Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during the National Security, Illicit Finance, and International Financial Institutions Subcommittee hearing entitled, “Better Investment Barriers: Strengthening CCP Sanctions and Exploring Alternatives to Bureaucratic Regimes.”

Thank you very much Chairman Luetkemeyer and Ranking Member Beatty. In August, President Biden issued an executive order to initiate America’s first program to screen U.S. investments overseas, particularly those funding China-based firms, to prevent U.S. dollars from being used to develop the Chinese military. I support the legislative effort to codify and strengthen Biden’s order, and urge my colleagues to go further by:

• Extending the screening to existing investment contracts, not just future investments;
  
  
• Ensuring transparency into private equity and venture capital funds, which represent billions of opaque dollars; and,
  
  
• Screening investments for their impact on environmental and social concerns, like human rights, because they can harm our national security.
  

We have an opportunity here to ensure that none of America’s resources are used to undermine our country or support our adversaries.

Thank you and I yield back.

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