Senator Cornyn made the above statement on the Senate floor on November 14, 2023, while advocating for his colleagues to pass the Outbound Investment Transparency Act as part of the 2024 National Defense Authorization Act (“NDAA”). However, Senator Cornyn could just as easily have made the statement in 2018 when he unsuccessfully advocated for subjecting certain outbound investments to government review as part of the Foreign Investment Risk Review Modernization Act (“FIRRMA”), which expanded the jurisdiction over foreign inbound investment for the Committee on Foreign Investment in the United States (“CFIUS”). More on the Outbound Investment Transparency Act later, but independent of Congressional action the United States has already begun setting up an outbound investment screening mechanism – one that gives the executive branch the ability to either prohibit or compel notification of certain investment transactions involving critical technologies in China.
Originally published in State Bar of Texas International Law Section - August 2024.
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