A bipartisan bill introduced on June 13 designed to protect American manufacturing in industries vital to national security is being opposed by major corporations and trade groups with interests in China.
The Bipartisan Innovation Act (BIA) would require companies based in the U.S. to disclose their plans to develop products inside China or other “foreign adversaries” that implicate national security. Covered products would include drones, other military products, and pharmaceuticals.
A federal agency would be empowered to vet and block foreign investments that would be deemed harmful to American security.
The U.S.-China Business Council (USCBC) is a trade organization with over 250 corporate members and opposes the BIA. Senior Director Douglas K. Barry told the Daily Caller that the legislation will “lead to regulatory uncertainty which will paralyze companies.” He also said the BIA will harm weakened U.S. supply chains.