WASHINGTON (Reuters) – Software application maker Oracle Corp () is backing bipartisan legislation that intends to toughen foreign investment rules in the middle of increasing issue over Chinese efforts to buy U.S. high-tech business, inning accordance with a letter seen by Reuters on Wednesday.
The costs, which were introduced last week, would expand the power of the Committee on Foreign Financial Investment in the United States (CFIUS), enabling it to evaluate smaller investments and include brand-new nationwide security aspects, such as exposure of Americans’ Social Security numbers, for CFIUS to think about.
CFIUS, an inter-agency panel, evaluates proposed deals for national security concerns. CFIUS can advise that a transaction be prohibited, however only the president can provide an order to stop or suspend a deal.
In a letter addressed to 3 senators who presented the legislation, Oracle Elder Vice President Kenneth Glueck welcomed the identical bills in the Senate and Legislature.
“We value the language is narrowly customized to focus on specific national security concerns, comparing financial investments that are financially motivated and financial investments that are strategically motivated, such as improving foreign military abilities or other strategic goals,” Glueck wrote in the letter to Republican politician Senators John Cornyn and Richard Burr and Democratic Senator Dianne Feinstein.
Your house bill was presented by Republican politician Representative Robert Pittenger, likewise with bipartisan co-sponsors.
International Organisation Machines Corp () opposed the bills, arguing that they would slow down a currently hectic panel with regular transactions.
Cornyn has said he expected a Senate hearing on the bill prior to the end of the year and committee action soon after.
Reporting by Diane Bartz; Editing by Leslie Adler