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Anti-China Bill Being Softened After US Companies Complain (reuters.com)
Proposed legislation in Congress aimed at preventing China from acquiring sensitive technology is being softened after protests by big U.S. companies who fear a loss in sales, Reuters reported on Thursday, citing people with knowledge of the matter. From the report: Two bills in the House of Representatives and Senate would broaden the powers of the inter-agency Committee on Foreign Investment in the United States (CFIUS) in hopes of stopping Chinese efforts to acquire sophisticated U.S. technology. The bipartisan legislation has the support of President Donald Trump's administration. "We are concerned that it vastly expands the scope and jurisdiction (of CFIUS)," said Nancy McLernon, chief executive of the Organization for International Investment, a group that represents global companies with U.S. operations. Given the alarm that the legislation has caused, Senator John Cornyn's staff is drafting changes to address industry concerns, according to three sources. Cornyn's office did not respond to a request for comment.
How are they supposed to compete if they aren't permitted $2/hr labor? Why should corporations pay a fair wage? What they really need is a resurgence of slavery in the American south. Think about the poor stockholders trying to send their children to college while owning 3 SUVs commuting 60 miles a day, a $250-500K house, and a nice fishing boat. Those poor stockholders need more profits from $2/hr labor provided by totally uneducated people who have no idea how economics works and are banned by law to represent themselves! THINK OF THE POOR STOCKHOLDERS!