Lawmakers are moving closer to passing legislation that would strengthen the United States’ policy with regard to foreign investment, according to a new report.
The Wall Street Journal reported Thursday members of the House and Senate have struck an agreement on legislation.
“It’s a done deal,” Senate Majority Whip John Cornyn, R-Texas, told the Journal.
The legislation is in the form of an add-on to a defense spending bill. According to the Journal, it would make changes to the Committee on Foreign Investment in the U.S. (CFIUS) and the U.S. export control system. Those changes would include preventing investment transactions from China and other foreign countries in the name of national security.
If it becomes law, foreign companies trying to do deals in the U.S. and American companies trying to invest and conduct business overseas could be impacted.
Treasury Secretary Steven Mnuchin is leading the negotiations between his department and Capitol Hill.
There has been much talk about China either stealing or acquiring U.S. intellectual property. The Trump administration is trying to crack down on China through trade tariffs.
White House Trade Adviser Peter Navarro said Thursday morning the U.S. needs to take additional steps to prevent such thefts from occurring.
“It’s a zero-sum game now between China and the rest of the world,” Navarro said. “What we need to do as a country is to work with the rest of the world to make sure that we have a prosperity in the globe and a high stock market.”
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