Congressman Rich McCormick Introduces H.R. 1486, The Economic Espionage Prevention Act
WASHINGTON - Congressman Rich McCormick introduced H.R. 1486, the Economic Espionage Prevention Act, alongside original cosponsor Rep. John Moolenaar from the U.S. House of Representatives. This legislation is largely the same as the Economic Espionage Prevention Act McCormick introduced in the 118th.
“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.”said Congressman McCormick.
“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,” said Congressman Moolenaar.
This legislation will give the U.S. government authority to sanction foreign entities that support Russia's military, violate U.S. export controls, or steal American intellectual property. It will also require a report to assess China's support for Russia's military and update the International Emergency Economic Powers Act (IEEPA) to allow stronger actions against China and other foreign adversaries.
Congressman McCormick and his House colleagues will continue deterring our adversaries.
The text of the Economic Espionage Prevention Act can be found here.
Media Contacts:
Julie Singleton: Julie.Singleton@mail.house.gov
Regan Bruno: Regan.Bruno@mail.house.gov