Authored the Outbound Investment Transparency Act , which passed the Senate and would establish a program to require covered U.S. entities to notify the Department of the Treasury prior to making various investments in sensitive technologies in countries of concern, such as China, Russia, Iran, and North Korea.
Support requiring covered U.S. entities to notify the Treasury Department before making certain investments in sensitive technologies in countries of concern.
Occurrences
Evidence
Congress.gov lists S.Amdt.931 as sponsored by Sen. John Cornyn, submitted July 18, 2023 and proposed July 25, 2023, with the purpose of creating an investment screening mechanism for covered sectors. The amendment was agreed to in the Senate, 91-6.
The amendment text would delegate administration to Treasury, define countries of concern, identify covered sectors including advanced semiconductors, artificial intelligence, and quantum information science, and require U.S. persons planning covered activities to submit written notification to Treasury.
The Senate roll-call page for Cornyn Amendment No. 931 reports that the amendment was agreed to, 91 yeas to 6 nays, and records Cornyn as voting yea.
Executive Order 14105 directed Treasury to issue regulations requiring U.S. persons to notify Treasury about certain transactions involving covered foreign persons and covered national security technologies and products in countries of concern.
Treasury issued final regulations implementing E.O. 14105, effective January 2, 2025. The rule places obligations on U.S. persons, including notification requirements for certain transactions involving covered foreign persons in countries of concern and sensitive technology sectors.
Assessments
Cornyn materially advanced the promised policy by sponsoring S.Amdt.931, which closely matched the pledge by requiring Treasury notification for planned covered investments in sensitive technologies and countries of concern, and the Senate agreed to it. But the amendment did not become enacted statutory law. A Treasury outbound investment notification regime later became operative under E.O. 14105 and final Treasury regulations during Cornyn's continuing Senate service, but it was completed through executive action and only partially matches the promise because the final rule generally requires notification after completion rather than before investment. This supports partial delivery with strong effort credit, not full delivery.