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WASHINGTON, D.C. – U.S. Sen. John Cornyn (R-Texas) discusses the need to prohibit U.S. companies from investing in sensitive technologies in countries of concern like China, and U.S. Sen. Bob Casey (D-Texas) Pennsylvania) has been leading the effort in the Senate. and urged House Minority Leader Hakeem Jeffries (NY-08) to support a provision banning certain investments in such countries by the end of the year. Excerpts of Senator Cornyn’s remarks can be found below and the video can be viewed here.
“Right now, American companies are fueling Chinese aggression by pouring billions into capabilities that could ultimately be used against us and our allies.”
“From advanced semiconductors to quantum computing to artificial intelligence, it’s time for the United States to get serious about limiting the flow of dollars into the arsenals of our greatest strategic adversaries.”
“According to some estimates, U.S. investments in Chinese companies in 2020 were worth more than $2.3 trillion in market value…including $21 billion in semiconductors, $54 billion in military companies, and $54 billion in artificial intelligence. That’s a whopping $221 billion.”
“Last year, the Senate made significant progress on this issue by including foreign investment transparency provisions in the Senate-passed National Defense Authorization Act.”
“Last year, the Senate voted 91-6 to include my amendment in the NDAA, demonstrating overwhelming bipartisan agreement on the need to address this issue.”
“We have some great partners in the House of Representatives. I especially want to thank House Select Committee Chairman John Moolenaar, Foreign Relations Committee Chairman Representative Michael McCaul, and Speaker of the House Mike Johnson. This problem.”
“The Senate had the opportunity to include these provisions in the National Defense Authorization Act this year, but House Minority Leader Hakeem Jeffries chose to block them.”
“During this time, I understand that Leader Jeffries has listened to the voice of reason and returned to the negotiating table. I look forward to these conversations continuing to be productive and yielding positive results.” Masu.”
“Our national security depends on it, and while time is limited, we must not waste this opportunity to confront the Chinese Communist Party.”
