US Senate passes bill to increase oversight of investments in Chinese technology
US Senate supported a bill that mandates US corporations to disclose sensitive investments in foreign adversaries, particularly China.
The US Senate has endorsed a new regulation that mandates US companies to disclose their investments in Chinese tech companies and other countries deemed concerning. This legislation aims to enhance transparency and oversight in the technology sector, especially concerning investments related to China.
The bill was passed as an amendment to National Defense Authorization Act, and received broad bipartisan backing in Senat, with 91 votes in favour and only six against. By compelling companies to report their investments, the goal is to provide federal agencies with crucial information about US investments in Chinese tech firms. Furthermore, it will also require investors to report their investments to other ‘countries of concern,’ such as Russia, North Korea and Iran.
This step will aid in identifying potential national security risks and enable appropriate measures to safeguard US interests. This measure is part of broader initiatives addressing concerns about China’s influence in technology and safeguarding US national security interests. The Senate’s approval underscores the significance of transparency and oversight in technology investments, particularly regarding China and other countries of concern, ensuring that US investments align with national security interests and mitigate potential risks.