March 5, 2018, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement praising the Committee on Foreign Investment in the United States (CFIUS) for delaying the Broadcom hostile takeover of Qualcomm for 30 days while it investigates the matter:
“The Trump administration is exactly right in ordering the delay of the attempted technology takeover of San Diego-based Qualcomm Corporation by foreign owned Broadcom. Broadcom’s hostile takeover attempt would represent one of the greatest U.S. technology transfers in history, as Qualcomm is the inventor who made 3G and 4G technologies work, has new platforms built around mobile technologies to challenge Intel in the chip field, and most importantly, is the leading company in solving the tech puzzle surrounding the coming 5G Internet of Things.
“It would be disastrous for the economic position of the U.S. in the world if Qualcomm’s innovations were to become available to the Chinese who are working to usurp America’s position at the head of the technology innovation class. And the hostile takeover attempt by Broadcom would not only end U.S. dominance over the next generation of communications technologies, it would also make our systems much more vulnerable in the future to hacking due to potential built-in backdoors created by the Chinese.
“The Trump administration seemingly understands these challenges and the U.S. Department of Treasury has taken the right first steps to determine the extent and damage of any potential technology transfer. This is exactly what CFIUS was created to do, and this weekend’s announcement is a positive affirmation that they are paying close attention to this potentially disastrous deal.”
Attachments:
“Trump, stop this foreign takeover of US tech giant,” By Rick Manning, March 5, 2018 at http://thehill.com/opinion/national-security/376476-trump-stop-this-foreign-takeover-of-us-tech-giant
Interview Availability: Please contact Americans for Limited Government at 703-383-0880 ext. 106 or at media@limitgov.org to arrange an interview with ALG experts.
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