“National security is a foremost priority, and we deploy a wide range of tools to safeguard it,” Treasury Secretary Janet Yellen said Thursday.
The committee, chaired by the treasury secretary, is made up of members from the departments of State, Justice, Energy and Commerce. It has become the central tool for screening mergers, business agreements and data sharing. In prepared remarks, Paul Rosen, the treasury undersecretary for investment security, said companies “can expect more compliance checks, questions, and site-visits,” and will hire more third-party auditors to help identify business deals that could impact national security.
With increasingly tense relations between the U.S. and China, Biden administration officials have said Washington has no interest in “decoupling” from Beijing. But President Joe Biden has tried to create competitive advantages in response to China’s economic and geopolitical rise.