Lawmakers push new compromise for screening American investments in China
A bipartisan set of House and Senate lawmakers is proposing a new compromise for government screening of American investments in China as part of a pending economic competitiveness bill aimed at confronting Beijing.
The discussion draft would set up a new federal oversight panel with the authority to review and potentially deny new American investments in China or other adversarial nations over national security concerns, according to text of the draft reviewed by POLITICO and first reported by the Wall Street Journal. It would also force American investors and firms to disclose new investments in certain Chinese sectors, such as semiconductors, batteries and pharmaceuticals.
The provision would dramatically expand U.S. government oversight of investments American companies make in foreign countries. It would represent a new step in the U.S. government's efforts to prevent U.S. technology and innovation from falling into China's hands.
The draft, circulated by supportive congressional offices on Monday, aims to be a compromise between legislation originally proposed last year by Sens. Bob Casey (D-Pa.) and John Cornyn (R-Texas), and a less stringent Treasury Department proposal circulated this spring that focused on corporate disclosure of new investments in China, without new regulatory power.
https://www.msn.com/en-us/news/politics/lawmakers-push-new-compromise-for-screening-american-investments-in-china/ar-AAYq7GX
