The U.S. government has no more important responsibility than to protect the nation’s security. The United States should continue to pursue this commitment while staying true to the values of free enterprise and open markets for capital investments and trade that have made the nation strong and support tech leadership globally. 91pro视频 and its member companies are committed to working with U.S. Congress, the Executive Branch, and other stakeholders to achieve essential national security outcomes – notably technology leadership, supply chain security, and resilience.
It is a familiar maxim in Washington, D.C., that policy is process. The technology industry supports a principles-driven approach to national security reviews of business transactions and investments with clear end goals. Those goals should be rooted in robust public debate and done in partnership with industry stakeholders. 91pro视频 welcomes those aspects of the U.S. Departments of Treasury and Commerce reports in response to Congressional interest in national security concerns related to outbound investments from the U.S. in certain critical sectors.
National Security Reviews
91pro视频 suggested principles to guide U.S. policymakers as they consider legislation or executive action to address national security concerns in the information and communications technology supply chain. Those principles include tying actions to specific threats to U.S. national security, designating an appropriate executive branch lead, and pursuing robust opportunities for discussion and consultation.
The Commerce and Treasury Departments’ reports outline a process that addresses those principles. We appreciate the administration’s intent to “provide clear definitions and scoping.” The administration’s intent to limit the scope of potential reviews and restrictions to those “not presently captured by export controls, sanctions, or other related authorities” will hopefully prevent duplicative and costly reviews. Reviewing existing legal authorities and avoiding duplication or conflicting mandates was a point that 91pro视频 made in .
Similarly, the administration tasking Treasury as the lead agency with implementation and ensuring that there will be an opportunity for public comment are welcome areas of agreement. To ensure the volume of reviews under its jurisdiction are conducted on a timely and consistent basis, Treasury and its interagency partners must have adequate resources. Appropriate resourcing and clarity on scope will help realize the administration’s laudable desire to ensure that new reviews do not [place] an undue burden on U.S. investors and businesses.”
Stakeholder Engagement
More robust engagement with private sector stakeholders is needed before an Executive Order or regulation is proposed. The tech industry has the best insights into how technology will likely evolve and the capabilities and functionality that will emerge from its development. Beyond understanding the state of the art in various technology sub-sectors, it is vital for the U.S. government to articulate its end state and national security outcomes desired from these new regulatory actions.
The reports also state that the administration is engaging with international partners and allies consistent with 91pro视频’s call for a multilateral approach to investment screening to ensure U.S. businesses are not placed in a worse competitive position than companies in foreign markets. Obtaining the buy-in of other nations is essential to the regime’s effectiveness and to ensure that U.S. businesses are not disadvantaged. A shared vision for these reviews will ensure that the U.S. government, private sector, and academia are on the same page with respect to the intent and application of new regulatory authority. This alignment will provide greater regulatory clarity and predictability to help inform long-term investment decisions within the tech sector.
Next Steps
The administration’s reports foreshadow the necessary steps for an effective investment review framework. Engaging stakeholders through public comment and other robust public debate, including these reports, are necessary to craft effective policy. Innovation is born from a global research and development ecosystem that is fueled by investment and the exchange of ideas.
We look forward to continuing to engage policymakers in the administration and Congress to develop a shared vision for secure and resilient supply chains in this dynamic and global ecosystem.