Rubio Introduces Bill To Turn Off The Tap On Federal Investment In Blacklisted Chinese Firms
Jul 20, 2022 | Press Releases
There is no central ban on federal funds going to foreign firms explicitly identified through U.S. government blacklists, including dangerous Chinese companies. U.S. Senators Marco Rubio (R-FL), Marsha Blackburn (R-TN), and Rick Scott (R-FL) introduced the Turn off the Tap Act to address this national security vulnerability by prohibiting federal funds from going to firms listed on several federal blacklists, including the Department of Commerce’s Entity List and the Non-SDN Chinese Military-Industrial Complex Companies List.
- “It’s not only dangerous to fund Chinese businesses with American taxpayer dollars, but it’s also dumb. This bill would prohibit federal funds from bankrolling Chinese and other firms we know are not acting in our best interest.” – Senator Rubio
- “It is unconscionable that the Biden administration has enabled the Chinese Communist Party to rake in cash from American taxpayers. Rather than letting Joe Biden award grants or sign federal contracts that undermine the United States, I am cosponsoring legislation to cut our adversaries off. The White House needs to stop emboldening the New Axis of Evil and start putting America first.” – Senator Blackburn
- “We know Communist China will stop at nothing to try and exploit American markets and take advantage of American businesses operating within the genocidal regime’s borders. The Turn OFF THE TAP Act will stop the flow of hardworking Americans’ dollars to countries like Communist China who want to hurt our economy. This legislation is a no-brainer, and I urge the support of my colleagues for its quick passage.” – Senator Scott
U.S. Representative Claudia Tenney (R-NY) introduced companion legislation.
- “The American people’s tax dollars should not be invested in blacklisted Chinese companies. Yet today, because of weak policies in Washington, they continue to be. It’s time we cut off the tap. The Chinese Communist Party’s predatory trade policies, significant human rights abuses, and threats to American security are absolutely unacceptable. In upstate New York, we have seen their disastrous effects firsthand. Enough is enough. It is time to step up and make commonsense reforms to ensure Americans are not funding these entities.” – Representative Tenney
Related… Rubio recently released a video detailing the threat of investing in China. Watch it here and read more here.
Want more information? Read more.
- June 2022: Rubio Releases Video Detailing Threat Of Investing In China
- June 2022: Rubio Releases Hold on Federal Retirement Thrift Investment Board Nominees
- May 2022: Rubio, Colleagues Urge Biden Administration to Protect Federal Retirement Dollars From Dangerous Chinese Companies
- April 2022: Rubio, Tuberville, Cotton Ask Biden Nominees to Protect Federal Employees’ Retirement Funds From Chinese Firms
- July 2021: Rubio Calls SEC Guidance on China “Long Overdue” but Says More Action Needed
- June 2021: Rubio Introduces Legislation to Ensure Investment of Federal Retirement Savings Does Not Harm U.S. National Security
- June 2021: Rubio, Colleagues Question SEC on Unprecedented Replacement of PCAOB Members & Urge the Swift Implementation of Holding Foreign Companies Accountable Act
- May 2021: Rubio, Casey Introduce Bill to Ban Chinese Firms That Ignore U.S. Laws From Listing on U.S. Exchanges
- May 2021: Rubio Leads Bipartisan, Bicameral Bill Banning TSP Board From Steering Federal Retirement Savings to China
- March 2021: Rubio, Colleagues Introduce Legislation Banning Harmful Chinese Companies From Exploiting U.S. Capital Markets
- December 2020: Rubio Statement on MSCI Removing Chinese Military Companies From Its Indexes
- November 2020: Rubio Statement on SEC Proposed Plan to Ban Chinese Firms That Flout U.S. Laws From U.S. Exchanges
- November 2020: Rubio Applauds Executive Order Barring U.S. Investment in Chinese Military Firms
- July 2020: Rubio Urges President’s Working Group on Financial Markets to Address China’s Exploitation of U.S. Financial System
- May 2020: Rubio Applauds Senate Passage of Legislation to Ban Chinese & Foreign Firms That Flout U.S. Laws From U.S. Exchanges
- May 2020: Rubio, Cotton, Scott Urge Banking Committee to Take Up Equitable Act
- May 2020: Rubio, Shaheen Welcome Decision by TSP Board to Halt Transfer of Federal Retirement Savings to China
- May 2020: Rubio Applauds POTUS Push to Ensure Chinese Companies Follow U.S. Securities Laws & Regulations
- April 2020: Rubio Applauds Administration’s Forthcoming Action Blocking Federal Retirement Funds From Flowing to Chinese Companies
- November 2019: Rubio, Scott to President Trump: Protect American Taxpayers’ Retirement Funds from Communist China
- November 2019: Rubio, Shaheen Urge Swift Committee Action on Their Bipartisan TSP Act
- November 2019: Rubio, Shaheen Lead Bipartisan, Bicameral Bill Banning TSP Board from Steering Federal Retirement Savings to China
- October 2019: Rubio, Shaheen Lead Bipartisan Group Urging TSP Board to Reverse Decision to Steer Federal Retirement Savings to China
- September 2019: ICYMI: Rubio & Shaheen: Federal Retirement Savings Should Not Fund China’s Communist Party
- August 2019: Rubio, Shaheen Urge TSP Board to Reverse Decision to Steer Federal Retirement Savings to China
- June 2019: Rubio Requests Information from MSCI Over Controversial Decision to add Chinese Companies in its Equity Indexes
- June 2019: Rubio, Colleagues Introduce Bipartisan, Bicameral Bill to Ban Chinese & Foreign Firms that Flout U.S. Laws from U.S. Exchanges
