(NEWSnet/AP) – Former Treasury Secretary Steven Mnuchin says he's going to assemble an investor group to buy the social video app TikTok. 

This announcement came a day after the House of Representatives passed a bill that would ban the popular video app in the U.S. if its China-based owner doesn't sell its stake.

Speaking on CNBC's “Squawk Box,” Mnuchin said Thursday that he believes TikTok should be sold.

“This should be owned by U.S. businesses. There’s no way that the Chinese would ever let a U.S. company own something like this in China,” Mnuchin said on the program.

The House bill, passed by a vote of 352-65, now goes to the Senate, where its prospects are unclear.

TikTok, which has more than 170 million American users, is a wholly-owned subsidiary of Chinese technology firm ByteDance Ltd.

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