More than a decade of advanced American technology could be handed over to one of the country’s top economic rivals unless the government intervenes to stop the sale, lawmakers say.
The concerns surround the sale of A123 Systems -- a firm backed for years by U.S. taxpayers -- to a company run by a Chinese multi-millionaire with deep ties to the Chinese Communist Party. The move would essentially transfer sensitive battery technology with “key military applications," according to one group that is opposing the sale.
Renewed concerns come one day after President Obama in his inaugural speech spoke to the need to keep advanced technology here in the U.S.
“We cannot cede to other nations the technology that will power new jobs and new industries -- we must claim its promise,” he said.
If Obama wants to keep this word, his administration will have to block the sale to Wanxiang, Rep. Marsha Blackburn, R-Tenn., said.
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