Lawmakers Push Biden to Order Screening of US Investments in China
A bipartisan group of U.S. House and Senate lawmakers urged President Joe Biden to issue an executive order to increase the screening of investments by U.S. companies in foreign adversaries, particularly China.
An executive order controlling U.S. investment abroad would “safeguard our national security and supply chain resiliency on outbound investments to foreign adversaries,” eight senators wrote in a Sept. 27 letter (pdf) to Biden.
Congress has been considering a legislative proposal that would give new powers to the U.S. government to review or block billions of dollars in U.S. outbound investments into China. The proposed legislation, dubbed the National Critical Capabilities Defense Act, was revised in June. Despite strong support, the measure was dealt a setback when it was removed from legislation to subsidize U.S. semiconductor chip manufacturing and research that was approved in August.
Although negotiations continue, “American workers, businesses and our national security cannot afford to wait,” reads a statement from House Speaker Nancy Pelosi (D-Calif.), Senate Majority Leader Chuck Schumer (D-N.Y.), Sen. John Cornyn (R-Texas), and other lawmakers.
“The pandemic shined a spotlight on just how exposed U.S. supply chains are and the severe cost of relying on foreign adversaries for our Nation’s critical capabilities,” the lawmakers wrote in the letter.
The group, which also included Rep. Bill Pascrell (D-N.J.), Rep. Rosa DeLauro (D-Conn.), Sen. Bob Casey (D-Pa.), Rep. Brian Fitzpatrick (R-Pa.), and Rep. Victoria Spartz (R-Ind.), pushed the president to “move forward with executive action” to protect U.S. workers and advance U.S. economic security interests.
The White House didn’t respond to a request for comment.
U.S. President Joe Biden, shown during the third meeting of the White House Competition Council, in the State Dining Room of the White House on Sept. 26, 2022. (Mandel Ngan/AFP via Getty Images) Government Action ‘Long Overdue’
The Biden administration
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