Washington, D.C. - House Foreign Affairs Committee Chairman Michael McCaul issued the below statement following President Biden’s long-overdue executive order to limit U.S. investments in China.
“While I’m pleased to see the Biden administration restrict new outbound investments in China, the failure to include existing technology investments as well as sectors like biotechnology and energy is concerning. The administration scaling back - at a time where aggressive action is needed more than ever - continues the trend of appeasing industry at the cost of national security. We need to stop the flow of American dollars and knowhow supporting the CCP’s military and surveillance technology rather than solely pursuing half measures that are taking too long to develop and go into effect."