Cornyn and Feinstein. Photo: Tom Williams / CQ Roll Call

A new version of a foreign investment oversight bill championed by Sens. John Cornyn and Dianne Feinstein allows certain countries that are "strategic partners" of the U.S. to be exempt from review, according to a source familiar with the negotiations.

Why it matters: The changes show effort to alleviate concerns of American companies that feared the original bill's reach was too broad and would hurt business.

The backdrop: The legislation focuses on updating The Committee on Foreign Investment in the U.S., which has been taking a more aggressive approach to proposed mergers between U.S. and Chinese tech companies.

U.S. companies worried that some of the bill's original language was too vague, particularly in terms of what types of technologies and transactions would receive CFIUS scrutiny.

The details: Axios has learned will be three new changes to the bill.

  1. Define terms like “ordinary business transaction,” “associated support,” and “foreign person” to give the industry more certainty as to what transactions will be reviewed.
  2. Exempt reviews of transactions that are already covered by the export control board.
  3. Include "strategic partners" — countries beyond just treaty allies — on a "safe list" that exempts certain transactions from review.

What this means: The changes appear to let companies avoid CFIUS scrutiny on transactions like overseas equipment and license sales, but still do not address how CFIUS would define "critical technologies" or "critical infrastructure."

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Trump tightens screws on ByteDance to sell Tiktok

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President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

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  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
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  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
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Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.