creating a narrowly targeted review mechanism for outbound investments and.persons from purchasing securities in “Chinese companies that undermine the security or democratic values of the United States and our allies.”ĭuring the House Financial Services Committee hearing, Democratic Members pressed Harrell on whether we need to implement additional mechanisms for examining outbound U.S. In 2021, President Biden signed an executive order expanding on a Trump administration executive order prohibiting U.S. Companies that significantly rely on Chinese supply chains, particularly in important sectors like technology, defense, energy, and healthcare, should be prepared to face questions and document requests from Congress and to explain steps they are taking to ensure supply chain resilience and security.īipartisan and Bicameral Interest in Further Limiting Outbound Sensitive Technology and Investments in China The focus on supply chain vulnerabilities in both the military and civilian space will likely lead to Members of Congress going directly to the relevant actors, especially federal government contractors. He said that if the United States wants companies to move supply chains outside of China, the government has to give them good alternatives.įorecasting Oversight and Investigations. Young Kim (R-CA) about policy recommendations for moving critical supply chains out of China, Clete Willems, former Deputy Assistant to the President for International Economics and Deputy National Economic Council Director, testified that the Biden administration should look to negotiate new trade agreements, with Taiwan as a top candidate. is importing to better understand where we’re vulnerable. still has significant supply chain vulnerabilities, particularly in the pharmaceutical industry, and that the administration should undertake a comprehensive review of what the U.S. Peter Harrell, the former Senior Director for International Economics and Competitiveness, National Security Council and National Economic Council, testified that one of the most important focuses going forward should be our supply chain resilience.Pacific Command, explained that the majority of components for energetics come from China or are controlled by Chinese supply chains, calling it “shocking.” Admiral Harry Harris, the former Commander of the U.S. Elissa Slotkin (D-MI) stated that our “economic security is connected to China” because of Chinese supply chains. Throughout all three hearings, Members voiced concerns about supply chains located in China and the associated economic and national security implications. The hearings demonstrated that countering China will remain a top priority for Congress.Ĭongressional Focus on Chinese Supply Chains Significant attention was also given to supply chains, including the tech sector’s dependence upon China, and Chinese investment. Unsurprisingly, Republicans repeatedly raised the Chinese surveillance balloon that floated across the United States last week as well as Chinese espionage. Both parties emphasized the need for the United States to counter the geopolitical, economic, and military threats that China poses. In the Democratic-controlled Senate, the Senate Foreign Relations Committee held its second hearing of the 118th Congress on “Evaluating U.S.-China Policy in the Era of Strategic Competition.” Perhaps the most important takeaway from the trio of hearings is that concerns about China are not a Democratic or Republican issue. Last week, two House committees-the House Financial Services Committee and the House Armed Services Committee-focused their respective first hearings of the new Congress on China. As the new Congress ramps up its oversight efforts, concerns about China and the threats it poses to the United States have emerged as a leading bipartisan focus.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |