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House to vote on TikTok bill: What happens next?
The House of Representatives is expected to hold a vote Wednesday morning on the bill that would require TikTok to be divested from its China-based parent company ByteDance or face a ban over national security concerns.
The Protecting Americans from Foreign Adversary Controlled Applications Act was introduced last week by Reps. Mike Gallagher, R-Wis., and Raja Krishnamoorthi, D-Ill., who are the bipartisan leaders of the Select Committee on the Strategic Competition between the U.S. and the Chinese Communist Party (CCP). The bill seeks to block apps controlled by foreign adversaries like China, Russia, Iran and North Korea.
If enacted, the bill would give ByteDance six months to sell TikTok to an entity outside of China, and if it fails to do so, U.S. companies that operate app stores like Google and Apple or host websites would be required to ban TikTok. The app has raised concerns about its potential to serve as a propaganda and surveillance tool due to ByteDance’s CCP links, as well as concerns about its algorithm surfacing harmful content to young users.
Last week, the House Energy and Commerce Committee advanced the bill on a unanimous 50-0 vote, and it is likely to pass the full House on a bipartisan vote. President Biden also indicated he would sign the bill into law if it reaches its desk – though it faces an uncertain fate in the Senate.
DEFYING TRUMP, HOUSE GOP PLANS TO FORGE AHEAD WITH TIKTOK BILL THAT COULD BAN APP
Senate Majority Leader Chuck Schumer, D-N.Y., has not indicated his plans for bringing the House’s TikTok bill up for a vote and said he would wait to see what the House does and that he would speak with committee leaders about the bill.
Schumer’s office did not immediately respond to a request for comment.
Senate Commerce Committee Chair Maria Cantwell, D-Wash., has indicated she prefers a different bill known as the GUARD Act that would give the Commerce Department authority to regulate foreign-owned apps like TikTok without banning them entirely.
TIKTOK FACES BAN IN BIPARTISAN BILL IF BYTEDANCE DOESN’T DIVEST OWNERSHIP
It remains uncertain whether the Senate will consider the legislation. Senators on both sides of the aisle have continued to weigh in on the threat of TikTok even as some senators oppose the House bill.
“China is our chief adversary, and the CCP is ruthless,” Sen. Eric Schmitt, R-Mo., told FOX Business in a statement. “Their ownership of this AI weapon aimed at America and our kids needs to be addressed. It’s a serious national security issue.”
Sen. Mark Warner, D-Va., said during a committee hearing on Monday that, “Donald Trump was right years ago when he pointed out the enormous national security concerns around TikTok, both in terms of obtaining data, but also think about the percentage – I think there are about 170 million Americans who use TikTok.”
TRUMP SAYS TIKTOK A NATIONAL SECURITY THREAT BUT YOUNG PEOPLE WILL ‘GO CRAZY’ WITHOUT IT
If the House bill passes and the Senate takes action on an amended version of the bill or different legislation altogether, the two chambers will need to agree on a version of the bill that can be passed by both and sent to President Biden’s desk to get signed into law.
FCC COMMISSIONER SAYS TIKTOK IS A ‘CLEAR AND PRESENT DANGER’ TO US NATIONAL SECURITY
Officials from the FBI, Justice Department, and the Office of the Director of National Intelligence (ODNI) briefed House lawmakers about TikTok on Tuesday.
The briefing comes a day after ODNI, which oversees U.S. intelligence agencies, released its annual worldwide threat assessment which noted that China has used tools like TikTok for foreign influence operations.
“China is demonstrating a higher degree of sophistication in its influence activity, including experimenting with generative AI. TikTok accounts run by a PRC propaganda arm reportedly targeted candidates from both political parties during the U.S. midterm cycle in 2022,” ODNI wrote.
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TikTok has said the House bill is “an outright ban of TikTok, no matter how much the authors try to disguise it.” The company added that it would “trample the First Amendment rights” of its 170 million U.S.-based users.
The platform sent notifications to its U.S. users, including children, who deluged congressional offices with phone calls and correspondence to lobby against the bill after it was introduced last week. Despite those efforts, the bill advanced unanimously out of committee and Republican leaders in the House said it would receive a floor vote this week.
Fox News’ Elizabeth Elkind contributed to this report.
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Predictions for Mortgage Rates in 2024: What to Expect
As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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