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U.S. lawmakers introduce bill to limit Huawei's access to banks

(Reuters) – U.S. lawmakers have introduced a bipartisan bill to sanction Chinese tech firm Huawei Technologies Co Ltd and Chinese 5G companies, limiting their use of U.S. banks.

The bill, introduced by Republican Senator Tom Cotton and backed by lawmakers including Senate Majority Leader Chuck Schumer, Democrat, seeks “severe sanctions” against Huawei and other ” “untrustworthy” Chinese 5G producers who they say engage in economic espionage against the U.S.

Bill would add these entities to the Treasury Department’s list of Specially Designated Nationals (SDNs) , effectively frozen out of the U.S. financial system.

Huawei did not immediately respond to a Reuters request for comment.

Lawmakers have tried in the past to restrict Huawei’s access to U.S. banks, during President Donald Trump’s administration proposed a similar bill.

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“We have made great strides in recent years, both at home and abroad, in combating Huawei’s malign attempts to supremacy5G and steal Americans’ data,” Cotton said in a statement Tuesday. .

“We cannot allow Huawei and the Chinese Communist Party to access the personal data of Americans and our nation’s most sensitive defense systems,” he added.

In October, U.S. prosecutors charged two Chinese intelligence officials with trying to tamper with an investigation into Huawei. Prosecutors said the two Chinese nationals had tried to recruit an American law enforcement officer to serve as their spy, but the individual was actually working as an agent for the United States.

Last month, the FCC passed a ban on the use of new Huawei telecommunications equipment.

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