NE Atlanta News

Congressman Rich McCormick has introduced H.R. 1486, known as the Economic Espionage Prevention Act, in the U.S. House of Representatives. The bill is co-sponsored by Representative John Moolenaar and is similar to legislation previously proposed by McCormick.

In a statement, Congressman McCormick highlighted concerns regarding technology transfers between China and Russia: “Since Russia invaded Ukraine in February 2022, it has depended on China for critical technology, including semiconductors and machine tools, which are vital to its war efforts. In March 2024, the U.S. State Department informed Congress that China's semiconductor exports to Russia had significantly increased in the second half of 2023, likely aiding Russia's military. We need to prevent U.S. technology and intellectual property from being used against allies and national security.”

Congressman Moolenaar also commented on the situation with China: “For decades, the Chinese Communist Party has exploited our trade relationship, stolen American intellectual property, and collaborated with adversaries to weaken America’s global position. In fact, just last year, the FBI revealed that the CCP’s economic espionage costs the U.S. economy a staggering $225 billion annually—an amount that directly threatens our innovation and national security. The Economic Espionage Prevention Act is a critical step forward in protecting American ingenuity and securing our future.”

The proposed legislation aims to empower the U.S. government with authority to sanction foreign entities supporting Russia's military or violating export controls related to American intellectual property thefts. It also calls for an assessment report on China's support for Russia's military and proposes updates to the International Emergency Economic Powers Act (IEEPA) for stronger actions against foreign adversaries.

Congressman McCormick intends to continue working with his colleagues in Congress on these issues.

Media inquiries can be directed to Julie Singleton at Julie.Singleton@mail.house.gov or Regan Bruno at Regan.Bruno@mail.house.gov.