Pelosi, Schumer push Biden to take tougher stand against Chinese investment

The Congressional Democratic leadership took a rare step on Tuesday by publicly urging President Biden to take a tougher stance against Chinese investment within the U.S.

Democratic House Speaker Nancy Pelosi of California and Senate Majority Leader Chuck Schumer of New York joined a group of bipartisan lawmakers in a letter that urged Biden to issue an executive order on the topic.

“As deliberations continue in Congress, we urge your Administration to move forward with executive action,” they wrote.

Pelosi and Schumer want the president to issue new disclosure guidelines on investments by firms linked to the Chinese Communist Party (CCP). The leaders are also requesting new restrictions on investments made near U.S. military installations.

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Pelosi and Schumer are also backing legislation to give the federal government the authority to block Chinese investment within the U.S. when there are sufficient national security concerns.

Lawmakers initially hoped to include the provision in bipartisan legislation shoring up the domestic semiconductor industry. The push failed, however, after the legislation hit several roadblocks from both Republicans and Democrats.

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Democrats and Republicans hope to revive the legislation after the November midterms. In the meantime, however, the Democratic leadership says Biden should take unilateral action.

“Government action on this front is long overdue to address the scope and magnitude of these serious risks we face as a country,” wrote Pelosi and Schumer.

Congressional lawmakers have increasingly sounded the alarm on U.S. investments by the CCP or entities controlled by the regime. They say China is strategically investing in companies central to U.S. national security and the nation’s supply chain infrastructure.

Recently, a wind energy project by a CCP-linked entity was reportedly nixed by the state of Texas after it was revealed the proposed site for the investment was only miles from an Air Force base.

 

“We must protect our supply chains and national security from foreign adversaries like China and Russia,” said House Appropriations Committee Chairman Rosa DeLauro, D-Conn.

White House national security officials said this month that the Biden administration is weighing whether to impose new restrictions and oversight requirements on Chinese investments.