Archive for the ‘CFIUS’ Category
Foreign Investment and National Security Act of 2007
I recently received this response from my Congress woman, Jo Ann Emerson concening the Foreign Investment and National Security Act of 2007.
Dear Mr. Hill:
Knowing of your strong interest in national security and the importance of keeping key assets under control of United States companies, I would like to update you on actions in the U.S. Congress.
On July 10, 2007, H.R. 556, the Foreign Investment and National Security Act of 2007 was considered on the floor of the U.S. House of Representatives. Unfortunately, the legislation was modified from the previous version which passed the U S House of Representatives unanimously. The former bill would have allowed any member on the Committee on Foreign Investments in the United States (CFIUS) to order an investigation when he or she fell national security interests may be compromised. The new version inserts a provision in which the lead federal agency investigating the foreign purchase of U.S. assets must recommend an investigation, and that recommendation must be approved by a majority of the CFIUS. This is a fatal flaw in H.R. 556 which adds red tape to the investigative process and ultimately led me to oppose the legislation. When national security is at stake, there should be a thorough review of foreign investment in key assets here in the United States.
H.R. 556 passed the U.S. House of Representatives on July 10, 2007, The bill previously passed the U.S. Senate, therefore it was forwarded to President Bush where it is to be signed into law. Please know I will keep a watchful eye on legislation which aims to protect the nation’s national security interests, and I will not back proposals that fail to ensure vital assets are not controlled by hostile foreign governments.
Kind regards,
JO ANN EMERSON
Member of Congress
