May 23, 2022

Democrats finally propose legislation to tackle China, paying lip service to reining in genocidal China

President Joe Biden has left the world in turmoil and America on the brink of an economic crisis. His latest attempt at a political win against China is also destined to fall flat.

House Democrats have proposed The COMPETES Act, a bill meant to rein in Communist China but critics say it has no teeth, Breitbart reported. Rep Patrick McHenry (R-NC), House Financial Services Committee Ranking Member, called it a political stunt by Democrats “desperate” for a legislative win in the face of their mounting political losses.  

“This Democrat bill does nothing to combat the rise of the Chinese Communist Party,” McHenry said in a statement Wednesday. “Speaker Pelosi has once again put together a partisan bill with no Republican input,” he said.
“Financial Services Democrats’ provisions include: policies to cover up for the Biden Administration’s giveaway of $40 billion in no-strings-attached [International Monetary Fund] money to the CCP last spring, and their support for $130 billion more last summer; as well as granting Treasury unchecked authority to block Americans’ digital currency payments worldwide,” McHenry said. The attack on cryptocurrency is significant.
According to Jerry Brito and Peter Van Valkenburgh of Coin Center, a nonpartisan cryptocurrency advocacy group, this provision would “hand the Treasury Secretary unchecked discretion to forbid financial institutions (including cryptocurrency exchanges) from offering their customers access to cryptocurrency networks.” This is part of a larger effort by the Biden administration to limit their use.
Other Republicans believe this legislation is nothing but another pork-filled power grab. Rep. Jim Banks (R-IN) said “… Pelosi’s new bill, the COMPETES Act… is weak and fails to properly confront the China threat, and it throws billions at unrelated issues that have nothing to do with our national security,” the Republican Study Committee chairman charged.
“For example, it includes millions to study coral reefs and gives billions to the United Nations Green Climate Fund. At the same time, there is no money to enforce our sanctions laws or increase our military strength,” Banks lamented.
This bill is not for the sake of America’s interest in limiting the power and influence of one of our adversaries, but rather for the optics of getting tough with China. Unfortunately, this legislation fails on both accounts.
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