WASHINGTON (Reuters) – A group of Republican lawmakers prepares to unveil legislation today to keep Americans from investing in foreign defense companies with ties to China’s military, according to a document seen by Reuters, the most recent in a string of measures focused on suppressing U.S. funding for China-based firms.
Representatives Mike Gallagher, Jim Banks and Doug LaMalfa plan to introduce the costs, which would need Treasury Secretary Steve Mnuchin to submit a report to Congress noting foreign defense business that have “substantial contracts with, ties to, or assistance from” the Chinese military.
Six months after the report is released, American companies and people would be needed to divest from those companies and would be banned from making brand-new in