FOR IMMEDIATE RELEASE
Rep. Green to Introduce SOS ACT to Prevent Chinese-State Acquisition of Companies Affecting U.S. National Security
WASHINGTON—This week, Rep. Green will introduce the SOS ACT (Secure Our Systems Against China’s Tactics) to incentivize America’s investors to purchase distressed companies critical to America’s national security. Rep. Green is calling on Congress to include this bill in any future coronavirus relief package to thwart China’s efforts to strategically acquire companies critical to America’s defense during the crisis.
Green said, “China is looking to take advantage of the coronavirus crisis and gobble up distressed companies that are vital to our national defense while they are economically vulnerable and looking for capital. We cannot let this happen. The businesses that supply the equipment, systems, and technologies for our military to operate are essential to a strong America. Without a fully-armed supply chain, we will be vulnerable to attack and at a comparative disadvantage with China.”
“That’s why I’m introducing the SOS ACT to stop this Chinese-state run attack on our supply chain. My bill will set aside $10 billion from the CARES Act to incentivize America’s investors to invest their capital in vulnerable companies that are critical to our national security. Investors would have investment guarantees, providing them with additional incentives to ameliorate risk and keep our defense supply chain strong."
“We must protect our Nation from China’s predatory actions. My bill will not require new funding but will simply reallocate existing funding, making it an easy addition to any relief package.”