China Select Committee Leaders Support Bill to Expand Outbound Investment Rules
The leaders of the House Select Committee on China said they will support a bipartisan bill introduced earlier this week that could expand the Treasury Department’s upcoming outbound investment prohibitions to cover more Chinese technology sectors and additional countries (see 2311140013).
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Rep. Mike Gallagher, R-Wis., and Rep. Raja Krishnamoorthi, D-Ill., said the bill would build on President Joe Biden’s August executive order on outbound investment (see 2308090066), “taking a crucial step to stem the flow of US investment and knowledge to” companies in China. “One thing we can all agree on is that American expertise and dollars should not be funding the Chinese Communist Party’s development of sensitive technologies that supports their military build-up and, gross human rights abuses,” the two lawmakers said.