• bitcoinBitcoin(BTC)$77,033.00-0.32%
  • ethereumEthereum(ETH)$2,490.93-1.31%
  • tetherTether(USDT)$1.00-0.02%
  • binancecoinBNB(BNB)$719.11-1.21%
  • rippleXRP(XRP)$1.35-1.26%
  • usd-coinUSDC(USDC)$1.00-0.01%
  • solanaSolana(SOL)$99.99-2.16%
  • tronTRON(TRX)$0.338248-0.71%
  • Figure HelocFigure Heloc(FIGR_HELOC)$1.000.00%
  • zcashZcash(ZEC)$1,073.33-4.65%
  • HyperliquidHyperliquid(HYPE)$78.12-1.55%
  • dogecoinDogecoin(DOGE)$0.083073-2.17%
  • RainRain(RAIN)$0.015207-3.40%
  • USDSUSDS(USDS)$1.00-0.01%
  • moneroMonero(XMR)$517.85-4.49%
  • whitebitWhiteBIT Coin(WBT)$79.82-0.65%
  • chainlinkChainlink(LINK)$11.30-1.84%
  • leo-tokenLEO Token(LEO)$9.02-0.80%
  • cardanoCardano(ADA)$0.204910-1.45%
  • stellarStellar(XLM)$0.178753-0.85%
  • Ethena USDeEthena USDe(USDE)$1.00-0.03%
  • daiDai(DAI)$1.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$222.66-1.57%
  • USD1USD1(USD1)$1.00-0.01%
  • litecoinLitecoin(LTC)$54.210.71%
  • uniswapUniswap(UNI)$6.23-2.22%
  • CantonCanton(CC)$0.096625-1.46%
  • the-open-networkGram (prev. Toncoin)(GRAM)$1.35-2.32%
  • hedera-hashgraphHedera(HBAR)$0.0757680.94%
  • Global DollarGlobal Dollar(USDG)$1.00-0.01%
  • avalanche-2Avalanche(AVAX)$7.36-0.50%
  • shiba-inuShiba Inu(SHIB)$0.000005-1.97%
  • nearNEAR Protocol(NEAR)$2.33-1.35%
  • suiSui(SUI)$0.71-2.81%
  • crypto-com-chainCronos(CRO)$0.057793-2.97%
  • paypal-usdPayPal USD(PYUSD)$1.00-0.01%
  • BlackRock USD Institutional Digital Liquidity FundBlackRock USD Institutional Digital Liquidity Fund(BUIDL)$1.000.00%
  • tether-goldTether Gold(XAUT)$4,351.340.01%
  • Circle USYCCircle USYC(USYC)$1.140.00%
  • MemeCoreMemeCore(M)$1.13-4.99%
  • Ripple USDRipple USD(RLUSD)$1.000.00%
  • okbOKB(OKB)$113.87-0.54%
  • BittensorBittensor(TAO)$235.030.72%
  • Ondo US Dollar YieldOndo US Dollar Yield(USDY)$1.15-0.09%
  • aaveAave(AAVE)$125.12-0.98%
  • pax-goldPAX Gold(PAXG)$4,355.630.00%
  • AsterAster(ASTER)$0.690.56%
  • mantleMantle(MNT)$0.560.67%
  • World Liberty FinancialWorld Liberty Financial(WLFI)$0.056953-0.17%
  • BitwayBitway(BTW)$0.6619.14%
TradePoint.io
  • Main
  • AI & Technology
  • Stock Charts
  • Market & News
  • Business
  • Finance Tips
  • Trade Tube
  • Blog
  • Shop
No Result
View All Result
TradePoint.io
No Result
View All Result

Chuck Schumer facing intense pressure as House overwhelmingly passes bill to force TikTok sale

March 13, 2024
in Business
Reading Time: 5 mins read
A A
Chuck Schumer facing intense pressure as House overwhelmingly passes bill to force TikTok sale
ShareShareShareShareShare

Senate Majority Leader Chuck Schumer (D-NY) will face intense pressure to hold a vote on TikTok’s future in the coming days after House lawmakers overwhelmingly voted to pass a bipartisan bill that could result in an outright ban of the popular China-owned video sharing app, sources told The Post.

YOU MAY ALSO LIKE

Judge rules $400M SoFi Stadium and Inglewood deal is void

Bari Weiss caught in ‘Cold War’ power struggle with CBS News president

Schumer has yet to reveal if he will hold a Senate vote on the bill – which forces TikTok’s China-based parent company ByteDance to divest within six months or be banned in the US.

House lawmakers on Wednesday passed the Protecting Americans from Foreign Adversary Controlled Applications Act in a 352-65 vote.

Senate Majority Leader Chuck Schumer has remained noncommittal about a potential vote on the TikTok bill. AP

The House’s decisive and bipartisan tally, which easily cleared a required two-thirds majority for passage – adds more pressure on Schumer to have the Senate act, experts told The Post.

However, it remains unclear if the bill would achieve the same level of support in the upper chamber as it did in the House.

“It’s hard to ignore such a lopsided vote as we saw in the House today if you’re Schumer,” said Matt Gorman, a political consultant former senior adviser to Sen. Tim Scott’s presidential campaign. “I have a hard time, in light of the overwhelming House vote, to see how it’s politically tenable to withhold – especially when Biden has already said he’d sign it.”

Ahead of the vote, an official who has been lobbying Congress to pass the legislation told The Post that a clear margin of victory in the House could push Schumer to take up the legislation. For now, the majority leader’s stance on the issue remains an open question on Capitol Hill.

TikTok has called the bill a de facto ban. AP

“No one really knows his view,” the source said. “I think he hasn’t decided.”

President Biden has already signaled he would sign the House bill if it makes it to his desk, while his GOP challenger Donald Trump surprised his own party’s China hawks by indicating he is against a TikTok ban because it would make Facebook parent Meta more powerful.

TikTok, whose CEO Shou Zi Chew answers to the app’s Beijing-based owner ByteDance, has called the bill a de facto ban — and is already reportedly preparing to wage a no-holds-barred legal battle if it becomes law.

The bill appeared to the backing of President Biden’s Justice Department, with deputy attorney general Lisa Monaco helping to craft its language to head off TikTok’s expected legal war to block the legislation, according to the Wall Street Journal.

“Behind the scenes, you clearly have a lot of support from the Justice Department for some kind of forced sale,” added a well-connected Democratic source.

Schumer was noncommital when asked on Wednesday about the House’s passage of the bill, stating that the “Senate will review the legislation when it comes over from the House” with no indication of a timeframe.

A day earlier, the New York Democrat said he would consult with “relevant committee chairmen to see what their views would be.”

Here’s what to know about the potential TikTok ban

  • House lawmakers voted Wednesday to compel Chinese Communist Party-tied ByteDance to sell off TikTok within six months or face the popular social media app being banned in the US.
  • Rep. Mike Gallagher, the Republican chair of the House select China committee, told TikTok to “break up with the Chinese Communist Party or lose access to your American users.”
  • The bill would give ByteDance 165 days to divest TikTok, which is used by more than 170 million Americans, or it would be unlawful for app stores to offer TikTok or to provide web hosting services to ByteDance-controlled applications.
  • The House Energy and Commerce Committee passed the Protecting Americans from Foreign Adversary Controlled Applications Act by a 50-0 vote during a markup session.
  • According to the bill, TikTok fans in the US can keep scrolling through their favorite social media app so long as Beijing-based ByteDance gives up on owning it.
  • Former White House adviser Steve Bannon jumped on Donald Trump over his opposition to banning TikTok — suggesting his ex-boss’s objections may be motivated by a billionaire donor who holds a large stake in the Chinese-owned app. Trump argued that banning it would further empower Facebook, which he called an “enemy of the people.”
  • What TikTok users, content creators need to know as Congress inches closer to banning app in US

Schumer’s office didn’t immediately respond to a request for further comment on Wednesday.

If Schumer does bring the bill up for a vote, it’s currently unclear whether it would garner enough support to pass the Senate, where lawmakers from both parties have raised concerns about its potential implications for freedom of speech.

Several Republicans, including Sens. Lindsey Grahan, Rand Paul, Todd Young and Thom Tillis, have either said they are unsure about the House’s bill or were outright against it.

The House overwhelmingly voted in favor of the bill. Getty Images

At the same time, Senate Select Committee on Intelligence Vice Chairman Marco Rubio (R-Fla.) and Chairman Mark Warner (D-Va.) issued a joint statement in favor of the bill, saying they were “encouraged by today’s strong bipartisan vote in the House of Representatives, and look forward to working together to get this bill passed through the Senate and signed into law.”

“I tend to think Schumer’s going to sit on it for a little while,” said a former Treasury Department official with Hill experience who spoke on condition of anonymity.

Start your day with the latest business news right at your fingertips

Subscribe to our daily Business Report newsletter!

Thanks for signing up!

With Biden and Trump on opposite sides of the debate, Schumer is likely weighing the political ramifications of the bill ahead of the 2024 election and the impact it could have on key Senate races – such as those of Democratic Sens. Sherrod Brown in Ohio and Jon Tester in Montana.

TikTok CEO Shou Zi Chew is pictured. REUTERS

Schumer also needs to make sure he has enough votes to pass the bill before bringing it to the floor and risking an embarrassing loss.

“If it does come up for a vote in the Senate, it’ll have to pass, because you just can’t have a bill like this out there being tough on China where you don’t get enough members,” the ex-Treasury official added.

Credit: Source link

ShareTweetSendSharePin

Related Posts

Judge rules 0M SoFi Stadium and Inglewood deal is void
Business

Judge rules $400M SoFi Stadium and Inglewood deal is void

September 13, 2026
Bari Weiss caught in ‘Cold War’ power struggle with CBS News president
Business

Bari Weiss caught in ‘Cold War’ power struggle with CBS News president

September 13, 2026
Proskauer Rose law firm adds 2 more floors at 11 Times Square
Business

Proskauer Rose law firm adds 2 more floors at 11 Times Square

September 13, 2026
Starrett-Lehigh building reigns supreme as key Fashion Week anchor
Business

Starrett-Lehigh building reigns supreme as key Fashion Week anchor

September 13, 2026
Next Post
Police rescue a runaway #horse in #California

Police rescue a runaway #horse in #California

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result
Your Marginal Tax Rate Is Not What You Pay on All Your Income

Your Marginal Tax Rate Is Not What You Pay on All Your Income

September 10, 2026
TikTok rejects Meta ads urging firm to join landmark child safety settlement: report

TikTok rejects Meta ads urging firm to join landmark child safety settlement: report

September 11, 2026
NVIDIA Announces CUDA Rust with cuda-oxide (SIMT) and cutile-rs (Tile) for Compile-Time-Safe GPU Kernels

NVIDIA Announces CUDA Rust with cuda-oxide (SIMT) and cutile-rs (Tile) for Compile-Time-Safe GPU Kernels

September 8, 2026

About

Learn more

Our Services

Legal

Privacy Policy

Terms of Use

Bloggers

Learn more

Article Links

Contact

Advertise

Ask us anything

©2020- TradePoint.io - All rights reserved!

Tradepoint.io, being just a publishing and technology platform, is not a registered broker-dealer or investment adviser. So we do not provide investment advice. Rather, brokerage services are provided to clients of Tradepoint.io by independent SEC-registered broker-dealers and members of FINRA/SIPC. Every form of investing carries some risk and past performance is not a guarantee of future results. “Tradepoint.io“, “Instant Investing” and “My Trading Tools” are registered trademarks of Apperbuild, LLC.

This website is operated by Apperbuild, LLC. We have no link to any brokerage firm and we do not provide investment advice. Every information and resource we provide is solely for the education of our readers. © 2020 Apperbuild, LLC. All rights reserved.

No Result
View All Result
  • Main
  • AI & Technology
  • Stock Charts
  • Market & News
  • Business
  • Finance Tips
  • Trade Tube
  • Blog
  • Shop

© 2023 - TradePoint.io - All Rights Reserved!