House and Senate negotiators have agreed on a new measure that would strengthen the U.S. export-control process and the Committee on Foreign Investment in the U.S. in order to address national security concerns associated with Chinese deals and other overseas transactions, The Wall Street Journal reported Thursday.
The provision would authorize CFIUS to assess foreign investment deals through venture capital funds, transactions that seek to obscure ownership through the use of shell companies and real-estate agreements near sensitive U.S. sites.
The measure would also strengthen export controls through evaluation of foreign joint-venture deals that involve sensitive technology platforms.
Senate Majority Whip John Cornyn, R-Texas, and Rep. Robert Pittenger, R-N.C., first proposed in November 2017 the measure, which gained bipartisan support from lawmakers such as Sens. Amy Klobuchar, D-Minn., and Dianne Feinstein, D-Calif.
House Armed Services Committee Chairman Mac Thornberry, R-Texas, said he expects the chamber to decide next week on the defense spending bill containing the CFIUS provision.