WASHINGTON, D.C. — U.S. Senator Bob Casey (D-PA) has unveiled the Combat Chinese Economic Aggression Act, aimed at fortifying American competitiveness and safeguarding national security in the face of mounting challenges from China. This comprehensive legislative package comprises five key bills designed to protect U.S. industries from foreign interference and address economic and cybersecurity vulnerabilities.
Senator Casey has been a vocal advocate for robust U.S. economic policies that resist foreign interference, particularly from China. “China’s rising economic aggression will put our security, workers, and communities at risk if we don’t fight back,” Casey asserted. This legislative effort underscores his commitment to leveling the playing field for American workers and industries.
The cornerstone of this legislative package is the American Industry and Technology Protection Act. This bill aims to empower the Committee on Foreign Investment in the United States (CFIUS) with expanded authority to scrutinize transactions involving critical technologies that may compromise the U.S. market’s competitiveness. By enabling CFIUS to act more decisively against transactions from the People’s Republic of China (PRC), the legislation seeks to protect foundational industries such as steelmaking and energy technology.
Another significant component is the Disclosing Investments in Foreign Adversaries Act, which mandates transparency regarding U.S. financial exposure to countries of concern, including China. This bill requires private funds to disclose investments in such countries, thereby enabling policymakers to assess the implications of these financial ties and make informed decisions to mitigate economic risks.
The Stop Investing in Chinese Innovation and Aggression Act is designed to curb U.S. investments in critical technologies within adversarial nations. By establishing restrictions on outsourcing and direct investments in China, the bill aims to safeguard U.S. innovation and national security. It also mandates notification to the Department of Treasury regarding certain investments in countries of concern, ensuring heightened oversight.
The Market Economy Sourcing Act seeks to reduce dependence on non-market economies by limiting the content of goods originating from such countries. This measure aims to close loopholes that allow non-market economies like China to benefit from preferential market access, thereby reinforcing the integrity of U.S. trade agreements.
Finally, the Secure Smartports Act addresses national security concerns related to Chinese-backed shipping and logistics infrastructure. By directing the National Counterintelligence and Security Center (NCSC) to alert the U.S. port and shipping industry to these risks, the legislation aims to protect critical supply chains from foreign intelligence threats.
Senator Casey’s legislative initiative reflects a comprehensive approach to addressing multifaceted threats posed by China’s economic strategies. By targeting key areas of vulnerability, the Combat Chinese Economic Aggression Act is poised to significantly enhance U.S. economic resilience and national security. As the legislative process unfolds, the Act’s implications for American industries, workers, and security will undoubtedly be closely scrutinized by policymakers and stakeholders alike.
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