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….