WASHINGTON, D.C. – Congressman Rob Wittman today joined ‘Cavuto: Coast to Coast’ to discuss the House Select Committee on the Chinese Communist Party’s recent investigation into BlackRock and Morgan Stanley Capital International (MSCI) as well as the dangers of U.S. investments in companies controlled by the Chinese Communist Party (CCP).
To block U.S. capital from flowing into Chinese military companies that have been blacklisted by the U.S. government, Rep. Wittman has co-sponsored the Chinese Military and Surveillance Company Sanctions Act.
The bill would require U.S. Treasury Department sanctions against any Chinese military company listed on the Defense Department’s 1260H list or Chinese military and surveillance companies on the Treasury Department’s Chinese Military-Industrial Complex Companies list. Both BlackRock and MSCI were found to have ties to Chinese companies on these lists.
Watch the segment
here.
Cavuto:
“A lot of people are saying China — with all its provocative actions — that we reward them with a lot more economic activity and a lot of business activity. That even though it hurts us to maybe cut ties or not have as strong ties, that it's the right thing to do. Where are you on this?”
Wittman:
“I believe that we need to be very stern with China. American dollars should not be helping the CCP modernize its military or violate human rights. And bottom line, U.S. companies should not profit from investments that fuel the empowerment of the Chinese Communist Party — that's fundamental. And we see what China is doing — it's aggressive behavior. The United States — in any way, shape or form — should not be facilitating that.”
Cavuto:
“This notion of really getting tough with China economically, it always comes back to the idea [that] they need us a lot more than we need them. And there's probably a great deal of truth to that, but for a lot of Americans, it will mean higher prices of Chinese goods. And since a lot of goods in the United States are Chinese goods, it's going to boomerang on them. Are the American people prepared for that? Should they be prepared for that?”
Wittman:
“I think it's our responsibility — all leadership across the spectrum, legislative and executive branch — we need to communicate to the American people the depth and breadth of the threat that we face from China. We cannot be facilitating that by massive investments into Chinese Communist Party military modernization, because that's like feeding the wolf that's going to eat us.
We have to also make sure there's transparency. Everybody needs to know — with every penny that they invest — whether it's through their retirement fund or through their investment managers, do any of those dollars go to support the Chinese Communist Party. That's the way we're going to get our arms around this, and that's the way people will have a choice. But until we do that, people are going to believe that they're not part of this [while] they may indeed be in an investment fund that is feeding the Chinese Communist Party.”
