Democrat Had Chinese Bank Account Despite Pushing US to Divest From China

Rep. Vicente Gonzalez, D-Texas, kept between $100,000 and $250,000 in a Chinese bank account for several years despite urging the U.S. to divest itself from China, according to The Washington Free Beacon.

Financial disclosure forms show that between 2017 and 2020, Gonzalez had an account with the Bank of China that held at least six figures, between $100,000 and $250,000, earning between $2,500 and $5,000 in interest during each of those years. He also kept up to $100,000 in an account with HSBC, officially known as The Hongkong and Shanghai Banking Corporation Limited, which moved its headquarters to London in the 1990s but remains a close ally of the ruling Chinese government.

"Congressman Gonzalez has fully complied with disclosure requirements for this investment," a spokesman told the Free Beacon.

In 2020, Gonzalez introduced legislation, the Reclaiming American Rare Earths (RARE) Act, to reduce the country’s dependence on China for mineral resources used to manufacture modern technology.

"Ending our dependence on China starts today," the congressman said in a statement last September. "The RARE Act will allow the United States to develop a reliable domestic supply of critical minerals and rare earth elements and eliminate this pressure point that could have lasting impacts on our national security and, most importantly, our way of life."

"He should be investing his money in an American bank, putting Americans first and American communities first," Monica De La Cruz Hernandez, who ran against Gonzalez as a Republican in 2020 and plans on challenging him again in 2022, told News 4 in San Antonio.

"This is shocking and disturbing that a U.S. Representative would have his money tied with a China bank; our greatest adversary," she added.

"All banks profit from having monies in their banks, whether it's in a checking or savings account," De La Cruz Hernandez said. "They're able to use that money to loan to other people."

The congressman’s press secretary told News 4 that Gonzalez has closed the account, and that the Bank of China is insured and operates under U.S. laws.

Chinese banks reported better than expected lending data in February, causing stocks in the country to jump this week, according to Reuters.

Gonzalez said in a statement in 2018, shortly after returning from a trip to China and other Asian countries as part of a bipartisan congressional delegation, that "Only by engaging with China can we secure fairer market access and intellectual property protections for businesses in the 15th District of Texas. I look forward to continuing this dialogue and working with our two governments to expand economic opportunity for Central and South Texans."

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