Senate and House committees approve bills to increase oversight on foreign investment

WLIO

Committees in both the Senate and House approved bills increasing the oversight of foreign investment, all in an effort to slow down China when it comes to gaining sensitive U.S. technology.

Identical bills were introduced to the committees that would strengthen the Committee on Foreign Investment in the U.S. (CFIUS), a federal agency that reviews potential foreign investment to ensure it will not compromise national security. The legislation addresses the issue of Chinese telecommunications companies buying American businesses to the U.S. made technologies that could be critical to national security and could affect American jobs.

"China doesn't play fair with its trade policy, and if they come to the United States, buy a company, use it to put other companies out of business, we shouldn't let that happen," says Senator Sherrod Brown (D-OH). "I want their investment but I don't want it to cost us jobs or small businesses, put them out of business, our workers to get laid off."

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Senate and House committees approve bills to increase oversight on foreign investment »