The Treasury Department said in a new report to Congress that it will cost $10 million in fiscal 2023 to meet lawmakers’ directive to set up a program to monitor U.S. outbound investment in sensitive technology that raises national security questions.
The Treasury report said most, $6.5 million, of the money would be used for information technology systems, with another $2.5 million going for staff to draft regulations, set up program operations and conduct international engagement. Another $250,000 would cover the cost of data and subscriptions, and $750,000 would meet other, unidentified expenses, it said.
The Treasury report and one from the Commerce Department’s International Trade Organization were sought by lawmakers in the fiscal 2023 spending bill asking both departments to come up with a way to track and potentially halt U.S. capital going to fund advanced technology startups in China. Lawmakers were concerned that sanctions and curbs on exports were insufficient to halt Beijing’s technological advances.
