Commerce Secy. Raimondo owns stake in Chinese conglomerate

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WASHINGTON, DC - OCTOBER 13: Governor of Rhode Island Gina Raimondo speaks onstage during Fortune's Most Powerful Women Summit - Day 2 at the Mandarin Oriental Hotel on October 13, 2015 in Washington, DC. (Photo by Paul Morigi/Getty Images for Fortune/Time Inc)

WASHINGTON, DC - OCTOBER 13:  Governor of Rhode Island Gina Raimondo speaks onstage during Fortune's Most Powerful Women Summit - Day 2 at the Mandarin Oriental Hotel on October 13, 2015 in Washington, DC.  (Photo by Paul Morigi/Getty Images for Fortune/Time Inc)

WASHINGTON, DC – OCTOBER 13: Gina Raimondo spoke onstage during Fortune’s Most Powerful Women Summit – Day 2 at the Mandarin Oriental Hotel on October 13, 2015 in Washington, DC. (Photo by Paul Morigi/Getty Images for Fortune/Time Inc)

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UPDATED 12:12 PM PT – Saturday, March 6, 2021

Joe Biden’s newly confirmed commerce secretary pledged to aggressively compete against China, while also owning Chinese-linked investments. Secretary Gina Raimondo and her husband own a stake in Chinese conglomerate Tencent, despite the Department of Commerce’s ongoing investigation of the company.

President Trump signed an executive order in January, banning transactions with the holding company which some consider to be the “Google of China.”

Sen. Ted Cruz (R-Texas) notably called out Raimondo during her confirmation hearing for ducking questions on restricting Chinese firms.

“I asked her if she would keep those Chinese technology companies on the Entities List, she refused to make that commitment,” Cruz stated. “In fact, she wouldn’t even commit to keeping Huawei on the Entities List, which is unabashedly an espionage agency.”

Cruz also rebuked the Biden administration’s collective actions as embracing the “worst elements of the Chinese Communist Party.”

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