U.S. Senate needs corporations to report investments in Chinese language applied sciences

The US Senate got here collectively on July, 25 to again bipartisan laws which mandates U.S. corporations to report any investments in Chinese language applied sciences. 

In an amazing vote of 91 to six, the Senate supported the modification to the Nationwide Protection Authorization Act (NDAA), which is anticipated to be carried out as a regulation later within the yr.

The modification would require U.S. corporations to inform federal businesses of outbound investments in Chinese language applied sciences together with semiconductors – used to create synthetic intelligence (AI)- and AI itself.

Democratic Senator Bob Casey and Republican Senator John Cornyn penned the modification, which is a model of the Outbound Funding Transparency Act that targets dangers of U.S. overseas investments in international locations like China.

Casey commented on his help of the modification by saying:

“We want this kind of outbound funding notification to know simply how a lot… vital expertise we’re transferring to our adversaries by way of these capital flows.”

He concluded by saying with such info the U.S. will be capable to place itself to “take management” of its financial future.

This model of the invoice is anticipated to cross by way of the Senate by the top of the week, then be reconciled with one other invoice handed within the Home of Representatives earlier within the previous to be signed off by President Joe Biden. 

Associated: Report: China to tighten rules around releasing generative AI tools

These new measures come because the U.S. and China proceed a tit for tat relationship surrounding rising applied sciences. 

On June 28, officers in the US introduced that they’re contemplating restricting the amount of computing power in semiconductor chips to minimize the circulation of AI chips obtainable within the Chinese language market.

A number of days after that announcement, on July 3, the Chinese language authorities introduced its personal plans to impose export controls on metals used to fabricate semiconductors.

The newest transfer got here once more from the U.S., who on July 5, is reportedly contemplating including controls to the amount of access Chinese language corporations must U.S.-based cloud computing companies (CCS). This would come with merchandise from CCS giants similar to Amazon Internet Providers (AWS) and Microsoft.

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