A national security crisis is unfolding before our eyes and we can’t even see it. A failure by the federal government to enforce the law is allowing hidden Chinese companies to use opacity loopholes and vacuum up American companies, technology, and secrets.

An anonymous Bermuda shell company bought an insurance provider for the CIA and FBI, giving the new owners access to the identities of contractors and employees, including those undercover. An anonymous Delaware-registered private equity firm signed a contract to buy a highly specialized U.S. chipmaker. An anonymous Missouri shell company bought a trailer park property next to the Air Force base that housed America’s B-2 stealth bombers.