Duval Times

U.S. Senator Marco Rubio (R-FL) has defended the need for outbound investment screening in an article published in the National Review. Rubio highlights recent investigations that have revealed how U.S. firms, such as BlackRock and Vanguard, are funneling assets into Chinese companies that have direct backing from Beijing.

Rubio argues that outbound investment screening is a common-sense solution to address this issue. He explains that this mechanism would require firms like BlackRock and Vanguard to notify the U.S. government when they invest in potentially dangerous foreign companies. The Senate had already adopted this provision into the annual defense bill earlier this year.

However, Rubio expresses concern that this provision may be stripped from the final bill due to disagreements in the House. Critics of outbound investment screening argue that having Americans on the boards of Chinese companies would help spread Western standards and ensure compliance with U.S. laws. They believe that increased investment from Wall Street in China would lead to China conforming to American values.

Rubio disagrees with this perspective, stating that the evidence suggests otherwise. He points to the example of CEOs who paid $40,000 each to dine with Chinese President Xi Jinping in the hopes of gaining favorable business prospects. Rubio argues that companies exist to make money, and if their focus is solely on profits, that is their decision. However, policymakers have a duty to prioritize the strength and security of the United States over Wall Street's profits.

In conclusion, Rubio emphasizes the need to prioritize the interests of the United States and keep Americans safe. He asserts that outbound investment screening is a necessary tool to ensure that U.S. investments do not unknowingly support potentially dangerous foreign companies. By implementing this mechanism, Rubio believes that policymakers can fulfill their duty to make America strong and secure.

Source: U.S. Senator Marco Rubio (R-FL), National Review

For additional details, please follow this link: https://www.rubio.senate.gov/icymi-rubio-defends-outbound-investment-screening/