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Cotton introduces bill to cut Huawei off from U.S. Banks

Senator Tom Cotton (R-Arkansas) introduced a bill with Sens. Chris Van Hollen (D-Maryland), Chuck Schumer (D-New York) and Rick Scott (R-Florida) to severely sanction Chinese technology company Huawei and other untrustworthy Chinese 5G producers who engage in economic espionage against the United States. This bill would add these entities to the Treasury Department’s Specially Designated Nationals (SDN) List, which would effectively freeze them from accessing the U.S. financial system. Congressman Mike Gallagher (WI-08) introduced companion legislation in the U.S. House of Representatives.

In October, the Department of Justice charged two Chinese intelligence officials for collaborating with Huawei to obstruct the federal government’s investigation of the company. The FBI also recently revealed that Huawei gear was found in cell towers near several U.S. nuclear missile bases and that signals from these towers could interfere with the U.S. nuclear arsenal. Bill text is here.

“We’ve made great strides in recent years at home and abroad in combatting Huawei’s malign attempts to dominate 5G and steal Americans’ data. However, the fight is not finished. Huawei is an arm of Chinese intelligence. We cannot allow Huawei and the Chinese Communist Party to have access to Americans’ personal data and our country’s most sensitive defense systems. We must address the dire threat these Chinese companies pose to our national security,” said Sen. Cotton.

“Foreign companies that spy on the U.S. and violate our laws should face severe consequences. Huawei is a repeat offender. This bipartisan bill will bolster our national defenses by further sanctioning Huawei and other similar bad actors seeking to undermine our security,” said Sen. Van Hollen.

“I am proud to join my colleagues in introducing the NETWORKS Act which will implement strict sanctions on companies like Huawei that spy on Americans and put our national security at risk. I’ve been very clear about the threat we face from technology companies controlled by Communist China and other enemies that are known for espionage and theft of American technology. For too long, the United States has allowed one of our biggest adversaries into the most sensitive areas of our lives, but that must end. We must pass the NETWORKS Act immediately and hold these companies accountable,” said Sen. Scott. Tom Cotton

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