National Security Foreign Investment Reform And Strengthened Transparency Act Of 2007
NATIONAL SECURITY FOREIGN INVESTMENT REFORM AND STRENGTHENED TRANSPARENCY ACT OF 2007 -- (House of Representatives - February 28, 2007)
Mr. PEARCE. Mr. Chairman, this urgently needed bipartisan legislation constitutes an important step forward in our efforts to improve homeland security. H.R. 556 injects significant doses of transparency, accountability, and oversight into how our government reviews and approves U.S. investments by foreign government-owned companies.
Before the proposed transfer of six major eastern shipping terminals to Dubai Ports World came to light last year, very few Americans had heard of the Committee on Foreign Investment in the United States, or CFIUS. The concern that greater scrutiny was not applied to this transaction and its potential impact upon the security of our ports became a source of shock and outrage--and CFIUS became synonymous for bureaucratic failure in the face of the post 9-11 challenges America confronts.
Congress began investigating the CFIUS process immediately following the resolution of this controversy. The House and Senate passed legislation last year which enhanced reporting standards while strengthening congressional oversight; yet a final conference agreement was not reached before the end of the last Congress.
H.R. 556 builds upon last year's efforts, providing the comprehensive CFIUS reform that our national security requires without overburdening the flow of commerce and capital upon which our prosperity depends.
I have listened to American business owners as they urged us to act for the sake of certainty and stability in international investment markets--and I am pleased that acting together as Democrats and Republicans, we are poised to pass legislation today that constitutes real progress toward addressing their concerns.
We must remain vigilant in our oversight of CFIUS and other long-established bureaucratic processes that can fundamentally impact our economy and our security. We can--and we must--protect our homeland while ensuring that foreign investment remains strong and New Mexico and America continue to be the best places in the world to do business.
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