Abstract: Conventional wisdom portrays the United States as open to foreign investment. This Article challenges that narrative by examining key moments when the U.S. government has not welcomed foreign investment. First, it shows that Anti-Asian sentiment has spurred the creation of U.S. investment law over the past forty years. Second, it attributes this concern about Asian investment to outmoded paradigms about Asia. Third, it shows fear of Asia may have also influenced government decision-making, and may continue in the foreseeable future. Finally, it prescribes solutions that state actors—judicial, executive, legislative—can take to ensure that government decisions are motivated by proper concerns.