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Photo: Alex Wong/Getty Images

President Joe Biden issued an executive order Thursday that would ban Americans from investing in companies linked to China's military and its surveillance activities.

Why it matters: Biden's executive order is an expansion of one issued by the Trump administration in November 2020, and it shows that the Biden administration is "continuing some of the hard-line China policies left by former President Donald Trump," according to the Wall Street Journal.

The big picture: The Trump administration's executive order banned Americans from investing in 31 companies linked to the Chinese government.

  • Biden's executive order expands on the order, listing 59 companies and includes Chinese technology firms that make or deploy surveillance technology that contributes to the "surveillance of religious or ethnic minorities or otherwise facilitate repression and serious human rights abuses," per the White House press release.
  • The goal of the executive order is to "ensure that U.S. investments are not supporting Chinese companies that undermine the security or values of the United States and our allies," per the release.
  • The ban will take effect on Aug. 2, but investors will be allowed to conduct trades over the next year in order to divest themselves of their holdings in the banned companies, per the Financial Times.

Of note: In order to effectively crack down on China's use of surveillance technology, the U.S. would need to convince its allies in Europe, as well as Japan and South Korea, to also institute similar investment bans, the New York Times notes.

Go deeper

Texas governor moves to close shelters housing migrant children

Gov. Greg Abbott. Photo: Lynda M. Gonzalez-Pool/Getty Images

Texas Gov. Greg Abbott (R) issued a disaster declaration that directs state child-care regulators to "take all necessary steps" to deny or discontinue within 90 days state licenses for any facilities that house migrant children.

Why it matters: The directive could force the relocation of 4,223 migrant children currently residing in state-licensed facilities in Texas, according to the Dallas Morning News reports.

Exclusive: Quartz, NYT vets launch new media company about work

Photo credit: Emma Howells for Charter

Quartz co-founders Kevin Delaney and Jay Lauf, along with New York Times veteran Erin Grau, are launching a new media and services company called "Charter" that is centered around the future of work, the founders told Axios.

Why it matters: "There are other media companies that write about this topic — some occasionally and some more frequently, but it's one topic among many things that they do," Delaney said. "This is a driving focus for us."

Biden endorses bill to end sentencing disparity for crack and powder cocaine

Photo: Drew Angerer/Getty Images

The Biden administration endorsed a bill Tuesday that would end sentencing disparities for crack versus powder cocaine offenses.

The big picture: Supporting the legislation follows through on one of Biden's campaign promises. But it's a shift from decades ago, when Biden spearheaded efforts to pass the legislation that implemented the disparities in the first place.

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