WASHINGTON – A major legislative package aimed at improving
economic competition with China and holding its communist government
accountable for predatory tactics today passed the Senate with several key
provisions authored by Sen. Chuck Grassley (R-Iowa). The bill passed in the
Senate by a vote of 68-32.
“The Chinese Communist Party has made no bones
about its desire for global economic dominance through whatever means
necessary. They’ve actively worked to buy up, influence, spy on and steal
American innovation. They’ve sought to spread pro-China propaganda at our
research and academic institutions. And while their ill-gotten approach to
economic advancement has boosted their status in the world, they claim to be a
developing nation to get better deals to finance their activities. This is not
the behavior of a responsible nation. This bill, with several of my provisions,
takes an important step toward holding China accountable,” Grassley said.
The package includes several of Grassley’s previously-introduced
proposals to improve competition with China and hold the nation accountable.
Combatting
Counterfeits
The U.S. marketplace has been
flooded with counterfeit merchandise, often originating from China. This provision cracks
down on counterfeit goods entering the United States by modernizing the Trade
Enforcement and Trade Facilitation Act and expanding U.S. Customs and Border
Protection’s (CBP) authority to share information with rights holders and other
interested parties on suspected counterfeit merchandise.
“Knockoffs not only violate intellectual property
rights; they also threaten the economy and consumer safety. Unfortunately, as
consumers rely more on online shopping, bad actors are finding new ways to
exploit legitimate channels to box out businesses and dupe consumers with bogus
products. This legislation promotes greater cooperation between government and
the private sector so that we can crack down on these counterfeiters,” Grassley said.
Read more about this provision
HERE.
Improving
Research Funding Transparency
China has used its access to American research and
academic institutions to
spread propaganda and
abscond with U.S. intellectual property. This provision requires U.S. institutions of
higher education to disclose any financial ties to the communist Chinese government
and its affiliates, including research grants or arrangements with Confucius
Institutes.
“I’ve been raising concerns about China’s
propaganda and IP theft efforts for years. The communist regime poses a serious
threat to U.S. research as well as undue influence on our college campuses. This
provision will shine a light on financial ties between our educational and
research institutions and the communist regime,” Grassley said.
This provision builds on legislation Grassley
introduced to expose financial ties to Confucius Institutes. Read more about
that bill
HERE.
Boosting
Antitrust Resources & Modernizing Merger Fees
Premerger filing fees have not changed since 2001
despite the steady march of inflation, and the current fee structure places too
heavy a burden on smaller deals and too small a fee on larger deals. This
provision updates merger filing fees for the first time since 2001, lower the
burden on small and medium-sized businesses, ensure larger deals bring in more
income and raise enough revenue so that taxpayer dollars aren’t required to
fund necessary increases to agency enforcement budgets.
“Consumers depend on the FTC and Justice Department
to vet proposed mergers and guard against anticompetitive practices. It’s
important that these government agencies have the resources needed to protect
consumers and taxpayers. Unfortunately, our outdated system is not getting the
job done and ultimately hurts small and medium sized businesses. I’m
proud to co-author this bipartisan bill, which will improve fairness in the fee
schedules for proposed mergers and strengthen the ability of these agencies to
challenge anticompetitive transactions,” Grassley
said.
Read more about this provision
HERE.
World Bank
Integrity Preservation Act
The World Bank offers low-cost loans intended for
developing or otherwise economically challenged countries. Loan recipients are
expected to reduce their loan portfolios once they reach a certain income level
known as a “graduation threshold.” China reached this threshold in 2016, yet
remains one of the Bank’s top borrowers. This provision direct the U.S.
Executive Director at the World Bank to use their best efforts to deny any
project in a country that has reached the graduation threshold.
“China has been lending development money outside
its borders to extend its influence for years while taking in U.S. taxpayer
dollars via World Bank loans. It’s confounding that these loans still continue
and they ought to stop. What’s worse is that these loans might have helped free
up resources used to violate human rights and force Uighurs into internment
camps. My bill would make it official U.S. policy to work with our allies to
end further World Bank lending to China,” Grassley
said
Read more about this provision
HERE.
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