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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.
You joke, but there have already been voices that we should do away with compulsory education and child labor laws.
And yes, I mean in the US.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
The current draft of the bill would allow the committee to review certain deals related to handing over "critical technology" or a "critical infrastructure" company. Two potential changes have been suggested. Congress could define more precisely what those terms mean, limiting the committee's review power more specifically. Congress could also delete those provisions as they relate to transactions other than China buying a US company. Transactions in which China buys the "critical technology" output from US companies could then be regulated by other agencies which handle export controls.
It is already common knowledge that the PRC gets access to bleeding edge US technology by pumping its citizens through higher ed. and into R&D of major firms. It would also be naive to think that the PRC would not miss a back door opportunity since it manufactures most communications and computing equipment of not all of it.
This is why the concern over Huawei and ZTE is puzzling as many/all mobiles are already made in the PRC, why would these be any different. It has also been shown before that the PRC or jsut about anyone with the right numbers can buy their way through to getting anything they want from the US government. One need only look at the quagmire created by Hillary Clinton selling rubber stamp approval and access as SOS.
“Countries have the right to development, but they should view their own interests in the broader context. And refrain from pursuing their own interests at the expense of others.” - Xi Jinping