The House Select Committee on Strategic Competition between the United States and the Chinese Communist Party has recently launched an investigation into BlackRock, an investment firm. Chairman Mike Gallagher (R-Wis.) and Ranking Member Raja Krishnamoorthi (D-Ill.) penned a letter to Larry Fink, BlackRock’s Chairman and CEO, accusing the company of unknowingly using its American customers’ funds to support Chinese companies involved in developing weapons for the People’s Liberation Army and advancing the Communist Party’s mission of technological supremacy. The committee shared the letter on X, formerly known as Twitter, when they announced the investigation.
The letter emphasized the committee’s concern with any U.S. company profiting from investments that contribute to the military progress of a foreign adversary and enable human rights abuses. The House select committee was formed earlier this year with bipartisan support. Republicans had made it a campaign promise during the 2022 midterms, and the resolution to create the committee passed by a significant margin. Speaker Kevin McCarthy (R-Calif.) acknowledged the seriousness of the threat posed by Communist China and highlighted the importance of the select committee in addressing it.
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