Moolenaar Leads Effort Urging Treasury to Block U.S. Capital from Fueling the CCP’s Military

Today, Chairman John Moolenaar (R-MI) of the House Select Committee on China and other Congressional national security leaders are urging the Treasury Department to take additional action to implement the Comprehensive Outbound Investment National Security (COINS) Act and ensure American capital and expertise do not strengthen the Chinese Communist Party’s military industrial base.

“The OISP and the COINS Act have been critical steps toward ensuring that American capital does not finance the military modernization of our foremost strategic competitor,” wrote Chairman Moolenaar and the lawmakers in their letter to Treasury Secretary Scott Bessent. “However, more must be done to ensure the United States does not fund capabilities that threaten our national security, economic strength, and technological leadership.”

The COINS Act was passed last year and closed dangerous loopholes that previously allowed U.S. investments to flow into China’s defense industrial base and key sectors such as semiconductors, artificial intelligence, and quantum technology.

Among the recommendations, Chairman Moolenaar and his colleagues make in the letter is expanding the Outbound Investment Security Program to cover biotechnology investments in countries of concern. This move would stop American money from supporting China’s bioweapons development, strengthen U.S. supply chains, and promote America’s leadership in advanced biotechnology.

Cosigners of the letter include House Foreign Affairs Committee Chairman Brian Mast, Congressman Michael McCaul, Senator Tom Cotton, Senator Jim Banks, and Senator Pete Rickett. Read the full letter here.