July 14 (Reuters) - Two U.S. senators are pursuing a legislative plan to track U.S. investments in China, as the White House works to complete long-awaited action that would also restrict investment in certain, highly targeted sectors.
The Biden administration, meanwhile, is finalizing an executive order that would also restrict certain investment in sectors including advanced semiconductors, quantum computing and artificial intelligence.
A senior administration official, who spoke on condition of anonymity, said the aim was to wrap up legal and other reviews of the outbound investment order by Labor Day.
Reuters reported in February that the proposed order was likely to track restrictions on artificial intelligence chips, chipmaking tools and supercomputers, among other technologies, imposed on exports to China in October.
The senators' proposed legislation was filed as an amendment to the annual National Defense Authorization Act.
Persons:
Bob Casey, Republican John Cornyn, Casey, Biden, Janet Yellen, Joe Biden, Karen Freifeld, Andrea Shalal, Susan Heavey
Organizations:
White, Democratic, Republican, Labor, Treasury, Reuters, National Defense, U.S . House, Republicans, Thomson
Locations:
China