U.S. Government Gains Veto Over Sprint Board Member in Acquisition Deal

There's a word for that economic system ...

In a further attempt to ease national security concerns over its proposed acquisition of Sprint, Japan-based SoftBank has agreed to give the U.S. government the right to approve one of the members SoftBank would appoint to Sprint's board of directors, according to a report.

The U.S.-approved board member would make sure a SoftBank-owned Sprint honored whatever security agreement is hammered out with U.S. regulators, The Wall Street Journal reported late Wednesday, citing unnamed sources.

Regulators are also seeking oversight of Sprint's network equipment purchases to prevent gear from Chinese suppliers Huawei Technologies and ZTE from becoming part of the U.S. infrastructure, the Journal reported earlier.