Congressman John Moolenaar Chairman of the Select Committee on the CCP | Facebook
Congressman John Moolenaar Chairman of the Select Committee on the CCP | Facebook
On April 9th, the House Select Committee on China and the Senate Special Committee on Aging conducted a joint hearing to evaluate the potential threats posed by the Chinese Communist Party to the retirement savings of Americans. The primary focus of this hearing was on the necessity to protect U.S. capital from the influence of hostile foreign entities.
The session was attended by expert witnesses such as Kevin O'Leary, Chris Iacovella, and Brady Finta, who discussed the ways in which China's actions are putting the financial stability of Americans, especially seniors, at risk. They outlined the deceptive and manipulative tactics used by the CCP to target American retirees through financial maneuvers.
Committee Chairman Moolenaar highlighted the extent of the issue by referencing the abrupt regulations imposed by China on its private education sector in 2021, which resulted in the loss of billions in U.S. investments. He indicated the risks involved in investing in China and the broader impacts on the U.S. economy.
During the hearing, Kevin O'Leary criticized the Chinese government for not adhering to international rules and emphasized that investment in China indirectly supports activities and policies contrary to human rights and environmental standards. Additionally, he labeled TikTok as a significant espionage tool.
Chris Iacovella spoke about the economic impact of American investments in China and their implications for human rights abuses and military advancements by the CCP. He criticized Wall Street for profiting from these practices, which ultimately undermine U.S. industries and security.
Brady Finta shared his experiences dealing with elder fraud, emphasizing the lack of resources to combat widespread scams targeting seniors. He illustrated the global nature of these fraudulent activities, indicating the difficulty in addressing the issue effectively.
In conclusion, the joint hearing underscored the connection between protecting Americans' retirement savings and national security. The House Select Committee on China and the Senate Special Committee on Aging are committed to further legislative and oversight actions to defend U.S. capital and counter the CCP’s financial strategies.
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