The U.S. will struggle to compete technologically with China unless it continues to loosen trade barriers around sensitive technologies for a broader range of allies outside just the U.K. and Australia, Mike Gallagher, a former member of Congress, said this week.

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Senate Democrats are urging the Treasury Department to quickly finalize a proposed rule that could make investment advisers subject to more sanctions-related compliance requirements, adding that the agency should also require advisers to follow rigorous due diligence requirements that currently apply to large banks. But financial industry organizations said Treasury should revise the proposal because investment advisers are already covered by existing anti-money laundering laws and aren’t the right target for new compliance guardrails.

Companies should expect the U.S. to soon expand the statute of limitations for certain export control violations to align with a similar extension for sanctions violations, a law firm said.

Sen. Bill Hagerty, R-Tenn., and Rep. Mark Green, R-Tenn., announced separate legislative proposals last week that would block the Bureau of Industry and Security’s new interim final rule restricting firearms exports.

Aggressive new U.S. export controls on advanced computing chips and the equipment to manufacture them are having unintended side effects and may be causing more harm than good for Western companies, a Brussels-based think-tank said.

The Treasury and State departments announced May 1 that they are sanctioning more than 280 entities and people in Russia and third countries for helping Moscow sustain its military industrial base during its war against Ukraine.

Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.

Trade lawyers said that recent legislation expanding the statute of limitations on sanctions violations from five to 10 years comes with clear expectations: costlier and longer sanctions investigations.

The U.S. should rethink its export control enforcement efforts by creating an ecosystem of preapproved, trusted sellers and logistics providers instead of blacklists of bad actors, a researcher with the Center for Strategic and International Studies said in a report this month. The report said some of those companies would be required to earn an export compliance certification, use digital waybills to reduce chances of documentation fraud and help trace sensitive exports, and submit monthly reports to the Bureau of Industry and Security about suspicious consignments.