republican or Democrat issue, it’s an American issue. In fact, even the U.S. Senate who can’t agree on anything passed a bipartisan bill that contained provisions focused on investments in science, tech and innovation as well as updated trade policies to protect American businesses and workers.
Unfortunately, instead of improving upon the Senate bill, House Democrats drafted 3,000 pages of climate change measures, green new deal subsidies, and other progressive priorities. For example, the House bill added $8 billion to the United Nation’s Green Climate Fund (GCF) which is supposed to be used to help developing nations build renewable energy infrastructure. Of course, what is supposed to happen and what actually happens are two very different things, particularly at the United Nations. You probably won’t be surprised to learn that China has never given any money to GCF. However, China has received $100 million from the fund. So, the House bill gives eight billion in taxpayer dollars to a supposed “green energy fund” that turns around and sends the money to China, the country responsible for 30 percent of the world’s carbon emissions. I have opposed funding for the GCF for years because it has proven to be completely ineffective, but would think even the most pro-China progressives would see the hypocrisy in this.
In my capacity as a senior member on the House Financial Services Committee, I offered an amendment to the bill in an effort to bring more transparency to Americans who have retirement and savings invested in the market. Every year, hundreds of billions of American dollars are pumped into the Chinese economy. While large financial institutions make these investments intentionally in an effort to score high returns, retail investors often have no idea their 401K is being used to prop up our largest adversary. My amendment would begin to put an end to that practice by requiring the SEC to work with the Treasury and State Departments to report to Congress and the American People which companies and investment funds are investing in China. Americans should have the freedom to invest their money as they please, but I think most people would be angered to know they’ve unwittingly invested in China and subsequently the CCP.
I am a firm believer that the United States should be doing everything we possibly can to combat China’s corruption and restore our firm footing as the strongest, most economically sound country in the world. Unfortunately, with the so-called “COMPETES Act,” the House did not rise to the challenge. And if anyone thinks this Administration wants to hold China accountable, they should take a look at Hunter Biden’s financials. It’s long past time Congress get serious about China, and I will happily lead that charge.
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