ICYMI: Scott Highlights Banking Wins in FY26 NDAA, Condemns CCP Influence
Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) was recently featured in an exclusive interview with Fox Business, where he touted the committee’s wins in the final conferenced version of the Fiscal Year 2026 National Defense Authorization Act (NDAA). The Senate passed the legislation on Wednesday by a vote of 77-20, and President Trump signed it into law on Thursday.
In the interview, Chairman Scott expanded on the three major Banking Committee national security priorities included in the NDAA: the Protect Our Bases Act, an extension of the Defense Production Act (DPA), and the bipartisan Foreign Investment Guardrails to Help Thwart (FIGHT) China Act introduced by Senator John Cornyn (R-Texas) and cosponsored by Chairman Tim Scott.
On maintaining an aggressive posture against the Chinese Communist Party:
“Senate Banking Chairman and former presidential candidate Tim Scott, R-S.C., detailed key elements of the National Defense Authorization Act (NDAA) that specifically target China in an effort to position ‘America for the long run’ against the communist power.
“Scott told Fox News Digital during an exclusive interview that it is critical that the American currency is not ‘funding our adversaries’ and that the U.S. must dominate in artificial intelligence and semiconductor technology. ‘I think it's really important for us to realize that we still have the high ground and maintaining the high ground means having an aggressive posture against China,’ Scott told Fox News Digital.
“‘Positioning America for the long run against China is incredibly important,’ Scott explained. ‘But China, they don't think in election cycles, they think in generations, if not centuries.’”
On the Protect Our Bases Act:
“The Protect Our Bases Act, which updates the Committee on Foreign Investment procedures by requiring regular updates to federal records of sensitive sites and adds annual reporting requirements. The bill was introduced following a 2022 attempted Chinese-owned company land purchase near Grand Forks Air Force Base, which highlighted limitations in the existing review process.”
On the Defense Production Act:
“The NDAA also includes an extension of the Defense Production Act (DPA), which was first enacted in 1950, enabling the U.S. to expand industrial capacity during national emergencies. Scott pushed for language in the defense bill which establishes core functions in defense production and strengthens domestic supply chains.”
On the FIGHT China Act:
“The FIGHT China Act, which was included with bipartisan support, creates an outbound investment screening process that allows the Treasury Department to restrict or require notification of certain U.S. investments in sensitive technologies in the People’s Republic of China. The bill also adds reporting requirements and targeted exemptions to increase transparency while limiting transactions deemed high-risk to U.S. national security.”
Read the full Fox Business article here.
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