South Carolina Sen. Tim Scott is calling on the Biden administration to further scrutinize the Chinese Communist Party’s (CCP’s) influence on the U.S. financial system and the global payments market, according to a Wednesday letter exclusively obtained by the Daily Caller News Foundation.
Scott, the Senate Banking Committee’s ranking member, led 10 Republicans in the upper chamber urging Treasury Secretary Janet Yellen and U.S. Trade Representative Ambassador Katherine Tai to examine the CCP’s efforts. The senators asked the administration officials to “closely examine the infiltration of Chinese payments networks into the U.S., including whether it is putting Americans’ [personally identifiable information] at risk,” “ensure the U.S. payments providers are not disadvantaged by China’s reckless disregard for international agreements” and “conduct a review of any potential gaps in U.S. sanction authority created by the CCP’s expansion of its [Cross-Border Interbank Payment System],” according to the letter.
“We are concerned with the Chinese Communist Party’s (‘CCP’) ongoing efforts to expand its footprint in the United States’ (‘U.S.’) financial system and the global payments market. The measures the CCP is taking undermine U.S. foreign policy, threaten Americans’ sensitive financial and consumer data privacy, and violate international trade practices,” the letter reads. “It is no secret that the CCP seeks to secure a global leadership role in the setting of financial standards and to reduce the world’s reliance on the U.S. dollar.”
PRC Payments Oversight Letter by Daily Caller News Foundation
Republican Sens. Mike Crapo of Idaho, Mike Rounds of South Dakota, Thom Tillis of North Carolina, John Kennedy of Louisiana, Bill Hagerty of Tennessee, Cynthia Lummis of Wyoming, J.D. Vance of Ohio, Katie Britt of Alabama, Kevin Cramer of North Dakota and Steve Daines of Montana joined Scott’s letter to the Biden administration.
Scott encouraged the Biden administration in May to implement the Committee on Foreign Investment in the United States’ (CFIUS’) 2020 finding that social media app TikTok, which has ties with China, poses a national security threat. The senator also introduced the Know Your App Act to increase transparency by requiring social media platforms to list their country of origin and other provisions aimed at protecting children online.
The senator has warned of the threats posed by the CCP on the campaign trail for president as he vies for the Republican nomination.
The White House, Yellen, and Tai did not immediately respond to the DCNF’s requests for comment.
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