House passes TikTok bill, which now heads to Senate скачать в хорошем качестве

House passes TikTok bill, which now heads to Senate

The House of Representatives advanced a controversial bill Wednesday to give China's ByteDance six months to divest TikTok or face a US ban on the app, a vote that surfaced national security concerns and scrambled Washington's usual partisan alliances. "We have given TikTok a clear choice," Rep. Cathy McMorris Rodgers (R-Wash.) said Wednesday. If ByteDance doesn't divest, the company will "side with the [Chinese Communist Party] and face the consequences." But the legislation faces major hurdles in the weeks ahead. The Senate has shown less enthusiasm and is concerned about potential legal potholes. The signals from the upper chamber are that it could consider the bill slowly, if at all. The proceedings in the House were injected with a dose of drama after a last-minute reversal from former President Trump on the issue following four years in office where he'd aggressively pushed for a ban. Nonetheless, a large majority of the chamber's Republicans ended up bucking their party’s presumptive nominee and supported the bipartisan bill with 197 in favor and just 15 opposed. The measure was also opposed by 50 Democrats, with some on the party's left flank suggesting getting behind a ban could hurt the party with young voters this November. The overall vote was a broad bipartisan tally of 352-65. What the bill does The bill, if enacted, would set in motion a process that could lead to a ban on a key news source for young people and one with 170 million American users. But it's also an app that collects vast amounts of information about Americans and is owned by a company, ByteDance, that its critics say is under the control of the Chinese government. ByteDance executives regularly deny the charge and say they operate separately from China's government. The company immediately slammed the vote, saying “this process was secret and the bill was jammed through for one reason: it's a ban." But national security concerns have fueled the surge in support in recent weeks with Washington moving at rapid speed. The legislation was only introduced about a week ago by Reps. Mike Gallagher (R-Wis.) and Raja Krishnamoorthi (D-Ill.) — who run the House's China select committee. It quickly won a unanimous House committee vote and, with today's tally, has now cleared another key hurdle. The bipartisan energy for the idea was also fueled by movement within the Biden administration. The Treasury Department has been looking at reining in TikTok through its Committee on Foreign Investment in the United States (CFIUS) but a lack of action there has frustrated lawmakers and helped make this week's quick action possible. The bill names both TikTok and ByteDance in its first line and that specificity may be one of the objections in the weeks ahead as the bill is considered by the Senate. It could complicate the chances of final passage or later be the subject of legal challenges. Democrat Maxwell Frost, the youngest member of Congress at age 27, encapsulated the potential issues ahead when he told CNN "I don't think it'll be helpful with young voters," adding that "taking a step back, I just think it's bad policy." The bill's supporters argue instead that it's not a ban but a more legally defensible divestiture requirement that has more historical precedents, notably a successful move to force China's owners of Grindr to divest in 2020. For more on this article, please visit: https://finance.yahoo.com/news/why-a-... Key guests include: 9 a.m. ET - Angelo Zino, CFRA Research Senior Equity Analyst 10:30 a.m. ET - Scott Bauer, Prosper Trading Academy CEO 10:45 a.m. ET - Brent Thill, Jefferies Senior Analyst 11:15 a.m. ET - Ken Mahoney, Mahoney Asset Management CEO #yahoofinance #tiktok #youtube About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. Get the latest news and data at finance.yahoo.com Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) Follow Yahoo Finance on social: X:   / yahoofinance   Instagram: https://www.instagram.com/yahoofinanc... TikTok: https://www.tiktok.com/@yahoofinance?... Facebook:   / yahoofinance   LinkedIn:   / yahoo-finance