May 17, 2018 / 4:49 PM / a year ago

U.S. House panel hopes to vote soon on bill aimed at restricting Chinese foreign investment

WASHINGTON, May 17 (Reuters) - A U.S. House of Representatives panel hopes to vote shortly on proposed changes to a bill to tighten oversight of foreign investment in the United States, according to a source close to the process.

The Senate and House are considering bills introduced last November that would expand the powers of an interagency Committee on Foreign Investment in the United States, or CFIUS, which reviews investments to ensure they do not harm national security.

The proposed changes to the House version of the bill brings it to 148 pages, and includes Representative Ed Royce’s export control bill, according to the source.

Royce’s bill would modernize how the United States regulates sales of high-end goods that have civilian and military uses, particularly critical emerging technologies such as robotics.

The House Committee on Financial Services hopes to vote on the measure shortly, said the source, speaking on condition of anonymity.

It excludes a measure that had caused heartburn in the technology and investor sectors because it would have allowed CFIUS to review joint ventures that could potentially lead to technology transfer, delaying consummation of proposed transactions.

The Senate’s Banking Committee is to vote on changes to the bill on May 22.

CFIUS, which is led by the Treasury Department, has killed a long list of deals, most notably attempts to purchase semiconductor companies such as Qualcomm Inc. It also blocked Chinese conglomerate HNA Group’s bid to buy most of SkyBridge Capital, a hedge fund investment firm founded by former Trump aide Anthony Scaramucci. (Reporting by Diane Bartz; editing by Jonathan Oatis)

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