President Biden issued an executive order altering a Trump-era ban on U.S. firms making investments in companies with ties to the Chinese military, according to a Wednesday report. The odd thing is with all the policy of 'undoing of anything Trump' the Biden administration has been following, he actually made this one stricter, in a nod to Trump's assessment of China's threat.
Under Biden’s directive, the Treasury Department will be tasked with compiling a list of companies at risk of penalties for ties to China’s defense and surveillance technology sectors, Bloomberg reported, citing sources familiar with the matter. The order will mark a change from Trump’s policy, which tasked the Defense Department with tracking potential violations.
Additionally, Biden’s order will update guidelines to allow bans on investments in entities that have ties to Chinese defense or surveillance technology sectors. Trump’s version focused on companies affiliated with the Chinese military.
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Representatives for the White House and the Treasury Department did not immediately respond to requests for comment.
The decision to shift responsibility from the Defense Department to the Treasury
seeks to ensure the penalties are held up to legal scrutiny, according to the report. The White House is also expected to clarify whether subsidiaries of targeted companies are subject to the same penalties.
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The order will be unveiled amid calls for the Biden administration to crack down on firms with ties to the Chinese military.
Earlier this week, a bipartisan group of senators, including Sen. Tom Cotton, R-Ark., and Sen. Mark Kelly, D-Ariz., called for the Defense Department to release its report detailing Chinese military firms operating in the U.S. The report was due for release last month.
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"The U.S. government must continue to act boldly in blocking the Chinese Communist Party’s economic predation against our industrial base," the senators wrote in a letter addressed to
Defense Secretary Lloyd Austin. "We must not allow China to erode America’s military primacy. We urge you to submit this report on Section 1260H companies to the House and Senate Armed Services Committees and publish it in the Federal Register as soon as possible."
The U.S. should respect the rule of law and correct its mistakes, Chinese Foreign Ministry Spokesman Wang Wenbin said Thursday at a regular press briefing in Beijing.
The ban “ignores the facts and the real situation of relevant companies, severely undermines normal market rules
and order, and harms the legal rights and interests of the Chinese companies and also the interests of global investors, including the American ones,” he insisted. “We will take measures to firmly uphold the interests of Chinese companies.”
After two Chinese companies successfully challenged the order, Biden’s team said a revision of the policy was necessary to ensure it was legally sound and sustainable in the long-term. By shifting responsibility to the Treasury, the Biden team aims to solidify the legal standing for the penalties, one of the people said.
The administration’s review of the ban has been closely watched on Capitol Hill, where lawmakers are eager for a tougher stance on Beijing.
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