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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!
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.
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
This portion of the summary conflicts with the facts:
Nancy McLernon, chief executive of the Organization for International Investment, a group that represents global companies with U.S. operations
The truthful facts of this issue is that China is stealing or being given sensitive technology that harms US companies and interests. An organization representing the non-US companies that benefit from IP theft and noncompetitive quasi-legal corporate espionage practices says stopping that flow of technology will harm sales.
Of course it will harm their sales. That is the point!
Do we run news articles about prisoners that believe harsher penalties on crime will harm their freedoms and claim law-abiding citizens made the claim?
Of course not. For that would be, at best, propaganda of a narrow interest group.
Reuters knows better. Msmash knows better.
There was no swamp, that was merely el Presidente Tweetie ginning up yet another fake antagonist for himself. He did a bank shot off the Republican view that the Federal government exists for itself. The Federal government looks the way it does because the American people want it that way. ePT cannot exist without straw men to get his followers excited about...it is just typical despot behavior done over the centuries the world over. No imagination, no class.
This isn't anything new.
The chinese have been spying and their espionage ranges from military to commercial.....and we really used to be cognizant of it and fight it back in the earlier days.
However, back then (60's and earlier), china wasn't the econmomic powerhouse they have become in recent decades....and while we like the money, we've let our guard down and let them take the upper hand in negotiations, etc.
The thing is, China thinks waaaay ahead with their plans, whereas we in the US seem to do well to see past 5 days, much less a year at a time.
I'm not a huge Trump fan, but one thing that the administration seems to at least be doing, is trying in some ways to address chinese aggression, which IS going on, has been going on, and trust me, they have long term laid plans to KEEP being aggressive.
They spy on everyone (not just the US)....and look how they are trying to encroach on international waters off their coast with the building of artificial "islands" and militarizing them.
Yes, we have to work with them, but we need to be wary of them and WILLING to stand up to them and say "no" from time to time.
If we only think of the commercial all mighty dollar in short term plans and actions, we'll lose the fight more than we already are doing currently.
We're letting them have too much leverage on us and the world as it is....
Light travels faster than sound. This is why some people appear bright until you hear them speak.........
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