Sen. Cornyn Said Circulating Foreign Investment Bill Changes

Sen. John Cornyn (R-Texas) is circulating updated legislation to expand the U.S. process for vetting foreign investments, industry sources with knowledge of the matter told Bloomberg Law.

The Information Technology Industry Council (ITIC), which represents tech giants such as Apple Inc., Google Inc., and IBM Corp., welcomed the changes and is reviewing them.

The Committee on Foreign Investment in the United States (CFIUS), a multiagency panel headed by the Treasury Department, is responsible for assessing the national security risks of foreign transactions. Cornyn said the bill (S. 2098) would address gaps in CFIUS’s vetting that China is exploiting. ...