The goal of the measure is to strengthen the inter-agency U.S. Committee on Foreign Investment (CFIUS), which reviews mergers and stock purchases to ensure they do not harm national security.
It also addresses concerns that Chinese companies, many with government links, have tried to buy U.S. high-end semiconductor makers and other tech firms. The U.S. Defense Department fears losing America’s technological edge in warfare.
Pittenger, a Republican congressman from North Carolina and chief sponsor of the measure in the House, said in a statement that the “legislation will safeguard America’s proprietary dual-use technologies by drastically improving our foreign investment review process.”
He gave no details on what changes might have been made to the measure.
The Senate and U.S. House of Representatives had passed similar bills to strengthen the inter-agency panel, which is led by the U.S. Treasury. The Senate put its version in the must-pass National Defense Authorization Act, or NDAA, which authorizes military spending.
Lawmakers hope to have the NDAA on President Donald Trump’s desk by the end of the month.
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