Press Releases

WASHINGTON – Today, Rep. Jim Banks (R-IN), member of the House Armed Services Committee, introduced the Restricting Predatory Acquisition During COVID-19 Act that would prevent predatory investments of American companies by the Chinese government. Rep. Banks’ bill would expand the scope of CFIUS to review purchases by companies with ties to the Chinese Communist Party during the COVID-19 pandemic. 

“Our job is to ensure the Chinese Communist Party doesn’t profit off a pandemic of their own making. President Trump won an election vowing to stop China from taking advantage of Americans. I am glad to be working with him now to stop Chinese predation.” said Rep. Banks.

Read the bill text here. 

Background:

This bill would: 

• Increase the scope of cases CFIUS reviews and sends to the President prior to a financial transaction.
• Prevent companies with ties to the People’s Republic of China from owning more than 51% of shares in the following entities:
  • Critical infrastructure, as defined by the Defense Production Act of 1950;
  • Organizations engaged in the production and dissemination of news media; or
  • Entities otherwise determined to be critical to national security, critical infrastructure, or culturally significant by the President.

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