House Democrats Jim McGovern and Rosa DeLauro have accused Republicans of bowing to Elon Musk's influence, leading to removing a provision in a bipartisan government funding bill that aimed to regulate U.S. investments in China. McGovern stated that the provision would have supported keeping advanced AI and quantum computing technology in the U.S. but was scrapped due to Musk’s interest in maintaining favorable relations with China. Tesla is the only foreign automaker operating a factory in China without a local joint venture. The tech mogul, who contributed to Donald Trump’s 2024 campaign, has become a key adviser to the president-elect and is expected to co-lead efforts to streamline regulations under the new administration.
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00:00It's Benzinga bringing Wall Street to Main Street, bowing to Elon Musk's influence,
00:04leading to the removal of a provision in a bipartisan government funding bill that aimed
00:09to regulate U.S. investments in China. The government stated that the provision would
00:14have supported keeping advanced A.I. and quantum computing technology in the U.S.,
00:19but was scrapped due to Musk's interest in maintaining favorable relations with China.
00:25Tesla is the only foreign automaker operating a factory in China
00:29without a locally joint venture. The tech mogul who contributed to Donald Trump's 2024 campaign
00:35has become a key player in the U.S. economy.
00:36For all things money, visit Benzinga.com slash GSTV.