(CTN News) – BlackRock will be investigated by the House Select Committee on Strategic Competition between the United States and the Chinese Communist Party (CCP), it was announced on Tuesday.
In a letter sent on Monday by committee Chairman Mike Gallagher (R-Wis.) and ranking member Raja Krishnamoorthi (D-Ill.) to BlackRock Chairman and CEO Larry Fink, the two representatives alleged that the investment firm used “unwitting”
American customers’ money to fund Chinese companies that “develop and build weapons for the People’s Liberation Army — the PRC’s military — as well as advance the CCP’s stated mission of technological supremacy”.
On Tuesday, as part of an announcement of the investigation, the committee’s account posted the letter to X, an internet BlackRock platform that was formerly known as Twitter.
This was along with the announcement of the investigation. As stated in the letter, it is unconscionable for BlackRock any U.S. company to profit from investments that fuel the military advancement of America’s foremost foreign adversary.
This will facilitate the abuse of human rights within that country.
As I mentioned earlier, the Democrats and Republicans came together in January of this year to establish the House select committee, with a resolution establishing the committee passing by a vote of 365 to 65 at the time, establishing the select committee.
There is reason to believe that it is the result of a campaign promise made by Republicans during the 2022 midterm elections in case they were able to regain control of the chamber in the event that they won the elections.
There have been a number of times over the past few months when I have heard my colleagues from both sides of the aisle say that the Communist BlackRock Chinese government poses a serious threat to the world.
There was no doubt earlier this year that Speaker Kevin McCarthy (R-Calif.) was fully in agreement with the decision to create the committee, as he confirmed that he was in complete agreement with it.
In spite of the fact that political BlackRock parties are divided over this issue, it is still a matter that transcends the differences between parties.
In my opinion, this is why it is of the utmost importance for us to establish a select committee on China in order to address the problem.”