WASHINGTON – Today during the Senate Finance Committee’s hearing on the nomination of Scott Bessent to be U.S. Secretary of the Treasury under the incoming Trump administration, U.S. Senator John Cornyn (R-TX) expressed his support for Bessent and questioned him on the need for outbound investment provisions like those introduced by Sen. Cornyn last Congress. Excerpts are below, and video can be found here.

On Scott Bessent’s Nomination:

CORNYN: “I happen to represent a state that has the eighth largest economy in the world… We understand the formula for economic growth and prosperity and opportunity, which are low taxes, a reasonable, modest regulatory footprint, and opportunities for people to prosper.”

“There’s a lot Washington can learn from that formula, and it sounds to me like you agree.”

“I’m grateful for your nomination, and I think you are exactly the type of individual that needs to serve in this important position, and I support your nomination wholeheartedly.”

On Threats Posed By Outbound Investments:

CORNYN: “You appropriately mentioned China as one of our biggest challenges.”

“It’s pretty clear to me that U.S. investments have fueled China’s economic growth.”

“I’ve introduced a bill that would require transparency of American companies investing in China… What’s your view of an outbound investment transparency requirement?”

BESSENT: “This is a very important issue… The Chinese economy is the most imbalanced, unbalanced economy in the history of the world. They are using their surpluses to fund their military machine in China.”

“We should have a very rigorous screening process for, as you identified, anything that could be used in AI, in quantum computing, in surveillance, in CHIPS—that the U.S. has the lead, and we must make sure that we maintain it through smart policies, such as you and I discussed.”