House Foreign Affairs Committee Chairman Michael McCaul sent a letter to Under Secretary of Commerce for Industry and Security Alan Estevez expressing his frustration regarding the Bureau of Industry and Security’s (BIS) "overall aversion to enforcing export controls against China’s semiconductor industry, including Huawei and Semiconductor Manufacturing International Corporation (SMIC)." "It is irreconcilable that only SMIC’s most advanced production line (SMIC South) has a presumption of denial licensing policy, whereas the rest of its corporate network faces little to no restrictions."
The Treasury Department on Friday issued a final rule that significantly expands the ability of the inter-agency Committee on Foreign Investment in the United States to review certain real estate …
In January the Defense Department released the National Defense Industrial Strategy, a first-of-its kind roadmap detailing priorities for how the department would strengthen the defense industrial base — the collection of private sector companies of all sizes responsible for building military hardware and weapons systems. This week, the department released the National Defense Industrial Strategy Implementation Plan, or NDIS-IP. The plan provides the details for how the goals set forth in the NDIS-IP can be achieved and mitigate risks to the department in the near, medium and long term.
President Biden has announced the allocation of $3 billion through the Environmental Protection Agency’s (EPA) Clean Ports program, part of the Inflation Reduction Act, to 55 projects across 27 states and territories. The Maryland Port Administration will receive $147 million in funding, aimed at both implementation and planning. "The initiative will modernize port infrastructure, foster cleaner operations, and improve working conditions, while promoting economic growth and environmental justice," according to the White House.
The Treasury announced Tuesday that the United States and Taiwan, under the auspices of the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO), will begin negotiations on a comprehensive agreement to address double taxation issues. The first round of negotiations is expected to take place in the coming weeks.
The Financial Action Task Force (FATF) failed to reach consensus on blacklisting Russia, with the opposition led by China, India, Saudi Arabia, and South Africa, and UN Secretary General Antonio Guterres flew to Kazan to shake hands and bow to Russian leader Vladimir Putin, sending a tacit message to petty tyrants and hedgemonists everywhee.
The Millennium Challenge Corporation (MCC) of the United States has signed a five-year Compact with the Government of the Republic of Zambia (GRZ) to promote economic growth and reduce poverty through investments in agriculture and agro-processing. The Compact, valued at $491,750,000, includes $458,000,000 from the MCC and $33,750,000 from GRZ. The program focuses on overcoming constraints to economic growth, such as poor roads, limited private capital for agricultural investment, and an uncertain policy environment.
The Administration continues its response to certain countries of concern's efforts to access Americans’ sensitive personal data and U.S. Government-related data. On October 18, 2024, the Justice Department’s National Security Division issued a Notice of Proposed Rulemaking (NPRM) to offer full draft regulations for public notice and comment.
The US-China Economic Working Group met on the sidelines of the annual meetings of the World Bank and International Monetary Fund. US and Chinese officials would be “digging in” on US concerns about Chinese production overcapacity again this week, Treasury Secretary Janet Yellen said told reporters Tuesday.. The working group has been “digging in” on the overcapacity issue to see if the two sides can come to a common understanding to address the problem, Yellen said. The U.S. side "continued to raise concerns related to China’s industrial overcapacity and its impact on U.S. workers and firms," according to the readout at the meeting's end.
The Treasury Department released final rules Thursday for the Advanced Manufacturing Production Credit, which aims to encourage US companies to onshore production of critical clean energy technologies like solar and windcomponents, batteries and energy storage and critical minerals. The final rules will expand the US clean energy manufacturing base, create good-paying jobs, strengthen thenation’s energy security and build the reliable and responsible supply chains needed to meet US climate goals, Treasury said.
A new White House directive on artificial intelligence in part responds to concerns about China’s use of AI against its own people and against the United States and its allies, National Security Adviser Jake Sullivan said Thursday. Earlier in the week he stated that the Administration is not walking away from international trade, but it is walking away from outdated trade policies that no longer work.
The Commerce Department’s Bureau of Industry and Security Regulations and Procedures Technical Advisory Committee held their quarterly meeting Tuesday, with a wary eye towards the year end and potential for a change of regime.
McKinsey & Company's has failed to disclose consulting work for the Chinese government, and appeared to misrepresent the firm’s work for the Chinese government under oath, all while receiving over $480 million to consult for the U.S. military since 2008, according to a report from congressional investigators. In a detailed report, House Select Committee on the Chinese Communist Party "outline the details of McKinsey’s work to advance the Chinese Communist Party and Chinese military, its work to shape the Chinese Communist Party’s five-year plans to surpass the United States, and its failure to report its China work as required by U.S. law. "
House Foreign Affairs Committee Chairman Michael McCaul sent a letter to President Biden urging him to implement mandatory sanctions against U.S. adversaries under McCaul’s 21st Century Peace Through Strength Act. (Public Law (118-50) “I call on you to provide additional resources, including detailed staff, to the Departments of Treasury and State for the specific purpose of immediate and robust implementation of the 21st Century Peace Through Strength Act to counter Iran, Russia, and China. The world is on fire; we cannot lose another day to hesitation, appeasement, and weakness.”
Determinedly beating the drum for steelworker votes and economic populism, two of the leading Senate opponents of the purchase of US Steel by a Japanese rival drew attention to the executive compensation of the Pittsburgh steelmaker. Elizabeth Warren (D-Mass) sent a letter to US Steel CEO David Burritt outlining their concerns. with plans for the firm's current and former top executives to receive payments totaling over $156 million – not including $40.8 million in payments to non-employee board members.
Developing and developed members applauded the EU decision to postpone the implementation of its new Regulation on Deforestation-Free Products (EUDR) for twelve months. This regulation, which was set to take effect on 30 December 2024, will require a variety of agricultural products sold in the EU market to be "deforestation-free," meaning they must not result from recent (post-31 December 2020) deforestation, forest degradation, or breaches of local environmental and social laws.
The Financial Crimes Enforcement Network (FinCEN) has updated some of its Beneficial Ownership Information Frequently Asked Questions and issued several additional ones. The topics covered are: …
House Republican national security leadership called for the White House to expand license-free defense trade among the U.S., U.K., and Australia to ensure the success of AUKUS Pillar Two and "unleash the combined potential of the three countries’ defense industrial bases to counter the Chinese Communist Party." The lawmakers contend the Excluded Technologies List (ETL) "jeopardizes the viability of Pillar Two."
A U.S. District Judge concluded that the whistleblower, or qui tam, provisions of the False Claims Act violate the Appointments Clause of Article II of the U.S. Constitution because whistleblowers exercise executive-branch power without accountability to the president.
Litigants in London lined up this week as the High Court considers insurance claims on the more nearly 500 western-built commercial aircraft stranded in Russia since February 2022. Insurers, including AIG and Lloyd's of London contend the stranded fleet is not a total loss, and the aircraft may be recovered. Claimants, including leasing giant AerCap are reportedly seeking up to $3 billion from insurers.