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WASHINGTON, D.C. – The American Securities Association (ASA) released the following statement from ASA President & CEO Chris Iacovella following the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party’s adoption of nearly 150 policy recommendations in a bipartisan report that outlines a strategy to fundamentally reset the United States' economic and technological competition with the People's Republic of China:
“ASA applauds the bipartisan efforts of the House Select Committee on Strategic Competition Between the U.S. and China. A strong, bipartisan consensus in Washington has emerged to end the Chinese Communist Party’s use of economic coercion to undermine America’s national security and our values. ASA has documented Chinese practices that threaten American investors and our capital markets, including the loopholes and exemptions that have allowed the capital of Main Street America to fund state-owned Chinese companies and China’s People’s Liberation Army,” said Chris Iacovella, President and CEO of the American Securities Association. “The economic and national security threat from the Chinese Communist Party is very real. Congress must protect American investors and the integrity of U.S. capital markets by adopting the policies in today’s report from the Select Committee. ASA looks forward to working with the Select Committee and Members of Congress on both sides of the aisle to turn talk into action.”
Members of the Select Committee spent the past year investigating the Chinese Communist Party’s decades-long campaign of economic and technological warfare.
“With this report, the Select Committee has shown that the bipartisan will exists to meet the call of history. It embraces the clear reality that our current economic relationship with the People's Republic of China needs to be reset in order to serve the economic and national security interests of the United States, while offering nearly 150 bipartisan recommendations for Congress to legislate,” said Chairman Mike Gallagher (R-WI) and Ranking Member Raja Krishnamoorthi (D-IL). “Collectively, these recommendations will reset the terms of our relationship with the PRC, prevent the flow of American capital and technology from supporting its military advances and human rights abuses, and build collective economic resilience in concert with our allies and partners while ensuring American leadership for decades to come."
Read the Select Committee's full report: Reset, Prevent, Build: A Strategy to Win America's Economic Competition with the Chinese Communist Party.
ASA and ASA President & CEO Chris Iacovella has been very vocal on the economic threat China poses to the United States.
In May, ASA submitted testimony to the Select Committee addressing loopholes and exemptions that allow the Chinese Communist Party to threaten U.S. capital markets.
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About the American Securities Association
American Securities Association, based in Washington, DC, represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.