The draft bill builds on a recommendation last year from the bipartisan U.S.-China Economic and Security Review Commission.
Rep. Scott Fitzgerald, R-Wis., is seen during a group photo with freshmen members of the House Republican Conference on the House steps of the Capitol on Monday, January 4, 2021.A Republican lawmaker is readying a bill that would require businesses subsidized by foreign governments to disclose that information when they pursue large mergers subject to U.S. regulatory review.
A firm that values certain political objectives over profits might make a different calculation when it comes to the risk of pursuing anticompetitive conduct, like steeply undercutting rival prices only to raise them later on. While Phillips declined to speculate on the types of conduct in which a state-owned entity might engage, he said it would help to know their potential incentives in order to assess the facts of each individual case.
The commission found that the Chinese government would back companies it saw becoming national champions and eventually push them to expand into the U.S. and other countries. The group warned that the risk is particularly acute when it comes to emerging technologies, where China allegedly seeks to "surpass and displace the United States altogether."
The bill would not place any national security assessment requirements on the antitrust agencies, which Phillips said are best left to the existing agencies responsible for that type of review. The Committee on Foreign Investment in the U.S. within the Treasury Department is already responsible for reviewing national security implications for mergers with foreign entities, for example.
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