financetom
Business
financetom
/
Business
/
Lawmakers seek to force ByteDance to divest TikTok or face US ban
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Lawmakers seek to force ByteDance to divest TikTok or face US ban
Mar 5, 2024 9:50 AM

WASHINGTON (Reuters) -A bipartisan group of U.S. lawmakers are introducing legislation on Tuesday that would give China's ByteDance about six months to divest popular short video app TikTok or face a U.S. ban, congressional aides told reporters.

Representative Mike Gallagher, the chair of the House select China committee and Representative Raja Krishnamoorthi, the top Democrat, are introducing legislation joined by more than a dozen other lawmakers to address national security concerns posed by Chinese ownership of the app.

The bill would give ByteDance 165 days to divest TikTok, which is used by more than 170 million Americans, or it would be unlawful for app stores operated by Apple, Google and others to offer TikTok or to provide web hosting services to ByteDance-controlled applications.

The bill would give the president new powers to designate apps of concern and face bans or restrictions absent divestiture.

Concerns about Chinese-owned TikTok last year sparked efforts in Congress to boost powers to address the popular short video sharing app or potentially ban it, but those prior bills have stalled.

The White House backed legislation sponsored by Senator Mark Warner and more than two dozen other senators introduced last year to give the administration new powers to ban TikTok and other foreign-based technologies if they pose national security threats.

The U.S. Treasury-led Committee on Foreign Investment in the United States (CFIUS) in March 2023 demanded that TikTok's Chinese owners sell their shares, or face the possibility of the app being banned, Reuters and other outlets reported, but the administration has taken no action.

The new bill is aimed at bolstering the legal authority to address TikTok concerns. Biden's predecessor, Republican Donald Trump, tried to ban TikTok in 2020 but was blocked by U.S. courts.

Other Chinese non-social media apps, such as those run by retailers Shein and Temu, would not be covered under the bill, aides said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Microsoft-Backed OpenAI, Anthropic Sign Deals With US AI Safety Institute
Microsoft-Backed OpenAI, Anthropic Sign Deals With US AI Safety Institute
Aug 29, 2024
10:21 AM EDT, 08/29/2024 (MT Newswires) -- Microsoft ( MSFT ) -backed OpenAI and Amazon.com ( AMZN ) and Alphabet (GOOG, GOOGL)-backed Anthropic have entered into agreements with the US Artificial Intelligence Safety Institute to collaborate on AI safety research, testing, and evaluation, the US Department of Commerce's National Institute of Standards and Technology said Thursday. The first-of-their-kind agreements grant...
Marathon Oil shareholders vote in favor of $16 billion ConocoPhillips deal
Marathon Oil shareholders vote in favor of $16 billion ConocoPhillips deal
Aug 29, 2024
HOUSTON (Reuters) - Marathon Oil ( MRO ) shareholders on Thursday approved the U.S. oil producer's nearly $16 billion acquisition by ConocoPhillips ( COP ), the company said. Marathon Oil ( MRO ) and ConocoPhillips ( COP ) expect the purchase, which is undergoing a Federal Trade Commission review, to close late in the fourth quarter of 2024. Details of...
Tutor Perini Unit Starts Stanford Hospital Pod E Renovation Project
Tutor Perini Unit Starts Stanford Hospital Pod E Renovation Project
Aug 29, 2024
10:20 AM EDT, 08/29/2024 (MT Newswires) -- Tutor Perini ( TPC ) said Thursday that its Rudolph and Sletten unit has started construction of the Stanford Hospital Pod E Renovation project in Palo Alto, California. The company said its work includes renovations to part of the existing acute care hospital, converting dual-bed patient rooms into single-patient rooms and upgrading of...
Marathon Oil shareholders vote in favor of $16 bln ConocoPhillips deal
Marathon Oil shareholders vote in favor of $16 bln ConocoPhillips deal
Aug 29, 2024
HOUSTON, Aug 29 (Reuters) - Marathon Oil ( MRO ) shareholders on Thursday approved the U.S. oil producer's nearly $16 billion acquisition by ConocoPhillips ( COP ), the company said. Marathon Oil ( MRO ) and ConocoPhillips ( COP ) expect the purchase, which is undergoing a Federal Trade Commission review, to close late in the fourth quarter of 2024....
Copyright 2023-2026 - www.financetom.com All Rights Reserved