CONGRESS PASSES FOREIGN INVESTMENT LEGISLATION
Congressman Peter J. Roskam (R-IL) today issued the following statement after passage of H.R. 556, the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007. This legislation strengthens national security and encourages transparency in foreign investment in U.S.-based companies by reforming the Committee on Foreign Investment in the United States (CFIUS).
"While we want to encourage foreign investment to keep businesses growing and keep Americans working, we need to make sure we don't sacrifice our national security in the process," said Roskam. "These CFIUS reforms strike that balance by promoting openness and transparency in the process the government uses to review investments from overseas."
H.R. 556 addresses the key failures with CFIUS identified most recently in the aftermath of the Dubai Ports World case.
Highlights of H.R. 556:
* Ensures Senior Level Accountability for CFIUS Decisions
* Improves CFIUS Accountability to Congress
* Increases Scrutiny of Foreign Government Transactions
* Improves Coordination within CFIUS
* Initiates a System for Creating, Monitoring, and Enforcing Mitigation Agreements
* Creates a System for Monitoring Transactions that Have Been Withdrawn from CFIUS
* Establishes a Formal Role for Intelligence Assessments for Every Transaction
* Establishes CFIUS in Statute