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Illustration: Sarah Grillo/Axios

Senator Rand Paul (R-Ky.) on Wednesday called for a federal national security review of Broadcom's proposed $19 billion acquisition of Computer Associates Technologies (CA) during a Senate hearing on homeland security.

The bottom line: Sources tell Axios that neither Broadcom nor CA asked for a review of their transaction by the Committee on Foreign Investment in the U.S., but that some within the defense and energy communities have been agitating for a CFIUS review anyway. Paul's public call might move the needle.

The backdrop:

  • President Trump in March blocked Broadcom's attempted purchase of Qualcomm, citing national security concerns around 5G networking and Broadcom's manufacturing and customer ties to China.
  • Broadcom has since redomiciled from Singapore to California.
"Earlier this year CFIUS intervened to block Broadcom from acquiring Qualcomm on national security concerns. Now Broadcom is about to complete acquisitions of Computer Associates Technologies, also known as CA Technologies, whose network systems are deeply embedded in many of our critical infrastructure facilities and national security agencies. For example, 60% of us electric companies are serviced by companies using CA systems. Similarly their systems are used in 29 nuclear reactors. Is CFIUS reviewing this transaction...
We will send you a letter advocating that CFIUS looks at this... Just because Broadcom has changed its domicile to [the U.S.] doesn't mean we shouldn't look at Broadcom."
— Statement from Rand Paul

Update: Broadcom pushes back, cites "fraudulent" memo

Go deeper

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Biden starts negotiating to raise capital gains tax rate

Illustration: Aïda Amer/Axios

President Biden wants to nearly double the capital gains tax paid by wealthy Americans, as first reported yesterday by Bloomberg and confirmed by Axios.

Counterintuitive: Biden's plan is better for private fund managers (hedge, PE, VC, etc.) than what he proposed during the campaign.

Scoop: Caitlyn Jenner makes it official for California governor

Caitlyn Jenner. Photo: Paul Archuleta/Getty Images

Former Olympic decathlete and reality TV star Caitlyn Jenner has filed her initial paperwork to run for governor of California and will officially announce her bid later today, her campaign tells Axios.

The big picture: Jenner, a longtime Republican, is seeking to replace Democratic Gov. Gavin Newsom in a recall election, hoping her celebrity status and name recognition can yield an upset in the nation's most populous state.

Kendall Baker, author of Sports
2 hours ago - Sports

New laws, new rules bring big changes to college sports

Illustration: Sarah Grillo/Axios

The college sports landscape could change more in the next six months than it has in the last 50 years, as the NCAA grapples with new competition, new laws and new rules.

How it works... 1. Startup leagues: Investors are flocking to new leagues that aim to compete with the NCAA, evidence of just how much opposition there is to the amateurism model — and how much belief there is in new ones.