New bill seeks to boost transparency on U.S. spending in China

A new bill would require the Office of Management and Budget to prepare a detailed report each year on how much federal money is spent in China.

The bill, from Republican U.S. Sens. Rick Scott, Ted Budd and Mike Braun, aims to increase transparency on taxpayers spending in China.

It would require a detailed report on any federal funds spent on activities in collaboration with China's entities and institutions. It would further require the Office of Management and Budget to conduct an audit of money spent in China.

"We know that Communist China does its best to hide the finances of its government and businesses from Americans," Scott said in a statement. "When it comes to countries that are our enemies, like Communist China, there needs to be complete transparency and oversight with any resources going their way – especially your tax dollars."

U.S. Rep. Mark Green, Chairman of the House Committee on Homeland Security, previously re-introduced the companion legislation in the House.

"Threats to our homeland by malign actors, including the Chinese Communist Party, are only increasing," Green said in a statement. "My Our Money in China Transparency Act is an important step that demands transparency on federal funds spent on activities in collaboration with Communist China’s entities and institutions."