Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) released the following statement on the Foreign Investment Risk Review Modernization Act of 2018:
“For decades, the Chinese government has operated according to the rule, ‘Hide your strength, bide your time.’ The results of this policy have been distressing.
“Already China has built the third-largest military in the world, militarized the South China Sea, and established a presence near important chokepoints around the world. The Chinese government also has made a practice of blackmailing firms to disclose sensitive technology—and stealing it when blackmail fails.
“The Trump Administration and the Republican-led Congress are taking action to counter China’s aggressive rise.
“Congress already has approved the largest defense budget in history, ending the lost decade of sequestration. And today the House of Representatives will vote on the Foreign Investment Risk Review Modernization Act (H.R. 5841), promoted by Congressmen Ed Royce (CA-39) and Robert Pittenger (NC-9).
“This bill will protect American innovation and intellectual property by improving the review of investment in industries that are important to our national security. It also will update our export controls to ensure that sensitive technology and information with military applications do not fall into the hands of our near-peer adversaries.
“I commend Reps. Royce, Pittenger, Barr (KY-6), Cheney (WY-AL), Hensarling (TX-5), Nunes (CA-22), Thornberry (TX-13), and Walden (OR-2) for their hard work in service of our country, and urge my colleagues to approve this valuable legislation.
“So far China has made the most of hiding its strength, but today the House is sending a clear message to the Chinese government: The United States will not tolerate continued attempts to weaken our national security by force and fraud.
“To be sure, America will work with China where we can to ensure peaceful coexistence—but we will always act where we must to defend the dynamism and freedom that empower American leadership around the world.”