Rep. French Hill (AR-02) and Rep. Steve Cohen (TN-09) recently introduced the bipartisan, H.R. 6775 Protecting American Business from Foreign Adversaries Act. This legislation will protect American business and security interests by requiring foreign business entities to assign and register an agent with the Department of Commerce as a prerequisite to doing business in the United States.
“Allowing foreign entities into our markets is valuable for global trade, but it is not without risk because rogue foreign actors are notorious for stealing trade secrets and intellectual property (IP) of U.S. firms and businesses based here in the United States. This has been the case especially for bad actors from China. Our bill will protect American businesses from IP theft and commercial espionage by closing loopholes and holding rogue foreign business entities conducting business in the United States accountable,” said Rep. Hill
“Transparency and the rule of law are essential elements of fair and efficient business operations, but many foreign companies in the United States operate outside our legal system, beyond the jurisdiction of U.S. courts and regulatory agencies. The Protecting American Business from Foreign Adversaries Act would remedy this legal gray area by requiring foreign business entities to assign and register agents with the Department of Commerce responsible for service of process in legal and regulatory proceedings. This commonsense approach makes foreign entities subject to the same legal requirements as their American counterparts and would assure fair competition,” said Rep. Cohen.
To read the Protecting American Business from Foreign Adversaries Act, click HERE.
Original source can be found here.
