{"database": "press", "table": "releases", "rows": [["https://www.cotton.senate.gov/news/press-releases/cotton-colleagues-call-for-increased-oversight-of-chinese-economic-aggression-after-proposed-forbes-acquisition", "Cotton, Colleagues Call for Increased Oversight of Chinese Economic Aggression After Proposed Forbes Acquisition", "2022-05-24", "2022", "2022-05", "Republican", "Senate", "AR", "Tom Cotton", "C001095", "www.cotton.senate.gov", "cotton", "https://www.cotton.senate.gov/news/press-releases", "scraper", "FOR IMMEDIATE RELEASEContact: James Arnold or Mary Collins Atkinson (202) 224-2353\n\nMay 24, 2022\n\nCotton, Colleagues Call for Increased Oversight of Chinese Economic Aggression After Proposed Forbes Acquisition\n\nWashington, D.C. \u2014 Senators Tom Cotton (R-Arkansas), Bill Cassidy (R-Louisiana), Bill Hagerty (R-Tennessee), and Ted Cruz (R-Texas) today sent a letter to Treasury Secretary Janet Yellen raising concerns about the proposed acquisition of Forbes by an entity linked to the Chinese Communist Party.\n\nIn part, the senators wrote, \u201cForbes is a recognizable American brand with immense propaganda value to the CCP. Additionally, the CCP\u2019s direction of Forbes\u2019 editorial content and business operations, or its access to Forbes\u2019 financial and personal research, could present a serious national security threat to the United States. As members of the Intelligence, Judiciary, Banking, and Finance Committees, we view proposed transactions like this one as a compelling reason for increased oversight of the CCP\u2019s predatory economic behavior in American markets. We urge you to take the necessary steps to thoroughly review the circumstances and potential consequences of this deal.\u201d\n\nText of the letter may be found here and below.\n\nThe Honorable Janet Yellen\n\nSecretary\n\nU.S. Department of the Treasury\n\n1500 Pennsylvania Avenue NW\n\nWashington, DC 20220\n\nDear Secretary Yellen:\n\nWe are writing regarding the proposed acquisition of Forbes by a Chinese Communist Party-linked entity.\n\nIn August 2021, Forbes Global Media Holdings (Forbes) announced a proposed acquisition by Magnum Opus Acquisition Limited (Magnum Opus), a special purpose acquisition company (SPAC) controlled by the Chinese Communist Party. In your role as chair of the Committee on Foreign Investment in the United States (CFIUS), we urge you to investigate the circumstances and national security implications of this proposed acquisition.\n\nChina's deliberately vague patchwork of intelligence, national security, and cybersecurity laws compel companies to support and cooperate with the government\u2019s intelligence work. Not only is Magnum Opus domiciled within the jurisdiction of the Chinese Communist Party (CCP), but the seed money for Magnum Opus came directly from China\u2019s sovereign wealth fund, the Chinese Investment Corporation (CIC).\n\nThe CCP\u2019s intent to wield the Forbes brand for its own purposes is clear. The purchasing entity\u2019s April 8, 2022 proxy statement admits that, if this deal is allowed to proceed, Forbes \u201ccould be subject to oversight and discretion of PRC governmental authorities, which could seek to intervene or influence its business operations at any time that the government deems appropriate to further their regulatory, political, and societal goals.\u201d\n\nForbes is a recognizable American brand with immense propaganda value to the CCP. Additionally, the CCP\u2019s direction of Forbes\u2019 editorial content and business operations, or its access to Forbes\u2019 financial and personal research, could present a serious national security threat to the United States. As members of the Intelligence, Judiciary, Banking, and Finance Committees, we view proposed transactions like this one as a compelling reason for increased oversight of the CCP\u2019s predatory economic behavior in American markets. We urge you to take the necessary steps to thoroughly review the circumstances and potential consequences of this deal.\n\nThank you for your attention to this important matter of national security.", 1, "2026-03-30T01:40:41Z", "2026-04-08T02:29:07Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.cotton.senate.gov/news/press-releases/cotton-colleagues-call-for-increased-oversight-of-chinese-economic-aggression-after-proposed-forbes-acquisition"], "units": {}, "query_ms": 1.8448939081281424, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}