McCaul, Meeks Introduce Bill to Restrict Outbound InvestmentPress Release
Washington, D.C. – On Friday, House Foreign Affairs Committee Chairman Michael McCaul (R-TX) and Ranking Member Gregory W. Meeks (D-NY) introduced the “Preventing Adversaries from Developing Critical Capabilities Act.” This bipartisan bill builds on the Biden administration’s Executive Order “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.”
“We know Beijing is developing technological capabilities with the intent to endanger our national security, and U.S. dollars should not help those efforts. Our bill applies outbound investment restrictions to Russia, Iran, and North Korea in addition to the People’s Republic of China, and expands the technology sectors covered by the Biden administration’s executive order to include hypersonics and high-performance computing.
“Building upon efforts of Senators Cornyn and Casey added to the FY 24 National Defense Authorization Act, this bill will help ensure there are vital restrictions and enhanced transparency on outbound investment to safeguard America. The U.S. investment of today should not fund the Chinese Communist Party hypersonic program of today or tomorrow.”
Read the full text of the bill here.