Ranking Member Krishnamoorthi Issues Statement on Treasury Regulations to Implement Executive Order on Outbound Investment

WASHINGTON, D.C. – On Monday, the Department of Treasury released final regulations to implement President Biden's executive order that seeks to address the national security threat posed by certain U.S. high-tech investments into countries like the People’s Republic of China. Ranking Member Raja Krishnamoorthi (D-IL) of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party issued the following statement on this accomplishment: 

“This announcement marks a watershed step forward in our strategic competition with the CCP. I applaud the Biden-Harris Administration for finalizing this critically important rule, which will help ensure American investment and know-how do not support the CCP’s development of advanced AI, semiconductor, and quantum technologies that threaten our national security. These are the same technologies where the Select Committee’s outbound investment investigations uncovered billions of dollars of problematic investments. Now we have an opportunity to build upon this triumph, both at home and on the global stage. Informed by the Select Committee’s investigatory findings, the United States should explore additional guardrails to ensure U.S. investment in advanced PRC technology does not threaten our security or contribute to violations of human rights. And we should do so in concert with our friends and partners, so the impact of this important work is even stronger."

###