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The U.S. Treasury Department is drafting rules which would stop companies with 25%+ Chinese ownership from purchasing U.S. companies with “industrially significant technology.” It looks as if the 25% number is not written in stone yet, but we should expect an announcement later this week.
The government official said the Treasury would invoke the International Emergency Economic Powers Act of 1977 (IEEPA) to devise the restrictions. The act gives the president sweeping authority to restrict assets based on national security concerns. IEEPA was invoked broadly after the 9/11 attacks in 2001 to cut off financing for terrorist networks.
The government official said the Treasury would invoke the International Emergency Economic Powers Act of 1977 (IEEPA) to devise the restrictions. The act gives the president sweeping authority to restrict assets based on national security concerns. IEEPA was invoked broadly after the 9/11 attacks in 2001 to cut off financing for terrorist networks.