Software maker Oracle Corp (ORCL.N) is backing bipartisan legislation that aims to toughen foreign investment rules amid increasing concern over Chinese efforts to buy U.S. high-tech companies, according to a letter seen by Reuters on Wednesday.
The bills, which were introduced last week, would expand the power of the Committee on Foreign Investment in the United States (CFIUS), allowing it to review smaller investments and add new national security factors, such as exposure of Americans’ Social Security numbers, for CFIUS to consider.
CFIUS, an inter-agency panel, reviews proposed transactions for national security concerns. CFIUS can recommend that a transaction be prohibited, but only the president can issue an order to stop or suspend a deal.
