Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued a statement in response to the Department of the Treasury’s notice of proposed rulemaking (NPRM) implementing the White House’s Executive Order on outbound U.S. investment to China.
“This rulemaking appears to be a step in the right direction, and I look forward to examining it in more depth,” said Chairman McHenry. “It’s promising Treasury attempts to narrow the rule’s scope to be more targeted. The Biden Administration should continue working to ensure this can be appropriately implemented. However, using a multi-year process to propose and stand up a new bureaucracy to regulate outbound investments lacks the urgency needed to confront the threat posed by the Chinese Communist Party. We have an existing, time-tested sanctions regime that can have an immediate impact. Any effort to block global funding for the Chinese military-industrial complex must include the full blocking sanctions in Congressman Andy Barr’s Chinese Military and Surveillance Company Sanctions Act.”