The strength of American companies comes from the values embedded in our nation: freedom and opportunity for all under the rule of law.
These companies know more about their supply chains than anyone else. That means they are in the best position to know whether their suppliers and partners are doing business in a way that lines up with those values, and when they don’t.
It’s no secret a lot of manufacturing takes place in China. It’s also no secret that the Chinese Communist Party (CCP) is engaging in forced labor of Uyghurs.
As Americans — the fighters for freedom — no one can turn a blind eye to slave labor.
The Democrat majority just offered a bill that requires companies to make arbitrary and often unquantifiable disclosures on annual and quarterly SEC forms relating to environmental and social causes, regardless of whether those matters are in any way material to the company’s business or the risks faced by investors.
Rather than issuing feel-good press releases or managing meaningless box-checking on government forms for the latest woke causes, these firms can do real good in the world by ensuring that foreign entities who participate in the evil abuse and exploitation of powerless minorities around the world are known and brought to justice. That way, these bad actors – and any U.S. firms who refuse to cut ties with them – can be covered by sanctions to limit their ability to continue their abuses.
That’s what the amendment introduced today by Rep. Andy Barr (KY-06) would do. There are over a million Uyghurs detained in China, and over 100 facilities covering millions of square feet suspected as sites of forced labor. The CCP isn’t concerned about the U.S. publicly shaming its own companies for not living up to trendy left-wing standards. But they will care when their wallets are impacted by the U.S. demanding they stop enslaving entire ethnic groups.
Unfortunately, 217 House Democrats decided today that diverting company resources to cover increased compliance costs that could have been used to create jobs is more important than addressing human rights abuses.