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Sanctions for Telecom Espionage: Protecting US Data and Businesses

This act imposes sanctions on foreign telecommunications companies that produce 5G or future generation technology and engage in economic or industrial espionage against US businesses. Its aim is to protect sensitive information and trade secrets of American companies, potentially impacting data security and market competitiveness.
Key points
Blocking financial transactions with telecom companies suspected of espionage.
Protecting US trade secrets and proprietary information from theft.
Possibility of waiving sanctions if vital to US national security.
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Additional Information
NETWORKS Act
Print number: S 5239
Sponsor: Sen. Cotton, Tom [R-AR]
Process start date: 2022-12-12