Gala 2024
USCBC Urges Treasury Department to Provide Further Guidance on Final Outbound Investment Rule
WASHINGTON, DC—October 31, 2024—The US-China Business Council, a private, nonpartisan, nonprofit organization of more than 270 American companies that do business in China, today asked the Treasury Department to provide further guidance on its final rule, released late Monday, to implement President Biden’s August Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.
“Many questions regarding provisions in the rule remain inadequately addressed and may harm multinational companies’ ability to conduct global business, which is why we continue to stress the need for Treasury to provide additional clarity and guidance,” USCBC President Craig Allen said. “USCBC reaffirms its commitment to continue serving as a resource for Treasury as it engages in stakeholder outreach and education so that companies can implement these complex and novel requirements.”
USCBC reiterates its support for the administration’s efforts to protect US national security but believes the final rule imposes undue impediments on American companies. The council made various recommendations in its comments filed after the proposed rule was released in August 2024 and continues to urge Treasury to provide additional guidance on several concepts including the application of the knowledge standard, the definition of “joint venture,” and further details on the notification procedures, among others.
Established in 1973, USCBC represents many of the world’s most iconic brands operating in China and for more than 50 years has advocated on behalf of its members while promoting the many benefits of commercial exchange between the United States and China.
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