Biden Expands Investment Ban On Chinese Military Cos.

Law360 (June 3, 2021, 6:47 PM EDT) -- President Joe Biden on Thursday expanded a policy banning U.S. investments in companies affiliated with the Chinese military to include surveillance technology manufacturers, while shifting authority to make related designations from the Pentagon to the U.S. Department of the Treasury.

Biden's new executive order bars U.S. nationals from investing in publicly traded securities of certain companies that operate in the "defense and related materiel" and surveillance technology sectors of the Chinese economy, or are owned and controlled by someone who operates in those sectors, which will be designated as Chinese Military-Industrial Complex Companies, or CMICs.

"President Biden ... expanded the scope...

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