Rubio calls on Wall Street to stop 'enabling Communist China'

Rubio calls on Wall Street to stop 'enabling Communist China'
© Greg Nash

Sen. Marco RubioMarco Antonio RubioGOP lawmakers request Cuba meeting with Biden Bipartisan congressional commission urges IOC to postpone, relocate Beijing Games Hillicon Valley: Democrats introduce bill to hold platforms accountable for misinformation during health crises | Website outages hit Olympics, Amazon and major banks MORE (R-Fla.), one of the Senate's top China hawks, called on Wall Street banks and financial organizations to stop "enabling Communist China" in an op-ed published Wednesday.

Writing in The American Prospect, Rubio hammered top firms for investing in Chinese companies and argued that many Americans were unwittingly tied financially to companies tied to China's ruling Communist Party.

"It’s the height of hypocrisy. U.S. corporations with lucrative business ties to the Chinese Communist Party will boycott states here over anti-abortion laws, while Beijing systematically sterilizes Uyghur women. They routinely inflame divisive race issues within the U.S. while marginalizing African American actors or erasing Tibetan characters to keep Chinese audiences happy," Rubio argued.

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"As China has 'opened' its market to American financial companies and sought the listing of its businesses on American stock exchanges, the portfolios of American investors have been increasingly invested in Chinese companies. Many well-meaning Americans may inadvertently be propping up a genocidal regime because Wall Street does it for them," he continued.

Rubio went on in the piece to argue for cutting Chinese companies out of U.S. stock exchanges and capital markets.

"We can also require increased scrutiny of activist investors in companies tied to national-security work or supply chains—particularly ones related to China—through my Shareholder National Security Awareness Act," he continued.

His remarks are the latest salvo of Republican criticism aimed at various targets over how tough the U.S. stance against China should be; GOP figures have battled various U.S. companies, media figures and other entities such as the NBA and most recently actor John Cena over concessions to China's government on a wide range of issues.

Tension between Washington and Beijing remains high due to continued pressure from Beijing for the U.S. to recognize its sovereignty claim over Taiwan, despite the island's decades of self-governance, as well as other issues ranging from trade to China's treatment of Uyghur Muslims in the Xinjiang province, which the Trump administration labeled a genocide in a decision that is now under review by the Biden administration.

President BidenJoe BidenTrump endorses Ken Paxton over George P. Bush in Texas attorney general race GOP lawmakers request Cuba meeting with Biden For families, sending money home to Cuba shouldn't be a political football MORE's director of national intelligence, Avril HainesAvril HainesDemocrats call for DOJ, FBI to declassify 9/11 intelligence related to Saudi Arabia The Hill's Morning Report - Presented by Facebook - GOP torpedoes election bill; infrastructure talks hit snag FBI warns lawmakers of violence from QAnon conspiracy theorists MORE, said in April that the U.S. maintains a policy of "strategic ambiguity" regarding support of Taiwan and is hesitant to explicitly vow military support for the contested island country.