August 09, 2023

Brown Statement on Executive Order Increasing Scrutiny of Outbound Investments

WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after President Biden announced an executive order on outbound investments:

“American dollars and expertise shouldn’t go toward building up the Chinese government’s military and intelligence capabilities,” said Brown. “As we work to pass the Outbound Investment Transparency Act into law, the Administration must implement this order swiftly to ensure that U.S. corporate investment doesn’t help China develop technology that will be used against us.”

Brown worked with Senators Bob Casey (D-PA) and John Cornyn (R-TX) to include the Outbound Investment Transparency Act in the annual defense bill that the Senate passed in July. Chairman Brown convened hearings on the national security risks posed by certain outbound investments last September and this May.