U.S. Sen. Bob Casey (D-PA) applauded an executive order signed by President Joe Biden to screen U.S. investments in national security sectors that are made in countries of concern, like China.
“Today’s announcement is a welcome step in our Nation’s efforts to protect our technology and expertise from the Communist Chinese government,” 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.”
Casey had been pushing for executive and Congressional action on this front. He is the lead sponsor, along with Sen, John Cornyn (R-TX), of the recently-passed Outbound Investment Transparency Act. This bill is designed to better understand the risks of allowing foreign competitors to gain access to technology and knowledge in national security sectors. The Outbound Investment Transparency Act passed in July as part of the National Defense Authorization Act (NDAA) by an overwhelming vote of 91-6.
In addition, Commerce Secretary Gina Raimondo, United States Trade Representative Katherine Tai, and National Security Advisor Jake Sullivan have expressed support for increased scrutiny of outbound investment.
Further, this past June, key Biden Administration officials testified in front of the Senate Banking Committee about the importance of screening American companies’ investments in countries of concern.