WASHINGTON—Both houses of Congress are set to pass legislation that would strengthen the scrutiny given to foreign purchases of American businesses with technologies critical to national security, making it easier to block such sales. Key proponents of the bill have repeatedly named China as the primary target, as Beijing has continued its aggressive industrial policy and espionage aimed at stealing U.S. technology.
The Foreign Investment Risk Review Modernization Act of 2017, known as FIRRMA, was approved unanimously by the Senate Banking Committee on May 22. The House version of the bill, introduced by Rep. Robert Pittenger (R-N.C.), was also approved 53-0 in the House Financial Services Committee. Now that the bill has cleared both Senate and House committees, Congress is expected to pass the bill soon with broad bipartisan support.
