U.S. lawmakers reach pact to strengthen oversight of foreign investment
Reuters
Published Jul 19, 2018 07:19PM ET
U.S. lawmakers reach pact to strengthen oversight of foreign investment
WASHINGTON (Reuters) - U.S. lawmakers have reached an agreement that puts a measure to strengthen oversight of foreign investment from countries such as China into a must-pass defense policy bill, Representative Robert Pittenger's office said on Thursday.
The goal of the measure is to strengthen the inter-agency U.S. Committee on Foreign Investment (CFIUS), which reviews mergers and stock purchases to ensure they do not harm national security.
It also addresses concerns that Chinese companies, many with government links, have tried to buy U.S. high end semiconductor makers and other tech firms. The U.S. Defense Department fears losing America's technological edge in warfare.
Pittenger, a Republican congressman from North Carolina and chief sponsor of the measure in the House, said in a statement that the "legislation will safeguard America’s proprietary dual-use technologies by drastically improving our foreign investment review process."
He gave no details on what changes might have been made to the measure.
The Senate and U.S. House of Representatives had passed similar bills to strengthen the inter-agency panel, which is led by the U.S. Treasury. The Senate put its version in the must-pass National Defense Authorization Act, or NDAA, which authorizes military spending.
Lawmakers hope to have the NDAA on President Donald Trump's desk by the end of the month.
The CFIUS measures are among a series of proposals being considered by the White House and Congress to address what it sees as China's unfair trade and market access practices. Others include tariffs on goods ranging from aluminum to automobiles, and efforts to prevent the growth in the United States of Chinese telecommunications companies Huawei Technologies Co
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.