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☆ Rep. Gallagher: U.S. firms should not be capitalizing Chinese military and surveillance companies
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Gallagher: U.S. firms should not be capitalizing Chinese military and surveillance companiesHouse Select Committee on China Chairman Rep. Mike Gallagher (R-Wis.) and Ranking Member Rep. Raja Krishnamoorthi (D-Ill.) join 'Squawk Box' to discuss the letter sent to VC firm Sequoia asking for a list of their tech investments in China, the level of bipartisanship on efforts to curb U.S. investment in China, the race for House Speaker, and more.

Persons: Mike Gallagher, Raja Krishnamoorthi Organizations: Gallagher, U.S, Sequoia, House Speaker Locations: China

☆ House committee targets crackdown on U.S. investment in Chinese tech, military development
▼ + stars: | 2023-09-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — Members of a bipartisan House committee examining economic competition between the U.S. and China said Tuesday that Congress needs to legislate barriers for American investment in Chinese companies, including artificial intelligence. Gallagher, R-Wisc., said during the hearing that American companies continuing to invest in blacklisted Chinese firms are helping to fund the Chinese government's push to invade Taiwan. Government employee pension funds are also at play. Rep. Raja Krishnamoorthi, D-Ill., ranking member of the committee, cited a May Newsweek report stating that at least 115 mutual funds offered under the federal government's Thrift Savings Plan contain one or more of 30 sanctioned or watch-listed Chinese companies that threaten national security. "By investing in these companies we risk supporting the CCP's military aggression and their human rights abuses," Krishnamoorthi said.

Persons: Mike Gallagher, Gallagher, Raja Krishnamoorthi, Krishnamoorthi Organizations: WASHINGTON, U.S, Chinese Communist Party, Newsweek Locations: China, Taiwan

☆ China war games: Select committee members discuss risks from war over Taiwan
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina war games: Select committee members discuss risks from war over TaiwanRep. Mike Gallagher, and Rep. Raja Krishnamoorthi, joins 'Squawk Box' to discuss the potential that China's not the risk Congress thinks it is, Rep. Krishnamoorthi's thoughts on how to engage with China going forward, and how top U.S. businessmen can operate in China.

Persons: Mike Gallagher, Raja Krishnamoorthi Organizations: China, Taiwan Rep Locations: China

☆ US FCC chair says China's Quectel, Fibocom may pose national security risks
▼ + stars: | 2023-09-06 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Jonathan Newton/Pool via REUTERS Acquire Licensing RightsWASHINGTON, Sept 6 (Reuters) - Federal Communications Commission Chairwoman Jessica Rosenworcel asked U.S. government agencies to consider declaring that Chinese companies including Quectel (603236.SS) and Fibocom Wireless (300638.SZ) pose unacceptable national security risks, according to letters seen by Reuters. Federal funds cannot be used to purchase equipment from companies on the list, and the FCC will not authorize new equipment from companies deemed national security threats. Rosenworcel wrote the FBI, the Justice Department, the National Security Agency, the Defense Department and other agencies on Sept. 1, forwarding the request from the lawmakers. She added the FCC can update the Covered List "only at the direction of national security authorities." Last year the FCC voted to revoke China Unicom’s U.S. unit, Pacific Networks and ComNet’s authorization to operate in the United States, citing national security concerns.

Persons: Jessica Rosenworcel, Jonathan Newton, Mike Gallagher, Krishnamoorthi, Rosenworcel, David Shepardson, Jonathan Oatis, David Gregorio Our Organizations: U.S . Senate Commerce, Science, Transportation Committee, Federal Communications Commission, REUTERS Acquire, Rights, Federal Communications, U.S, Fibocom Wireless, Reuters, Republican, China, FCC, FBI, Justice Department, National Security Agency, Defense Department, Huawei, ZTE, Hytera Communications Corp, Hangzhou Hikvision Digital Technology, Zhejiang Dahua Technology, Pacific Networks, Embassy, Thomson Locations: Washington , U.S, Quectel, Hangzhou, Zhejiang, China, U.S, United States, Washington

☆ Rep. Raja Krishnamoorthi: We're continuing the investigation into Chinese companies
▼ + stars: | 2023-09-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Raja Krishnamoorthi: We're continuing the investigation into Chinese companiesRep. Raja Krishnamoorthi (D-Ill.) joins 'Power Lunch' to discuss U.S.-China relations and Secretary Raimondo's visit to the country.

Persons: Raja Krishnamoorthi, We're, Raimondo's Organizations: Rep, U.S Locations: China

☆ Two US lawmakers raise security concerns about Chinese cellular modules
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Jonathan Newton/Pool via REUTERS/File PhotoWASHINGTON, Aug 8 (Reuters) - Two U.S. lawmakers on Tuesday asked the Federal Communications Commission (FCC) to address questions about potential security concerns involving cellular modules made by Chinese companies including Quectel (603236.SS) and Fibocom Wireless (300638.SZ). Cellular modules are components that enable internet of things (IoT) devices to connect to the internet. The lawmakers asked if the FCC is considering using the Covered List to address Chinese-owned cellular modules. "Could requiring certification for modules used in communications equipment be an effective means" of addressing Chinese modules in U.S. networks? In 2022, the Chinese Embassy in Washington said the FCC "abused state power and maliciously attacked Chinese telecom operators again without factual basis."

Persons: Jessica Rosenworcel, Jonathan Newton, Mike Gallagher, Raja Krishnamoorthi, David Shepardson, Mark Porter, Leslie Adler Organizations: U.S . Senate Commerce, Science, Transportation, Federal Communications Commission, Tuesday, Fibocom Wireless, Republican, China, FCC, Pacific Networks Corp, HK, Huawei Technologies, ZTE Corp, Hytera Communications Corp, Hangzhou Hikvision Digital Technology, Zhejiang Dahua Technology, Embassy, Huawei, Thomson Locations: Washington , U.S, Quectel, China, Hangzhou, Zhejiang, Washington

[1/2] The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. BlackRock has said all of its investments in China and around the world comply with U.S. law, and that it will continue engaging with the select committee on the issues it raised. Republicans formed the select committee when they took control of the House in January, part of an effort to raise awareness about issues behind growing tensions with China. A hard line toward China is one of the few policies with bipartisan support in the deeply divided U.S. Congress. The committee does not write legislation, but makes policy recommendations and can subpoena executives and officials.

Persons: Carlo Allegri, BlackRock, Mike Gallagher, Gallagher, MSCI, Raja Krishnamoorthi, They're, Krishnamoorthi, Michael Martina, Patricia Zengerle, Don Durfee Organizations: REUTERS, BlackRock, Reuters, Republican, PLA, People's Liberation Army, Republicans, Congress, FBI, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, China, MSCI, Dysart , Iowa, Washington, Iowa

☆ The last time US debt was downgraded markets plummeted. Will it happen again?
▼ + stars: | 2023-08-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Fitch Ratings downgraded US long-term debt late on Tuesday from AAA to AA+, citing this spring’s debt ceiling standoff as a major reason. In the midst of the very tense debt ceiling standoff of 2011, Standard and Poor’s downgraded US debt for the first time in history. “My sense is that the Fitch downgrade of the US credit rating is an insignificant development and will not move financial markets or the economy,” said Joseph Brusuelas, chief economist at RSM US. “The majority of our clients’ investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies,” BlackRock said in a statement to CNN. “With all investments in China and markets around the world, BlackRock complies with all applicable US government laws.

Persons: New York CNN — Fitch, Fitch, ”, Joseph Brusuelas, ” Fitch, Larry Summers, Janet Yellen, “, Dow, BlackRock, Larry Fink, Henry Fernandez, MSCI, Mike Gallagher of, Raja Krishnamoorthi, ” BlackRock, ” MSCI Organizations: CNN Business, Bell, New York CNN, AAA, AA, RSM, Federal Reserve, Fitch, Treasury, US, Twitter, Dow Jones, Nasdaq, Tech, Nvidia, Apple, Microsoft, Congressional, Chinese Communist Party of, BlackRock, CNN, People’s Liberation Army, PLA, Republican, “ Locations: New York, America, United States, States, Mike Gallagher of Wisconsin, Illinois, MSCI, China

☆ BlackRock and MSCI under investigation by House Committee for investments in China
▼ + stars: | 2023-08-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

“The majority of our clients’ investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies,” BlackRock said in a statement to CNN. “With all investments in China and markets around the world, BlackRock complies with all applicable US government laws. We will continue engaging with the Select Committee directly on the issues raised.”MSCI did not respond to requests for comment. Last October, the Biden administration unveiled a set of export controls banning Chinese companies from buying advanced chips and chip-making equipment without a license. The committee launched an official investigation last month into US venture-capital companies that help fund Chinese artificial intelligence and semiconductor efforts.

Persons: BlackRock, Larry Fink, Henry Fernandez, MSCI, ”, Mike Gallagher of, Raja Krishnamoorthi, ” BlackRock, ” MSCI, Biden, Gallagher Organizations: New, New York CNN, Chinese Communist Party of, BlackRock, CNN, People’s Liberation Army, PLA, Republican, “, Chinese Communist Party, Wall Street Locations: New York, Mike Gallagher of Wisconsin, Illinois, MSCI, United States, China, Beijing, Washington, Ukraine, BlackRock

☆ US lawmakers urge Biden administration to tighten AI chip export rules
▼ + stars: | 2023-07-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

The October 2022 rules impose two performance caps on exporting AI chips to China - one on how fast the chips can talk to one another, and the second on the chips' processing speeds. After the rules took effect, Nvidia created special chips for China with lower interconnect speeds. Intel this month also said it has created an AI chip that can be sold in China. Nvidia at the time said that restricting sales of its AI chips to China "would result in a permanent loss of opportunities for the U.S. On Friday, Gallagher and Krishnamoorthi urged an even tighter approach than the one Reuters previously reported officials are considering.

Persons: Mike Gallagher, Biden, Raja Krishnamoorthi, Gina Raimondo, Gallagher, Krishnamoorthi, " Gallagher, Stephen Nellis, Chris Sanders, Leslie Adler Organizations: U.S, Rep, Chinese Communist Party, Capitol, FRANCISCO, Republican, Nvidia, Devices, Intel, Reuters, Qualcomm, Semiconductor Industry Association, Microsoft, Google, Thomson Locations: United States, Taiwan, Washington , U.S, China, U.S, Washington, San Francisco

☆ U.S. lawmakers urge Biden administration to tighten AI chip export rules
▼ + stars: | 2023-07-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

☆ Lawmakers pressure McCarthy once again on stock trading ban: 'You have not acted on your promise'
▼ + stars: | 2023-07-28 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

House Speaker Kevin McCarthy said last year that he wanted to tackle the issue of stock trading in Congress. In a letter exclusively shared with Insider, several lawmakers are pressing for answers from him. But since becoming House Speaker, he's declined to raise the issue, other than comments he made on Donald Trump Jr.'s podcast in January. And though some Freedom Caucus members are supportive of banning stock trading in Congress, they're likely to object to a hastily-scheduled vote on the matter. "Then it would be appropriate to go to Speaker McCarthy and say we've passed both tests."

Persons: Kevin McCarthy, McCarthy, Nancy Pelosi's, he's, Donald Trump Jr, —, Pelosi, Angie Craig, Andy Kim of, Joe Neguse, Katie Porter, Raja Krishnamoorthi, Abigail Spanberger, Craig, they're, Ken Buck, we've, Buck Organizations: Service, Democratic, Republican, Caucus, House Administration Locations: Wall, Silicon, Minnesota, Andy Kim of New Jersey, Colorado, Katie Porter of California, Illinois, Virginia, Ken Buck of Colorado, House

The House Select Committee on the Chinese Communist Party sent letters to four separate U.S. venture capital firms, including Qualcomm's venture arm, expressing "serious concern" about their investments in Chinese tech startups. The letters, which were made public on Wednesday, were sent to GGV Capital, GST Ventures, Qualcomm Ventures, and Walden International. Qualcomm Ventures, for example, made 13 investments in Chinese A.I. Walden, a smaller firm, was identified as a particularly significant backer of Chinese AI companies. He said at the time he found there was "broad support" among venture capitalists and others to keep U.S. asset managers from investing in Chinese AI firms.

Persons: Mike Gallagher, Wisconsin Republican Mike Gallagher, Raja Krishnamoorthi, Janet Yellen, Antony Blinken, Gallagher, Krishnamoorthi, SenseTime, GGV, Didi, Megvii, Abu, Walden, Intellifusion, Neil Shen helming Organizations: U.S, Capitol, Chinese Communist Party, GGV, Ventures, Qualcomm Ventures, Walden International, Wisconsin Republican, Treasury, New York Times, Qualcomm, Tiger Global Management, Tiger Global, Denglin Technology, Georgetown's Center for Security, Emerging Technology, Macquarie Group, GSR Ventures, Center for Security, Horizon Robotics, Silicon Valley, CNBC, U.S . Commerce Department, Street, Sequoia Capital, Sequoia Locations: Illinois, China, U.S, Silver, Denglin, Silicon Valley, San Francisco, Shanghai, Beijing, Singapore, Megvii, Sequoia China

☆ Rep. Mike Gallagher: Our economic relationship with China is incredibly fraught
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Mike Gallagher: Our economic relationship with China is incredibly fraughtHouse Select Committee on China Chairman Rep. Mike Gallagher (R-Wis.) and Ranking Member Rep. Raja Krishnamoorthi (D-Ill.) join 'Squawk Box' to preview a trade debate later today featuring two bipartisan panels discussing China trade relations, technology export controls and investment flows.

Persons: Mike Gallagher, Raja Krishnamoorthi Locations: China

☆ Shein, Temu violate U.S. tariff law and evade human rights reviews on imports, House report finds
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShein, Temu violate U.S. tariff law and evade human rights reviews on imports, House report findsHouse Select Committee on China Ranking Member Rep. Raja Krishnamoorthi (D-Ill.) joins 'Squawk Box' to discuss the U.S.-China competition, China's threat towards Taiwan, a bipartisan investigation into Chinese fast fashion brands Shein & Temu, and more.

Persons: Raja Krishnamoorthi Organizations: China, U.S . Locations: U.S, China, Taiwan

☆ US lawmakers to press automakers to cut reliance on China over supply chains- Bloomberg
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The GM logo is seen on the China Headquarters in Shanghai, China, August 29, 2022. REUTERS/Aly SongWASHINGTON, June 19 (Reuters) - A bipartisan group of U.S. lawmakers will travel to Detroit on Tuesday to press the heads of automakers Ford Motor (F.N) and General Motors (GM.N) to slash reliance on China over supply chains, particularly when it comes to electric vehicle batteries, Bloomberg reported. The four lawmakers - Republicans Mike Gallagher and John Moolenaar, and Democrats Raja Krishnamoorthi and Haley Stevens - are part of the newly formed House of Representatives China Select Committee. They will argue that dependence on China over supply chains undercuts U.S. firms, Bloomberg reported on Monday, citing a source familiar with the matter, adding the lawmakers would meet Ford CEO Jim Farley and GM CEO Mary Barra, among other executives. Reporting by Kanishka Singh in Washington; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly Song WASHINGTON, Mike Gallagher, John Moolenaar, Raja Krishnamoorthi, Haley Stevens, Jim Farley, Mary Barra, Antony Blinken, Xi Jinping, Kanishka Singh, Sandra Maler Organizations: REUTERS, Ford Motor, General Motors, Bloomberg, China, Ford, U.S, Thomson Locations: China, Shanghai, U.S, Detroit, Beijing, Washington

☆ U.S. lawmakers to urge automakers to cut their reliance on China
▼ + stars: | 2023-06-19 | by ( ) www.cnbc.com time to read: +2 min

A bipartisan group of U.S. lawmakers will urge the CEOs of Ford Motor and General Motors to shrink reliance on China auto parts, particularly electric vehicle batteries, sources told Reuters on Monday. The focus on Chinese auto parts comes soon after U.S. Secretary of State Antony Blinken made a rare visit to Beijing and hours of meetings failed to produce any major breakthroughs. The $430 billion Inflation Reduction Act (IRA) signed by President Joe Biden in August aims to wean U.S. EV production from Chinese supply chains by imposing new conditions on EV tax credits. Ford's deal announced in February to use technology from Chinese battery company CATL as part of the automaker's plan to spend $3.5 billion to build a battery plant in Michigan has drawn criticism from some lawmakers. Republican Senator Marco Rubio has asked the Biden administration to block EV tax credits for batteries produced using Chinese technology.

Persons: Bolt, Tesla, Jim Farley, Mary Barra, Mike Gallagher, John Moolenaar, Raja Krishnamoorthi, Haley Stevens, Antony Blinken, Ford, Gallagher, Joe Biden, Ford's, Marco Rubio, Biden Organizations: Ford, Ford Motor, General Motors, Reuters, China, Bosch, Energy, U.S, Republican, Bloomberg Locations: Orion Township , Michigan, EVs, U.S, China, Detroit, Continental, Beijing, Shanghai, American, Michigan

☆ Rep. Mike Gallagher on China's rising economic aggression: We have a shared sense of the threat
▼ + stars: | 2023-05-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Mike Gallagher on China's rising economic aggression: We have a shared sense of the threatHouse Select Committee on China Chairman Rep. Mike Gallagher (R-Wis.) and Ranking Member Rep. Raja Krishnamoorthi (D-Ill.) join 'Squawk Box' to discuss the committee's hearing Wednesday on countering the Chinese Communist Party's economic aggression.

☆ Rep. Matt Gaetz says younger members of Congress are on board with bipartisan stock trading ban
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Matt Gaetz says younger members of Congress are on board with bipartisan stock trading banRep. Matt Gaetz (R-Florida) and Rep. Raja Krishnamoorthi (D-Illinois) join 'Last Call' to discuss the bipartisan team that is pushing to ban stock ownership and trading for lawmakers.

☆ House China committee targets top clothing brands in forced labor inquiry
▼ + stars: | 2023-05-03 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

A shopper carries a bag of Nike merchandise along the Magnificent Mile shopping district on December 21, 2022 in Chicago, Illinois. WASHINGTON — A House committee examining the U.S. government's economic relationship with China is asking some of the world's largest clothing companies for information about the use of forced labor during production — a potential violation of U.S. trade law. Lawmakers asked retailers Temu, Shein, Nike and Adidas North America about the use of materials and labor sourced from the Xinjiang Uyghur Autonomous region of China, according to letters sent to company leaders on Tuesday. Such practices would constitute violations of the 2021 Uyghur Forced Labor Prevention Act, according to the lawmakers. The inquiries also follow a March hearing of the committee that included an expert assessment finding that U.S. companies finance "state-sponsored forced labor programs in the Uyghur region."

☆ AOC and Matt Gaetz introduce a bipartisan bill to ban Congress members from trading individual stocks
▼ + stars: | 2023-05-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

A bipartisan group of lawmakers introduced a bill that would ban Congress members from trading individual stocks. Nancy Pelosi's husband Paul Pelosi has long been scrutinized for his extensive history of trading stocks. The Bipartisan Restoring Faith in Government Act would prohibit Congress members and their spouses and any dependents from trading individual stocks. The bill would prevent Congressional lawmakers and their spouses and dependents from trading individual stocks. Instead of owning individual stocks, Congress members would be allowed to buy and sell baskets of stocks via mutual funds or ETFs, as well as Treasury securities.

☆ Elon Musk reveals plans for a new factory making Megapacks on Shanghai visit, while Apple mulls 'decoupling' from China
▼ + stars: | 2023-04-09 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +4 min

Elon Musk announced plans Sunday for a new battery factory in Shanghai during a visit there. Rep. Mike Gallagher met with Apple CEO Tim Cook earlier this month to discuss ties with China. While the Tesla CEO is continuing to invest in China, other companies may be looking at ways to distance themselves. Gallagher told Bloomberg that he didn't expect companies to sever all ties with China. Tesla, Apple, and Gallagher didn't immediately respond to requests for comment from Insider, made outside normal working hours.

☆ Where TikTok users may go if the app gets banned
▼ + stars: | 2023-03-24 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +4 min

CNN —On the eve of a high-profile TikTok hearing this week, the company shared that it now has more than 150 million US monthly active users. “This uncertainty could push some TikTok content creators to focus more on, and possibly begin, pushing their audiences to other social network platforms,” Mogharabi said. Snap’s stock rose in the days leading up to TikTok’s appearance before Congress amid renewed talks among federal officials of a TikTok ban. Alex Brandon/APIf that happens, Lian Jye Su, an analyst with ABI Search, believes users will follow their favorite TikTok influencers and content creators wherever they go. For now, talk of a TikTok ban may still be premature.

☆ U.S. House panel on China to highlight abuse of Uyghurs in second hearing
▼ + stars: | 2023-03-23 | by ( Michael Martina | ) www.reuters.com time to read: +3 min

WASHINGTON, March 23 (Reuters) - A new U.S. congressional committee on China will hold its second hearing on Thursday, seeking to highlight what Washington says is an ongoing genocide against Uyghurs and other ethnic minorities in China's Xinjiang region. Rights groups accuse Beijing of abuses, including forced labor, mass surveillance and the placement of 1 million or more Uyghurs - a mainly Muslim ethnic group - in a network of internment camps in Xinjiang. China vigorously denies abuses in Xinjiang, and says it established "vocational training centers" to curb terrorism, separatism and religious radicalism. A United Nations report last year said China may have committed crimes against humanity in the region. Its top Democrat, U.S. Representative Raja Krishnamoorthi, told reporters that what happens to the Uyghur community in China affects Americans.

Instead the opposite happened," said Representative Raja Krishnamoorthi, the top Democrat on the select committee, in his opening remarks. McMaster said the United States must put a priority on expediting delivery of billions of dollars of weapons and munitions that Taiwan has already purchased. Although the committee is bipartisan, some Democratic lawmakers have voiced concerns that it could fuel anti-Asian sentiment within the United States. The select committee has 13 Republican and 11 Democratic members. It will not write legislation, but will draw attention to competition between the United States and China on a range of fronts and make policy recommendations.

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