The Senate has kicked off the complicated process of coordinating and passing multi-committee legislation designed to bolster US technological capabilities, expand the US political, diplomatic and economic toolkit for dealing with China and curb China's growing geopolitical influence. The effort has garnered strong bipartisan support and is likely to yield landmark legislation that will be enacted with strong bipartisan support and the backing of the Biden administration.
Ernst, Hassan Amendment Tells National Science Foundation to Withhold Funds if Project Costs Aren’t Disclosed
A proposed amendment to Senate Majority Leader Chuck Schumer’s (D-N.Y.) “Endless Frontier Act” to reform the National Science Foundation (NSF) would require the government to disclose all costs of research projects funded by the agency.
The amendment to Schumer’s proposal, offered by Republican Sens. Joni Ernst of Iowa and Maggie Hassan of New Hampshire, recognizes that NSF has a checkered history of wasting millions of tax dollars on projects of highly questionable value. It would require grant recipients to make public the percentage of the total cost of a project that would use tax dollars, as well as the dollar amount receiving public funding in all official descriptions such as news releases, requests for proposals, and bid solicitations.
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The U.S. Senate has kicked off the complicated process of coordinating and passing multi-committee legislation designed to bolster U.S. technological capabilities, expand the U.S. political, diplomatic, and economic toolkit for dealing with China, and curb China’s growing geopolitical influence.
The effort has garnered strong bipartisan support and is likely to yield landmark legislation that will be enacted with strong bipartisan support and the backing of the Biden Administration.
The Senate Committee on Commerce, Science, and Transportation held a business meeting on the bipartisan
Endless Frontier Act on May 11, 2021, and voted 24-4 to advance the bill. The
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The bills listed reflect a relatively active cybersecurity
agenda for the 117th Congress. As reflected in the proposed
legislation, many Members are interested in focusing federal policy
on matters such as supply chain security, cyber workforce training,
and international competitiveness, particularly with China. The
most ambitious bill may be the Endless Frontiers Act, which would
establish a Directorate for Technology and Innovation within the
National Science Foundation and further establish regional hubs
(i.e., partnerships between government, private, and academic
stakeholders) to drive R&D and commercial innovation in key
Chinese Regulators Order Tech Companies to Standardize Financial Businesses
A photo of the flag of the People’s Republic of China. (radiowood, https://flic.kr/p/7asMfM; CC BY-NC 2.0, https://creativecommons.org/licenses/by-nc/2.0/)
On April 29, Chinese regulators from the China Banking Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange announced that they have ordered 13 of China’s biggest tech companies, including Tencent and ByteDance, to “standardize” their online financial businesses. Regulators will likely require firms to spin off payments programs and may even eliminate some firms’ insurance, wealth management and lending practices.
The People’s Bank of China stated that some of the firms will need to set up financial holding companies to house certain parts of their businesses. Financial holding companies are subject to heightened restrictions on their assumption of financial risk. (One commentator sugge