![]() ![]() “Congress has repeatedly dismissed this idea, and for good reason,” said Rep. CFIUS will be largely responsible for implementing the provisions of that order.Īt a congressional hearing Wednesday, the chairman of the House Financial Services Committee said the executive order was “nonsense.” These range from investments in domestic production of computer chips and electric vehicles to limiting the exports of advanced technology to China and preserving the tariffs previously set up by President Donald Trump.īiden signed an executive order designed to block and regulate high-tech U.S.-based investments going toward China, which covers advanced computer chips, microelectronics, quantum information technologies and artificial intelligence. But President Joe Biden has tried to create competitive advantages in response to China‘s economic and geopolitical rise. and China, Biden administration officials have said Washington has no interest in “decoupling” from Beijing. With increasingly tense relations between the U.S. He said CFIUS statistics show that last year 41 business transactions were reviewed and resulted in agreements that would change the deal terms and that overall there are more than 230 such agreements. “We have been working to expand the number of monitor and auditor firms engaged in this work, including those who have not traditionally been active in the CFIUS space,” Rosen said. In prepared remarks, Paul Rosen, the treasury undersecretary for investment security, said companies “can expect more compliance checks, questions, and site-visits,” and will hire more third-party auditors to help identify business deals that could impact national security.
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