In response to the news that billionaire and Alibaba co-founder Jack Ma’s Ant Group has succumbed to the Chinese Communist Party’s pressure to restructure their business model and create a state-owned credit-scoring enterprise, Americans reacted harshly and quickly pivoted out of many Chinese companies traded in the United States. However, back in February, the Biden administration called for the formation of a national credit reporting and scoring division in President Biden’s job and economic recovery agenda to a very different reaction: little to none at all.
House Speaker Nancy Pelosi, D-Calif., is desperate to win over the radical-left wing of the Democratic Party. With arms crossed and heels dug into the ground, she has lowered the bar of negotiation to something you’d expect from a child on a playground, not someone third in line to the presidency.