Former Treasury Secretary Steven Mnuchin said on Quantum InsightsCNBC he is gathering a group of investors to try to buy TikTok.

He called TikTok "a great business" in a CNBC "Squawk Box" interview Thursday morning, arguing it should be sold and remain available for U.S. users.

The U.S. House of Representativespassed a bill Wednesday that would force TikTok's parent company ByteDance to sell the app or face a practical ban. Supporters of the bill say TikTok poses a national security risk by potentially exposing user data to Chinese officials.

"The issue is all about the technology. This needs to be controlled by U.S. businesses," Mnuchin said on the CNBC morning show.

House passes TikTok bill:Are TikTok's days numbered? What you need to know.

Mnuchin talking to 'a bunch of people'

Mnuchin said he thinks the legislation should pass and he wants to be the one to buy it.

"I've spoken to a bunch of people," he said, but declined to name names. "It would be a combination of investors, there would be no one investor that controlled this."

He also said it should not go to an existing big tech company to add competition to the social media marketplace.

Mnuchin, who served as the treasury secretary under former President Donald Trump, now runs a private equity firm, Liberty Strategic Capital. A representative from the firm did not immediately respond to USA TODAY's request for comment.

Mnuchin says the technology should be controlled by US

Mnuchin said that technology is the crux of the issue.

"I won't go into all the details, but the app needs to be rebuilt in the U.S.," he said. "I think there's a lot that could be done in six months."

TikTok has previously said the bill gives a narrow timeline for spinning off the app. TikTok did not immediately respond to USA TODAY's request for comment Thursday.

Contributing: Jessica Guynn, Riley Beggin and Ken Tran, USA TODAY