Biden administration under pressure to impose outbound investment controls

Pressure is building within the administration and from members of Congress for President Joe Biden to take executive action quickly to create a system for screening and curbing investment by U.S. companies in China, including in biotechnology, biomanufacturing and other life sciences fields.

On Tuesday, a bipartisan group of members of Congress, including House Speaker Nancy Pelosi (D-Calif.) and Sen. John Cornyn (R-Texas), sent a letter to Biden requesting that he promulgate an executive order “to safeguard our national security and supply chain resiliency on outbound investments to foreign adversaries.”...