Pittenger: No softening of CFIUS reform legislation
Press Release
Today, Congressman Robert Pittenger (NC-09) was surprised to read national media reports falsely claiming his landmark national security legislation is "being softened" after complaints by certain U.S. companies.
"Those reporters should have called me. There will be no softening of our legislation to prevent critical U.S. national security technology and data being transferred to China and other adversaries," said Congressman Pittenger. "Are we listening to input? Yes. Will we make appropriate tweaks and adjustments to not inadvertently clamp down on legitimate investment? Yes. Will we soften this bill so that China or other countries with malicious intent can continue to exploit our companies to threaten America's national security? Never."
Congressman Pittenger's Foreign Investment Risk Review Modernization Act (FIRRMA, H.R. 4311) strengthens how the Committee on Foreign Investment in the United States (CFIUS) reviews the national security risks of potential foreign investments.
President Trump, Defense Secretary Mattis, Treasury Secretary Mnuchin, and Attorney General Sessions have all endorsed Congressman Pittenger's legislation, which he introduced with Senate Majority Whip John Cornyn (R-TX) on November 8th.
Congressman Pittenger has met extensively with businesses, trade groups, and other stakeholders to solicit feedback on FIRRMA. While certain clarifications are being considered to tighten the focus of provisions and make clear that ordinary business transactions will not be inadvertently included, no clarifications are being considered that would weaken the overall goal of protecting key United States national security technology, infrastructure, and data.
"Certain American companies need to decide whose national security they really care about: America's or China's?" said Congressman Pittenger. "Working with President Trump and Senator Cornyn, I am committed to promoting economic growth while protecting America's national security."
Source