Senate passes bill to increase oversight of investments in Chinese tech
Semiconductors are a key focus in the technology trade war taking place between the U.S. and China.
The Senate overwhelmingly backed legislation Tuesday that would require U.S. firms to notify the Treasury when investing in advanced Chinese technology on national security concerns.
That's a toned-down version of the initial Outbound Investment Transparency Act introduced two years ago, which called for restricting investment — and attracted a fair amount of pushback, according to a Senate aide.
The latest legislation, which does not require review or investment curbs, still faces a process before it can become law. It is one of several measures in a protracted backlog of proposed legislation policymakers on the Hill are rushing to clear ahead of a month-long recess in August.
The bill comes as President Joe Biden has long been expected to issue an executive order that would restrict U.S. investment in high-end Chinese tech.
The aide told CNBC that this executive order could be more far-reaching than what legislators are able to pass at this time.
The White House did not immediately respond to a request for comment after office hours.
Source: CNBC
