Sen. Ricketts: China Threatens 'to Disrupt American Prosperity'

Sen. Pete Ricketts, R-Neb., has introduced a legislative package to help block China's attempts "to disrupt American prosperity."

Ricketts said he offered the four-bill package "that would counter malicious efforts" involving Chinese political leaders and operatives inside the U.S. aimed at an overthrow of the American way of life.

One bill would treat capital gains on stocks issued by businesses in China, Russia, Belarus, North Korea, and Iran as ordinary income. That would prevent the income from eligibility for lower capital gains tax rates.

Another bill requires the government to compile a list of companies in those nations involved in human rights violations and other activities not supportive of the U.S. and then sanction those entities and prevent Americans from buying or selling financial instruments they offer on world markets.

The remaining two bills would prohibit index funds from investing in Chinese companies and prohibit university endowment funds from investing in adversarial entities.

Ricketts pointed to a range of ways that China has infiltrated American financial markets and said it is time to stop China "from taking advantage of America's economic strength and tax benefits intended for Americans."

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