This draft [1], linked from this CNN article [2], starts with:
To protect the national security of the United States from the threat posed
by foreign adversary controlled applications, such as TikTok and any
successor application or service and any other application or service
developed or provided by ByteDance Ltd. or an entity under the control
of ByteDance Ltd.
And names TikTok and ByteDance specifically in it's contents which grants the power to do so, but does not suggest any particular standards why other than designations as a "Foreign Adversary". Which is basically a circular framework for bias. Would this apply to X with a large investment from Saudi Arabia for example?
Specific callouts occur deeper in the bill too - and with no standard or policy or reasoning why other than appearing on a list.
Ownership restrictions didn't keep Facebook from allegedly selling the space for mass influence of an election to Russia operating through a UK company. If politicians were actually looking to protect the US, regulations on social media and advertising that apply universally regardless of ownership would be much more effective. I would welcome a well built set of regs for that.
It’s a general foreign ownership of social media bill. We already have foreign ownership restrictions on traditional media.