House Select Committee on China Chairman John Moolenaar, R-Mich., and Reps. Zach Nunn, R-Iowa, and Bill Huizenga, R-Mich., introduced a bill June 7 that would require the Committee on Foreign Investment in the U.S. to notify Congress if CFIUS denied a member agency’s request to review a transaction.

Four House Republicans said last week they’re concerned the Biden administration is considering giving small and medium-sized businesses in Cuba access to the U.S. banking system even though such entities are generally controlled by Cuba's communist government.

Four House subcommittee chairmen have asked the Biden administration to describe how Iran has spent money that was made available to the country through a recent U.S. sanctions waiver.

Rep. Bill Huizenga, R-Mich., welcomed the Biden administration’s recent decision to reimpose sanctions on Venezuela after the country’s supreme court barred opposition leader Maria Corina Machado from this year’s presidential election (see 2401300014).

The Treasury Department is preparing a response to questions it received from Congress about some of the money Iran has received through recent U.S. sanctions waivers, a Treasury official said Dec. 13.

The Committee on Foreign Investment in the U.S. should review U.S. investments made by Chinese lithium battery supplier Guoxuan High-Tech through its U.S. subsidiary, Gotion Inc., Republicans said in a Sept. 20 letter to Treasury Secretary Janet Yellen. The lawmakers said the company, also known as Guoxuan High-Tech, has invested in lithium battery manufacturing plants in Michigan and Illinois, adding that its owners’ “membership and affiliation” with the Chinese government “requires a rigorous review” by CFIUS.

The upcoming U.S. outbound investment restrictions (see 2308090066 and 2308100045) should be overseen by the Office of Foreign Assets Control, not the agency that heads the Committee on Foreign Investment in the U.S., Republicans said this week. Several lawmakers, including Patrick McHenry, the top Republican on the House Financial Services Committee, said the new outbound investment restrictions are similar to a sanctions program as opposed to the case-by-case review process overseen by CFIUS for inbound investments, and said OFAC is better suited to prevent China from benefiting from sensitive American investments.