A group of bipartisan U.S. lawmakers has introduced legislation to cut off Chinese tech firm Huawei and other foreign companies from accessing the U.S. financial system.

Republican Senator Tom Cotton from Arkansas and Democratic Senator Chris Van Hollen from Maryland co-sponsored the bill. It is the latest attempt from the U.S. to take on the Chinese Communist Party’s (CCP’s) technological ambitions. 

The legislation would forbid American firms from participating in significant transactions with foreign firms producing 5G telecommunication technology and engaging in economic and industrial espionage. 

The bill would “severely sanction” Chinese tech giant Huawei and “other untrustworthy Chinese 5G producers engaged in economic espionage against the United States,” potentially cutting off their access to U.S. banks. 

Senator Tom Cotton said, “We’ve made great strides in recent years at home and abroad in combating Huawei’s malign attempts to dominate 5G and steal Americans’ data.”

“We cannot allow Huawei and the Chinese Communist Party to have access to Americans’ personal data and our country’s most sensitive defense systems.” 

Cotton added, “We must address the dire threat these Chinese companies pose to our national security.” 

Last month, the U.S. prohibited imports and sales of new communications equipment from Chinese producers Huawei, ZTE, and five other Chinese surveillance camera firms for posing an unacceptable risk to U.S. national security.

Washington has long believed both Chinese telecommunications firms Huawei and ZTE have deep ties to the Chinese military.

The move comes after a bipartisan group of lawmakers also introduced legislation on Tuesday to ban the Chinese-owned video-sharing app “TikTok” from operating in the United States amid increasing concerns about the app spying on Americans.

Sign up to receive our latest news!

By submitting this form, I agree to the terms.