U.S. lawmakers want Biden to take action on outbound investment to China




  • In Politics
  • 2022-09-27 15:23:50Z
  • By Reuters
 

By David Shepardson

WASHINGTON (Reuters) -A group of lawmakers including House Speaker Nancy Pelosi, Senate Majority Leader Chuck Schumer and Republican Senator John Cornyn on Tuesday called on U.S. President Joe Biden to issue an executive order on outbound investments to China and others.

Congress has been considering legislation that would give the U.S. government sweeping new powers to block billions in U.S. investment into China. The proposal was removed from bipartisan legislation to subsidize U.S. semiconductor chips manufacturing and research in a bill approved in August.

The lawmakers, including Democrat Bill Pascrell and Republican Brian Fitzpatrick, said in a letter to Biden that as negotiations continue, "our national security cannot afford to wait," and said that the president should take immediate action "to safeguard our national security and supply chain resiliency on outbound investments to foreign adversaries."

The White House and Chinese Embassy did not immediately comment.

White House national security official Peter Harrell earlier this month said that the Biden administration has not yet made a final decision on a potential outbound investment mechanism regulating U.S. investments in China.

Harrell stressed that any measure targeting such investments should be narrowly tailored to address gaps in existing U.S. authorities and specific national security risks.

"When we cede our manufacturing power and technological know-how to foreign adversaries, we are hurting our economy, our global competitiveness, American workers, industry and national security. Government action on this front is long overdue to address the scope and magnitude of these serious risks we face as a country," the lawmakers wrote.

The proposed legislation is intended to give the government greater visibility into U.S. investments. It would be mandatory to notify the government of investments that may fall under the new regulations, and the United States could use existing authorities to stop investments, or mitigate risk. If no action is taken, the investment can move forward.

(Reporting by David Shepardson; Editing by Chizu Nomiyama and Mark Porter)

COMMENTS

More Related News

FTX Donated $1 Million to McConnell-Aligned Super PAC Weeks before Declaring Bankruptcy
FTX Donated $1 Million to McConnell-Aligned Super PAC Weeks before Declaring Bankruptcy

The now-defunct cryptocurrency exchange FTX donated $1 million to the Senate Leadership Fund, a Super PAC associated with Senate minority leader Mitch...

Meet the House Republicans Who Will Wield Power in the New Congress
Meet the House Republicans Who Will Wield Power in the New Congress

WASHINGTON - Republicans may have won control of the House by only the slimmest of margins, but in a chamber that operates purely by majority rule, their...

What can Democrats push through Congress in the lame-duck session?
What can Democrats push through Congress in the lame-duck session?

Legislation on the debt ceiling, civil liberties and elections is still possible before Republican House majority kicks in

US bans sale of Huawei, ZTE tech amid security fears
US bans sale of Huawei, ZTE tech amid security fears

The restrictions on five Chinese companies are the first to be put in place on security grounds.

Democrats Are Ready for GOP to Make Hunter Biden the New Benghazi
Democrats Are Ready for GOP to Make Hunter Biden the New Benghazi

Demetrius Freeman/The Washington Post via GettyIt's not Hunter Biden's scalp they want. Rather, the House GOP caucus is poised to launch a two-year crusade...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • top interview questions
    (2022-09-29 16:39:02Z)

    In an interview, one of the top questions that you should ask a candidate is: "Why did you leave your last position?" This question is intended to find out the candidate's career goals and how they plan to achieve them. The answer to this question can reveal a lot about a candidate, including whether they're a hard worker or a slacker. The company will also want to know whether the candidate will fit in with the company's culture.

    REPLY

Top News: Politics