Today, Congressman Patrick McHenry (NC-10), the top Republican on the House Financial Services Committee, issued the following statement after voting against House Democrats’ partisan, so-called China competitiveness legislation:

“Congressional Democrats are more focused on stifling American innovation than confronting the generational threat posed by the Chinese Communist Party,” said Congressman McHenry. “For example, Democrats slipped cryptocurrency prohibitions into this unrelated, 3,000-page bill, which would create a back door for the Treasury Secretary to strangle financial innovation. To ensure our continued leadership, including in the digital assets space, we must focus on what has defined our nation’s success. Last year, Committee Republicans released three key principles on how the U.S. can outcompete China by: recommitting to free markets and free people, preventing China from rewriting the international rules of the road, and maintaining an open, vibrant, and resilient financial system. House Democrats’ bill misses the mark on all counts.”

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.

Last week, McHenry released a statement slamming House Democrats’ for forgoing bipartisanship and instead introducing this so-called competitiveness bill full of partisan poison pills.

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.