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Bill introduced in US Congress to stop predatory acquisitions by China

The legislation will prevent companies with ties to China from owning more than 51 per cent of shares in the critical infrastructure

Ross Taylor | Exclusively targeted at small businesses

An influential American Congressman on Wednesday introduced a legislation in the House of Representatives that would prevent predatory investments of American companies by the Chinese government.

Introduced by Congressman Jim Banks, member of the House Armed Services Committee, the Restricting Predatory Acquisition During Covid-19 Act would expand the scope of the Committee on Foreign Investment in the United States (CFIUS) to review purchases by companies with ties to the Chinese Communist Party during the Covid-19 pandemic, news agency PTI reported. "Our job is to ensure the ...

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First Published: Thu, May 07 2020. 13:20 IST