House Committee Calls on Yellen to Accelerate Investment Restrictions on CCP-linked Firms

The letter urges Ms. Yellen to issue guidelines so that U.S. firms can be aware of investment restrictions on companies that could strengthen China’s military.

Subcommittee Chairman Rep. Mike Gallagher (R-Wis.) speaks on cyber, information technologies, and innovation during a House Armed Services Subcommittee hearing about artificial intelligence on Capitol Hill in Washington on July 18, 2023. Drew Angerer/Getty Images

The House Select Committee on the Chinese Communist Party (CCP) has urged the treasury secretary to implement President Joe Biden’s executive order on outbound U.S. investment restrictions in key technology areas in China.

In a letter dated Oct. 30 to Treasury Secretary Janet Yellen, Reps. Mike Gallagher (R-Wis.), and Raja Krishnamoorthi (D-Ill.), made a number of recommendations needed to prevent American capital from flowing into restricted Chinese firms.