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

Posted 8 days ago

From WWW.FOXBUSINESS.COM

Rep. Mike Gallagher, R-Wis., introduced new legislation on Friday that aims to ban Americans from investing in Chinese companies and individuals listed on the Commerce Department’s so-called Entity List of firms facing U. S. 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 legislation is something of an extension to President Trump's Nov. 12 executive order that prevents Americans from investing in 31 Chinese companies that help the country's military operations.

The congressman praised the president's executive order but said the American F... (Read more)