US Senate wants companies to report investments in Chinese technologies

cointelegraph.com:

On July 25, the United States Senate backed bipartisan legislation mandating U.S. companies to report any investments in Chinese technologies. 

In an overwhelming vote of 91 to 6, the Senate supported the amendment to the National Defense Authorization Act (NDAA), which is anticipated to be implemented later in 2023.

The amendment will require U.S. companies to notify federal agencies of outbound investments in Chinese technologies, including semiconductors used in artificial intelligence (AI).

Democratic Senator Bob Casey and Republican Senator John Cornyn penned the amendment, which is a version of the Outbound Investment Transparency Act that targets risks of U.S. foreign investments in countries like China.

Casey commented on his support of the amendment by saying:

He concluded by saying with such information the U.S. will be able to position itself to “take control” of its economic future.

This version of the bill is expected to pass through the Senate by the end of the week, then be reconciled with another bill passed in the House of Representatives earlier in the prior to be signed off by President Joe Biden. 

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These new measures come as the U.S. and China continue a tit for tat relationship surrounding emerging technologies. 

On June 28, officials in the United States announced that they are considering restricting the amount of computing power in semiconductor chips to lessen the flow of AI chips available in the Chinese market.

A few days after that announcement, on July 3, the Chinese government announced its own plans to impose export controls on metals used to manufacture semiconductors.

The latest move came again from the U.S., who