Congressman Robert Pittenger (NC-09) received a letter from Ericsson, a major international networking and telecommunications company, expressing support for his Foreign Investment Risk Review Modernization Act (FIRRMA)
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The Trump Administration, through CFIUS, blocked Ant Financial’s takeover of U.S. money-transfer business MoneyGram. The Communist Chinese government is a significant shareholder in Ant Financial, and the company’s chairman is seen regularly with Communist leadership.
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President Donald Trump announced an “America First” national security strategy which specifically targets the theft or strategic acquisition of intellectual property and sensitive technology by China and other adversarial foreign powers.
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Congressman Robert Pittenger (NC-09) and Senate Majority Whip John Cornyn (R-TX) introduced bipartisan, bicameral legislation to modernize the national security review of potential foreign investments in the United States.
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This week’s rejection of the Lattice deal shows Cfius working as intended. But the scale of China’s efforts to acquire sensitive technology, as well as its military ambitions, suggests more scrutiny is needed. A recent Pentagon report warned that Chinese companies have invested in sensitive technology in the U.S. in ways designed to dodge Cfius oversight. For instance, Chinese firms have invested in startups that have conducted research with Pentagon grants.
Rep. Robert Pittenger (R., N.C.) and Senate Majority Whip John Cornyn (R., Texas) are drafting legislation to overhaul Cfius, and Treasury Secretary Steven Mnuchin has backed their idea to require added scrutiny of deals involving sensitive countries including China. Joint ventures and technology licensing could also be added to the Cfius purview.
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