Washington, DC — Today, Congressman Andy Barr’s (KY-06) bipartisan legislation, the Chinese Military and Surveillance Company Sanctions Act of 2023, passed unanimously out of the House Financial Services Committee.
The Chinese Military and Surveillance Company Sanctions Act is a vital and comprehensive measure to safeguard global interests. Under this proposed legislation, the President would be required to sanction Chinese entities that are crucial to China’s defense and surveillance technology sectors. Unlike standard investment restrictions, these comprehensive sanctions would prohibit nearly all economic interactions with blacklisted firms.
"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”, said Congressman Barr. “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.”
“There is a lot of tough talk on China in Washington, but the House Financial Services Committee is walking the walk. Today, we advanced Congressman Barr’s Chinese Military and Surveillance Company Sanctions Act—the strongest measure ever considered by the House to target the Chinese Communist Party’s military-industrial complex—with bipartisan support. This bill limits China’s ability to wage war by cutting off funding and technology from bad actors using our most effective time-tested tool—sanctions. I’m proud to support Congressman Barr’s bill to confront the generational threat posed by the CCP without sacrificing core American values.” – Chairman Patrick McHenry (NC-10)
"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."- Congressman Blaine Luetkemeyer (MO-03)
H.R. 760 is cosponsored by Rep. Luetkemeyer (R-MO-3), Rep. Dunn (R-FL-2), Rep Wittman (R-VA-1), Rep. Hinson (R-IA-2), Rep. Moolenaar (R-MI-2), Rep. Sherman (D-CA-32), and Rep. Scott (D-GA-13)
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