April 14, 2021

Toomey Seeks Briefing on Biden Admin Plans to Protect Sensitive U.S. Technologies

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.), U.S. Senate Judiciary Committee Ranking Member Chuck Grassley (R-Iowa), and U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) are seeking a briefing on the steps that the Biden administration is taking to prevent malign foreign actors from evading the Committee on Foreign Investment in the United States (CFIUS).


In a letter to Treasury Secretary Janet Yellen, the Ranking Members wrote:


“We remain concerned about foreign governments, such as China, potentially taking actions to evade CFIUS reviews in an attempt to undermine U.S. superiority in leading edge technologies, the CFIUS process, the rules of export controls and trade, and, as a result, our country’s national security.”

 

The senators requested a classified briefing by May 1.


Full text of the letter can be found here or below.  

 

April 13, 2021 

 

The Honorable Janet Yellen 
Secretary 
Department of the Treasury 


Dear Secretary Yellen: 


During the course of our oversight activities, we’ve taken serious interest in the transfer of technology, intellectual property and the decision-making process of the Committee on Foreign Investment in the United States (CFIUS).? We remain concerned about foreign governments, such as China, potentially taking actions to evade CFIUS reviews in an attempt to undermine U.S. superiority in leading edge technologies, the CFIUS process, the rules of export controls and trade, and, as a result, our country’s national security.1 


We ask that the Biden administration explain how it will approach and handle the threat of foreign government efforts evading the CFIUS process and what, if any, steps the administration has already taken to thoroughly vet sensitive transactions in order to ensure the integrity of the CFIUS process and U.S. national security.


Accordingly, we request that Treasury and its relevant intelligence community and law enforcement partners provide an appropriately classified briefing no later than May 1, 2021 on these matters.? Please contact Josh Flynn-Brown of Senator Grassley’s Committee staff at 202-224-5225, John O’Hara of Senator Crapo’s Committee staff at 202-224-4515, and Dylan Clement of Senator Toomey’s Committee staff at 202-224-7391 with any questions in preparation of this briefing.

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