Newly elected members of the US Congress pose for a photo on the steps of the US Capitol in Washington, US on November 15, 2024.
Hannah McKay | Reuters
Congress will vote in the coming days on legislation that would limit US investment in China until mid-March as part of a bill to fund government operations, lawmakers said late Tuesday.
In October, the Treasury finalized rules Effective January 2, it will limit US investment in artificial intelligence and other technology sectors in China that could threaten US national security.
The bill expands on those restrictions and includes other provisions that address concerns about China, including a requirement to analyze the national security risks posed by Chinese-made consumer routers and modems and requiring a review of Chinese real estate purchases near sensitive national security sites.
China’s embassy in Washington did not immediately comment.
The bill would also require the Federal Communications Commission to publish a list of all entities that have an FCC license or permit and are owned by adversary foreign governments, including China.
Lawmakers have criticized America’s top index providers for funneling billions of dollars from US investors into shares of Chinese companies the US says are facilitating the development of China’s military.
Treasury rules and legislation cover semiconductors and microelectronics, quantum information technology and certain AI systems to prevent investment in Chinese technologies such as cutting-edge code-breaking computer systems or next-generation fighter jets.
Representative Rosa DeLauro, the top Democrat on the House Appropriations Committee, said “for years I have seen American dollars and intellectual property fuel the technology and capabilities of the Chinese Community Party… This legislation builds on the rules that Biden put in place this year. The administration, and our capabilities It sets the stage for continued bilateral efforts to protect and rebuild critical nationalities.”
The outgoing legislation takes the technologies listed in the Treasury order and adds additional AI models that use certain semiconductors, AI systems designed for military or government surveillance end use, hypersonic systems, and additional export-controlled technologies.
