Bill introduced in US Congress to stop predatory acquisitions by China during COVID-19 pandemic
An influential American Congressman on Wednesday introduced a legislation in the House of Representatives that would prevent predatory investments of American companies by the Chinese government.
Introduced by Congressman Jim Banks, member of the House Armed Services Committee, the Restricting Predatory Acquisition During COVID-19 Act would expand the scope of the Committee on Foreign Investment in the United States (CFIUS) to review purchases by companies with ties to the Chinese Communist Party during the COVID-19 pandemic.
"Our job is to ensure the Chinese Communist Party does not profit off a pandemic of their own making. President Trump won an election vowing to stop China from taking advantage of Americans. I am glad to be working with him now to stop Chinese predation," Banks said in a statement.
The bill proposes to increase the scope of cases the CFIUS reviews and sends to the president prior to a financial transaction.
It will prevent companies with ties to the People's ...