The Rail Security Alliance announced support for a request that the U.S. Treasury Department include CRRC Corporation Limited on a list of PLA-controlled companies to safeguard the domestic rolling stock industry from foreign threat.
In a letter to U.S. Treasury Secretary Janet Yellen, U.S. Reps. Mike Gallagher (R-WI-8) and John Garamendi (D-CA-3) said,“CRRC has already made anticompetitive incursions into the United States rolling stock market with state-backed financing, below-market pricing, and other anti-competitive tactics as a mainland Chinese state-owned enterprise. . . .”
RSA Executive Director Erik Olson said, “Given the case against CRRC, which is years in the making, there is every reason that the Chinese state-own-enterprise should be added to Treasury’s list of PLA-controlled companies immediately.
“We are grateful for the support of Congressmen Gallagher and Garamendi. Their request highlights the important role that the domestic rolling stock market plays in the U.S. — and why it deserves safeguarding,” Olson added.
The letter to Sec. Yellen marks the third time in less than a month that bi-partisan lawmakers have called out CRRC as a Chinese state-owned-enterprise which threatens U.S. national and economic security. It also follows action by the U.S. Defense Department, which included CRRC on the Pentagon’s entity list for the second time.