Any new oversight or regulation for financial activity overseas would be a break from decades of U.S. policy.
“If they can show me the votes I’m happy to do [a stronger bill], but that’s the challenge on this,” Cornyn said on Capitol Hill this week.
But even the scaled back Cornyn-Casey bill goes too far for some House Republicans, who view a new notification requirement as a slippery slope to the kind of heavy-handed government intervention one might see in China.in a brief interview on Capitol Hill. “It will be cumbersome for capital allocation internationally, it will be a massive expansion of state powers, and it won’t work.”
“The approach I’m trying to persuade my colleagues to pursue is sanctions, and not a clunky bureaucratic outbound capital regime,” Barr said on Capitol Hill last week. “I think I’ve gotten more buy-in for that.”
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