financetom
Business
financetom
/
Business
/
Democrat to vote against bill restricting China's WuXi Biologics, BGI
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Democrat to vote against bill restricting China's WuXi Biologics, BGI
Sep 6, 2024 8:55 PM

(Reuters) - An influential Democratic U.S. congressman said on Friday that he will vote against legislation that would restrict business with China's WuXi Biologics ( WXIBF ), BGI and other biotech companies on national security grounds.

Rep. Jim McGovern of Massachusetts, the ranking member on the House Rules committee, told Reuters he is trying to convince colleagues to join him in opposition.

McGovern said there was no process for how companies were included in the legislation, and that he could not get a straight answer for why Wuxi Biologics ( WXIBF ) was added. The company is building a facility in his district.

The Biosecure Act is scheduled for a vote on Monday by the U.S. House of Representatives. Supporters say the legislation, which would subject the companies to federal contracting bans, is needed to protect Americans' personal health and genetic information as well as U.S. pharmaceutical supply chains.

McGovern, the top House Democrat on the Congressional-Executive Commission on China and a critic of China's human rights abuses, said, "Companies providing sensitive information to the Chinese government is a real and important issue."

"But the bottom line is, this is a lousy bill."

The bill is scheduled to be voted on under a process which limits debate, does not allow for amendments and requires a two-thirds majority vote for passage.

A spokesperson for the House Select Committee on China said that "biotech companies beholden to our foremost adversary, the Chinese Communist Party, pose a tremendous national security risk" and that WuXi Biologics ( WXIBF ), BGI and WuXi AppTec have a demonstrated history of working with the party.

The legislation also identifies WuXi AppTec, MGI and Complete Genomics as companies of concern.

The companies deny posing any threat to U.S. national security and each says they should not be included in the bill.

The legislation must pass both the House and Senate before President Joe Biden could sign it into law.

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 >
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Mar 21, 2024
(Reuters) -Luggage maker Samsonite International ( SMSOF ) on Friday said it plans to pursue a dual listing in addition to its listing on the Hong Kong Stock Exchange to increase the liquidity of its shares and reach investors in more markets. Samsonite ( SMSOF ) did not provide details of the exchanges it is considering for the second listing,...
Meta's Instagram down for thousands, Downdetector shows
Meta's Instagram down for thousands, Downdetector shows
Mar 21, 2024
March 21 (Reuters) - Meta Platforms's ( META ) Instagram was down for thousands of users on Thursday, according to outage tracking website Downdetector.com. ...
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Mar 21, 2024
BOGOTA, March 21 (Reuters) - The Reficar oil refinery belonging to Colombia's Ecopetrol was awarded 19.9% of the common capital in infrastructure firm McDermott in preferential shares by a judge in Amsterdam, Ecopetrol said in a statement on Thursday. The refinery is located in the Colombian city of Cartagena. ...
Oil eases on possible Gaza ceasefire, dollar strength
Oil eases on possible Gaza ceasefire, dollar strength
Mar 21, 2024
SINGAPORE (Reuters) -Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. Brent crude futures fell 42 cents, or 0.5%, to $85.36 a barrel by 0203 GMT. U.S. crude futures shed 40 cents, or 0.5%,...
Copyright 2023-2025 - www.financetom.com All Rights Reserved