WASHINGTON – House Armed Services Committee and China Task Force member, Rep. Jim Banks, introduced H.R. 7064 the “Stop Funding the PLA Act” last week that would block U.S. investments—including investments from pension funds — in China’s military-industrial base. Reps. Gallagher and LaMalfa joined as original co-sponsors.
“On one hand, Congress is asking taxpayers to help grow our military so we can compete with China. On the other hand, large U.S. investment funds are dumping U.S. dollars into China’s military-industrial base. We need to end our cognitive dissonance and stop funding the rise of our chief global adversary,” said Banks.
Banks first drew attention to the issue of U.S. pension funds investing in China’s military in May 2019 when he introduced H.R. 2903, the Blocking Investment in Our Adversaries Act. That bill would prevent TSP savings from being invested in Chinese or Russian companies.