By: Denise Simon | Founders Code
So, Congress appears to have a deal for an estimated $2 trillion to backstop the economy, jobs and small to large domestic companies.
Enter Florida Congressman Matt Gaetz:
Washington, D.C. — Congressman Matt Gaetz (FL-01) introduced legislation today to prevent any funds appropriated by the U.S. Congress, including coronavirus relief funds, from being distributed to businesses owned by the Chinese government. The “No CHINA (Chinese Handouts In National Assistance) Act” would ensure that American taxpayer dollars used in any COVID-19 funding package do not support the communist regime in China, or businesses owned by the Chinese government.
China’s inaction, distortion of data, and outright lies have exacerbated the global coronavirus epidemic, and helped fuel its rapid global spread. Under the “No CHINA Act,” companies owned by the Chinese government will not receive any American taxpayer dollars from Congressional aid packages.
“Every single American worker displaced by COVID19 should be fully compensated, before one nickel from our treasury goes to Chinese-owned corporations operating here in the United States. Full stop.
“The global coronavirus pandemic has been exacerbated by the Chinese government’s malicious misinformation and propaganda campaign against the United States and its citizens. Allowing American taxpayers’ money to go to companies owned by the Communist Chinese government is antithetical to our ‘America First’ agenda.
“I’m proud to introduce the “No CHINA Act” today, which prevents appropriated money, including coronavirus relief funds, from being disbursed to businesses owned by the Chinese government. Chinese corporations operating in America must not be eligible for the upcoming trillion-dollar bailout, now or ever,” Congressman Gaetz said. Click here for text of his proposed legislation.
This is an excellent matter to consider, while others in Congress are proposing legislation beyond condemnation and investigation into China’s virus activities that include reparations for the financial damage to the United States and even demanding that China forgive the U.S. debt held by China estimated at $1.8 trillion.
But, let’s look deeper into what the Communist Chinese Party/Beijing actually owns in the United States for context and what is owned by Chinese oligarchs. By the way, there is precedence for seizing real property. We did so with the real estate owned in the United States by Iran.
Legendary Entertainment Group
Waldorf Astoria Hotel
Strategic Hotels and Resorts (Ritz Carton/Four Seasons)
Ingram Micro (distributes everything from Apple’s iPhone to Cisco’s network equipment)
As of 2017, Chinese conglomerates in New York City receiving 46% of total Chinese investment, the San Francisco Bay Area getting 15%, Los Angeles 7%, Chicago 5% and Seattle 2% in real estate. New York City, the main recipient of Chinese investment into commercial real estate, was home to many of the largest deals of the year. Of the ten largest transactions in 2016, half were in Manhattan and 63% of those deals were in office buildings. More here.
*** Beyond the Hunter Biden and father/ presidential candidate Joe Biden deals with China, still being investigated…..
The leading recipient of these kinds of investments is the United States, which received over $180 billion from January 2005 through December 2019. Chinese investment in 2019, though, barely exceeded $3 billion. The US has passed legislation limiting Chinese access to not only technology but also personal data, so the 2017 spending level of $25 billion will be difficult to regain.
The deals described in the tracker are worth $100 million or more. More importantly, they are voluntary transactions that let Americans make their own choices. Chinese purchases benefit Americans who hold desirable assets—city property and large corporations but also individual family homes (not in the tracker). Chinese investment helps support a small number of American jobs.
Against that, China is not a friend. The US certainly should not ban Chinese investment, but, as Congress has directed, Chinese firms and individuals should not be permitted to buy advanced technology that could have military uses. Chinese firms that receive stolen intellectual property should be punished. Most Chinese firms have little familiarity with a competitive market under our rule of law, so their ability to obey the law is in doubt. In particular, Chinese firms cannot be trusted with Americans’ personal data. Within these guidelines, Chinese investment in the US can be positive for both countries.