Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Former US national security officials urge Congress to build on Biden's China investment curbs By: FOX Business August 16, 2023 at 19:19 PM EDT A group of 21 former U.S. national security officials sent a letter to leaders in Congress urging lawmakers to build on President Biden's restrictions on investment in Chinese firms. A bipartisan group of former senior U.S. national security officials urged Congress on Wednesday to dedicate resources to President Joe Biden's recent order restricting some outbound U.S. investment to China, calling it a top priority. Twenty-one veteran officials – including former deputy national security advisor during the Trump administration Matt Pottinger, and Colin Kahl, who stepped down in July as undersecretary of defense for policy – sent a letter to congressional leaders, calling the order "a positive step in the overdue process of limiting adversaries' access to American capital.""The United States must ensure that [China] and other foreign adversaries aren't able to use our financial dynamism and openness against us in ways that continue to threaten our national security and prosperity," they wrote in the letter seen by Reuters, sent to Democratic Senate Majority Leader Chuck Schumer and Republican House Speaker Kevin McCarthy.NEW US TECH RESTRICTIONS ON CHINA HAVE INVESTORS WARY, WATCHING FOR RETALIATIONThe further development of outbound investment transparency and review should be "among your top foreign policy priorities", they wrote, calling it essential that Congress commit resources to implementation.Biden's order, issued last week but expected to be implemented next year, is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine U.S. national security.BIDEN SAYS CHINA IS ‘TICKING TIME BOMB' DUE TO ECONOMIC WOESIt authorizes the U.S. Treasury secretary to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.Peter Harrell, a former Biden National Security Council official, and former commanders of the U.S. Indo-Pacific Command Harry Harris and Philip Davidson, were among the other officials who endorsed the letter.GET FOX BUSINESS ON THE GO BY CLICKING HEREChina has said it is "gravely concerned" by the order, though some U.S. lawmakers have criticized it as having too many loopholes. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Former US national security officials urge Congress to build on Biden's China investment curbs By: FOX Business August 16, 2023 at 19:19 PM EDT A group of 21 former U.S. national security officials sent a letter to leaders in Congress urging lawmakers to build on President Biden's restrictions on investment in Chinese firms. A bipartisan group of former senior U.S. national security officials urged Congress on Wednesday to dedicate resources to President Joe Biden's recent order restricting some outbound U.S. investment to China, calling it a top priority. Twenty-one veteran officials – including former deputy national security advisor during the Trump administration Matt Pottinger, and Colin Kahl, who stepped down in July as undersecretary of defense for policy – sent a letter to congressional leaders, calling the order "a positive step in the overdue process of limiting adversaries' access to American capital.""The United States must ensure that [China] and other foreign adversaries aren't able to use our financial dynamism and openness against us in ways that continue to threaten our national security and prosperity," they wrote in the letter seen by Reuters, sent to Democratic Senate Majority Leader Chuck Schumer and Republican House Speaker Kevin McCarthy.NEW US TECH RESTRICTIONS ON CHINA HAVE INVESTORS WARY, WATCHING FOR RETALIATIONThe further development of outbound investment transparency and review should be "among your top foreign policy priorities", they wrote, calling it essential that Congress commit resources to implementation.Biden's order, issued last week but expected to be implemented next year, is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine U.S. national security.BIDEN SAYS CHINA IS ‘TICKING TIME BOMB' DUE TO ECONOMIC WOESIt authorizes the U.S. Treasury secretary to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.Peter Harrell, a former Biden National Security Council official, and former commanders of the U.S. Indo-Pacific Command Harry Harris and Philip Davidson, were among the other officials who endorsed the letter.GET FOX BUSINESS ON THE GO BY CLICKING HEREChina has said it is "gravely concerned" by the order, though some U.S. lawmakers have criticized it as having too many loopholes.