Huawei may restrict access to banks in US
2022.12.14 02:08
Huawei may restrict access to banks in US
Budrigannews.com – A bill that would prohibit Chinese 5G companies and the Chinese tech company Huawei Technologies Ltd. from gaining access to U.S. banks has been introduced by bipartisan U.S. lawmakers.
The bill, which was introduced by Republican senator Tom Cotton and has the support of lawmakers like Democrat Senate Majority Leader Chuck Schumer, aims to “severely sanction” Huawei and other “untrustworthy” Chinese 5G producers who, according to them, engage in economic espionage against the United States. The bill will add these companies to the Specially Designated Nationals (SDN) List maintained by the Treasury Department, effectively preventing them from entering the financial system of the United States.
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In the past, lawmakers have attempted to restrict Huawei’s access to American banks. In 2020, while President Donald Trump was in office, a bill of a similar nature was proposed.
“We’ve taken extraordinary steps as of late at home and abroad in combatting Huawei’s defame endeavors to overwhelm 5G and take Americans’ information,” Cotton said in an explanation on Tuesday.
He continued, “We cannot permit Huawei and the Chinese Communist Party to access Americans’ personal data and our country’s most sensitive defense systems.”
Two Chinese intelligence officers were indicted by U.S. prosecutors in October for attempting to tamper with the Huawei investigation. According to prosecutors, the two Chinese nationals had attempted to hire a U.S. law enforcement officer as a spy, but the recruit was actually an American agent.
