House Financial Services Committee Republicans have issued a statement on their efforts to “combat the economic threat from the Chinese Communist Party.”
China has become more jingoist under the leadership of President Xi Jinping. The Chairman of the CCP has sought to curtail economic freedom in his country while bolstering its military as it prepares for a potential invasion of Taiwan. The current US administration has stated it will not stand by if China invades the country, which, while falling under the “one China” policy, is still viewed as independent. Taiwan is also a vital partner in providing advanced computer chip technology – something the United States (and the rest of the world) depends on.
The House Financial Services Committee says it will work with the rest of Congress to “stand up to the CCP.”
The Committee states, “Taiwan is a critical ally in the United States’ fight against the CCP’s global aggression.”
Current legislation in the queue includes:
H.R. 9456, the Protecting American Agriculture from Foreign Adversaries Act, sponsored by Rep. Dan Newhouse (WA-04)
H.R. 554, the Taiwan Conflict Deterrence Act of 2023, sponsored by Rep. French Hill (AR-02)
H.R. 510, the Chinese Currency Accountability Act of 2023, sponsored by Rep. Warren Davidson (OH-08)
The principles outlined by the Committee include:
- Walk the Walk–For the U.S. to outcompete China, it cannot become more like the CCP.
- Play by the Rules–The U.S. and its allies must prevent China from rewriting the international rules of the road.
- Lead by Example–National security requires the U.S. financial sector to remain open, vibrant, and resilient, even as we prevent Chinese companies from advancing Beijing’s strategic goals.
Several other bills have already passed the House, and some have already been passed into law.
Most observers view China as the greatest geopolitical threat in a generation. China has openly supported the invasion by Russia into Ukraine claiming a relationship with the rogue nation as a friendship without limits. Not content with becoming a leading global economy, China aims to establish is the lone global super power – something it can only achieve by taking military action. Taiwan and surrounding Asian nations are on alert for a move by China to provoke some type of military intervention.
