Gallagher, Krishnamoorthi Call for Effective Implementation of Outbound Investment Executive Order

WASHINGTON, DC – As first reported by Reuters, 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 Chinese Communist Party, today sent a letter to Janet Yellen, Secretary of the Treasury, with recommendations for the implementation of the Biden Administration's August Executive Order on outbound American investment in China.

The recommendations are:

·     Treasury should implement the E.O. urgently

·     Treasury should adopt a broad definition of covered technology sectors that reflects the CCP’s expansive concept of national security

·     Treasury should bolster coordination with our allies and partners as it moves forward with the implementation of this E.O.

·     Congress should consider passive flows of capital as well, like mutual funds, exchange-traded funds, and index funds – and the administration should support such efforts

In part, the lawmakers write, “We also should not allow American capital to enable the CCP’s techno-totalitarian surveillance state and genocide and forced labor in the Xinjiang Uyghur Autonomous Region (XUAR).”

Click HERE to view a copy of the letter or read below.