Treasury wants to boost foreign investment review powers, as Congress dissects Nippon, TikTok deals
U.S. Treasury wants to enhance the power of a little-known, secretive government committee to review deals made between U.S. firms and foreign investors
WASHINGTON (AP) — U.S. Treasury wants to enhance the power of a little-known, secretive government committee to review deals made between U.S. firms and foreign investors.
This comes as high-profile deals involving foreign investment in the U.S. — like Chinese firm ByteDance’s ownership of popular social media app TikTok and Japanese firm Nippon Steel’s bid to purchase Pittsburgh-based U.S. Steel Corp. receive increased scrutiny by lawmakers and even President Joe Biden.
The rulemaking — if finalized — would expand the committee's subpoena authority, allow the committee to request more information from parties to a proposed sale and expand circumstances when fines can be imposed and their size — from $250,000 to $5 million, where there are misstatements, omissions and failure to file mandatory declarations.
