Wednesday, May 31, 2023
HomeEconomyU.S. lawmakers want Biden to order stronger oversight of Chinese outbound investment

U.S. lawmakers want Biden to order stronger oversight of Chinese outbound investment

David Shepardson

WASHINGTON (Reuters) – A bipartisan group of U.S. lawmakers on Tuesday called on President Joe Biden to issue an executive order to Increase oversight of investments by U.S. companies and individuals in the United States. China and other countries.

Lawmakers including House Speaker Nancy Pelosi, Senate Majority Leader Chuck Schumer and Republican Sen. John Cornyn urged Biden to issue an order to “maintain The resilience of our national security and supply chains abroad” to investments in foreign adversaries.

Congress has been considering legislation that would give the U.S. government sweeping new powers to block billions in U.S. foreign investment in China. In a bill approved in August, the proposal Removed from bipartisan legislation to subsidize U.S. semiconductor chip manufacturing and research.

Including Democrat Bill Pascrell, House Appropriations Chair Rosa DeLauro, Senator Bob Kay Lawmakers Brian Fitzpatrick and Victoria Spaatz, including West and Republicans, said in a letter to Biden that as negotiations continue, “our national security cannot wait. They urged the president to “protect our national security and the resiliency of our supply chains with regard to foreign investment.”

There was no immediate comment from the White House and the Chinese embassy.

White House national security official Peter Harrell said earlier this month that the Biden administration has not Final decision on potential outbound investment mechanisms for U.S. investments in China.

Harrell emphasized that any targeting of such investments should be strictly tailored to gaps in existing U.S. authorities and specific national security risks.

“When we cede manufacturing capabilities and technological knowledge to foreign adversaries, we are harming our economy, our global competitiveness, American workers, industry, and national security. Government action in this regard is long overdue to address the scope and magnitude of these serious risks we face as a nation,” the lawmakers wrote.

On Thursday, the enate Banking Committee will hold a hearing on foreign investment, which will hear testimony from Cornyn, Casey and several former government officials, including Robert Strayer, executive vice president of the Information Technology Industry Council.

The proposed legislation is designed to provide the government with greater visibility into U.S. investments. Notifying the government of investments that may fall under the new regulations is mandatory and the U.S. can use existing authorities to stop the investment or reduce risk. If not taken With any action, the investment can move forward.



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