Lafayette Reporter

Sen. John Kennedy (R-La.) and Sen. Tim Scott (R-S.C.) have joined nine other Republican senators in a letter addressed to Treasury Secretary Janet Yellen and U.S. Trade Representative Katherine Tai, urging them to investigate the Chinese Communist Party's (CCP) utilization of consumer payment systems to steal Americans' private data. The senators expressed their concerns about the CCP's efforts to expand its presence in the U.S. financial system and the global payments market.

In the letter, the senators emphasized how the CCP's actions undermine U.S. foreign policy, threaten Americans' financial and consumer data privacy, and violate international trade practices. They specifically called for an evaluation of the CCP's unfair commercial practices towards U.S. companies and an assessment of potential U.S. sanctions gaps related to China's Cross-Border Interbank Payment System.

The senators highlighted the infiltration of Chinese payment networks into the American financial system through China UnionPay, the world's largest payment network. Currently accepted by 80% of U.S. merchants and 90% of automated teller machines, China UnionPay has allowed China to gain access to sensitive financial and consumer data.

The lawmakers pointed out that the CCP aims to establish a global leadership role in setting financial standards and reduce reliance on the U.S. dollar. They also highlighted the Chinese government's increasing requirement for businesses to share their data with CCP officials, including sensitive financial data and personally identifiable information. Furthermore, Chinese payment networks operate without the same regulatory oversight as their U.S. counterparts.

The senators stressed the need to account for and address the risks to data privacy, cybersecurity, and financial stability posed by the CCP's actions. They called on the Biden administration to take appropriate measures to protect American consumers and businesses.

Additionally, the senators requested a review of U.S. sanction authority to identify potential gaps that the CCP could exploit to harm U.S. businesses and access Americans' data.

The letter was also signed by Sens. Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), J.D. Vance (R-Ohio), Katie Britt (R-Ala.), Kevin Cramer (R-N.D.), and Steve Daines (R-Mont.).

As concerns about data privacy and cybersecurity continue to grow, it is crucial for the U.S. government to address the threats posed by foreign entities. Protecting consumer data and maintaining financial stability are essential for national security and the U.S. economy.

To learn more, click on this link: https://www.kennedy.senate.gov/public/press-releases?ID=331F698C-AFC0-402E-8DF5-D597C2B2A8BD