Biden to sign order blocking Chinese investment in US tech
President Biden signed an executive order Thursday bolstering a regulatory committee’s powers to review and take action on foreign investment in the U.S. economy, including in the tech sector where officials are increasingly concerned about Chinese actors.
The Committee on Foreign Investment in the United States (CFIUS), an interagency panel, will further scrutinize foreign investments and transactions related to national supply chains as well as in tech sectors such as microelectronics, artificial intelligence, biotechnology and advanced clean energy.
CFIUS will also more closely review foreign acquisitions of companies and firms over concerns that an investor could slowly gain control of a sector or technology, investments that pose cybersecurity risks and foreign investors who could exploit data on American citizens.
Treasury Secretary Janet Yellen said Thursday the executive order “highlights CFIUS’s increasing attention to national security risks in several key areas.”
February 2020 in this stack is the order to CANCEL review and take action on foreign investment in the U.S. economy, including in the tech sector where officials are increasingly concerned about Chinese actors