New York, N.Y. – Senate Majority Leader Chuck Schumer (D-NY) today released the following statement on President Biden’s Executive Order restricting U.S. investments in China:
“For too long, American money has helped fuel the Chinese military’s rise. Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement in developing and deploying cutting-edge capabilities that destabilize the region and threaten our national security.
“The Biden administration’s Executive Order creates the first notification and prohibition policy regime to identify and halt U.S. investments in critical technologies like semiconductors, quantum technologies, and artificial intelligence. I am pleased the Senate has already taken overwhelming bipartisan action in the NDAA and Congress - the House and Senate together - must work to codify it into law and further refine this critical national security tool. I urge the President to ensure this Executive Order is swiftly implemented.”