National Security Foreign Investment Reform And Strengthened Transcparency Act Of 2007

Floor Speech

NATIONAL SECURITY FOREIGN INVESTMENT REFORM AND STRENGTHENED TRANSPARENCY ACT OF 2007 -- (House of Representatives - February 28, 2007)

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Ms. SUTTON. I thank the distinguished gentleman from New York.

Mr. Speaker, I rise in support of H.R. 556, the National Security FIRST Act, and I believe this bill is a good example of how we can ensure our Nation's security and still encourage foreign investment to help create and maintain jobs.

While I didn't have the honor to serve in the last Congress, I can tell you that the Dubai Ports World deal was not well received in northeast Ohio. Myself, and many of our constituents, wondered how such a concerning deal could have been approved. The answer was that there was little accountability, oversight and transparency with the way the Committee on Foreign Investment and the United States, or CFIUS, worked. The DPW deal was so concerning to this Congress last year, as has been mentioned, that legislation very similar to that which we are passing today passed overwhelmingly by a vote of 424-0. H.R. 556 ensures that these matters are addressed and gives both the administration and Congress greater responsibilities for dealing with foreign investment in our Nation.

We can have oversight, accountability and transparency and still support American businesses and workers. That is the lesson of this bill. This bill enjoys broad support, including the Chamber of Commerce, the National Association of Manufacturers and other business organizations. This bill represents another bipartisan success. I am pleased to support it, and I encourage its passage to ensure our national security.

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