Sen. Marco Rubio (R-FL) expressed concern Thursday that a Biden administration executive order that changed Trump-era rules on U.S. investment in Chinese companies would give too much authority to a Treasury Department “too closely aligned with Wall Street.”
The Biden administration this week issued an executive order that expanded a Trump executive order banning U.S. investment in Chinese companies supporting China’s military to companies that also sold surveillance technology.
However, Biden’s order moved authority for the ban from the Defense Department to the Treasury Department, which Rubio argued would put a Treasury Department close to Wall Street in charge of creating and maintaining the list of Chinese companies that would face financial penalties.
“We know for a fact that Wall Street is helping to finance the Chinese Communist Party’s effort to weaken and ultimately replace American leadership,” Rubio said in a statement:
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