Today, Congressman Devin Nunes introduced the Holding China Accountable Act in the House of Representatives.
Communist China continually and shamelessly steals American technological innovation and proprietary information to benefit the regime in Beijing and the state-run companies it operates. The years-long campaign of theft and espionage has continued despite repeated warnings by the U.S. government, the adoption of counter-measures, and the prosecution of individuals engaged in espionage and cyber crimes on China's behalf. Clearly, stronger measures are needed to deter Beijing's predatory behavior.
The bill would implement three deterrent measures:
-Require Chinese firms to conform to either U.S. or European accounting standards. This would end China-based companies' ability to evade the full auditing requirements that apply to other participants in U.S. capital markets.
-Prohibit travel to the United States by Chinese nationals whose visit to the United States involves science, technology, engineering, mathematics or a related field. The bill allows for this restriction to be waived in any year in which the president certifies to Congress that in the preceding year, China has not provided state support of cyber espionage against a U.S. company and that no person or entity in the U.S. has engaged in espionage against a U.S. company on China's behalf.
-Tighten requirements on university reporting of foreign funding. The bill would reduce the reporting threshold to $25,000, designate China, Russia, Iran and North Korea as covered nations, and increase the fine for noncompliance.
Introduced with twenty-two cosponsors, the bill continues a years-long investigation by House Intelligence Committee Republicans.
Ranking Member Nunes said, "China's theft of Americans' intellectual property and innovations simply can't be tolerated. We have no choice but to adopt strong laws that will defend us from these thefts and give the Chinese regime a meaningful incentive to stop their attacks and deceptions."
Rep. Conaway said, "The Chinese Communist Party has a proven track record of manipulating U.S. laws and regulations to benefit their own interests. Chinese companies listed on American stock exchanges are not currently required to comply with the accounting and oversight regulations that U.S. companies are, handing Beijing a legal loophole they enthusiastically abuse. This is an issue I've been working on for several years, and I'm glad to see headway being made to ensure that China will no longer be able to take advantage of American companies and financial systems."
Rep. Stewart said, "Doing business with the United States is a privilege that we've granted to China for a generation. We've turned a blind-eye to China's cheating, theft, and bullying in the hopes that they would grow into international norms. This bill unequivocally states 'no more'."
Rep. Wenstrup said, "America's policymaking must be driven by the undeniable fact that we are in an emerging Cold War with the Chinese Communist Party, which is actively seeking to exploit, undermine, and weaken the United States and all free people in every domain. Ranking Member Devin Nunes's Hold China Accountable Act will directly target China's adversarial threat to our national security by combatting Chinese espionage, protecting our research and innovation, leveling the playing field for American businesses, and exposing Chinese infiltration of and influence within our colleges and universities. I applaud the Ranking Member's leadership on China policy and am proud to support this critical legislation, which complements the ongoing initiatives of the Republican China Task Force and will make all Americans safer."
Rep. Crawford said, "Like all Communist economies, China's has been built through thievery, deception, and espionage. Limiting Chinese access to American research and holding Chinese companies to the same accounting standards we place on ourselves is long overdue."