Chairman John Moolenaar of the Select Committee on China has sent a letter to Secretary of Treasury Scott Bessent urging him to add biotechnology as a prohibited technology under the Comprehensive Outbound Investment National Security (COINS) Act of 2025. The request comes in response to a dangerous surge of American capital and knowledge into China’s biotechnology sector, including Bristol Myers Squibb’s recently announced $15 billion deal with China’s Hengrui Pharma that also transfers intellectual property to China.
A new Select Committee on China investigation found JPMorgan Chase and Bank of America helped a Chinese company with ties to forced labor and China’s military raise billions of dollars. Just months after the Department of War designated Contemporary Amperex Technology Co., Ltd. (CATL) as a Chinese military company, both banks underwrote CATL’s initial public offering (IPO) on the Hong Kong stock exchange, where the company raised new capital.
A new Select Committee on China investigation found JPMorgan Chase and Bank of America helped a Chinese company with ties to forced labor and China’s military raise billions of dollars.
Witnesses:
- Mr. Jacob Sims, Visiting Fellow, Asia Center at Harvard University
- Mr. Jason Tower, Senior Expert, Global Initiative Against Transnational Organized Crime
- Ms. Erin West, Founder and President, Operation Shamrock
Select Committee on China Chairman John Moolenaar and Ranking Member Ro Khanna released a new investigation exposing a vast, China-linked scam center network that has defrauded Americans of at least $10 billion annually while fueling human trafficking, cybercrime, and illicit finance.
The Select Committee found that the scam centers concentrated in southeast Asia, particularly in Cambodia and Burma, are part of a distributed criminal ecosystem linking cyber fraud, human trafficking, and money laundering.
Today, Select Committee on China Chairman John Moolenaar and Ranking Member Ro Khanna released a new investigation exposing a vast, China-linked scam center network that has defrauded Americans of at least $10 billion annually while fueling human trafficking, cybercrime, and illicit finance.
“These scam centers with deep links to China are a broad network of fraud, human trafficking, cybercrime, and illicit finance that are ripping off Americans and threatening our national security,” warned Moolenaar. “If the Chinese government wanted to act against these criminals, it could, but it chooses not to.”
Today, Select Committee on China Chairman John Moolenaar delivered his opening statement at the Select Committee’s hearing titled “Crime, Corruption, and Power: The Rise of CCP-linked Scam Networks Targeting Americans and Threatening U.S. Security.”
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Good morning.
Our nation confronts one of the fastest-growing and largest financial threats facing Americans: the industrial-scale scam and fraud ecosystem fueled by China and enabled by corruption, weak governance, and illicit finance in Southeast Asia.
In 2024, Americans lost at least $10 billion to these scams. That’s $10 billion—with a B.
Chairman John Moolenaar of the Select Committee on China, Chairman Bill Cassidy of the Senate Health, Education, Labor, and Pensions (HELP) Committee, Chairman Tim Walberg of the House Education and Workforce Committee, and Senator Jim Banks raised serious concerns following a new U.S.
Chairman John Moolenaar of the Select Committee on China, Chairman Bill Cassidy of the Senate Health, Education, Labor, and Pensions (HELP) Committee, Chairman Tim Walberg of the House Education and Workforce Committee, and Senator Jim Banks raised serious concerns following a new U.S. Department of Education (DeptEd) report showing attempts by foreign entities aligned with the Communist Chinese Party (CCP) and other adversaries to influence American universities.
Chairman John Moolenaar of the Select Committee on China and Senator Jim Banks (R-IN) today introduced the Securing Innovation and Research from Adversaries Act, legislation aimed at safeguarding federally funded research from exploitation by China and other foreign adversaries.
“The Trump Administration and the Department of War have made significant improvements to our nation’s research security, and this legislation turns their executive actions into law,” said Moolenaar. “We must protect taxpayer-funded research from ever benefiting our adversaries. Departments across the government and our universities must step up and make sure they are not working with Chinese researchers on dual-use technologies that could one day be used against our country.”