DeLauro and Pascrell Statement to Senate Banking Committee Urging Action on Outbound Investment

DeLauro and Pascrell, leaders of outbound investment legislation, urge Senate Banking Committee support for bipartisan and bicameral action that will safeguard national security, protect supply chains

Today, Representatives Rosa L. DeLauro (D-CT-03) and Bill Pascrell, Jr. (D-NJ-09) submitted a statement for the record in support of their legislation, the National Critical Capabilities Defense Act (NCCDA) ahead of the Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown's (D-OH) hearing "Examining Outbound Investment". In a July hearing before this committee, Chair Brown committed to working with colleagues to address the issue of outbound investment in a vehicle separate from the CHIPS package, which has now been signed into law.

"We cannot be weak-kneed when it comes to standing up to our adversaries, starting with Xi Jinping and Vladimir Putin. We must take all necessary steps to protect the United States supply chain and our national security from foreign adversaries," the lawmakers wrote. "While we are encouraged by support from the Biden Administration on this issue and have encouraged executive action, we continue to believe that statutory provisions, like the NCCDA, are essential to safeguard our Nation's critical capabilities, national security, and American workers."

The National Critical Capabilities Defense Act would establish an interagency outbound investment review committee in order to better understand the vulnerabilities created in U.S. supply chains as private industries continue to offshore critical capabilities to the People's Republic of China (PRC), the Russian Federation and other foreign adversaries.

Full text of the statement is HERE.