ERIC - Congress to back bill replacing Huawei ZTE equipment

The U.S. may soon take another step against Chinese telecom equipment giants.Congress wants to fund an almost $2B project to rid U.S. broadband networks of Huawei equipment, which it considers a threat to national security, as well as gear from ZTE Corp. (ZTCOF).In June, the FCC formally designated the two companies as threats, a declaration that bars U.S. firms from tapping an $8.3B government fund to purchase equipment from the companies.Earlier this month, the FCC finalized rules that require carriers with ZTE or Huawei equipment to "rip and replace" that gear but is awaiting funding from Congress.What company would replace them? Nokia (NOK)? Ericsson (ERIC)?

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Congress to back bill replacing Huawei, ZTE equipment