Spano Introduces ‘Holding China Accountable Act’

Combats Beijing’s Malign Intentions Within U.S.

Lakeland, June 12, 2020

Lakeland, FL Today, U.S. Representative Ross Spano (R-FL) joined Rep. Devin Nunes (R-CA) and twenty-two other members to introduce the ‘Holding China Accountable Act’ of 2020. The bill seeks to combat China’s theft of U.S. intellectual and technological property. Over the last few years, China has increased their destructive practices to benefit their regime, increase market share and bolster their state-run companies around the world. In addition, Chinese cybercrime has impacted both, U.S. citizens and companies, causing billions of dollars in economic losses.

“For far too long, China has been ripping-off U.S. companies blindly. We must stop the gross theft and misuse of our intellectual property, and this bill is an important step towards making that happen,” said Spano. “This is not only an economic matter, but a national security matter and I will work with President Trump to stop this in its tracks.”

The bill would seek to stop intellectual property theft by establishing these deterrent measures:

  • Requires Chinese firms to conform to either U.S. or European accounting standards, ending a China-based company’s ability to evade the full auditing requirements that apply to other participants in our stock market.
  • Prohibits travel by Chinese nationals whose visits to the U.S. involves science, technology, engineering, mathematics (STEM) or a related field.
  •  Tightens Requirements on university reporting of foreign funding. This would reduce the reporting threshold to $25,000 and designate China, Russia, Iran and North Korea as covered nations, and increase the U.S. fines to those institutions for non-compliance.

Representative Nunes said, “China’s theft of Americans’ intellectual property and innovations simply can’t be tolerated. We have no choice but to adopt strong laws that will defend us from these thefts and give the Chinese regime a meaningful incentive to stop their attacks and deceptions.”

The legislation follows a year-long investigation(s) by the House Intelligence Committee. Additionally, the bill builds on Representative Spano’s tough stance on China and the need for the U.S. to reduce its reliance on foreign nations, especially those disregarding our laws. Spano has been so passionate about combatting China’s rogue conduct, that he included this priority in his ’Great American Comeback’ economic recovery plan unveiled on April 28, 2020.

Click HERE to see bill text. For more information, visit Spano.House.Gov.

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