What They’re Saying: Senator Bob Casey’s Latest “Effort to Track U.S. Investments in China”
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Senator Casey Continues to Work Across the Aisle to Stand up to China
PENNSYLVANIA – Senator Bob Casey continues to work across the aisle to stand up to China, including new legislation that would “require private equity firms to make public how much they invest in China and other countries of concern.”
Senator Casey has a long record of standing up to China and is steadfast in his fight to protect the United States’ national security against America’s adversaries.
ICYMI: Reuters: US lawmakers unveil bill requiring private equity firms to reveal China investment
- Two U.S. senators introduced a bipartisan bill on Thursday that would require private equity firms to make public how much they invest in China and other countries of concern.
- The bill, introduced by Democratic Senator Bob Casey and Republican Senator Rick Scott, is the latest effort to track U.S. investments in China.
- “The American people deserve to know where and how their savings are being invested,” Casey said in a statement.
- The United States has sought to crack down on U.S. investment in China over fears that U.S. dollars and know-how are aiding Beijing’s technological advances to modernize its military.
- U.S. private investment firms have poured more than $80 billion into China between 2018 and 2022, some via pension plans, according to Casey’s office.
- The new congressional measure would require private equity funds to annually disclose assets invested in China, Iran, Russia and North Korea to the U.S. Securities and Exchange Commission, which would then be required to make public a report based on the information.
- Casey has also co-sponsored a measure that would require government notification of investments in certain sensitive technology sectors in China. That measure has been added as an amendment to the Senate’s National Defense Authorization Act (NDAA) and may or may not survive reconciliation with the House’s version.
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