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Illustration: Rebecca Zisser / Axios

Sen. John Cornyn (R-TX) on Monday sent a letter to Treasury Sec. Mnuchin, asking that the Committee for Foreign Investment in the U.S. (CFIUS) review Broadcom's proposed takeover of Qualcomm. His big concern is that the deal could result in a controversial Chinese company with effective control over U.S. telecom infrastructure, via future development of 5G technology.

Why it matters: This is a highly unusual request, and not only because the two chipmakers haven't yet agreed to merge.

Cornyn wants CFIUS to act prior to a March 6 vote in which Qualcomm shareholders will be asked to accept or reject a slate of directors proposed by Broadcom. In other words, he's asking CFIUS to possibly preempt a proxy fight. We've so far been unable to find a related precedent.

  • It's unclear how CFIUS will account for Broadcom's announced plans to redomicile from Singapore to the U.S. This seemed to play in its favor during its smaller purchase of Brocade, but right now it remains just a promise.

Here's the full letter, as obtained by Axios:

Go deeper

Most Senate Republicans join Rand Paul effort to dismiss Trump's 2nd impeachment trial

Photo: Joshua Roberts-Pool/Getty Images

Forty-five Senate Republicans, including Minority Leader Mitch McConnell, supported an effort to dismiss former President Trump's second impeachment trial.

Why it matters: The vote serves as a precursor to how senators will approach next month's impeachment trial, making it highly unlikely the Senate will vote to convict. The House impeached Trump for a second time for "incitement of insurrection" following events from Jan 6. when a pro-Trump mob stormed the Capitol.

Texas judge temporarily halts Biden's 100-day deportation freeze

Photo: Mandel Ngan/AFP via Getty Images

A federal judge in Texas has temporarily blocked the Biden administration's 100-day freeze on deporting unauthorized immigrants.

Why it matters: Biden has set an ambitious immigration agenda, but could face pushback from the courts.

19 mins ago - Podcasts

Reddit is running Wall Street

Wall Street is locked in a battle of will between professional investors who live in Greenwich and amateur investors who congregate on Reddit. So far, the amateurs are winning, judging by increases in their chosen stocks, like GameStop and Bed, Bath & Beyond.

Axios Re:Cap goes deeper into what's really happening, the mechanics of stock "shorting" and what it means for the markets' future, with Axios chief financial correspondent Felix Salmon.