Stock Market News

Democrat to vote against bill restricting China’s WuXi Biologics, BGI

2024.09.06 23:35

By Karen Freifeld

(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 (HK:), 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 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, 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.

© Reuters. FILE PHOTO: A sign outside a Wuxi AppTec facility is pictured, in San Diego, U.S., March 25, 2024. REUTERS/Michael Erman/ File Photo

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.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 85,255.84 4.28%
ethereum
Ethereum (ETH) $ 2,363.79 6.37%
tether
Tether (USDT) $ 0.998698 0.04%
xrp
XRP (XRP) $ 2.24 4.81%
bnb
BNB (BNB) $ 616.89 1.80%
solana
Solana (SOL) $ 137.53 5.98%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.207266 2.88%
cardano
Cardano (ADA) $ 0.659484 4.44%
staked-ether
Lido Staked Ether (STETH) $ 2,373.34 5.90%
tron
TRON (TRX) $ 0.229839 1.27%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,891.74 4.75%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,796.62 6.96%
chainlink
Chainlink (LINK) $ 15.57 0.45%
litecoin
Litecoin (LTC) $ 127.06 9.22%
avalanche-2
Avalanche (AVAX) $ 22.11 0.51%
stellar
Stellar (XLM) $ 0.291915 2.25%
sui
Sui (SUI) $ 2.93 1.87%
the-open-network
Toncoin (TON) $ 3.54 1.07%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 2.03%
leo-token
LEO Token (LEO) $ 9.09 1.16%
hedera-hashgraph
Hedera (HBAR) $ 0.199071 0.49%
usds
USDS (USDS) $ 0.998238 0.16%
polkadot
Polkadot (DOT) $ 4.86 3.06%
mantra-dao
MANTRA (OM) $ 7.24 5.99%
weth
WETH (WETH) $ 2,377.22 5.85%
hyperliquid
Hyperliquid (HYPE) $ 19.82 3.65%
bitcoin-cash
Bitcoin Cash (BCH) $ 300.48 1.70%
ethena-usde
Ethena USDe (USDE) $ 0.999059 0.03%
bitget-token
Bitget Token (BGB) $ 4.05 7.10%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,517.50 5.68%
uniswap
Uniswap (UNI) $ 8.01 5.40%
monero
Monero (XMR) $ 213.72 2.47%
whitebit
WhiteBIT Coin (WBT) $ 26.40 2.39%
near
NEAR Protocol (NEAR) $ 3.07 1.73%
pepe
Pepe (PEPE) $ 0.000008 0.02%
aptos
Aptos (APT) $ 5.91 2.91%
dai
Dai (DAI) $ 0.999574 0.04%
aave
Aave (AAVE) $ 207.46 0.52%
ondo-finance
Ondo (ONDO) $ 1.00 1.74%
internet-computer
Internet Computer (ICP) $ 6.51 1.50%
bittensor
Bittensor (TAO) $ 363.12 8.14%
susds
sUSDS (SUSDS) $ 1.04 0.02%
ethereum-classic
Ethereum Classic (ETC) $ 19.00 0.59%
okb
OKB (OKB) $ 45.85 0.02%
gatechain-token
Gate (GT) $ 21.05 1.56%
official-trump
Official Trump (TRUMP) $ 13.16 2.29%
mantle
Mantle (MNT) $ 0.763887 5.53%
tokenize-xchange
Tokenize Xchange (TKX) $ 29.84 9.69%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 85,094.80 4.38%