Business groups: U.S., allies should coordinate more on outbound controls

The Biden administration should coordinate the rollout of its new outbound investment review regime with allies, business groups said in comments submitted to the Treasury Department last week, warning that U.S. companies will be disadvantaged if the U.S. does not work with partners to impose similar restrictions. President Biden in August signed an executive order instructing Treasury to restrict U.S. investment in three high-tech Chinese sectors. Treasury issued an advance notice of proposed rulemaking seeking stakeholder comments on the proposed...