Comment by Michael McCaul

The purpose of this hearing is to assess how the Biden Administration is keeping sensitive U.S. technology from foreign adversaries like China while opening markets for U.S. companies and other countries. It should come as no surprise that this committee is holding once again a hearing on export controls. It's one of the most important things we do in our jurisdiction. While some positive action has been taken by the Administration to restrict advanced chips in chip making equipment to China, more I believe must be done. For instance, reports indicate that the United States did secure a deal with Japan and the Netherlands to apply similar export controls on chips which I was fully supportive of and helped assist with. [...] And then when it comes to outbound capital flow, same thing. [...] You and I talked about this sector-based approach, AI, quantum, hypersonics. Can you explain to this committee why that approach is superior to the old fashioned approach of the OFAC Treasury sanctioning a company only to see it change its name overnight?