US companies required to report China tech investments to the government

The US Senate overwhelmingly approved an amendment requiring US companies to disclose their investments in Chinese technologies, including semiconductors and artificial intelligence, Reuters reported on Tuesday. According to the report, the legislation was backed by 100 senators and was added to the National Defense Authorization Act (NDAA) with a vote of 91 to 6. This new amendment is a modified version of the Outbound Investment Transparency Act, initially proposed by Democratic Senator Bob Casey and Republican John Cornyn. The aim of the amendment is to mitigate the risk of US investments flowing into foreign competitors, particularly in China. On July 14, the US House of Representatives passed the NDAA for Fiscal Year 2024, which provides a total defense discretionary spending of $886.3 billion. [Reuters]