The Senate on Tuesday voted 91-6 to pass as an amendment to the National Defense Authorization Act a bill that would screen U.S. investments in national security industries in foreign countries of concern, such as Russia, China, North Korea and Iran.
The Outbound Investment Transparency Act introduced by Sens. Bob Casey, D-Pa., and John Cornyn, R-Texas, would direct U.S. companies to inform the Department of the Treasury 14 days before making certain types of investments in artificial intelligence, advanced semiconductors and microelectronics, quantum information science and technology, hypersonics, networked laser scanning systems with dual-use applications and satellite-based communications.
“This bill would increase the visibility of these investments, which will help the U.S. gather the information needed to better evaluate our national security vulnerabilities, confront threats from our adversaries, and remain competitive on the global stage,” Cornyn said in a statement published Tuesday.
The proposed legislation would direct the Treasury to develop a process for receiving notifications of covered activities.
The measure would also require the U.S. government to coordinate with allies and partner countries on the implications of a notification process and advance the implementation of a screening process for outbound investments in partner countries.