Republican Bill Seeks Better Data on US Investment in China
Sens. Marco Rubio, R-Fla., and Rick Scott, R-Fla., and Rep. Elise Stefanik, R-N.Y., have introduced legislation to increase the frequency and quality of information that Congress receives about U.S. investment in China.
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The proposed American Investment Accountability Act would seek to eliminate a “quirk” in government reports that “makes it appear as if offshore financial centers like the Cayman Islands are the top recipients of U.S. investment when most of that money flows to China,” according to a Dec. 12 press release. The bill would also require that information about U.S. investment in China be shared with Congress on a regular basis.
“We must have greater visibility into how U.S. investment is strengthening the capabilities of our adversaries,” Stefanik said.
The Senate approved outbound investment reporting legislation as part of the fiscal year 2024 National Defense Authorization Act that it passed in July. However, the measure failed to make it into the compromise version of the NDAA that House and Senate lawmakers unveiled on Dec. 7 (see 2312070054).