US Lawmakers to Unveil Bill Banning Investment in Firms Tied to China’s Military

Military vehicles carrying intercontinental ballistic missiles DF-31AG travel past Tiananmen Square during the military parade marking the 70th founding anniversary of People's Republic of China, on its National Day in Beijing, China, on October 1, 2019. File Photo

WASHINGTON—A group of Republican lawmakers plans to unveil legislation this week to keep Americans from investing in foreign defense companies with ties to China’s military, according to a document seen by Reuters, the latest in a string of measures aimed at curbing U.S. funding for China-based firms.

Representatives Mike Gallagher, Jim Banks, and Doug LaMalfa plan to introduce the bill, which would require Treasury Secretary Steve Mnuchin to submit a report to Congress listing foreign defense companies that have “substantial contracts with, ties to, or support from” the Chinese military.