Senate Foreign Relations Committee ranking member Jim Risch, R-Idaho, who is expected to ascend to the committee’s chairmanship when Republicans take control of the Senate in January (see 2411120060), said he views China as the panel’s biggest challenge.
The next Trump administration is likely to build on Biden’s outbound investment executive order and semiconductor export controls against China, researchers said last week, and could double down on sanctions against Iran and Venezuela in a return to the “maximum pressure” campaign Trump embraced during his first term.
Sen. Edward Markey, D-Mass., and Rep. Veronica Escobar, D-Texas, introduced a bill Nov. 13 that would authorize the president to sanction foreign individuals and companies that are most responsible for exacerbating climate change and deforestation.
Sen. Elizabeth Warren, D-Mass., said in a statement Nov. 13 that she expects to become the ranking member on the Senate Banking Committee in the next Congress, which begins in January.
A member of the House Financial Services and Foreign Affairs committees urged eight federal financial regulators, including the Treasury Department, to refrain from pushing through new rules in the waning days of the Biden administration.
Foreign investment lawyers aren’t expecting a big change in how the Committee on Foreign Investment in the U.S. operates under a second Trump administration, although a new round of tariffs against China and the continued easing of export restrictions among close U.S. allies could change the investment landscape and the number of filings submitted to CFIUS.
A Venezuela-based subsidiary of Telefonica, a global telecommunications operator based in Spain, will pay over $85.2 million to settle charges that the company violated the Foreign Corrupt Practices Act, DOJ announced. The U.S. alleged that Telefonica Venezolana bribed Venezuelan government officials in exchange for preferential access to U.S. dollars in a currency auction.
Sen. Jim Risch, R-Idaho, ranking member of the Senate Foreign Relations Committee, is expected to become the committee’s chairman when Republicans take control of the Senate in January, a Senate aide said Nov. 8. As ranking member, Risch has urged the Biden administration to counter China’s material support for Russia’s war machine, curb Chinese purchases of Iranian oil and implement new sanctions on Iranian oil (see 2407300033). The current chairman, Sen. Ben Cardin, D-Md., is retiring from the Senate.
Sen. Marco Rubio, R-Fla., President-elect Donald Trump’s reported choice to be secretary of state, and Rep. Mike Waltz, R-Fla., Trump's selection to be national security adviser, have played active roles on export controls and sanctions while serving in Congress.
Sen. George Helmy, D-N.J., said Nov. 8 that he’s consulting with fellow lawmakers to help him decide whether to support a proposal by Sen. Bernie Sanders, I-Vt., to block the sale of more than $20 billion in U.S. military equipment to Israel.