Casey Legislation to Crack Down on U.S. Investment in China Included in Annual Defense Bill

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Legislation gives the United States visibility into investments in national security sectors made in countries of concern, including People's Republic of China

Casey first introduced legislation in 2021, has worked to garner support in years since

In June 2023, Casey made case for proposal as part of vision for American economic future in Pittsburgh speech

Policy was included in Senate version of defense bill in 2023 after overwhelming, bipartisan vote of 91-6

While House Republican leadership went "soft on China" by dropping the outbound investment bill, Casey continued to push for policy and successfully urged Biden Administration to take executive action

Washington, D.C. - Today, U.S. Senator Bob Casey (D-PA) secured key provisions from his legislation to screen critical U.S. investments in countries of concern in the Senate's National Defense Authorization Act (NDAA). This would give the U.S. visibility into vulnerabilities and risks posed when governments of countries such as the People's Republic of China (PRC) have access to American technology and know-how in national security sectors. The industries included under the bill are: advanced semiconductors and microelectronics, artificial intelligence, quantum information science and technology, hypersonics, satellite-based communications, and LiDAR remote sensing technology with dual-use applications. The Senate is expected to vote on the NDAA before the end of the year.

"My legislation is a strong step to protect our national and economic security. We have another chance to stand up to China and keep our technology and secrets out of the hands of our adversaries, and there is bipartisan consensus to get this done," said Senator Casey. "I'm going to keep working to crack down on Chinese aggression and take greater control of our economic future."

Senator Casey is one of the leading voices in Congress on the risks posed by U.S. national security investments in China. He has led bipartisan legislation to give the U.S. insight into investments in national security sectors from going to countries of concern, including China. His Outbound Investment Transparency Act passed the Senate as amendment to the 2023 NDAA by a vote of 91-6, but House Republican leadership ultimately dropped Casey's bill from the final legislation. At the same time, Casey pushed the Biden Administration to take executive action to screen outbound investments in critical sectors in countries of concern. The Department of Treasury announced the proposed rule in June.

This month, Senator Casey introduced comprehensive legislation to strengthen American competitiveness in the global economy, crack down on trade cheating, and protect against economic and cybersecurity threats from China. The Combat Chinese Economic Aggression Act will strengthen U.S. manufacturing and technology by pushing back against China and other countries of concern that seek to steal trade secrets and exert influence over American defense, manufacturing, infrastructure, telecommunications, and energy industries.

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