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Americans are 'unwittingly funding' blacklisted Chinese companies, Congressional panel says | CNN Business

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A Congressional select committee is investigating BlackRock and MSCI to determine whether they are investing Americans’ savings in Chinese companies blacklisted by the US government for security and human rights issues

The Select Committee on the Chinese Communist Party of the US House of Representatives sent letters to BlackRock\n \n CEO Larry Fink and

, these Americans are now unwittingly funding PRC companies that develop and build weapons for the People’s Liberation Army —the PRC’s military—and advance the CCP’s stated mission of technological supremacy,” wrote the Select Committee’s Chairman, Republican Rep. Mike Gallagher of Wisconsin, and its ranking member, Rep. Raja Krishnamoorthi, a Democrat from Illinois. The committee sent an identical letter to BlackRock.

indexes that are designated on governmental red-flag lists. “The majority of our clients’ investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies,” BlackRock said in a statement to CNN. “With all investments in China and markets around the world, BlackRock complies with all applicable US government laws. We will continue engaging with the Select Committee directly on the issues raised.

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