TikTok Backlash as Congress Heads for Vote to Force Sale

TikTok urged its users to call Congress and lawmakers to drop a bill that could ban the popular video-sharing app in the U.S., and those users listened.

But the plan backfired. Instead of dropping the bill, which was introduced just two days ago, the House Energy and Commerce Committee approved it in a 50-0 vote Thursday afternoon. House Majority Leader Steve Scalise said he’s bringing it to a floor vote.

That was after beleaguered house staffers across the Capitol grounds endured hours of office phones ringing off the hook in an all-out push from TikTok users.

While TikTok the company has criticised efforts to ban it or crack down on it, this week’s legislative move prompted the social media company to appeal directly to users.

“TikTok is at risk of being shut down in the U.S. Call your representative now,” the app told its users when they logged into their accounts.

The app asked users to enter their ZIP codes and then directed them to their local congressional representatives.

TikTok was responding to a measure proposed Tuesday by Reps. Mike Gallagher (R, Wisc.) and Raja Krishnamoorthi (D, Ill.), co-chairs of the House Select Committee on the Chinese Communist Party, that claims TikTok “poses a grave threat to U.S. national security.”

TikTok, based in Singapore, is owned by China-based ByteDance, and that’s what lawmakers object to. The measure focuses on “foreign adversary controlled applications.” It would require ByteDance to divest of TikTok about five months after the law is passed, or risk being removed from app stores in the U.S.

That would make it illegal to distribute TikTok through any U.S. app store or from any U.S. web-hosting platform. TikTok says that is effectively a ban of the platform.

A TikTok spokesperson told Barron’s that “This legislation has a predetermined outcome: a total ban of TikTok in the United States.”

“The government is attempting to strip 170 million Americans of their Constitutional right to free expression,” spokesperson Alex Haurek said. “This will damage millions of businesses, deny artists an audience, and destroy the livelihoods of countless creators across the country.”

TikTok CEO Shou Zi Chew and others have repeatedly insisted that ByteDance and TikTok aren’t controlled by the Chinese government or Chinese Communist Party, and that U.S. user data is stored securely in Singapore and the U.S.

Krishnamoorthi said on X that TikTok has “launched a massive propaganda campaign, requiring users to call their representatives, and falsely labelling our legislation a ‘total ban’ of TikTok.”

“Phones are completely bogged down hearing from students, young adults, adults, and business owners who are all concerned at the option of losing their access to the platform,” a Republican aide told Axios.

The National Security Council has called the bill “an important and welcome step” to addressing risks to sensitive U.S. data, and the White House has said that if Congress passes it, President Joe Biden would sign it.

For self-employed Australians, navigating the mortgage market can be complex—especially when income documentation doesn’t fit the standard mould. In this guide, Stephen Andrianakos, Director of Red Door Financial Group, outlines eight flexible loan structures designed to support business owners, freelancers, and entrepreneurs.

1. Full-Doc Loan
A full-doc loan is the most straightforward and competitive option for self-employed borrowers with up-to-date tax returns and financials. Lenders assess two years of tax returns, assessment notices, and business financials. This type of loan offers high borrowing capacity, access to features like offset accounts and redraw facilities, and fixed and variable rate choices.

2. Low-Doc Loan
Low-doc loans are designed for borrowers who can’t provide the usual financial documentation, such as those in start-up mode or recently expanded businesses. Instead of full tax returns, lenders accept alternatives like profit and loss statements or accountant’s declarations. While rates may be slightly higher, these loans make finance accessible where banks might otherwise decline.

3. Standard Variable Rate Loan
A standard variable loan moves with the market and offers flexibility in repayments, extra contributions, and redraw options. It’s ideal for borrowers who want to manage repayments actively or pay off their loans faster when income permits. With access to over 40 lenders, brokers can help match borrowers with a variable product suited to their financial strategy.

4. Fixed Rate Loan
A fixed-rate loan offers repayment certainty over a set term—typically one to five years. It’s popular with borrowers seeking predictability, especially in volatile rate environments. While fixed loans offer fewer flexible features, their stability can be valuable for budgeting and cash flow planning.

5. Split Loan
A split loan combines fixed and variable portions, giving borrowers the security of a fixed rate on part of the loan and the flexibility of a variable rate on the other. This structure benefits self-employed clients with irregular income, allowing them to lock in part of their repayment while keeping some funds accessible.

6. Construction Loan
Construction loans release funds in stages aligned with the building process, from the initial slab to completion. These loans suit clients building a new home or undertaking major renovations. Most lenders offer interest-only repayments during construction, switching to principal-and-interest after the build. Managing timelines and approvals is key to a smooth experience.

7. Interest-Only Loan
Interest-only loans allow borrowers to pay just the interest portion of the loan for a set period, preserving cash flow. This structure is often used during growth phases in business or for investment purposes. After the interest-only period, the loan typically converts to principal-and-interest repayments.

8. Offset Home Loan
An offset home loan links your savings account to your mortgage, reducing the interest charged on the loan. For self-employed borrowers with fluctuating income, it’s a valuable tool for managing cash flow while still reducing interest and accelerating loan repayment. The funds remain accessible, offering both flexibility and efficiency.

Red Door Financial Group is a Melbourne-based brokerage firm that offers personalised financial solutions for residential, commercial, and business lending.