Lawmakers submitted a host of amendments to the House’s recently released China competition bill, including measures that would introduce new export controls and sanctions authorities and requirements. One submission, a 115-page amendment from Rep. Michael McCaul, R-Texas, would create more congressional oversight of the Commerce Department’s emerging and foundational technology control effort and calls for expanded export restrictions against Chinese military companies.
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Lawmakers introduced a bill last week that would seek to further protect the U.S. agriculture industry from “improper” foreign investment and add the agriculture secretary to the Committee on Foreign Investment in the U.S. The Foreign Adversary Risk Management Act, introduced in the Senate by Tommy Tuberville, R-Ala., and in the House by Ronny Jackson, R-Texas, and Filemon Vela, D-Texas, would address that CFIUS “does not directly consider the needs of the agriculture industry when reviewing foreign investment and ownership in domestic businesses,” the lawmakers said.
The Biden administration plans to revisit its phase one trade deal with China and will continue closely scrutinizing Chinese investments that seek to acquire sensitive U.S. technologies, senior officials said this week. The officials, speaking about the U.S.’s monthslong review of its China trade relationship, said China hasn’t met its phase one purchase commitments and stressed that all of its trade tools “are on the table” as they look to enforce the deal.
Several companies recently disclosed their filings with the Committee on Foreign Investment in the U.S. or updated the status of their ongoing CFIUS reviews. Transactions involve Chinese technology companies, an agricultural technology business and a workplace learning technology provider.
A House lawmaker recently introduced a bill that would add the U.S. agriculture secretary as a member of the Committee on Foreign Investment in the U.S. The Agricultural Security Risk Review Act, which has been previously introduced both in the House and Senate, would allow the U.S. Department of Agriculture to have input in investment transaction reviews, Rep. Frank Lucas, R-Okla., said May 20. The bill comes during a time when foregn ownership of U.S. agricultural businesses is “steadily” increasing, Lucas said. He called the move “long overdue.” “I know firsthand just how important our agriculture industry is, which is why Congress must remove the hurdles that keep USDA from having a permanent seat at the table with CFIUS’ review of foreign transactions," Lucas said.