Today, Rep. Blaine Luetkemeyer (MO-3) and Rep. Andy Barr (KY-6) released the following statements regarding the House Financial Services Committee’s passage of H.R. 760, the Chinese Military and Surveillance Company Sanctions Act. 

"China and Russia have enjoyed relatively unfettered access to U.S. capital markets. Both countries have essentially shrugged off past half-measures and continued operating with near impunity. Mr. Barr's sanctions represent thoughtful, direct action to hamstring companies involved in these military-industrial complexes and dissuade the global community from funding their atrocities. I am proud to support this impactful legislation," Rep. Luetkemeyer said. 

"In the face of the CCP's unambiguous ambitions to reshape the global order, the 'Chinese Military and Surveillance Company Sanctions Act' stands as a crucial tool to cut off financing to PRC firms threatening U.S. national security,” Rep. Barr said. “This bill targets the very core of China’s military-industrial prowess, ensuring that firms integral to their defense and surveillance capabilities are isolated from the global financial system. In a world with intricate economic ties and challenges, this bill utilizes tested sanctions authorities that are targeted but effective while also providing ‘red light, green light’ clarity to global investors.” 

Background: Presidents Trump and Biden both issued Executive Orders publishing lists of Chinese military and surveillance technology companies, which include some of the country’s most well-known firms. The Chinese Military and Surveillance Company Sanctions Act requires the president to sanction hostile Chinese entities that aid and abet China’s military-industrial complex and threaten our national security. These focused and targeted sanctions, unlike other investment-restriction proposals, would outlaw virtually any economic transaction with a blacklisted company. Their impact would also resonate abroad, discouraging third countries from dealing with the firms to avoid losing access to prosperous free markets.