Trump signed Executive Order to protect investors from funding Chinese military companies

0
91

Today, President Donald J. Trump signed an Executive Order to protect American investors from funding Communist Chinese military companies, including those designated by the Department of Defense in June and August of 2020.

Many of these companies are publicly traded on stock exchanges around the world, and individual investors in the United States can unknowingly provide funds to them through passive institutional investment vehicles such as mutual funds and retirement plans.

The President’s action serves to protect American investors from unintentionally providing capital that goes to enhancing the capabilities of the People’s Liberation Army and People’s Republic of China intelligence services, which routinely target American citizens and businesses through cyber operations, and directly threaten the critical infrastructure, economy, and military of America and its allies and partners around the world.

President Trump has no higher priority than the security of the American people.

source: Statement from National Security Advisor Robert C. O’Brien
White House

Donald Trump’s Letter to the Speaker of the House of Representatives and the President of the Senate on the Executive Order

Dear Madam Speaker, Dear Mr. President:

Pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of title 3, United States Code, I hereby report that I have issued an Executive Order declaring a national emergency to deal with the threat posed by the People’s Republic of China’s (PRC) increasing exploitation of United States capital to resource and to enable the development and modernization of its military, intelligence, and other security apparatuses which continues to allow the PRC to directly threaten the United States homeland and United States forces overseas, including by developing and deploying weapons of mass destruction, advanced conventional weapons, and malicious cyber-enabled actions against the United States and its people.

Through the national strategy of Military-Civil Fusion, the PRC increases the size of the country’s military-industrial complex by compelling civilian Chinese companies to support its military and intelligence activities. Those companies, though remaining ostensibly private and civilian, directly support the PRC’s military, intelligence, and security apparatuses and aid in their development and modernization. At the same time, they raise capital by selling securities to United States investors that trade on public exchanges both here and abroad, lobbying United States index providers and funds to include these securities in market offerings, and engaging in other acts to ensure access to United States capital. In that way, the PRC exploits United States investors to finance the development and modernization of its military.

The Executive Order prohibits certain purchases involving publicly traded securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any Communist Chinese military company. Those companies are ones the Department of Defense has listed, or will list, pursuant to section 1237 of Public Law 105-261, as amended, or are identified as Communist Chinese military companies or their subsidiaries by the Secretary of the Treasury using similar criteria. The Executive Order also prohibits transactions that evade or avoid, or have the purpose of evading or avoiding, its prohibitions.

I have delegated to the Secretary of the Treasury the authority to, in consultation with the Secretary of State, the Secretary of Defense, the Director of National Intelligence, and the heads of other executive departments and agencies as appropriate, take such actions, including promulgating appropriate rules and regulations, and employing all other powers granted to the President by IEEPA, as may be necessary to implement the Executive Order. All agencies of the United States Government are directed to take all appropriate measures within their authority to carry out the provisions of the Executive Order.

I am enclosing a copy of the Executive Order I have issued.

Sincerely,

DONALD J. TRUMP

Related>

DOD Statement on Personnel Changes at the Pentagon

As announced yesterday, November 9, President Trump has designated the National Counter Terrorism Center Director, Chris Miller, as the Acting Secretary of Defense.  Mr. Miller took over those functions and responsibilities mid-day yesterday.  Deputy Secretary of Defense David Norquist remains in his position and continues to execute his responsibilities.

Today, Acting Under Secretary of Defense for Policy Dr. James Anderson, Under Secretary of Defense for Intelligence and Security Mr. Joseph Kernan and Chief of Staff to the Secretary of Defense, Jen Stewart submitted letters of resignation.

Dr. Anderson submitted his letter of resignation to the President this morning, effective today.  The Acting Secretary of Defense has delegated the responsibilities of the Under Secretary of Defense for Policy to Mr. Anthony Tata.  As such, Mr. Tata is the Senior Official Performing the Duties of the Under Secretary of Defense for Policy.  He previously was the Senior Official Performing the Duties of the Deputy Under Secretary of Defense for Policy.  Dr. Thomas Williams will now perform the duties of the Deputy Under Secretary of Defense for Policy.

As planned for several months, Under Secretary Kernan submitted his letter of resignation, effective today.  Current Acting Assistant Secretary of Defense for Special Operation and Low-Intensity Conflict Ezra Cohen-Watnick will be the new Acting Under Secretary of Defense for Intelligence and Security.  Mr. Ralph Cacci will continue to perform the duties of the Deputy Under Secretary of Defense for Intelligence and Security.

Also today, Ms. Stewart submitted her resignation from the position of Chief of Staff, effective today.  Mr. Kash Patel, currently on the National Security Council staff, has been named by Acting Secretary Miller as his Chief of Staff.

Acting Secretary of Defense Miller issued the following statement on these personnel changes:  “I want to thank Dr. Anderson, Admiral Kernan and Jen Stewart for their service to the nation and the Department.  Over their careers each has contributed greatly to the national defense and the future of the Department of Defense. We wish them the best in their next endeavors.

Source: US defense department

LEAVE A REPLY

Please enter your comment!
Please enter your name here