Bill Introduced in US to Protect Domestic Companies to Stop Predatory Acquisitions of Companies by China during Covid 19 Pandemic

Washington: A bill was introduced in the House of Representatives of Parliament in Washington to prevent the Chinese government’s aggressive takeover of American companies during the Corona virus crisis. MP Bill Banks introduced the bill in Parliament. Banks, a member of the House Armed Services Committee, on Wednesday introduced the ‘Ban on Aggressive Acquisition Act’ during Covid-19. This will increase the scope of the American Foreign Investment Committee (CFIUS).

This would help CFIUS to review investments in US companies of companies with ties to the Communist Party of China during the Corona virus crisis. Banks said in a statement, “Our job is to ensure that the Chinese government does not take advantage of this epidemic for its own benefit.” US President Donald Trump won the election on the promise of stopping China from taking advantage of Americans. In such a situation, I am happy to work with China to stop this action. ‘

This bill will also allow the information of the acquisition to be sent to the President before the final transaction. The bill would prevent China-linked companies from purchasing more than 51 percent stake in US companies linked to sensitive infrastructure classified by the Defense Production Act 1950.