Rep. Jim Banks (R-IN) is planning to introduce a bill on Tuesday designed to keep the Chinese government from making investments in American companies during the coronavirus pandemic, Breitbart News reports.
Banks, a Navy veteran and House Armed Services Committee member, will introduce the Restricting Predatory Acquisition During COVID-19 Act, which will expand the responsibility of the Committee on Foreign Investment in the United States (CFIUS) to review purchases of American companies by companies with ties to the Chinese government during the pandemic.
The bill will increase the number of cases CFIUS is able to review and submit to the president before a financial transaction takes place.