Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full Committee hearing entitled, “Examining Policies to Counter China.”
Thank you, Mr. Chairman for this hearing. This is very important.
Good morning, everyone. I and Committee Democrats have long recognized the national security concerns and threats to our economy from the Chinese Communist Party. We are very supportive of efforts to prevent Wall Street from investing Americans’ hard-earned savings in the Chinese military. I have also pressed for the U.S. to use its influence at the IMF, World Bank, and other multilateral institutions to stop the worst lending, contracting, and other industrial practices of China. But Mr. Chair, while I would love to work with you in a bipartisan way to advance efforts to stop China’s aggression, I’m concerned that our efforts would be meaningless as President Trump and his unelected billionaire co-President, Elon Musk, destroy the United States government and our alliances.
In just the past month, Trump has imposed import taxes on our closest allies, frozen aid for impoverished nations, illegally shuttered USAID and CFPB, and threatened to illegally seize Greenland, Canada, and the Panama Canal. Inexplicably, he has also sided with Russia’s President, Putin, over our allies in Ukraine and Europe, withholding military assistance and blaming Russia’s murderous invasion on the victims of its war. As Trump tears up treaties and alliances, embraces dictators, and abandons America’s global leadership role, he is giving China a free pass to fill the void left by his retreat. We are here to talk about China and discuss bills about countering Chinese government aggression, all while Trump, Musk, and some Congressional Republicans give China the green light to seize another of our allies –such as Taiwan.
Trump and Musk have so eagerly sold out America’s values and workers to China because they are singularly focused on billionaire tax cuts and amassing more personal wealth. As it stands, Elon Musk makes billions in China where more than half of Tesla vehicles are produced. Nearly 40% of Tesla’s battery supply relies on Chinese companies, and Chinese buyers represent Elon Musk’s largest market. While Tesla sales continue to collapse in the U.S., last year, there was a 9% increase in China. And Trump is ready to forcibly remove Gazans to build golf courses for Trump and his billionaire friends and investors just as the CCP that is the Chinese Communist Party forced removal of Uighurs from their land.
Racist nationalism, anti-democratic activity, and even genocide and war are not a concern if it means power and wealth for them and their billionaire class. While this is to be expected from people like Musk and Trump, I am deeply disappointed that my Republican colleagues – many whom have previously been outspoken about the important role the U.S. plays as a beacon of freedom and defender of democracies around the globe. Republicans did not even speak up when the Trump Pentagon refused to allow one of its trafficking experts to join us today to speak about Chinese fentanyl precursors and Chinese money laundering.
Committee Democrats believe that together, we can solve the world’s greatest problems. To counter China, we must stand with our allies and fight for a vibrant, effective democracy with respected civil servants who carry out our foreign policy. Democrats will not rest until we stop the unlawful effort to dismantle our government here and overseas. Hopefully, our Republican colleagues will come to their senses and join us in this effort.
And thank you for the additional time Mr. Chair and I yield back.
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