A program to address the risks of outbound U.S. investment in areas with sensitive technology potentially harmful to national security would cost $10 million if set up this fiscal year, according to a U.S. Treasury Department report obtained by Reuters.
In its analysis, Treasury said it would need about $10 million to set up the program for fiscal year 2023 and that it anticipated Biden would ask for additional resources in his proposal, scheduled to be released on Thursday."I am excited we should expect to see support for outbound investment review reflected in the president's ... budget," Rosa DeLauro, the ranking Democrat on the U.S. House of Representatives Appropriations Committee, said in a statement.
Commerce Secretary Gina Raimondo, speaking at a Bloomberg News event on Thursday, said any ultimate restrictions on U.S. investors should not "be overly broad," and added that the department was considering a "pilot program" on outbound investment controls. Asked by Reuters after the event how long it would take to put restrictions in place, Raimondo said: "months not years for sure. We're on it every day working it. We're talking to industry, talking to stakeholders, talking to Treasury whose going to have to administer this."
The Commerce Department, in a separate report to Congress seen by Reuters on Saturday, said it would need adequate resources to take action but did not cite a specific amount, adding that it expected Biden's budget to seek additional funding.
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