Trump administration backs bills to toughen foreign investment rules
The bills "would achieve the twin aims of protecting national security and preserving the longstanding United States open investment policy," the White House said.
US President Donald Trump. (Source: Reuters)
The Trump administration supports bipartisan bills in Congress to toughen US foreign investment rules amid growing concern about Chinese efforts to buy U.S. high-tech companies, the White House said in a statement on Wednesday.
The legislation would broaden the government’s power to stop foreign purchases of US firms by strengthening the Committee on Foreign Investment in the United States (CFIUS).
The bills “would achieve the twin aims of protecting national security and preserving the longstanding United States open investment policy,” the White House said.
The bills, introduced in November by Republican Senator John Cornyn and Republican Representative Robert Pittenger, have Republican and Democratic co-sponsors. The Senate Banking Committee will hold a hearing on the topic on Thursday.
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