A bipartisan group of U.S. House and Senate lawmakers urged President Joe Biden to issue an executive order to increase the screening of investments by American companies in foreign adversaries, particularly China.
An executive order controlling American investment abroad would “safeguard our national security and supply chain resiliency on outbound investments to foreign adversaries,” eight senators said in a letter (pdf) dated Sept. 27 and addressed to Biden.
Congress has been considering a legislative proposal that would give new powers to the U.S. government to review or block billions in U.S. outbound investments into China. The proposed legislation, dubbed the National Critical Capabilities Defense Act, was revised in June. Despite strong support, the bill was dealt a setback when it was removed from legislation to subsidize U.S. semiconductor chips manufacturing and research, in a bill approved in August….