U.S. Senator Bob Casey (D-PA) is praising President Biden’s executive order to screen investments in national security sectors from countries of concern, including China. Casey emphasizes the need to protect technology and expertise, urging bipartisan legislation for long-term national and economic security.
“[This]s announcement is a welcome step in our Nation’s efforts to protect our technology and expertise from the Communist Chinese government,” Senator Casey said. “This executive action acknowledges the urgency of the issue and will allow the U.S. to reduce some of the risks we face from bad actors like China. Now we need to pass strong bipartisan legislation to protect our national and economic security for decades to come.”
On Wednesday, President Biden signed an Executive Order authorizing the regulation of U.S. investments in countries of concern. It focuses on entities involved in critical national security technologies, including semiconductors, quantum information, and artificial intelligence. The People’s Republic of China, including Hong Kong and Macau, is identified as one such country.
Simultaneously, the Department of the Treasury released an Advanced Notice of Proposed Rulemaking (ANPRM) with proposed definitions to clarify the program’s scope. The proposed rules will undergo public notice and comment before implementation.
President Biden signed this Executive Order after extensive consultations with numerous stakeholders, industry members, and foreign allies and partners. The White House affirms that these engagements will persist during the notice-and-comment period, aiming to gather further public feedback and make necessary adjustments prior to the rule’s implementation.
Read the Executive Order here.
Read Treasury’s fact sheet on the program here.
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