Staff Reports
In a resounding victory over China, the Senate passed a bill requiring U.S. investors in Chinese technology firms to disclose their holdings. This action illustrates rising concerns regarding China's swift technological advancement. The bill proposed by Senators Bob Casey and John Cornyn was approved by a vote of 91-6. This amendment was included in the National Defense Authorization Act (NDAA), which establishes Pentagon policy and funding.
Senate mostly unified on China provisions despite NDAA fights https://t.co/FtioCglnax
— Washington Examiner (@dcexaminer) July 28, 2023
Marsha Blackburn, Mike Braun, Mike Lee, Rand Paul, Kyrsten Sinema, and Thom Tillis were the senators who voted against the proposal. It is disappointing that members of the Republican Party oppose national security measures. These senators must place the interests of the United States above their own political agendas.
The amendment mandates U.S. investors to report their holdings within two weeks to the Treasury Department. It also requires the reporting of investments in "countries of concern" such as Iran, North Korea, and Russia. This is necessary to prevent our adversaries from gaining access to vital technology. Controlling these capital flows and defending our innovations are essential to our economic future.
Despite the fact that some senators objected to restrictions on investments in foreign adversaries, it is evident that investing in technology in countries such as China and Russia carries significant risks. Our capital, intellectual property, and innovation can easily be weaponized against us if they fall into the wrong hands. This measure increases transparency and permits us to collect the data necessary to assess our national security vulnerabilities, confront threats, and maintain our competitiveness.
Before the August recess, the Senate is working diligently to ratify the NDAA. Later this year, when the differences between the House and Senate versions are reconciled, the final version of the bill will be determined. It is crucial that we prioritize national security and support measures such as these.
In addition to the bill that targets Chinese investments in technology, the Senate also passed an amendment that prohibits foreign adversaries from purchasing American agricultural land. This action is essential for safeguarding our food supply and preventing potential threats to national security. It is concerning that China, Russia, North Korea, and Iran are attempting to purchase American farmland near military installations. We must maintain vigilance and adopt appropriate measures to protect our interests.
