Congressional Talks Continue on Outbound Investment Restrictions
House Foreign Affairs Committee Chairman Michael McCaul, R-Texas, and House Select Committee on China Chairman John Moolenaar, R-Mich., both said Dec. 12 that lawmakers continue to seek a compromise on legislation to restrict U.S. outbound investment in China.
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"Ongoing discussions are taking place and we're working very hard to move the ball forward," Moolenaar told Export Compliance Daily.
“We’re hopeful to get it in the CR,” McCaul told reporters, referring to the continuing resolution that Congress needs to pass to keep the government funded past Dec. 20.
However, House Foreign Affairs Committee ranking member Gregory Meeks, D-N.Y., threw a new wrinkle into the mix by saying he will oppose including outbound investment in the CR if the resolution doesn’t also contain a Haiti trade benefits program he supports. Meeks said he’s "working like heck" to get the Haiti program into the CR, and he believes he is making progress.
"We’re moving in the right direction, so I'm hopeful that it will happen,” Meeks told Export Compliance Daily.
The House has been trying for most of the year to reach a deal on outbound investment (see 2410250025). The Senate recently joined the negotiations (see 2412100056).