U.S. lawmakers want Biden to take action on outbound investment to China

WASHINGTON (Reuters) – A group of lawmakers including House Speaker Nancy Pelosi, Senate Majority Leader Chuck Schumer and Republican Senator John Cornyn on Tuesday called on President Joe Biden to issue an executive order on outbound investments to China and others.

Congress has been considering legislation that would give the U.S. government sweeping new powers to block billions in U.S. investment into China. The lawmakers, including Democrat Bill Pascrell and Republican Brian Fitzpatrick said in a letter to Biden as negotiations continue “our national security cannot afford to wait” and said Biden should take immediate action “to safeguard our national security and supply chain resiliency on outbound investments to foreign adversaries.”

(Reporting by David Shepardson; Editing by Chizu Nomiyama)