WASHINGTON – Today, the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party recommended enacting several of Rep. Jim Banks’ (IN-03) legislative efforts to strengthen the U.S. in its economic competition with Communist China.
The Select Committee endorsed over one hundred policy recommendations to reset U.S.-China economic and technological relations in its full report.
Rep. Jim Banks said, “Today, the House took an enormous step towards holding the Chinese Communist Party accountable for its deceptive and predatory economic practices. The report endorses substantive action, including hiking tariffs on Chinese imports, redirecting capital to U.S. industry, and cutting off investments in our foremost adversary. These long-overdue, bipartisan reforms will make America safer and create Hoosier jobs—they deserve a full vote on the House floor.”
The Select Committee cited Rep. Banks’ Protecting Americans’ Retirement Savings Act (PARSA) to block ERISA plans from making dangerous new investments in companies controlled by or based in our foreign adversaries and to require the disclosure of existing investments in other foreign adversaries and sanctioned entities, as well as Rep. Banks’ and Rep. DeLauro’s SHIELD Act to establish an Office of Economic and Security Preparedness and Resilience to help eliminate supply chain dependency on China in vital national security sectors. The report also endorsed proposals to secure U.S. research from Chinese espionage that Rep. Banks led as amendments to this year’s National Defense Authorization Act (NDAA).
