DeLauro, Pascrell Statement on Biden Administration Outbound Investment Executive Order

Today, U.S. Representatives Rosa DeLauro (D-CT-03) and Bill Pascrell (D-NJ-09) released a statement in response to the Biden Administration’s executive order on outbound investments that will help safeguard the U.S. economy and national security.

“We are pleased President Biden and his Administration listened to our calls for executive action on outbound investments that can assist foreign adversaries and undermine our security. This new trade tool will help safeguard our interests and improve supply chain resiliency by increasing transparency and oversight over some outbound investments. We urge the Administration to go further and will fight in Congress for broader statutory authority to become law. 

“This executive order is historic and underscores that we cannot fuel the Chinese Communist Party’s (CCP) policies with our capital and capabilities. The Biden Administration’s executive order is only possible because of the House’s passage of an outbound investment proposal in the America COMPETES Act and the inclusion of funding in the last year’s omnibus appropriations bill to support this effort. 

“We have seen what offshoring and outsourcing critical capabilities has done to our economic and national security. The CCP has shown its willingness to weaponize supply chains at the detriment of the United States, and we have already faced capacity constraints and supply chain bottlenecks across critical sectors. We thank the Biden administration for their leadership to ensure we know what critical capabilities are being transferred to potential adversaries and, where necessary, ready to act on securing our supply chains.”