Big business fighting bill intended to stop selling America out to China

Major American businesses and trade groups are fighting newly proposed legislation intended to protect U.S. industries deemed critical to national security from China.

A bipartisan group of senators and representatives proposed legislation for inclusion within the Bipartisan Innovation Act (BIA) on June 13 that intends to protect American manufacturing power within industries considered vital to U.S. national security, the lawmakers said in a joint statement. However, organizations with vested business interests in China reportedly intend to fight the legislation, according to The Wall Street Journal.

Douglas K. Barry, senior director of communications at The U.S.-China Business Council (USCBC), told The Daily Caller News Foundation that his organization opposes the legislation, claiming it will lead to regulatory uncertainty which will paralyze companies and harm U.S. supply chains.

“We appreciate the need to ensure U.S. investments abroad do not cause national security concerns,” Barry told TheDCNF. “However, a unilateral mechanism like that in the House-passed COMPETES Act would be far too broad in covering many sectors not critical to national security, create tremendous uncertainty and reduce the competitiveness of U.S. companies.” – READ MORE