WASHINGTON – A major legislative package aimed at improving economic competition with China and holding its Communist government accountable for predatory tactics was passed today by the Senate with several key provisions drafted by Senator Chuck Grassley (R-Iowa). The bill was passed in the Senate by 68 votes to 32.
“The Chinese Communist Party has made no secret of its desire for world economic domination by any means necessary. They have actively worked to buy, influence, spy on, and steal American innovation. They have sought to disseminate pro-Chinese propaganda in our research institutions and academics. And while their ill-gotten approach to economic progress has bolstered their standing in the world, they pretend to be a developing nation to get better deals to fund their activities. This is not the behavior of a responsible nation. This bill, with several of my provisions, takes an important step towards making China accountable ”, Grassley said.
The package includes many of Grassley’s earlier proposals to improve competition with China and hold the nation accountable.
Fight against counterfeits
“Counterfeits don’t just violate intellectual property rights; they also threaten the economy and the safety of consumers. Unfortunately, as consumers rely more on online shopping, bad actors are finding new ways to exploit legitimate channels to exclude businesses and fool consumers with fake products. This legislation promotes greater cooperation between the government and the private sector so that we can crack down on these counterfeiters ”, Grassley said.
Improve the transparency of research funding
“I have been raising concerns about China’s propaganda and intellectual property theft efforts for years. The Communist regime poses a serious threat to American research as well as an undue influence on our college campuses. This provision will highlight the financial links between our educational and research establishments and the Communist regime ”, Grassley said.
Increase antitrust resources and Modernize merger fees
The pre-merger filing fees have not changed since 2001 despite steadily rising inflation, and the current pricing structure places too heavy a burden on smaller transactions and too low a fee on larger transactions. This provision updates merger filing fees for the first time since 2001, reduces the burden on small and medium-sized businesses, ensures that larger transactions generate more revenue, and generate enough revenue for taxpayer dollars to fall through. not needed to fund increases necessary for agency enforcement. budgetary.
“Consumers depend on the FTC and the Department of Justice to review proposed mergers and guard against anti-competitive practices. It is important that these government agencies have the necessary resources to protect consumers and taxpayers. Unfortunately, our outdated system does not do the job and ends up hurting small and medium-sized businesses. I am proud to co-draft this bipartisan bill, which will improve the fairness of fee schedules for proposed mergers and strengthen the capacity of these agencies to challenge anti-competitive transactions ”, Grassley said.
World Bank Integrity Preservation Act
The World Bank offers low-cost loans to developing countries or countries in economic difficulty. Loan recipients should reduce their loan portfolios once they reach a certain income level known as the “graduation threshold”. China reached this threshold in 2016, but remains one of the Bank’s main borrowers. This provision calls on the executive director of the United States at the World Bank to do their best to deny any project in a country that has reached the graduation threshold.
“China has been lending development money beyond its borders to expand its influence for years while receiving US taxpayer money via World Bank loans. It is baffling that these loans continue and that they should stop. Worst of all, these loans could have helped free up resources used to violate human rights and force Uyghurs into internment camps. My bill would make official US policy to work with our allies to end new World Bank lending to China, ” Grassley said