Chinese investment in the United States is about to get a bit harder.
Legislation expanding the powers of a federal body that reviews foreign investments in the United States for national security threats passed the Senate 87-10 on Wednesday as part of a $717 billion defense policy bill, and it is now headed to President Trump for his signature.
The bill, known as the Foreign Investment Risk Review Modernization Act, broadens the jurisdiction of the Committee on Foreign Investment in the United States, or Cfius (pronounced SIFF-ee-yus). The committee will soon have more power to investigate, and possibly block, foreign deals.
“We cannot continue to let bad actors, like China, erode our national security advantage by circumventing our laws,” said Senator John Cornyn, the Texas Republican sponsoring the bill. “This bill will modernize the process and help put an end to the backdoor transfer of dual-use technology that has gone unchecked for too long.
Mr. Trump has previously said an expansion of Cfius would be a powerful tool national security and economic tool “that better protects the crown jewels of American technology and intellectual property from transfers and acquisitions that threaten our national security — and future economic prosperity.”
By Courtesy of nytimes.com