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McHenry, Luetkemeyer Statement on Biden Administration's Outbound Investment Executive Order
Underscores the need for strong sanctions and export controls to confront the CCP
Washington,
August 9, 2023 -
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and the Chairman of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions, Blaine Luetkemeyer (MO-03), issued the following statement in response to the Biden Administration’s Executive Order restricting outbound investment into China.
“We’re glad to see the Biden Administration take a more thoughtful and targeted approach than initially reported,” said Chairman McHenry and Subcommittee Chairman Luetkemeyer. “The White House listened to our concerns about the risks of undermining bedrock American principles, including the free flow of capital. This is confirmation that we can confront the Chinese Communist Party with a smart approach rather than harmful policy. Instead of emulating Xi Jinping, we should be working to export our rule of law and property rights. Congress must look past ‘feel good,’ but inadequate, policies and take stronger action to confront the CCP by building on the tried and tested sanctions and export controls regimes. The House Financial Services Committee will lead the effort to address this through legislation, rather than executive fiat.”
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