A New House Committee Scrutinizes U.S. Investments In Communist China

U.S. House of Representatives Republican Leader Kevin McCarthy recently announced that after the Republicans take over the House in January, a select committee focused on U.S. investments in Communist China will be set up. U.S. Republican Representative Mike Gallagher was named to lead the committee.

Representative Gallagher said in a press interview that the Congress has been investigating Communist China’s investments in the United States for the past five years, and that the next phase of the investigation will focus on outbound U.S. investment and U.S. pension funds in communist China to determine whether the United States is too depended on the Chinese Communist Party (CCP). Both the Biden administration and Congress may create a system to monitor and block some inappropriate U.S. investment proposals in Communist China.

Gallagher said he believes that the CCP is the most serious threat to the U.S. in history and that Xi Jinping, the CCP leader, is “preparing his country for economic struggle and warfare.” He also added that he wants the Pentagon and other national security bodies to coordinate on planning more closely with the U.S. financial agencies.”

In addition, in response to questions about whether the real purpose of the committee’s formation was to counter or criticize the Biden administration’s approach to the CCP, Gallagher stressed that it is a bipartisan consensus to work together on the issue of the CCP.