Columbia Standard

WASHINGTON — U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, emphasized the need for a targeted approach to economic security tools to effectively counter the Chinese Communist Party (CCP). Speaking at a Senate Committee hearing focused on outpacing China, Senator Scott raised concerns about the Biden administration's decisions that prioritize politics over policy, benefiting the CCP at the expense of hardworking Americans.

Senator Scott highlighted the importance of countering China and protecting U.S. industry abroad by isolating bad actors through sanctions policies, restricting malign investment through the Committee on Foreign Investment in the United States (CFIUS) process, and curbing the export of critical goods and services to adversaries. He stressed the need for a sharp and tailored use of these tools to maximize their effectiveness.

"Our use of these tools must be sharp but tailored," stated Senator Scott. "We can isolate bad actors through our sanctions policies, we can restrict malign investment through our CFIUS process, and we can curtail the export of critical goods and services to our enemies."

Senator Scott expressed concern about the current administration's approach, which he believes puts politics ahead of policy and plays into the hands of China. He criticized the Department of Commerce's Bureau of Industry and Security for engaging in politically motivated attacks against the legal firearms industry, undermining the department's mission of safeguarding U.S. technology. Similarly, he questioned the Department of Treasury's focus on climate and green energy financing policy, which he believes advances China's positions in geopolitical affairs.

"We need an administration that is focused on countering the real threat—China—not one that is more interested in politics," Senator Scott asserted.

While appreciating the expertise of the panel present at the hearing, Senator Scott emphasized the importance of hearing directly from the administration. He expressed his eagerness to learn from their perspectives on strengthening the economy and responding to the threat posed by China.

The hearing provided an opportunity to address the challenges presented by China's centrally planned economy, government interventions, intellectual property theft, and its attempts to oust the United States from its position of global leadership. The United States must act strategically and with strength to protect opportunities for growth at home and abroad, ensuring the safeguarding of American innovation.

In conclusion, Senator Scott's call for effective and tailored economic security tools to combat China highlights the need for a focused approach in countering the CCP's malign activities and protecting American interests. The use of sanctions policies, the CFIUS process, and restrictions on critical exports can help safeguard America's treasure—its ability to innovate. It is vital for the administration to prioritize countering the threat posed by China and for the United States to work together with its allies to address the challenges effectively.