May 11, 2018 / 9:13 PM / a year ago

Bill tightening foreign investment oversight headed for U.S. Senate vote

WASHINGTON, May 10 (Reuters) - A bill aimed at tightening oversight of foreign investment in the United States is headed for a vote this month by the U.S. Senate Banking Committee, the panel said in a statement on Friday.

The committee also released draft proposals that will be voted on to amend the bill, which was introduced last November by Senator John Cornyn.

Cornyn supports the proposed changes.

“As China has increasingly weaponized investment, it’s a national security imperative to strengthen the interagency review process to safeguard military and dual-use technology and know-how,” he said in a statement that accompanied the release of the proposed changes.

The bill in the Senate, and a companion measure in the U.S. House of Representatives, would broaden CFIUS’ reach in hopes of reining in China’s acquisition of U.S. high tech knowledge even as China has sought to focus on production of higher-value goods, like robots, computers and telecommunications equipment.

The bipartisan legislation has the support of President Donald Trump’s administration. (Reporting by Diane Bartz Editing by Tom Brown)

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