Yesterday, Congressman Patrick McHenry (NC-10), the top Republican on the House Financial Services Committee, issued the following statement regarding the partisan so-called China competitiveness bill released yesterday by House Democrats:
"This Democrat bill does nothing to combat the rise of the Chinese Communist Party,” said Congressman McHenry. “Speaker Pelosi has once again put together a partisan bill with no Republican input.
“Financial Services Democrats’ provisions include: policies to cover up for the Biden Administration’s giveaway of $40 billion in no-strings-attached IMF money to the CCP last spring, and their support for $130 billion more last summer; as well as granting Treasury unchecked authority to block Americans’ digital currency payments worldwide.
“Most of these partisan provisions have never been marked up by our Committee and three were already rejected during NDAA negotiations. This is bad process, bad policy, and represents an unserious approach born of Democrats’ desperation for a win—after failing on everything from inflation to the COVID response.”
Background: Last year, Congressman McHenry outlined the principles to guide Congress’ evaluation of legislation intended to counter the rise of the Chinese Communist Party. The Democrats’ partisan bill misses the mark.
In addition, Congressman McHenry has introduced legislation that would actually counter the growing threat of China. H.R. 1646, the International Nuclear Energy Financing Act, responds to Chinese financing of energy infrastructure abroad, including nuclear power, by requiring the U.S. Executive Director at the World Bank to support financial assistance for the generation and distribution of nuclear energy.