Does this surprise you? If so, why? It seems like ever since Biden has taken office, his goal has been to protect China against the interests of the United States. Who would be shocked to know they are at it again? China’s money seems to be corrupting many institutions including the media and universities. The Democrats were already corrupt, so they don’t count.
Rep Jim Banks explained that Schumer’s bill is a boon to China but hurts Americans. The Democrats are billing it as something that will make us more competitive than China, but it just isn’t true according to Banks. The Democrats failed to put even one bit of security in the bill that would stop China from stealing our intellectual property.
Currently, China steals $600 billion in intellectual property every year. It saves them a fortune in research and development for what must be considered a modest investment.
A few bucks to the mainstream media, a few bucks to colleges and universities, and a little campaign cash on the side. Not to mention certain fringe benefits Eric Swalwell got from a Chinese spy.
“They say it would help the United States compete with China. We believe it actually helps China and there are a lot of reasons why.
“For example, it gives $29 billion to the Nation Science Foundation for research and development on new technologies but does nothing to safeguard those investments from being stolen by the CCP.
“Why would we funnel so much more money to the exact places that the Chinese are using to take advantage of us and steal our military secrets and our research? That’s exactly what that bill would do.”
“This isn’t about entrepreneurs getting wealthy. This is about good-paying, working-class jobs in America that are lost through $600 billion worth of theft of intellectual property in the United States.”
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“This bill that’s in the Senate … would funnel hundreds of billions of dollars to places we already know are being infiltrated. You bang your head against the wall when you realize we’re making the same mistakes over and over again and we’re taking advantage of U.S. taxpayer dollars to do it,” he said.
Banks referenced the RSC memo, detailing how the Senate could make the China bill a “worthy endeavor” and protect intellectual property and research. However, he said, it has been largely ignored by the Senate. He mentioned Sen. Mike Lee (R-UT), who put an amendment on the floor “on this bill to just to protect these taxpayer dollars to go, from stopping it to go to fund embryonic stem cell research,” but that amendment failed.