Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.), Mitt Romney (R-Utah), John Cornyn (R-Texas), James Lankford (R-Okla.), Todd Young (R-Ind.), and Sherrod Brown (D-Ohio) today introduced the bipartisan American Economic Independence Act, legislation that would require the President to submit to Congress a comprehensive threat analysis of the national security risks posed by economic integration with China in key economic sectors — including financial services, artificial intelligence, critical minerals, and manufacturing — and provide recommendations for Congress to take action.
“Nevada plays an essential role in ending our reliance on China for critical materials and helping the United States compete economically on the world stage,” Senator Cortez Masto said. “This bill will ensure Congress and the Administration are informed about the policies needed to further strengthen our domestic critical supply chains, protect our national security, and support American workers.”
Full text of the legislation can be found HERE.
The American Economic Independence Act would analyze national security risks from current and predicted economic integration between the United States and China across the following economic sectors:
- Financial services;
- Critical minerals, including rare-earth elements;
- Semiconductors and microelectronics;
- Artificial intelligence;
- Communications, including telecommunications, social media applications, satellites and other space-based systems, and undersea cables;
- Quantum computing;
- Cloud-based systems, including computing services and data storage;
- Biotechnology;
- Pharmaceuticals and medical technology, including medical devices; and
- Manufacturing, including casting, machining, joining, and forming.
The American Economic Independence Act requires a comprehensive analysis that includes an assessment of:
- Each sector’s reliance on Chinese entities, including state-owned enterprises, for foreign direct investment and other sources of financial capital;
- Each sector’s reliance on supply chains that have a significant dependence on products or processes based in China;
- Risks of intellectual property theft or economic espionage by individuals or entities linked to the Chinese government or the Chinese Communist Party;
- An assessment of risks to the defense industrial base; and
- An assessment of the risks posed by the use of subsidies and the dumping of goods into the customs territory of the United States by entities in the People’s Republic of China, including entities owned or controlled by the Chinese government.
Senator Cortez Masto has been working push back against influence from the Chinese Communist Party (CCP). Last Congress, Senator Cortez Masto helped introduce bipartisan legislation to support Taiwan’s public health efforts against threats from the Chinese government, and she is leading bipartisan legislation to help deter China’s aggression against Taiwan. She’s also introduced bipartisan legislation to strengthen the domestic supply chain for rare-earth magnets, which are critical components of cell phones, computers, defense systems, and electric vehicles, but are almost exclusively made in China.
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