DeLauro, Pascrell Statement on Senate Action on Outbound Investment Legislation

Today,U.S. Representatives Rosa DeLauro (CT-03) and Bill Pascrell (NJ-09) released a statement in response to Senate action on outbound investment legislation.

“Finally, an outbound investment proposal has passed the Senate. We appreciate the work Senators Casey and Cornyn put into ensuring we got our foot in the door to holding foreign adversaries like China and Russia accountable. We continue to believe that comprehensive review, rather than just notification, is the preferable approach to developing an outbound investment mechanism.

“The stronger National Critical Capabilities Defense Act (NCCDA) we introduced this May was unfortunately denied consideration by the House Rules Committee during consideration of this year’s defense policy bill. Just like when the House passed our NCCDA last Congress in the Ways and Means Committee trade title of the America COMPETES Act, we look forward to continuing to work with all stakeholders to pass the most robust trade tool possible that ensures our government can review and act on investments that undermine supply chains and impede our national security.

“In the meantime, we also are eager to see the administration move forward on executive action that will lay the foundation to our legislative acts that is able to quickly detect supply chain vulnerabilities and protect national and health security, and American jobs.  We look forward to working in a bipartisan manner to move the strongest possible outbound investment review legislation into law.”