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Foreign Investment Bill Targeting China Heads For Senate Panel Vote

International Business Times

WASHINGTON - A bill aimed at tightening oversight of foreign investment in the United States because of concern about China's acquisition of critical technology is headed for a vote this month in the U.S. Senate Banking Committee, the panel said on Friday. The committee also released draft proposals that will be voted on to amend the bill, which was introduced last November by Senator John Cornyn. Proposed changes to the measure appear aimed largely at blunting opposition from high tech companies and investment firms, which had worried that even innocuous transactions would be subject to extended reviews by the Committee on Foreign Investment in the United States, or CFIUS. CFIUS is an inter-agency panel led by the Treasury Department that assesses potential foreign investment to ensure it does not harm national security. The bill in the Senate, and a companion measure in the U.S. House of Representatives, would broaden CFIUS' reach in hopes of reining in China's acquisition of U.S. high tech knowledge even as China has sought to focus on production of higher-value goods, like robots, computers and telecommunications equipment.