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TLDR:
- U.S. Senator Bob Menendez participated in a Senate Banking Committee hearing on the importance of outpacing China in emerging technologies.
- Menendez highlighted his work to create a comprehensive plan to confront China’s international economic policies through the Economic Statecraft for the Twenty-First Century Act.
- He also focused on the importance of robust oversight of outbound investments and the need for stronger measures to prevent intellectual property theft.
- Menendez has a record of working to bolster U.S. leadership in the global economy and advance global economic security in the face of China’s economic tactics.
Key Points:
U.S. Senator Bob Menendez participated in a Senate Banking Committee hearing on the importance of outpacing China in emerging technologies. During the hearing, Menendez asked Emily Kilcrease, a Senior Fellow and Director of the Energy, Economics, and Security Program at the Center for a New American Security, about economic tools that the United States can use to better compete with China.
Menendez highlighted his work to create a comprehensive plan to confront the anti-competitive and predatory nature of China’s international economic policies through the Economic Statecraft for the Twenty-First Century Act. He emphasized the importance of strengthening supply chains with re-shoring and nearshoring strategies, achieving energy-related sustainability goals, fostering cooperation in multilateral institutions, and building global resiliency.
The Senator also stressed the need for more robust oversight of outbound investments to protect critical U.S. industries. He asked Lindsay Gorman, Senior Fellow for Emerging Technologies at The Alliance for Securing Democracy at the German Marshall Fund of the United States, if President Biden’s Executive Order from last year was broad enough to meet the challenges of preventing U.S. capital and expertise from financing Chinese firms involved in certain sectors and undermining U.S. national security.
Menendez expressed concern about intellectual property theft in China and its potential to harm national security and economic competitiveness. He emphasized the need for strong measures to prevent the theft of intellectual property related to cutting-edge technologies.
Menendez has a record of working to bolster U.S. leadership in the global economy and advance global economic security. He played a critical role in advancing legislation such as the CHIPS and Science Act to bolster America’s strategic ability to compete with China and led the efforts to pass a more comprehensive strategic China competition bill in the Senate.
