Connect with us

Hi, what are you looking for?


US Treasury puts cost of outbound investment risk program at $10 million – One America News Network

WASHINGTON (Reuters) – A program to address the risks of outbound U.S. investment in areas with sensitive technology potentially harmful to national security would cost $10 million if set up this fiscal year, according to a U.S. Treasury Department report obtained by Reuters.

The report surfaced as President Joe Biden’s administration weighs restrictions on outbound investments, and the president prepares to release his proposed budget for the next fiscal year that starts in October.

U.S. lawmakers have been pushing the administration to boost oversight of investments by U.S. companies and individuals in other countries, particularly China, citing concerns over national security and supply chain issues, and have urged the president to issue an executive order.

Congress sought the analysis from the Treasury Department, which would lead any such program’s implementation, as well as a review by the U.S. Commerce Department, which would coordinate with Treasury.

In its analysis, Treasury said it would need about $10 million to set up the program for fiscal year 2023 and that it anticipated Biden would ask for additional resources in his proposal, scheduled to be released on Thursday.

While the president can request resources, it is up to Congress to pass any funding into law.

“I am excited we should expect to see support for outbound investment review reflected in the president’s … budget,” Rosa DeLauro, the ranking Democrat on the U.S. House of Representatives Appropriations Committee, said in a statement. She added that she would seek to support any executive action on outbound investment through legislation.

The Treasury report did not cite China specifically.

Advertisement. Scroll to continue reading.

“As currently contemplated, the program would … focus on investments that could result in the advancement of military and dual-use technologies by countries of concern. The investments that would be subject to the program are of a nature that they are not presently captured by export controls, sanctions, or other related authorities,” it said.

Commerce Secretary Gina Raimondo, speaking at a Bloomberg News event on Thursday, said any ultimate restrictions on U.S. investors should not “be overly broad,” and added that the department was considering a “pilot program” on outbound investment controls.

Asked by Reuters after the event how long it would take to put restrictions in place, Raimondo said: “months not years for sure. We’re on it every day working it. We’re talking to industry, talking to stakeholders, talking to Treasury whose going to have to administer this.”

The Commerce Department, in a separate report to Congress seen by Reuters on Saturday, said it would need adequate resources to take action but did not cite a specific amount, adding that it expected Biden’s budget to seek additional funding.

(Reporting by David Shepardson; writing by Susan Heavey; editing by Paul Simao)





You May Also Like


Legendary TV star Dick Van Dyke’s wife has reportedly taken matters into her own hands and confiscated his car keys following his car accident...


Trains stand on storage sidings between Munich main railway station and Donnersbergerbrücke station during a nationwide strike on March 27, 2023 in Munich, Germany....


Like father, like son. Twenty years after LeBron James won the dunk contest as part of the McDonald’s All-American festivities, son Bronny James skied...


House Speaker Kevin McCarthy, R-Calif., announced Sunday that Congress would be taking up legislation against TikTok this week.  “It’s very concerning that the CEO of TikTok...


OAN Newsroom5:50 PM – Monday, March 27, 2023 House Republicans are calling the Biden administration to investigate big dollar connections between the collapsed Silicon...


PHOENIX — If it is put to a vote, John Mara will cast his ballot to bring Odell Beckham Jr. back to the Giants....


(Photo by Christopher Furlong/Staff via Getty Images OAN Brooke MalloryUPDATED 6:06 PM – Monday, March 27, 2023 According to police, a homeowner in DeKalb...


Here are some nuggets from Yankees’ spring training on Monday Building up Clarke Schmidt capped off a solid spring by striking out seven over 4 ¹/₃...