Bill introduced in US Congress to stop predatory acquisitions by China

The legislation will prevent companies with ties to China from owning more than 51 per cent of shares in the critical infrastructure

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, news agency PTI reported.

“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…

ALSO READ: Will cancel trade deal if China fails to buy goods worth $200 bn : Trump

Congressman Sharice Davids on Wednesday introduced a legislation to rapidly increase the supply of equipment like face masks, hospital gowns, ventilators and testing materials needed to fight the coronavirus and keep the frontline workers safe. The bill would also promote manufacturing these goods in the United States. “We have seen first hand that relying on China to produce the vast majority of medical equipment we use in the US is a big problem,” Davids said….Click Here