This week, both the House Appropriations Committee and the House Energy and Commerce Committee heard from Treasury Secretary Janet Yellen and TikTok CEO Shou Chew in separate hearings. Yellen discussed the increasing concern around foreign-linked business transactions that could pose potential data security risks to national security, noting the ongoing negotiations with the Committee on Foreign Investment in the United States (CFIUS) and TikTok.
TikTok CEO Shou Chew testified before the House Energy and Commerce Committee to demonstrate the security of TikTok user data from Chinese government spying through an initiative called Project Texas. However, many members of the committee expressed skepticism regarding the initiative.
Separately, Yellen also discussed the need for additional funds to bolster Treasury’s own network defenses, as the agency is a major target for cyberattacks. Yellen stressed that the CFIUS will not approve any transaction that compromises national security.
This week, the House Appropriations Committee and the House Energy and Commerce Committee heard from Treasury Secretary Janet Yellen and TikTok CEO Shou Chew on the topic of data security risks posed by foreign-linked business transactions. Yellen discussed the ongoing negotiations with the Committee on Foreign Investment in the United States (CFIUS) and TikTok, as well as the need for additional funds to bolster Treasury’s own network defenses.
TikTok CEO Shou Chew presented Project Texas, an initiative meant to demonstrate the security of TikTok user data from Chinese government spying. However, the initiative was met with skepticism by members of the House Energy and Commerce Committee. Yellen reaffirmed that the CFIUS will not approve any transaction that compromises national security.
It remains to be seen what the outcome of these hearings will be, and how the data security risks posed by foreign-linked business transactions will be managed.