"Washington politicians are urging Wall Street executives to accept new curbs on American investments in China in the name of U.S. security.
Leaders of the bipartisan House Select Committee on the Chinese Communist Party traveled to New York City this week to argue that financial entanglements with China have helped America's primary adversary advance its technological and military capabilities, and that the pursuit of profits has made U.S. financial executives largely blind to those risks.
"They put on their golden blindfolds and chase a yield that never comes," committee chairman Mike Gallagher (R., Wis.) said at a hearing Tuesday.
The congressional delegation also hosted closed-door meetings, including a wargame exercise, seeking to spotlight risks associated with trillions of dollars Americans have invested in China.
Gallagher and the committee's top Democrat, Raja Krishnamoorthi of Illinois, said they favor new legislation to restrict U.S. investment in publicly traded stocks and bonds of certain Chinese companies.
The outreach got a sometimes-cool reception. Some large financial firms said they had no plans to meet with the delegation." [1]
1. U.S. News: Wall Street Pressed to Curb China Investment. McKinnon, John D;
Areddy, James T.
Wall Street Journal, Eastern edition; New York, N.Y.. 13 Sep 2023: A.4.
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