Gallagher, Krishnamoorthi Applaud Outbound Investment Legislation

WASHINGTON, DC – Rep. Mike Gallagher (R-WI) and Rep. Raja Krishnamoorthi (D-IL), Chairman and Ranking Member of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party, today released the statement below lending their support to legislation introduced by Rep. Michael McCaul (R-TX) and Rep. Gregory Meeks (D-NY), Chairman and Ranking Member of the House Foreign Affairs Committee, 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" and expands restrictions on U.S. outbound investment into critical and emerging technology companies in the People's Republic of China. Chairman Gallagher and Ranking Member Krishnamoorthi are cosponsors of the legislation.

“One thing we can all agree on is that American expertise and dollars should not be funding the Chinese Communist Party’s development of sensitive technologies that supports their military build-up and, gross human rights abuses. The bipartisan Preventing Adversaries from Developing Critical Capabilities Act builds on the Administration’s executive order, taking a crucial step to stem the flow of US investment and knowledge to these blacklisted  companies."

Read the full text of the bill HERE.