Bills in the US Senate and House of Representatives to severely restrict China from acquiring American intellectual property are under amendment following criticism by high-tech companies, reports Reuters.
The aim of the legislation is to extend the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS), preventing Chinese companies from obtaining advanced US technology.
Major tech companies such Alphabet Inc., Facebook Inc., and IBM Corp lobbied against the original bill on the grounds that it would inhibit their exports.
The new revised bill will allow CFIUS to oversee joint ventures that either the transfer of “critical technology” or the purchase of a “substantial interest” in a firm, in the case of smaller investments.