U.S. Banks May Soon Be Banned From Taking Huawei As A Customer

(TheLibertyRevolution.com)- In order to prevent espionage, a group of lawmakers from the United States, representing both political parties, has proposed a bill that would make it illegal for the Chinese technology company Huawei and 5G companies owned by the CCP to access the American banking system.

The bill would “severely sanction” Huawei and other “untrustworthy” China-based 5G producers who have been accused of conducting acts of economic espionage in the United States. It is co-sponsored by Senator Tom Cotton (R-Ark.) and Senator Chris Van Hollen (D-Md.), and it has the backing of fellow senators like Senate Majority Leader Chuck Schumer (D-N.Y.)

Mike Gallagher, a Republican representative for Wisconsin, has introduced companion legislation in the House.

It would be against the law for any American company to engage in significant business with a foreign company suspected of engaging in economic espionage, such as Huawei. This prohibition would apply to all American companies.

This comes at a time when Senator Cotton claimed in an interview with Fox News that TikTok, owned by the China-based company ByteDance and subject to Chinese law, is directing “violent, degrading” content toward young people in the United States.

The Federal Bureau of Investigation has issued a warning that TikTok can access or control the phones of millions of its users at any time it chooses, steal information, hack into electronic devices, and carry out influence operations worldwide.

Cotton, a member of the Senate Judiciary Committee, was a guest on the program “America Reports” on Fox News and expressed his concerns about the “lasting threat” that Chinese 5G companies and social media companies pose to the privacy and security of Americans.

In a statement released on December 13, he said they’d made great strides at home and abroad in combating Huawei’s malign attempts to dominate 5G and steal Americans’ data in recent years.

“We cannot allow Huawei and the Chinese Communist Party to have access to the personal data of Americans or our nation’s most sensitive defense systems,” Cotton declared. “This is unacceptable.”