US Congress to pass bill on offshore deal scrutiny

US Congress to pass bill on offshore deal scrutiny

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The US Congress is moving quickly to approve proposed bipartisan legislation that would tighten national security reviews of foreign investment, particularly Chinese acquisitions of US assets, by pushing for a hearing on the bill this year and a vote in both chambers by next January, an expert with direct knowledge of the bill told the South China Morning Post, Derek Scissors, a China analyst at the Washington-based American Enterprise Institute think tank, said on Tuesday that there would be few reasons for a fast-moving Congress to block the proposed legislation introduced last week. Scissors began working on the bill as an outside consultant in March 2016. The bill's proposed text does not name China as its main target, although its author, John Cornyn, a Republican Senator from Texas and the Senate Majority Whip, accused China in a release when he unveiled the legislation of "exploiting gaps" in the existing review process to degrade the US's military technological edge by acquiring and investing in US companies.