In a letter sent to the Biden Administration yesterday, a bipartisan group of U.S. Senators and Representatives urged the President to take immediate action on outbound investments to foreign adversaries. The signatories are supporters of legislation that would establish an outbound investment screen, and they are pushing for President Biden to issue an Executive Order to protect American workers and advance U.S. national and economic security interests.
As the Members of Congress have noted, the outsourcing of critical manufacturing capabilities to China and other foreign adversaries poses a significant risk to the U.S. economy and national security. The National Critical Capabilities Defense Act would establish an interagency outbound investment review committee in order to better understand the vulnerabilities created by this phenomenon.
By requiring greater transparency and cooperation between the private sector and the government, this bill is expected to help mitigate the risks posed by the outsourcing of critical manufacturing capabilities. In addition, the bill would help to ensure that American workers and industries are not disadvantaged by these offshore investments. The signatories assert passage of this bill is critical to protecting the United States against economic and national security risks.
The letter is signed by U.S. Senators Bob Casey (D-PA), John Cornyn (R-TX) and Chuck Schumer (D-NY), Speaker Nancy Pelosi (D-CA), and Representatives Rosa DeLauro (D-CT), Bill Pascrell (D-NJ), Brian Fitzpatrick (R-PA) and Victoria Spartz (R-IN).
The full text of the letter can be found here.
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