Casey has been leading the effort to protect American workers and manufacturing and strengthen our national security by screening U.S. investment in countries like China
New policy builds on recently-passed Casey-led NDAA amendment to give the U.S. visibility into investments in national security sectors made in countries of concern, including People’s Republic of China
In June 2023, Casey made a case for this proposal as apart of vision for American economic future in Pittsburgh speech
Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) applauded President Joe Biden’s executive order to screen U.S. investments in national security sectors that are made in countries of concern, including the People’s Republic of China. As a lead sponsor of the recently-passed Outbound Investment Transparency Act, Casey has been pushing for congressional and executive action so the U.S. can better understand the risks of allowing foreign competitors to gain access to technology and know-how in national security sectors.
“Today’s announcement is a welcome step in our Nation’s efforts to protect our technology and expertise from the Communist Chinese government,” Senator Casey said. “This executive action acknowledges the urgency of the issue and will allow the U.S. to reduce some of the risks we face from bad actors like China. Now we need to pass strong bipartisan legislation to protect our national and economic security for decades to come.”
Senator Casey, along with Senator John Cornyn (R-TX), first introduced outbound investment screening legislation, the National Critical Capabilities Defense Act, in May 2021 as an amendment to the United States Innovation and Competition Act. Since then, Senator Casey has been pushing for action so the U.S. can better understand the risks of allowing foreign adversaries to gain access to critical capabilities and technology, as well as to design and manufacture goods that are vital to U.S. economic and national security interests. Senators Casey and Cornyn have been working to garner bipartisan and bicameral support for their bill. Biden Administration officials, including Commerce Secretary Gina Raimondo, United States Trade Representative Katherine Tai, and National Security Advisor Jake Sullivan have also expressed support for increased scrutiny of outbound investment.
In September 2022, the cosponsors of the National Critical Capabilities Defense Act, urged President Biden to take executive action to prevent the US from ceding our manufacturing power and technological know-how to foreign adversaries. Days later, Casey and Cornyn testified in support of the National Critical Capabilities Defense Act in front of the Senate Banking Committee, stressing the importance of assessing potential risks of American investments in adversarial countries.
In December 2022, the Fiscal Year 2023 spending bill appropriated approximately $20 million in funding for the Department of Commerce and the Department of the Treasury to establish an outbound investment screening program by Executive Order, as Casey has pushed for the Administration to do. In March 2023, Casey wrote an op-ed outlining how to protect American innovation and keep American national and economic interests out of adversaries’ hands. In May, Senate Majority Leader Chuck Schumer (D-NY) announced a new initiative to strengthen America’s global leadership, including Casey’s provision to screen U.S. investments being made in countries of concern.
Ahead of the 2023 introduction of the Outbound Investment Transparency Act, Casey continued to build momentum for the policy. In June, key Administration officials testified in front of the Senate Banking Committee about the importance of screening American companies’ investments in countries of concern—testimony which supports Casey’s proposal. Later that month, Casey delivered a rousing speech to union workers and business leaders in Pittsburgh to outline his vision for the United States to take control of its economic future, including prohibiting certain investments going to countries like the People’s Republic of China and help de-risk our supply chains. In his speech, Casey argued for a stronger provisions to prohibit U.S. corporations from investing in our national security industries in countries of concern. However, Senator Casey remains committed to a bipartisan approach to legislation. On July 13, he and Cornyn introduced the Outbound Investment Transparency Act as an amendment to the National Defense Authorization Act (NDAA). Later that month, Senator Casey’s Outbound Investment Transparency Act passed as part of the National Defense Authorization Act (NDAA) by an overwhelming vote of 91-6.