US 'Needs' Outbound Investment Screening Tool, BIS Undersecretary Says
The U.S. needs to create some type of outbound investment screening regime, Bureau of Industry and Security Undersecretary Alan Extevez said, adding that the agency is working with Capitol Hill to shape how a regime would work. A bipartisan group of lawmakers proposed a bill this month that would create an outbound screening tool (see 2206140048), and Estevez said the Commerce Department and other agencies are “obviously providing opinions” to lawmakers.
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“There’s a great discussion going on in the interagency about outbound investment,” Extevez said during a June 29 news conference. He said it’s “hard to say” whether the regime will be enacted through legislation or an executive order. “We think there needs to be an outbound investment requirement,” Estevez said. “How we shape that is still under discussion.” Commerce Secretary Gina Raimondo said she supports including an outbound investment screening provision in the final version of Congress’ China competition bill (see 2205130036).