ASA Statement on Senate Banking Outbound Investment Hearing
WASHINGTON, D.C. – Today, the American Securities Association (ASA) applauded the Senate Banking Committee for holding a full committee hearing on outbound investments.
"When firms send money to China instead of investing here in the states, this not only hurts the American economy but it also increases our national security risks,” ASA CEO Chris Iacovella said. “In order to increase capital formation and job growth in the U.S., it’s crucial the House passes the Accelerating Holding Foreign Companies Accountable Act to safeguard American investors.”
In addition to several members calling for swift passage of the Accelerating Holding Foreign Companies Accountable Act, Senators Robert P. Casey, Jr. (D-PA) and John Cornyn (R-TX) appeared before the committee to discuss their legislation to create a government mechanism to review outbound U.S. investments that result in offshoring resources to adversaries, particularly China and Russia.