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Washington, D.C. – Today, House Foreign Affairs Committee Lead Republican Michael McCaul (R-TX) and Representatives Brian Fitzpatrick (R-PA), Victoria Spartz (R-IN), Rosa DeLauro (D-CT), Bill Pascrell, Jr. (D-NJ), and U.S. Senators John Cornyn (R-TX) and Bob Casey (D-PA) released a joint statement on the new proposal for an outbound investment mechanism in the conference of H.R.4521, the Bipartisan Innovation Act.

“Over the last couple months, we have engaged in constructive discussions with stakeholders on developing a robust, targeted outbound investment mechanism to ensure the United States is not ceding its manufacturing power in industries critical to our economic and national security to foreign adversaries. The refined proposal released today has bipartisan, bicameral support and addresses industry concerns, including the scope of prospective activities, industries covered, and the prevention of duplicative authorities. This discussion draft aligns the United States with the outbound investment mechanisms of our allies. We look forward to meaningful engagement in writing from stakeholders as we work to secure this bill in the conference report. Creating an outbound investment review mechanism is a critical tool as Congress works to provide guardrails on taxpayer funds and safeguard our supply chains from countries of concern, including the People’s Republic of China.”