McCaul Welcomes Treasury’s Final Rule on Outbound Investment
House Foreign Affairs Committee Chairman Michael McCaul, R-Texas, is “glad” the Biden administration is moving forward with a final rule that will restrict U.S. outbound investment in China’s AI, quantum and semiconductor sectors, a spokesperson for the committee’s majority said Oct. 30.
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
McCaul also remains “fully supportive” of efforts by House Speaker Mike Johnson, R-La., to pass outbound investment legislation this year, the spokesperson said. The House is trying to reach a compromise between lawmakers who favor a sector-based approach and those who would rather impose sanctions on individual entities (see 2410250025).
The rule, which the Treasury Department released Oct. 28, is scheduled to take effect Jan. 2 (see 2410290034). Experts have said that passing a law would make it harder to undo the restrictions and would give Congress a mechanism to conduct much-needed oversight (see 2405240042).