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Posey Legislation Ensures Accountability for CARES Act Funds

Legislation Blocks Funding for Communist Chinese Linked Companies

U.S. Representative Bill Posey (R-FL) introduced legislation to ensure more accountability for how taxpayer funds are spent through the CARES Act. Rep. Posey was joined by Representatives Matt Gaetz (R-FL), Ross Spano (R-FL), Randy Weber (R-TX) and Michael Cloud (R-TX) in introducing H.R. 8331, the Accountability for CARES Act of 2020, which protects national security and supports American businesses by ensuring that taxpayer funds spent through the CARES Act do not go to companies that are under the influence or control of Communist China. 

“Some media reports indicate that perhaps several hundred million dollars of CARES Act funding may have gone to companies that Chinese entities own or invest in,” said Congressman Posey who recently wrote to Congressional leaders urging that future coronavirus legislation include such a provision. “Our legislation will ensure that American small businesses benefit from economic assistance during the pandemic while also strengthening our national security.”  

Specifically, the Accountability for CARES Act, blocks future coronavirus economic assistance from going to an entity that is under foreign ownership, control or influence of the Communist Chinese government, the Communist party of China, or any entity that is based in Communist China. The legislation also contains a provision to allow for past funds to be clawed back from companies with ties to Communist China. 

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