U.S. Senators Overwhelmingly Pass Outbound Investment Transparency Act to Safeguard National Security Against Adversarial Risks

U.S. Senators Bob Casey (D-PA) and John Cornyn (R-TX) celebrate the successful passage of the Outbound Investment Transparency Act to gain visibility into potential vulnerabilities and risks associated with Chinese government access to critical American technology and know-how.

Senator Cornyn highlights the significance of the Outbound Investment Transparency Act, emphasizing the risks of American companies investing in critical technologies in countries like China and Russia. (PHOTO: Forbes Breaking News via Youtube)

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Outbound Investment Transparency Act Passes: Addressing National Security Risks in Chinese Investments

U.S. Senators Bob Casey (D-PA) and John Cornyn (R-TX) celebrated the successful passage of their Outbound Investment Transparency Act on Tuesday. The bill aims to scrutinize U.S. investments in national security sectors made in countries of concern, with a primary focus on the People’s Republic of China. By doing so, the United States seeks to gain visibility into potential vulnerabilities and risks associated with Chinese government access to American technology and know-how in critical national security industries. The specific sectors covered by the bill include advanced semiconductors and microelectronics, artificial intelligence, quantum information science and technology, hypersonics, satellite-based communications, and networked laser scanning systems with dual-use applications. The Act was passed overwhelmingly as an amendment to the National Defense Authorization Act (NDAA) by a significant vote of 91-6. The Senate is now poised to vote on the final passage of the NDAA by the end of this week.

According to MyChesCo, Senator Cornyn echoed the importance of the Outbound Investment Transparency Act, stating that when American companies invest in critical technologies like semiconductors or AI in countries such as China and Russia, there is a risk of their capital, intellectual property, and innovations being exploited against the U.S. It is designed to increase transparency and provide necessary information to assess national security vulnerabilities, confront adversarial threats, and maintain the country’s competitiveness globally.

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Senators’ Tireless Advocacy for Outbound Investment Transparency Act Gains Momentum and Key Administration Support

The Outbound Investment Transparency Act is the latest development in the senators’ ongoing efforts to safeguard American interests. They previously introduced the National Critical Capabilities Defense Act, urging President Biden to take executive action to protect domestic manufacturing power and technological know-how from falling into the hands of foreign adversaries. The Outbound Investment Transparency Act received strong support from Biden Administration officials, including Commerce Secretary Gina Raimondo, United States Trade Representative Katherine Tai, and National Security Advisor Jake Sullivan.

Throughout the year, Senator Casey persistently advocated for the Outbound Investment Transparency Act, garnering support from key Administration officials and delivering impactful speeches to union workers and business leaders in Pittsburgh. The Outbound Investment Transparency Act’s introduction as an amendment to the NDAA marks a significant milestone in the senators’ endeavors to protect American innovation, economic interests, and national security from the risks posed by investments in countries of concern like China.

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