Washington: A US Congressman unveiled legislation on Wednesday (September 22) to "target sanctions against Chinese Communist Party (CCP) military or surveillance companies".
Member of the House Foreign Affairs and Financial Services Committees, Republican Andy Barr, introduced the bill, which requires President Joe Biden to sanction CCP military companies included on the US Department of Defence's annual listing and other Chinese military and surveillance companies that pose a risk to US national security, according to a statement released by the office of Congressman Barr on Wednesday.
The statement added that the Chinese Military and Surveillance Company Sanction Act of 2021 protects US national security and limits western capital from fueling CCP military and surveillance companies.
The bill seems to target certain Chinese companies that US authorities have listed as posing a threat to national security. Office of Foreign Assets Control (OFAC) and the Department of Defence have included various Chinese companies in this list, including telecom giant Huawei, New York Post said.
Barr stressed that the legislation protects "the privacy of every American by imposing sanctions on companies clearly identified as CCP military or surveillance companies."
He added that "without question, these companies present real and imminent threats to national security, and my bill would limit their access to capital and investment."
Supporters of the legislation argue that it's necessary to combat the possibility of US capital. helping finance the Chinese Communist Party's rise without hindering investors' ability to invest in non-threatening Chinese companies, the New York Post reported.
Barr crafted the bill as part of a "broader effort by Republicans on the Financial Services Committee to combat the rise of the CCP."