US lawmakers unveil bill requiring private equity firms to reveal China investment

[BumRushDaShow]

Source: Reuters

November 9, 2023 5:30 PM EST


Nov 9 (Reuters) - Two U.S. senators introduced a bipartisan bill on Thursday that would require private equity firms to make public how much they invest in China and other countries of concern. The bill, introduced by Democratic Senator Bob Casey and Republican Senator Rick Scott, is the latest effort to track U.S. investments in China. "The American people deserve to know where and how their savings are being invested," Casey said in a statement.

Reuters exclusively reported on the bill earlier Thursday.

The United States has sought to crack down on U.S. investment in China over fears U.S. dollars and know-how are aiding Beijing's technological advances to modernize its military. U.S. private investment firms have poured more than $80 billion into China between 2018 and 2022, some via pension plans, according to Casey's office.

The new congressional measure would require private equity funds to annually disclose assets invested in China, Iran, Russia and North Korea to the U.S. Securities and Exchange Commission, which would then be required to make public a report based on the information. It would also require disclosure of certain information about private security sales.

Read more: https://www.reuters.com/world/us/us-lawmakers-unveil-bill-requiring-private-equity-firms-reveal-china-investment-2023-11-09/

[John1956PA]

1. One major U.S. company has been friendly with Beijing.

Not long ago, a human rights group called out the company. The group emphasized that the Chinese government is opressing (to put it mildly) Muslims in a particular Chinese province. Also, the group publicizes reports that certain Chinese minorities are compelled to work in plants which manufacture products for U.S. companies. I am glad that there is a bipartisan effort in the Senate to force at least some disclosure of dealings by U.S. firms with the Chinese.

[tornado34jh]

4. Do you know which company it is?

Does it involve defense (e.g. Lockheed-Martin?)

[John1956PA]

5. No. The company is in the multi-media and entertainment industries.

I will find the link and post it.

ON EDIT: Here is the link to an article on this issue:
https://www.pbs.org/newshour/arts/disney-criticized-for-filming-mulan-in-chinas-xinjiang

[tornado34jh]

8. Why am I not surprised it is Disney

But then again, profit over morals, right?

[ancianita]

7. Yes, it's Lockheed and Ratheon supplying arms to Taiwan, but that was back in February.

China announced Thursday it would levy sanctions on American defense contractors Lockheed Martin and a Raytheon subsidiary for supplying weapons to Taiwan. The move comes shortly after the United States blacklisted half a dozen companies tied to the Chinese’s high-altitude ballon surveillance program.

China’s Ministry of Commerce barred Lockheed Martin Corporation and Raytheon Missiles & Defense from further investment opportunities or importing trade goods into the country. The companies are now listed on the “unreliable entry list,” it said in a statement.

China also prohibited the companies’ executives and other senior management personnel from entering the country. The ministry levied fines against the American contractors “twice the amount of each enterprise’s arms sales contract to Taiwan,” the statement reads.

https://www.deseret.com/u-s-world/2023/2/16/23602506/china-sanctions-lockheed-martin-raytheon-taiwan-weapons-supply

[slightlv]

2. And this is why they want to steal our SS dollars and Medicare...

They want more money to pour into other countries and businesses, and they don't want to really risk their own. They'd rather socialize the risks and then privatize the profits. Meanwhile, money WE'VE worked for all our lives, is stolen to finance their gambling.

[aboelezbarouma]

3. Doubt this will pass

Doubt this will pass but at the same time, they have been going after China

[oldsoftie]

6. Push your Reps & Senators to PASS this bill. China is the enemy.

Companies like Disney & the NBA are disgusting how they'll bend over for China.
And we all know Trump took millions from China WHILE President.