Congress’ new swing at social-media app TikTok might seem like more of the same old U.S.-China tech war that’s been running for several years—just that now it has come for dancing teens.
But what leading advocates of the new TikTok bill want would significantly expand the scope of the U.S. government’s interventions into the economy in the name of national security. The law would effectively ban TikTok if it didn’t change owners out of Chinese hands. The hallmark of China-focused regulation in recent years has been to keep American stuff—advanced technology, data, and intellectual property—out of the hands of the Chinese military. The TikTok bill would attempt to do something different: regulate companies’ ability to wield cultural power over Americans.
U.S.-China competition has already been hugely consequential for both countries’ economies and the world. Flows of trade, capital, information, and people between the two have fallen by 28% over the past decade, a report out today on the state of globalisation by logistics company DHL finds. The rise of industrial policy and other political interventions in markets are helping keep inflation high worldwide. Any expansion of regulation into new areas could add to that pressure.
To be sure, the bill is still far from becoming law. It passed the House today with overwhelming margins, but it must still pass the Senate and be signed into law by the president. Its advocates make a strong case that something really is new when it comes to TikTok. But given the stakes, it’s worth understanding exactly what that new thing is.
The bill’s leading advocates want it for two reasons . One, they argue TikTok is effectively a vast data-collection tool that can hand information about Americans directly to the Chinese Communist Party, whose requests TikTok’s management can’t refuse. This is a familiar issue in tech regulation. It is also why U.S. government employees aren’t allowed to keep the app on their phones.
The other issue is more novel. This is the idea that TikTok can be used “to mobilise public opinion,” as one of the bill’s lead sponsors, Rep. Raja Krishnamoorthi (D., Ill.), put it in a hearing with the leaders of the U.S. intelligence community on Tuesday.
Many TikTok users saw a pop-up last week urging them to contact Congress about the pending legislation, and quite a few did. Doesn’t that show exactly how the Chinese Communist Party could manipulate Americans, Krishnamoorthi asked? “While I can’t speak to the specific example,” responded FBI Director Christopher Wray, “I can tell you that the kind of thing you’re describing illustrates why this is such a concern.”
Avril Haines, U.S. director of national intelligence said that she couldn’t rule out that the CCP would use TikTok just like that to intervene in the 2024 election, something the intelligence community warned about in a new public threat assessment issued this week.
The TikTok legislation would resolve that worry not by taking away TikTok’s ability to influence Americans—only a full ban would do that. Instead, it would give the government leverage to force ByteDance, the app’s parent company, to hand ownership to an American company. Americans could still be influenced— Meta , X, and other social-media companies have been the target of other foreign-influence campaigns—but they could at least be more confident U.S. enemies aren’t secretly try to push them ideas.
TikTok’s leadership doesn’t see the issues this way. It believes the legislation is intended to ban the app, not just force divestment, and says it doesn’t take orders from the Chinese Communist Party in any case. Its CEO is from Singapore, not China, and the company is working with U.S. tech company Oracle to keep its data local to the U.S.
What no one seems to dispute is that TikTok really is wildly influential. Its 170 million users care deeply about what happens on the platform.
The question Congress is raising is whether some of TikTok’s users have been manipulated. This is a version of the argument Democrats made when it became apparent that Russia tried to intervene in the 2016 election to favour President Trump. The problem with that logic, as Republicans pointed out at the time, is that it’s not clear where it leads. If a bunch of Americans vote for the wrong reasons, does that mean the election is illegitimate? That’s a dangerous road to go down.
The point of the TikTok bill is to essentially head the debate off at the pass. Let there be no questions about the legitimacy of voting, because there wasn’t any illegitimate foreign influence behind it in the first place.
As Chris Fenton, a former Hollywood executive-turned-China critic who advised the bill’s sponsors, points out in an essay for RealClearPolitics , there is some precedent here. The Federal Communications Commission prohibits control of U.S. broadcasters by hostile governments. “Why should TikTok be an exception?,” he asks.
That’s the question the Senate will have to answer, while considering the costs of a major expansion of the U.S.-China fight and the risk that calling into question the political judgment of millions of U.S. social-media users will backfire in unexpected ways.
This decision will matter for much longer than the next dance craze.
Travellers are swapping traditional sightseeing for immersive experiences, with Africa emerging as a must-visit destination.
A survey of people with at least $1 million in investable assets found women in their 30s and 40s look nothing like older generations in terms of assets and priorities
A survey of people with at least $1 million in investable assets found women in their 30s and 40s look nothing like older generations in terms of assets and priorities
Millennial women’s wealth is outpacing men’s as a new generation inherits and grows their assets at a wider scale than ever before, according to RBC Wealth Management.
In a survey of roughly 2,000 men and women with at least $1 million in investable assets, millennial women respondents had an average of $4.6 million, compared with $3.8 million for women of all age groups and $4.5 million for all men.
Inheritance is one part of the picture, as baby boomers are expected to transfer $124 trillion to the next generation, but so is the progress millennial women have made in the world of business, investment and lucrative professional careers as they close the gap with men.
“Millennial women are catching up, or have outpaced the males as far as their wealth building,” said Angie O’Leary, head of wealth strategies at RBC. “We know that’s coming from a more diversified set of investments, such as entrepreneurship, real estate and of course, investments [in financial markets].”
Millennial women, now in their 30s and 40s, tend to differ from earlier generations of women more than they do from men in terms of their source of wealth. While investments were the largest driver of wealth across all categories, millennial women cited business ownership, innovation, and executive roles far more than Gen X or boomer women.
More than 60% of millennial women cited business ownership and more than 40% mentioned executive roles, but neither exceeded 22% for either Gen Xers and Boomers. Younger women also grew their fortunes from professional sports or arts 39% of the time, compared with just 6% and 1% for Gen Xers and Boomers, respectively.
In terms of inheritance, the gap between generations was smaller. About 37% of men and 35% of women cited family money as a source of wealth overall, breaking down to 44% of millennials, 30% of Gen X and 33% of boomer women.
With women controlling so much wealth, their spending and investments as a group are evolving and extending into areas previously considered stereotypically male such as real estate, cars and watches, O’Leary said. “Women are starting to look a lot like their male counterparts when it comes to investments, real estate, philanthropy,” she said. “That’s a really interesting emerging female economy.”
In real estate, for example, single women made up 20% of home buyers in 2024 up from 11% in 1981, when the National Association of Realtors began tracking the data. By contrast, single men make up 8% of the market and have never exceeded 10%, according to NAR.
While men and women shared largely similar priorities overall in terms of well-being, relationships, legacy and personal drive, younger generations of women were successively more likely to value drive and personal power, and successively less likely to rank relationships and social bonds—though that could also be a function of age and stage of life.
“This generational shift suggests evolving societal norms and responsibilities, where younger women seek personal achievements, while older cohorts value nurturing connections and community stability, affecting their financial and lifestyle choices,” the report said.

