The U.S. government should establish a comprehensive approach to outbound private sector investment screening in order to maintain its leadership in technology, which is a critical element of national security, an Information Technology Industry Council executive told lawmakers.
Robert Strayer, ITI’s executive vice president of policy, testified before the Senate Banking Committee Thursday and offered five recommendations toward a successful outbound investment framework.
U.S. technological leadership “drives innovation, job creation, and economic growth domestically and makes the U.S. more resilient and secure as we continue to set the pace for innovation,” he said.
Strayer said technologies and investments should be examined for specific and targeted national security risks. He also recommended that existing authorities be evaluated and new ones created, if necessary, in order to address gaps implicating national security and streamline capturing of investment transactions.
Strayer urged the government to have regular consultations with the IT industry and provide companies with concrete plans and timelines so that they may be able to adjust their supply chains.
He also suggested the creation of international coalitions governed by dependable investment review policies to ensure fair competition for U.S.-based companies.
Strayer’s testimony is available on video on the Senate Committee’s website.