May 10, 2018

ICYMI: Young Chairs Senate Foreign Relations Subcommittee Hearing on International Predatory Economic Practices

WASHINGTON, D.C. — Yesterday, U.S. Senator Todd Young (R-Ind.) chaired a Senate Foreign Relations Subcommittee hearing on international predatory economic practices and how the U.S. should respond. During the hearing, experts assessed China’s use of a variety of predatory economic practices and endorsed Senator Young’s legislation to require a National Economic Security Strategy. 

All four experts present agreed with Senator Young that America’s national security rests largely on an economic foundation, and that predatory economic practices by China and others have undermined that foundation for years. They also agreed with Senator Young that, if left unaddressed, these predatory practices will further endanger not only the prosperity of Americans, but also our security.

To ensure the U.S. response to these predatory practices is “smart, multilateral, and strategic”,Senator Young introduced last month the bipartisan National Economic Security Strategy Act of 2018 (S.2757)

During the hearing, Mr. Michael Wessel, a Commissioner on the United States-China Economic and Security Commission, said, “I think it’s a vital piece of legislation.”

In his written testimony, Dr. Robert Atkinson, President of the Information Technology and Innovation Foundation, testified, “Congress should pass the National Economic Security Strategy Act of 2018.” During the hearing, he explained why he thought the legislation should be adopted

Mr. Matthew Goodman, Simon Chair in Political Economy at the Center for Strategic and International Studies called S.2757 “music to my ears” and said the legislation is “totally in line with what I believe we need to do.”

Young is chair of the Senate Foreign Relations Subcommittee on Multilateral International Development, Multilateral Institutions, and International Economic, Energy, and Environmental Policy. 

Senator Young’s opening statement can be found here, and expert comments regarding Senator Young’s legislation can be found here. The full video for the hearing can be found here