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A new bill aims to ban Americans from investing in all Chinese firms on Entity List

A new bill aims to ban Americans from investing in Chinese firms

November 23, 2020: Rep. Mike Gallagher, R-Wis., introduced a new bill on Friday that aims to ban Americans from investing in Chinese companies and individuals in Entity list of firms are facing US restrictions.

Republican Sens. Marco Rubio of Florida and Mike Braun of Indiana introduced the Senate version of the bill called the American Financial Markets Integrity and Security Act on Thursday.

“We’ve seen that the Chinese Communist Party is engaged in a relentless campaign to dominate critical technologies,” Gallagher told Fox News. “As we’ve seen time and again, CCP exploits our fair and open system in order to dominate those technologies using American capital to finance its malign agenda.”

He continued: “To make matters worse, the financing is coming not just from big Wall Street banks and hedge funds but from unwitting Americans whose hard-earned investments are caught up in mutual funds, retirement [funds] and things like that, and I think this poses a direct threat to our economic security and national security.”

“The ultimate goal is to ensure that an increasingly hostile foreign power isn’t using the American economy against us — isn’t using Americans’ hard-earned money to finance or build weapons … that could be used against our armed service members in a future conflict.”

The congressman said he is “cautiously optimistic” about winning bipartisan support, and he is working to get a House Democrat to support the bill.

Source: https://www.foxbusiness.com/markets/legsilation-ban-american-investing-chinese-entity-list

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