Senate remains largely united on China provisions despite disagreements over NDAA.
A Measure to Protect National Security
A measure aimed at safeguarding U.S. national security by monitoring investments in Chinese tech companies has overwhelmingly passed in the Senate, highlighting concerns about China’s rapid advancements in technology. The bipartisan amendment, proposed by Senators Bob Casey (D-PA) and John Cornyn (R-TX), received a resounding 91-6 vote in favor on Tuesday. This amendment is part of the National Defense Authorization Act (NDAA), which establishes policies and funding for the Pentagon.
Opposition and Objectives
The six senators who voted against the measure were Marsha Blackburn (R-TN), Mike Braun (R-IN), Mike Lee (R-UT), Rand Paul (R-KY), Kyrsten Sinema (I-AZ), and Thom Tillis (R-NC). The amendment requires U.S. investors to report their stakes within two weeks to the Treasury Department. It also mandates reporting investments in other “countries of concern,” including North Korea, Russia, and Iran.
“We need this type of outbound investment notification to understand just how much… critical technology we are transferring to our adversaries via these capital flows,” emphasized Casey during his Senate floor speech. “With this information in hand, we can begin to take control of our economic future.”
Enhancing Transparency and Security
This measure bears similarities to the Outbound Investment Transparency Act, which aimed to restrict investments in foreign adversaries. However, objections were raised, leading to the current amendment that focuses on investment notification rather than prohibition. It also targets a narrower range of industries.
Cornyn expressed his support, stating, “When American companies invest in technology like semiconductors or AI in countries like China and Russia, their capital, intellectual property, and innovation can fall into the wrong hands and be weaponized against us. This bill would increase the visibility of these investments, helping the U.S. gather the necessary information to evaluate our national security vulnerabilities, confront threats from adversaries, and maintain our global competitiveness.”
Click here to read more from The Washington Examiner.
Additional Measures to Protect National Interests
In addition to the tech investment measure, the Senate also passed an amendment on Tuesday to prevent foreign adversaries from purchasing American agricultural land. The amendment, proposed by Senators Jon Tester (D-MT) and Mike Rounds (R-SD), received a 91-7 vote in favor. The aim is to prevent countries like China, Russia, North Korea, and Iran from acquiring U.S. farmland, particularly near military installations, due to concerns about national security risks.
Members of Congress have been engaged in debates over the NDAA, which determines Pentagon policy and authorizes $886 billion in defense spending for fiscal year 2024. The Senate is working diligently to pass this crucial bill before the August recess, which is set to begin after business concludes on Thursday evening. The final version of the bill will be determined later this year when the Republican-led House and Democratic-controlled Senate reconcile their differences in a conference committee. The House has already passed its version of the bill earlier this month.
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