Senate Passes Legislation to Increase Oversight of Investments in Chinese Technology

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.

Read the source article at CNBC