"Senate Approves Bill for Enhanced Oversight of Chinese Tech Investments"
The Senate has passed a watered-down version of the Outbound Investment Transparency Act, requiring US firms to notify the Treasury when investing in advanced Chinese technology due to national security concerns. The legislation, which does not include investment curbs, still needs to go through the process before becoming law. This comes as President Joe Biden is expected to issue an executive order restricting US investment in high-end Chinese tech, which could be more far-reaching than the legislation. The bill passed with bipartisan support, highlighting US concerns over China's technological advancements. The US has been implementing rules to cut off exports of key chips and semiconductor tools to China, with other countries like Japan and the Netherlands also imposing export restrictions.