Gala 2024
USCBC Urges Treasury Department to Work with Industry on Outbound Investment Order Implementation
WASHINGTON, DC—August 2, 2024—The US-China Business Council (USCBC), a private, nonpartisan, nonprofit organization of more than 270 American companies that do business in China, today filed comments with the US Treasury Department on the proposed rule regarding the Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern released last August.
“We urge the Treasury Department to work with industry to avoid harming US competitiveness globally,” USCBC President Craig Allen said. “We support the Biden administration’s efforts to protect US national security and promote a robust commercial relationship with China. However, USCBC is concerned that certain elements of the rule depart from our traditional support for the free and open capital flows that undergird US companies’ operations and will impose undue impediments on companies’ ability to conduct global business.”
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.
# # #
