The Trump administration needs a “bit more time” to review a congressional proposal to restrict U.S. outbound investment in China, Treasury Secretary Scott Bessent said May 7.
The Bureau of Industry and Security is planning to replace the Biden-era AI diffusion rule that is scheduled to take effect May 15, an agency spokesperson said May 7.
Former senior Bureau of Industry and Security officials Matt Borman and Eileen Albanese have joined Akin, the firm announced this week. Borman -- who served more than two decades with BIS, including most recently as the principal deputy assistant secretary for export administration -- joins as a trade lawyer. Albanese, most recently the director of the BIS Office of National Security Controls, joins Akin as a regulatory adviser. Both Borman and Albanese left BIS earlier this year (see 2502240003).
The EU and the U.K. should strengthen trade and security ties in response to rising geopolitical tensions and threats posed by Russia, top European Parliament members said ahead of the first EU-U.K. summit May 19.
The House of Representatives passed several sanctions bills late May 5, including one aimed at officials who undermine democracy in the Republic of Georgia (see 2501070037).
The Senate Banking Committee voted 14-10 largely along party lines May 6 to approve John Hurley to be undersecretary of the treasury for terrorism and financial crimes, sending his nomination to the full Senate for its consideration.
The Census Bureau this week updated two license type codes in the Automated Export System to reflect which Export Control Classification Numbers can be used with those codes, which need to be reported for certain chip-related exports.
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The European Commission this week outlined a new plan to gradually phase out imports of Russian oil, gas and nuclear energy while diversifying European energy imports by buying more from other markets. The “roadmap” details a series of proposals the commission plans to make in the coming weeks, including one that would ban all new and existing Russian gas spot contracts by the end of the year and all remaining Russian gas imports by 2027.
The Senate Banking Committee voted 13-11 along party lines May 6 to approve Landon Heid to be assistant secretary of commerce for export administration, sending his nomination to the full Senate for consideration.