Democrat Rep. Vicente Gonzalez of Texas has reported holdings worth more than $100,000 in the Bank of China, a state-owned bank run by the Chinese Communist Party (CCP).
This was revealed on his three most recent financial disclosure forms filed to the clerk of the House of Representatives.
Gonzalez reported the holdings – valued between $100,001 and $250,000 – in the Bank of China on the second page of his 2017, 2018, and 2019 disclosure documents. Each report included a disclosure that Gonzalez earned between $2,501 and $5,000 in annual interest from the account.
He has not yet filed his 2020 financial disclosure form, which is not due until May 2021.
According to his last three disclosures, Gonzalez had accounts with bigger deposits but paid less in interest.
His 2017 report revealed he had between $250,001 and $500,000 in an Everbank account that collected no interest. His 2018 disclosure report revealed an account with TIAA Bank worth between $250,001 and $500,000 that collected only between $201 and $1,000 in interest.
On all three reports, no other holding or account paid out as high a level of interest or unearned income for Gonzalez. In other words, his investment is bank-owned and run by a nation that is hostile to the United States is particularly lucrative for him.
The arrangement would also be beneficial to the CCP as the deposit Gonzalez had placed in his account could be used by the Bank of China for purposes and initiatives that would support China's geopolitical push for global economic domination.
Bank of China promotes CCP political doctrine
The Bank of China openly said on its website that it is a "wholly state-owned commercial bank" and has been since the mid-1990s. The Bank of China website also said that it is China's "most globalized and integrated bank" with "a well-established global service network with institutions set up across the Chinese mainland as well as in 57 countries and regions."
The bank also pledged allegiance to Chinese President Xi Jinping.
"In face of the period of historic opportunities for great achievements, as a large state-owned commercial bank, the bank will follow Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, persistently enable advancement through technology, drive development through innovation, deliver performance through transformation and enhance strength through reform, in an effort to build Bank of China into a world-class bank in the new era," the bank's website stated.
The "Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era" part of that quote on the Bank of China website is a reference to a formal and official CCP political doctrine.
The New York Times reported about it on Feb. 26, 2018.
"Officially known as 'Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era,' the ideology will soon be given an even more prominent platform: the preamble of China's Constitution," the New York Times article said. "Boiled down, the doctrine is a blueprint for consolidating and strengthening power at three levels: the nation, the party and Mr. Xi himself."
Interestingly, Gonzalez had claimed that he wanted to be tough on China as he signed a letter in May last year from the Blue Dog Coalition – a group of self-proclaimed "moderate" Democrats.
Writing about the U.S.-China relationship, Gonzalez and his fellow Blue Dog Democrats advocated for standing up against the CCP whenever the Americans are threatened by it.
"We should stand up for American lives, interests and values whenever they are threatened, while avoiding overheated rhetoric that could undermine those goals," Gonzalez and his fellow Blue Dog Democrats wrote.
The letter also said that these Democrats "have profound concerns about the direction of Chinese policy under the CCP, especially its foreign and defense policy, its trade policy and its human rights record."
But when it came to actual actions in the House, Gonzalez frequently sided with the CCP. (Related: Pinkerton: What happens when a communist regime penetrates our government.)
In May 2019, when Kentucky Rep. Andy Barr offered a motion to recommit (MTR) – a procedure the minority in the House uses to force issue votes after legislation has passed – that would have blocked job transfers to China on a climate bill that the Democrat majority passed, Gonzalez joined most of the rest of the House Democrats in voting against the measure.
Later in 2019, Gonzalez also voted against another MTR that would have banned the U.S. Export-Import Bank from lending to Chinese-government controlled entities or to organizations that supported the CCP's government actions.
Gonzalez's Chinese connection can cost him congressional seat
Monica De La Cruz-Hernandez, Gonzalez's GOP opponent in last year's election, told Breitbart News that she found it shocking and disturbing that her rival has a six-figure account with the Bank of China.
"A United States representative should never have such close financial ties to the state bank of our country's greatest adversary. This is yet another reason why our district needs a new representative who shares our South Texas values – not China's," De La Cruz-Hernandez said.
The 15th district of Texas, where Gonzales is currently serving his third term as congressman, has been historically safe for Democrats. Since the district's inception in 1903, no Republican has ever represented the district. Republicans would either not run someone at all for the seat or they would only put up a nominal challenge.
That changed in 2020 when De La Cruz-Hernandez nearly beat Gonzalez in a surprisingly close race. She came within just about 6,000 votes while dropping Gonzalez's total votes to just 50.05 percent of the total in the district. Her 47.06 percent shocked the political world and instantly made future elections in the district more interesting.
De La Cruz-Hernandez would be running again in 2022.
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