    [Senate Hearing 117-342]
    [From the U.S. Government Publishing Office]

                                                            S. Hrg. 117-342

                      NOMINATIONS OF VENTRIS C. GIBSON AND
                                 PAUL M. ROSEN

    =======================================================================

                                    HEARING

                                   BEFORE THE

                                  COMMITTEE ON
                       BANKING,HOUSING,AND URBAN AFFAIRS
                              UNITED STATES SENATE

                        ONE HUNDRED SEVENTEENTH CONGRESS

                                 SECOND SESSION

                                       ON

                                NOMINATIONS OF:

    VENTRIS C. GIBSON, OF VIRGINIA, TO BE DIRECTOR OF THE MINT, DEPARTMENT
                                OF THE TREASURY
                                   __________

    PAUL M. ROSEN, OF CALIFORNIA, TO BE ASSISTANT SECRETARY OF THE TREASURY
              FOR INVESTMENT SECURITY, DEPARTMENT OF THE TREASURY
                                   __________

                                 APRIL 6, 2022
                                   __________

      Printed for the use of the Committee on Banking, Housing, and Urban
                                    Affairs

                      [GRAPHIC NOT AVAILABLE IN TIFF FORMAT]

                    Available at: https: //www.govinfo.gov /
                                  ___________

                        U.S. GOVERNMENT PUBLISHING OFFICE

    48-328 PDF                 WASHINGTON : 2022

                COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS

                         SHERROD BROWN, Ohio, Chairman

    JACK REED, Rhode Island              PATRICK J. TOOMEY, Pennsylvania
    ROBERT MENENDEZ, New Jersey          RICHARD C. SHELBY, Alabama
    JON TESTER, Montana                  MIKE CRAPO, Idaho
    MARK R. WARNER, Virginia             TIM SCOTT, South Carolina
    ELIZABETH WARREN, Massachusetts      MIKE ROUNDS, South Dakota
    CHRIS VAN HOLLEN, Maryland           THOM TILLIS, North Carolina
    CATHERINE CORTEZ MASTO, Nevada       JOHN KENNEDY, Louisiana
    TINA SMITH, Minnesota                BILL HAGERTY, Tennessee
    KYRSTEN SINEMA, Arizona              CYNTHIA LUMMIS, Wyoming
    JON OSSOFF, Georgia                  JERRY MORAN, Kansas
    RAPHAEL WARNOCK, Georgia             KEVIN CRAMER, North Dakota
                                         STEVE DAINES, Montana

                         Laura Swanson, Staff Director

                     Brad Grantz, Republican Staff Director

                           Elisha Tuku, Chief Counsel

                     Dan Sullivan, Republican Chief Counsel

                          Cameron Ricker, Chief Clerk

                          Shelvin Simmons, IT Director

                            Pat Lally, Hearing Clerk

                                      (ii)

                                C O N T E N T S

                                  ----------

                            WEDNESDAY, APRIL 6, 2022

                                                                       Page
    Opening statement of Chairman Brown..............................     1
            Prepared statement.......................................    16

    Opening statements, comments, or prepared statements of:
        Senator Toomey...............................................     2
            Prepared statement.......................................    16

                                    NOMINEES

    Ventris C. Gibson, of Virginia, to be Director of the Mint,
      Department of the Treasury.....................................     4
        Prepared statement...........................................    18
        Biographical sketch of nominee...............................    19
        Responses to written questions of:
            Chairman Brown...........................................    61
            Senator Toomey...........................................    63
            Senator Van Hollen.......................................    67
            Senator Hagerty..........................................    68
    Paul M. Rosen, of California, to be Assistant Secretary of the
      Treasury for Investment Security, Department of the Treasury...     5
        Prepared statement...........................................    27
        Biographical sketch of nominee...............................    28
        Responses to written questions of:
            Chairman Brown...........................................    68
            Senator Toomey...........................................    69
            Senator Menendez.........................................    72
            Senator Warren...........................................    73
            Senator Hagerty..........................................    74

                  Additional Material Supplied for the Record

    Letters submitted in support of nominee Paul M. Rosen............    76

                                     (iii)

               NOMINATIONS OF VENTRIS C. GIBSON AND PAUL M. ROSEN

                                  ----------

                            WEDNESDAY, APRIL 6, 2022

                                           U.S. Senate,
              Committee on Banking, Housing, and Urban Affairs,
                                                        Washington, DC.
        The Committee met at 10 a.m., via Webex and in room 538,
    Dirksen Senate Office Building, Hon. Sherrod Brown, Chairman of
    the Committee, presiding.

              OPENING STATEMENT OF CHAIRMAN SHERROD BROWN

        Chairman Brown. Good morning, everyone. The Senate
    Committee on Banking, Housing, and Urban Affairs will come to
    order. Today's hearing is in a hybrid format. The two witnesses
    are here in person in front of us, with family members, and
    feel free to introduce them when your time comes. Thank you for
    joining us, all of you. And Members have the option to appear
    either in person, virtually, or both if they choose.
        The Committee meets today to consider the nominations of
    Ms. Ventris C. Gibson to be Director of the Mint, and Mr. Paul
    M. Rosen to be Assistant Secretary of the Treasury for
    Investment Security. We thank the nominees for appearing, and
    extend you and your families a warm welcome. To the nominees,
    thank you. Both of you have served the public before in various
    capacities. Thank you for your willingness to serve our
    country.
        Ventris Gibson is the President's nominee to serve as the
    Director of the Mint. The agency to which Ms. Gibson has been
    nominated is the world's largest coin manufacturer. In fiscal
    year 2021 alone, the Mint shipped 14.7 billion circulating
    coins. The Mint operates six facilities and employs some 1,600
    people.
        It was also the only major world mint to maintain
    continuous production throughout the pandemic. Thanks to you
    and your workers for that. It is a testament to its dedicated
    workers who design, produce, and protect our national assets.
        For more than two centuries, the Mint has played an
    essential role in providing the American people and businesses
    with secure, privacy-respecting currency. It is the sole
    producer of circulating coins.
        If confirmed, Ms. Gibson would be the first African
    American to the lead the Mint. She represents yet another
    historic nomination by this Administration. We voted out of
    this Committee the first Black woman to ever serve on the
    Federal Reserve. I have had the honor of meeting Judge Jackson
    yesterday and knows her place in history and so much more, Ms.
    Ferguson and others that have come out of this Committee.
        Ms. Gibson has devoted more than 40 years to public
    service, including decades in top leadership positions
    throughout our Government. A veteran of the U.S. Navy, she
    currently serves as the Acting Director of the Mint, beginning
    in October, I believe. She served as the Director of Human
    Resources for the District of Columbia. Prior to her time with
    the D.C. government, Ms. Gibson served in high-level leadership
    positions at the Departments of Health and Human Services,
    Transportation, and Veterans Affairs. Thank you for nodding so
    that I have this right. I appreciate that.
        I am glad you can be here with us today, Ms. Gibson. Paul
    Rosen is the President's nominee to serve as Assistant
    Secretary of the Treasury for Investment Security. It is an
    important national security position that this Committee helped
    create in 2018 through the passage of the bipartisan Foreign
    Investment Risk Review Modernization Act, another Washington
    acronym, FIRRMA.
        If confirmed, Mr. Rosen would lead an office responsible
    for implementing the Department's responsibilities as Chair of
    the Committee on Foreign Investment, CFIUS, an interagency
    committee that reviews some foreign investments in U.S.
    businesses.
        Mr. Rosen previously held several senior leadership roles
    at the Department of Homeland Security, including serving as
    Chief of Staff to then-Secretary Jeh Johnson. Prior to joining
    DHS, Mr. Rosen served as a Federal prosecutor at the Department
    of Justice, counsel on the Senate Judiciary Committee, and
    Staff Director to the Senate Caucus on International Narcotics
    Control. Mr. Rosen is well respected, as we know, by the
    national security community.
        On Monday, a bipartisan group of 85 national security and
    law enforcement professionals, spanning Republican and
    Democratic administrations, sent a letter urging swift
    consideration and confirmation of Mr. Rosen. They wrote, quote,
    ``Paul is the right person with the right skills to safeguard
    U.S. national security when it comes to direct foreign
    investment in the United States,'' unquote. The Fraternal Order
    of Police wrote to Ranking Member Toomey and to me expressing
    its ``strong support'' of Mr. Rosen's nomination. I ask
    unanimous consent that these two letters be entered into the
    record. Without objection, so entered.
        Thank you, Mr. Rosen, for your prior service to our country
    and your willingness to serve again. Thanks again for both of
    you being here.
        Senator Toomey.

             OPENING STATEMENT OF SENATOR PATRICK J. TOOMEY

        Senator Toomey. Thank you, Mr. Chairman. Mr. Rosen and Ms.
    Gibson, welcome to both of you. I commend you both for your
    longstanding commitment to public service. Mr. Rosen, you have
    been nominated, as the Chairman pointed out, for an important
    role at the Treasury, leading the Committee on Foreign
    Investment in the United States, known as CFIUS. CFIUS is an
    interagency body with the power to review, and, in some cases,
    advise the President to block foreign direct investment into
    the United States, known as inbound FDI, on the grounds that
    certain investments may erode America's technological
    advantages that underpin our national security.
        Maintaining our defense while upholding our economic
    prosperity is a sensitive and challenging task. The broad, free
    flow of capital is a fundamental part of our remarkably
    successful free market system. In particular, inbound FDI is a
    source of much-needed investment in American businesses. From
    2016 through 2020, between $150 billion and $500 billion in FDI
    has flowed into the U.S. each year.
        This inbound FDI can lower prices and increase the choices
    available to American consumers, strengthen the American
    workforce, increasing employment and wages, and fund research
    and development that contributes to technological innovation
    and economic growth.
        However, foreign Governments and their agents know that
    investing in an innovative American firm can potentially give
    them access to valuable technology. Such investments, coupled
    with the tech transfers that may follow, have the potential to
    allow adversaries to make a technological jump that can be used
    against our national security, all without having to spend time
    and resources innovating themselves.
        There is no more problematic, and systemic, threat in this
    regard than China. As the U.S. intelligence community's latest
    annual threat assessment says, and I quote, ``Beijing uses a
    variety of tools from public investment to espionage to advance
    its will remain the top threat to U.S. technological
    capabilities,'' end quote. Protecting against the threat of
    adversaries using FDI to harm our national security is why we
    have CFIUS. But given the importance of inbound FDI to our
    economy, it is vital that CFIUS remains laser focused on
    screening for genuine national security threats while, at the
    same time, not undermining the attractiveness of the United
    States as a place to invest and innovate.
        Mr. Rosen, if confirmed, you would be only the second
    Treasury Assistant Secretary of Investment Security. Since this
    position was created in 2018, FIRRMA made several notable
    changes to CFIUS. Before FIRRMA, CFIUS only reviewed
    transactions when a foreign person gained control or majority
    ownership of a U.S. company.
        FIRRMA expanded the scope of transactions that CFIUS can
    review to include noncontrolling investments in certain U.S.
    businesses and certain real estate transactions near military
    bases and sensitive infrastructure sites.
        FIRRMA also created a fast-track process that allows
    companies to potentially shorten the CFIUS review process
    through a mechanism called a declaration, as opposed to filing
    a traditional notification. That process seems to be working
    well. I will be looking forward to your reflections on that.
        Now turning to the U.S. Mint, Ms. Gibson has been nominated
    to serve as the Director of the Mint, which was established in
    1792 in the great commonwealth of Pennsylvania and the city of
    Philadelphia.
        The Founding Fathers understood that in order for the
    United States to prosper it needed its own monetary system. The
    Mint continues to play a vital role by manufacturing coins that
    Americans use every day. It also produces precious metal and
    collectible coins. And for the Mint to thrive, it must continue
    to innovate and release new products that resonate with the
    public.
        I look forward to hearing from our witnesses today, Mr.
    Chairman.
        Chairman Brown. Thank you, Senator Toomey.
        Would each of you rise and raise your right hand please.
        Do you swear or affirm that the testimony you are about to
    give is the truth, the whole truth, and nothing but the truth?
        Ms. Gibson. I do.
        Mr. Rosen. I do.
        Chairman Brown. And do you agree to appear and testify
    before any duly constituted committee of the U.S. Senate?
        Ms. Gibson. I do.
        Mr. Rosen. I do.
        Chairman Brown. Thank you. Please be seated.
        Ms. Gibson, you are recognized to begin your testimony.
    Thank you again.

    STATEMENT OF VENTRIS C. GIBSON, OF VIRGINIA, TO BE DIRECTOR OF
                  THE MINT, DEPARTMENT OF THE TREASURY

        Ms. Gibson. Thank you, Mr. Chairman, Ranking Member, and
    distinguished Members of the Committee for allowing me to
    appear here today. With me today are my children, my son
    Alexander and his wife Katherine, my daughter Heather, and my
    son Charles. I am honored that the President nominated me to
    serve as the Director of the U.S. Mint, a responsibility that I
    do not take lightly, and I would like to thank Vice President
    Harris, Secretary Yellen, and Deputy Secretary Adeyemo for
    their support.
        My career in public service began more than 40 years ago
    when, following high school, I joined the United States Navy.
    My time as a Navy Air Traffic Controller in Tennessee, Sicily,
    and Cuba was one of the most rewarding experiences of my life
    and proved to be the defining moments for me relevant to my
    values.
        After military service, I continued to serve my fellow
    veterans for 23 years at the Department of Veterans Affairs. At
    VA, I advanced from an entry-level professional to one of VA's
    most senior executives, Deputy Assistant Secretary. In those
    roles, I dedicated my life to our Nation's veterans by further
    developing employment programs and changing the diversity
    landscape of the Department.
        In January 1998, I led the development of the Office of
    Resolution Management at the VA, where I was responsible for
    handling the Department's unlawful discrimination complaints
    and its alternative dispute resolution cases. I was also
    responsible for the development, articulation, and delivery of
    Department-wide human resources policies, programs, and plans
    for 260,000 employees.
        A highlight during my time at the VA was serving as one of
    the first volunteers during the opening and dedication of the
    Vietnam Veterans Memorial. We were called upon to assist family
    members and friends in finding their loved ones' names on the
    wall. I can still see and feel the tears of those mothers,
    fathers, brothers, sisters, and fellow soldiers. For me, this
    moment crystalized our debt as a Nation to those fallen heroes
    and how their loss of life preserved our freedom and defended
    our democracy.
        In 2003, the former Administrator for the Federal Aviation
    Administration, Marion Blakey, asked me to join her team as
    FAA's most senior human resources executive. In that role, I
    stabilized a human resources environment in the middle of a
    transition to a centralized model. I retired after 35 years of
    Federal service.
        In 2014, I was pulled from retirement and appointed to the
    Department of Health and Human Services as the Associate Deputy
    Assistant Secretary for H.R. In that position, I worked with
    the Office of Personnel Management on several initiatives that
    led to flexible hiring programs and the future of the Federal
    workforce.
        In 2015, Mayor Muriel Bowser appointed me to her cabinet as
    the city's top Director of Human Resources, where I transformed
    the District's H.R. program into a high-performing, results-
    oriented organization, where I managed a billion-dollar health
    benefits program for 80 agencies and 37,000 employees.
        Last fall, I was honored to join the U.S. Mint as its
    Deputy Director. The Mint has a rich and meaningful history,
    and it is the largest and most respected Mint in the world. I
    would consider it a privilege and an honor and another defining
    moment in my life to serve, if confirmed, to be the Director.
        If confirmed, I am ready to lead a workforce dedicated to
    connecting America through coins. I will focus on people, as
    they are key to the Mint's success, on our programs, from
    commemorative medals to collectible coins to circulating coins,
    and on our performance, one that is highly valued and highly
    thought of.
        Thank you again for this opportunity to appear before the
    Committee, and I welcome your questions.
        Chairman Brown. Thank you, Ms. Gibson.
        Mr. Rosen, welcome.

      STATEMENT OF PAUL M. ROSEN, OF CALIFORNIA, TO BE ASSISTANT
     SECRETARY OF THE TREASURY FOR INVESTMENT SECURITY, DEPARTMENT
                            OF THE TREASURY

        Mr. Rosen. Thank you. Chairman Brown, Ranking Member
    Toomey, distinguished Members of the Committee, it is an honor
    to sit here before you as the President's nominee to serve as
    the Assistant Secretary for Investment Security for Treasury.
        My life's journey into public service has its roots in
    these very halls, going back nearly 50 years. In 1973, my
    parents met working in Congress, my father, from California, a
    legislative assistant, and my mother, originally from southeast
    Washington, DC, a legislative secretary, both working for
    Yvonne Brathwaite Burke, the first African-American Congressman
    elected from California. My parents were drawn to Capitol Hill
    by a desire to serve, which was a value instilled by their
    parents, including by my grandfather who enlisted in the Army
    to fight as a Corporal in World War II, and by my grandmother
    who spent 34 years working at the U.S. Census Bureau.
        My parents married and relocated to California, where they
    raised my brother and me, instilling in us the same values of
    service, integrity, and hard work. My mother went on to teach
    elementary school for 38 years, and my father practiced law
    with two friends, in addition to continuing his own public
    service, volunteering on city commissions and arts and
    education boards, and both continue to work to this day into
    their 70s.
        My brother also found his own calling in community service.
    After a long and difficult battle with addiction he became a
    counselor at a rehabilitation facility and helps at-risk youth,
    speaking to schools and students and adolescents, trying to arm
    them with healthy tools to cope with the stresses of life. I am
    extremely proud that this summer will mark his 18th year of
    sobriety.
        My own path, Senators, was greatly influenced by this
    history. After graduating college, I packed a suitcase and
    bought a one-way ticket to Washington, DC, with the goal of
    working on Capitol Hill. My first opportunity was volunteering
    as a volunteer intern for the late Senator Carl Levin, and
    later I worked as a staff assistant for Senator Joe Biden.
        After attending law school and then clerking for a Federal
    judge, I returned to the Senate to serve as a counsel on the
    Senate Judiciary Committee, and then for nearly another decade
    working in various jobs at the Justice Department and the
    Department of Homeland Security, working to protect public
    safety and national security. I was drawn to these roles, in
    part, from witnessing the scourge of illegal drugs and the
    impact they have had on victims, like my brother and so many
    others.
        And like my parents did a half century ago, I met my wife
    on this journey, and we are blessed to have a beautiful baby
    girl. Casey is with me here today, while our daughter is home
    in California with her grandparents, watching the hearing. I
    cannot thank them and our entire family enough for their love,
    support, and sacrifice.
        Senators, the Committee on Foreign Investment in the United
    States, or CFIUS, plays a vital role in protecting U.S.
    national security. As technology advances at warp speed and the
    intentions and capabilities of our adversaries expand, CFIUS,
    and the talented career public servants who support it, are
    critical gatekeepers in protecting the United States from
    malign foreign investment while continuing to promote an open
    investment environment. And there is perhaps no more
    consequential time in our history than now to make curtain
    that, working with this Committee, CFIUS is successful in
    executing on its national security mission.
        My professional path, experiences, and values have prepared
    me well to fulfill the role of Assistant Secretary. My work as
    a prosecutor, senior Government official, and national security
    lawyer uniquely position me to fully and faithfully execute
    Congress' statutory mandate in the landmark Foreign Investment
    Risk Review Modernization Act, a vitally important bipartisan
    law that updated the framework, authorities, and functions of
    CFIUS.
        Senators, if confirmed, I would be honored to serve
    alongside the talented and dedicated career professionals in
    the Office of Investment Security and International Affairs to
    preserve an open investment environment that supports economic
    growth and innovation while protecting U.S. national security
    interests.
        Thank you, and I look forward to your questions.
        Chairman Brown. Thank you, Mr. Rosen.
        I will start with you, Ms. Gibson. According to the New
    York Times, an internal report commissioned last year by the
    Mint found the organization had, in their words, ``a culture
    problem'' marked by implicit bias, unfair hiring practices,
    racial tension. This reporting is extremely troubling to us,
    and I assume to you.
        As someone with decades of experience engaging in executive
    oversight and workforce development--you laid our career out
    beautifully, I thought--building inclusive teams within
    Government agencies, you understand the importance of
    addressing culture issues directly. I know you are new to this
    agency. I know that report was from September and you joined
    the next month.
        What have you been doing in the months that you have been
    Acting Director, in your current capacity, to address these
    issues? What plans do you have to continue this work, if
    confirmed?
        Ms. Gibson. Thank you, Chairman, for the question. Since I
    have joined the Mint in October of last year, and after having
    digested the report and using it as a predecisional document in
    action planning going forward, I put in place what I call a
    blueprint for change. And this is based on my values of
    fairness, integrity, and trust, because that is so essential to
    leadership and the trust of the nearly 1,700 Mint employees.
        That being said, the blueprint for change is actually a
    guide to how we address these unlawful perceptions by employees
    of discrimination, marginalization, and sensitivity, or, in
    fact, in some cases, workplace harassment. I have ensured the
    development of an antiharassment policy, and I have laid in
    place, again, that blueprint, which has a 10-point actual plan
    that I would be willing to sit down with you and the staff to
    go over in detail and provide an update on how we are
    accomplishing making sure we address it.
        Just two examples. I have created the Chief Equity Office,
    that will look toward our lens toward equity, and I have hired
    a consultant to come in and help me make sure I effect change.
        Chairman Brown. Thank you.
        Mr. Rosen, I will turn to you. The Assistant Secretary is
    charged with leading the interagency committee in reviewing
    certain foreign investments to identify and address national
    security concerns that those transactions may pose. You
    outlined well in your opening statement how your previous
    Federal service will inform your work as Assistant Secretary.
        So my question is this. In FIRRMA, Congress recognized the
    national security implications of foreign investments in U.S.
    businesses that maintain or collect sensitive personal data.
    Your work at DHS and the private sector provided opportunities
    to understand how companies structure transactions and business
    involving personal debt.
        How will you ensure that CFIUS is reviewing transactions
    involving sensitive personal data, and what will you consider
    when reviewing such transactions?
        Mr. Rosen. Chairman, thank you for that question and for
    raising the important issue of sensitive personal data. As you
    and the Ranking Member know, this was an issue that the
    authorities for which were enhanced in FIRRMA, and sensitive
    personal data now is one of the triggers for reviewing a
    noncontrolling investment. And as we know, with technology and
    the advent of various, well, technological advancements,
    sensitive personal data of Americans is everywhere, and it is
    an issue that FIRRMA has rightly focused on.
        So one of the things that we would do is, of course, in
    assessing certain jurisdiction of noncontrolling investments
    look to the statute, look to the factors, and look to whether
    and to what extent U.S. sensitive personal data would be
    exposed, because there is a great concern that our adversaries
    could get a hold of sensitive personal data. They have done it
    before and they are looking to do it to exploit that data on
    U.S. citizens.
        And so it is something that, Senator, if confirmed, we
    would take a very close look at and making sure that we are
    protecting that sensitive information.
        Chairman Brown. Thank you. Last question, another for you,
    Ms. Gibson. Since its founding, as the Ranking Member pointed
    out, in Philadelphia, the Mint has served the American people
    by manufacturing, distributing, and circulating coins. It has
    been reported that the coronavirus pandemic caused disruptions
    to the normal circulation patterns for coins. As we return to
    normal, and if you are confirmed, and we return to normal and
    businesses reopen to full capacity, describe what the Mint is
    doing to promote circulation. As you answer that, just tell us
    if you are still seeing those disruptions and how you are going
    to address it.
        Ms. Gibson. As you can appreciate, Senator--thank you for
    the question, sir--the U.S. Mint is an operational arm of the
    currency that we produce in the United States, and at the
    Federal Reserve's request we deliver. And we have delivered all
    coins requested by the Federal Reserve for distribution to the
    banks.
        That being said, we also have looked at what flowback is.
    We have participated in the U.S. Coin Task Force that made
    recommendations on how we can get coins back flowing from the
    nearly 128 million homes that during the pandemic have kind of
    kept coins without negotiating them through our economy. And
    are also looking at, we have a program called Get Coins Moving.
    I did a press release last week to just get out there to as
    many of the media as possible, saying, ``Hey, bring the coins.
    Let's get them back into the economy.''
        Chairman Brown. Thank you. Senator Toomey.
        Senator Toomey. Thank you, Mr. Chairman. Mr. Rosen, as you
    know, when FIRRMA was passed it dramatically expanded the scope
    of transactions that would be subject to CFIUS review, and
    CFIUS seems to have stepped up and significantly increased the
    volume of transactions that it has looked at, evaluated, many
    under the declaration process, which is the faster process of
    getting to an approval.
        But certainly CFIUS has its hands full with this volume of
    transactions. I am concerned that we should not, certainly any
    time soon, add to the burden or create distractions or meddle
    with CFIUS' core mission, because it is a big job and it is a
    very important job.
        I guess I would like to get your perspective on how you
    think about the specific national security threats that arise
    from China, in particular, when it comes to acquiring American
    technology. So briefly, your assessment of the nature of this
    threat, how serious is it, and how do you view how CFIUS is
    currently managing that.
        Mr. Rosen. Senator, thank you for that question and for
    raising this critical issue. The threat from China, frankly, is
    significant. It is a strategy economic competitor. It is
    engaged in conduct that is adversarial against our national
    security interests. They are engaged in acts of stealing
    intellectual property, technology, and the like. You cited the
    intel assessment. It is a threat that I think we need to be
    very, very focused on, Senator, and it is one that I take very
    seriously.
        In terms of how the committee would approach that threat,
    frankly, Senator, I think you and others in FIRRMA provided
    significant tools to examine and go after that threat, and they
    are tools that I intend to use. For example, the non-notified
    transaction process. Very important. Monitoring and compliance
    issues. Very important. The jurisdictional issue of being able
    to look at transactions intended to evade CFIUS jurisdiction.
    Very important, because I think we need to be focused on the
    threat in front of us but also the threat of tomorrow.
        Senator Toomey. So in my opening remarks I mentioned how
    important inbound FDI is to the American economy. I assume you
    agree that that is an important asset for our economy.
        Mr. Rosen. Yes, Senator.
        Senator Toomey. So my question is, given the importance of
    FDI and given that CFIUS can review and intervene and even
    block FDI, how do you both safeguard critical U.S. technology
    but, at the same time, avoid becoming a cumbersome obstacle to
    legitimate FDI, and sort of a related question, how do you make
    sure that CFIUS does not become a tool for just protectionism?
        Mr. Rosen. Senator, thank you for raising that and for the
    question. On the first, it is a balance. We need to make sure,
    and if confirmed, I would engage in this, make sure that we are
    efficiently and effectively moving transactions. Moving benign
    investment through the process is a very important piece of the
    CFIUS review. Predictability and certainty in the business
    community, very important, all while focusing on national
    security, are things that the balance needs to be struck. You
    have raised those two pieces.
        I think, moving forward, from a CFIUS operational
    perspective, I think those are the things that, if confirmed, I
    would be looking to work with this Committee on in striking
    that balance.
        Senator Toomey. Thank you. Ms. Gibson, as I mentioned in my
    opening statement, the Mint needs to continue to innovate and
    to release new products that resonate with the public. That
    includes collectibles. Two examples, and I want to ask you
    about them, Morgan and Peace silver dollars. My understanding
    is that in 2021, the Mint released popular new versions of each
    of these coins, and they sold out within minutes. But in 2022,
    I understand the lack of availability of silver has caused a
    suspension of the production of these coins.
        I have been approached by stakeholders who are very
    concerned that if we skip a year's production, 2022, and wait
    until 2023 to resume production, that that will have an adverse
    negative impact on the attractiveness of the series, the value
    of these coins. So I am wondering, is it possible to actually
    produce these coins in 2022, rather than just waiting until
    2023.
        Ms. Gibson. Thank you, sir, for the question. The Morgan
    and Peace program was highly popular. As you mentioned, it sold
    out in minutes. And we also received a number of complaints
    from customers that were not able to obtain the Morgan and
    Peace.
        For 2022, we thought about how can we go about ensuring
    that we will have enough coinage, Morgan and Peace
    specifically, for the customers, especially since we sold out
    in 2021 and could not meet that customer demand. I pulled
    together a team of experts from manufacturing, sales and
    marketing, legal, and the chief fiscal officer, to make sure
    that going forward we could produce the Morgan and Peace in
    2022, given the fact that we have to also balance our silver
    supply chain with our bullion program, which is congressional
    mandated.
        Thus, we made the decision that we would bypass 2022, and
    in 2023 make the Morgan and Peace coin, and that way make
    enough sufficient to satisfy customer demand.
        Senator Toomey. My time is out but my understanding is it
    would be possible to make some coins in 2022, probably not
    sufficient to meet the full demand, but a number of
    constituents have suggested that it is better to at least meet
    some demand and have the continuity of production rather than
    wait until 2023, when maybe you will be able to meet the full
    demand then.
        So I would just ask you, respectfully, to consider that
    possibility.
        Ms. Gibson. Thank you, sir, and I surely will.
        Chairman Brown. Thank you, Senator Toomey.
        Senator Warren, from Massachusetts, is recognized.
        Senator Warren. Thank you, Mr. Chairman.
        The Biden administration has rallied the world to impose
    historic sanctions against Russia for its invasion of Ukraine.
    These sanctions include seizing yachts, mansions, financial
    holdings, that Vladimir Putin and his oligarch buddies have
    stashed abroad. But to enforce these sanctions, we need to know
    who owns what.
        So, Mr. Rosen, if confirmed, you would play a leading role
    on the Committee on Foreign Investment in the United States.
    Now CFIUS does not enforce sanctions but they do review foreign
    investments in the United States to make sure that they do not
    pose a risk to our national security. That means that they know
    a lot about the importance of finding out who is behind an
    investment.
        So, Mr. Rosen, let me ask you, when a shell company tries
    to buy a U.S. semiconductor company or real estate right next
    to a military base, CFIUS does a tremendous amount of work to
    find out who is behind the shell company, often the entity
    known as the beneficial owner. So why is it so important to
    national security that we know the actual identity of who is
    investing in the United States?
        Mr. Rosen. Senator Warren, thank you for that question.
    Certainly understanding where money is coming from, who is
    controlling the money, what does that flow look like are key
    considerations in any national security risk assessment.
        Senator Warren. But CFIUS only reviews a few hundred
    transactions a year, and it focuses on investments that lead to
    foreign control of important U.S. businesses. That is its
    special niche. That prevents foreign adversaries from buying
    the companies that, for example, run our power grid, but it
    does not stop criminals, terrorists, and sanctioned oligarchs
    from making other kinds of investments in the U.S., including
    stashing a lot of money here.
        We do have other safeguards. Know-your-customer
    requirements require the financial institutions to ask basic
    questions about potential clients before helping them hide
    buckets of cash in our financial markets. Now these rules apply
    to most American financial institutions, like banks and mutual
    funds, and even casinos. Catherine Cortez Masto, I thought you
    might want to remember that. They are all paying attention
    under know-your-customer. But there is a huge loophole for the
    $11 trillion private investment industry.
        Mr. Rosen, if a Russian oligarch uses a shell company to
    invest his billions with a U.S. private equity firm, is that
    private equity firm required to find out who is actually behind
    that shell company?
        Mr. Rosen. Senator, I do not believe so.
        Senator Warren. That is right. The answer is no, and that
    creates a huge loophole for oligarchs to be able to evade
    sanctions and to continue to carry on business right here in
    the United States.
        This loophole also poses a threat to the stability of our
    financial system because we do not know what parts of the
    financial system have been infiltrated by Russian money, and
    that means we do not know what impacts sanctions could have,
    and it is hard to be confident that private funds are actually
    complying with sanctions as required by current law.
        So, Mr. Rosen, do you agree that it is a threat to both
    national security and financial stability to allow private
    investment companies to blindly accept cash of Russian
    oligarchs, not to mention money from human traffickers, drug
    lords, and terrorists?
        Mr. Rosen. Senator, I certainly believe that beneficial
    ownership inquiry analysis is a key national security
    consideration, particularly when it comes to CFIUS.
        Senator Warren. Good. You know, last year the Biden
    administration committed to fixing this loophole, but Russia's
    invasion of Ukraine has made it clear we do not have any time
    to waste here. With every day that passes, Russian oligarchs
    and Government officials continue to profit from illegal
    investments in the United States. That is why I sent a letter
    last week to the Treasury Department and the SEC asking them to
    immediately close the know-your-customer loophole for the
    private investment industry.
        The United States has led the world in imposing strong
    sanctions against Russia, and we must use every tool possible
    to enforce those sanctions.
        Thank you, Mr. Chairman.
        Chairman Brown. Thank you, Senator Warren.
        Senator Cortez Masto, from Nevada, where there was once a
    mint in Carson City, and now a museum, right?
        Senator Cortez Masto. That is absolutely right. I was going
    to lead with that.
        Chairman Brown. Oh, I am sorry.
        Senator Cortez Masto. I was going to lead with that. So
    first of all, congratulations to the nominees. Welcome.
    Congratulations. Welcome to your family members.
        And so, Ms. Gibson, I was going to start with that, because
    the Mint, the U.S. Mint, and because of the Comstock Lode, as
    you well know, we had a Mint in Carson City for a period of
    time. It is now part of our State history, Nevada History
    Museum. We are very proud of it. I was just there, actually.
    They were actually minting some coins.
        So let me talk to you a little bit about this because I was
    pleased to see President Trump sign into law a bill that I
    worked on with Representative Barbara Lee, Circulating
    Collectible Coin Redesign Act of 2020. And I was fortunate
    enough to lead this with Senator Fischer. We had 24 cosponsors,
    including Senators Toomey, Daines, Moran, and Smith.
        And what we did in that piece of legislation, it was to
    recognize important women in our nation's history. I was
    particularly pleased that Maya Angelou was chosen for the
    inaugural quarter, as you well known about her legacy, which
    really helped to fuel greater fairness and understanding across
    our nation around activism in her writing. I am looking forward
    to collecting the next quarter honoring astronaut Sally Ride.
        But my question to you is, if confirmed, how would you
    ensure that the U.S. Mint increases awareness of these quarters
    honoring prominent American women, particular among children
    and young people, and how do you think this type of recognition
    helps with the work ultimately you do minting coins and making
    sure that they are out there in circulation amongst the
    American public?
        Ms. Gibson. Thank you, Senator, for that question, and
    thank you for your leadership of the American Women coins
    program.
        As you know, we still, this year, have three remaining, and
    that is Wilma Mankiller, Nina Otero-Warren, and Anna May Wong,
    and we have announced the five women for 2023, which are Bessie
    Coleman, Jovita Idar, Edith Kanaka`ole, Eleanor Roosevelt, and
    Maria Tallchief. And the program will continue through 2024,
    with five additional women, with your input as well, and
    through 2025, five additional women.
        The reason why this is so critical that we capture women on
    coins is because women helped contribute and build this great
    nation, and the contributions of these trailblazers, and those
    that have gone through the suffrage movement, and those that
    have gone through voting rights, and those that have really
    made a difference in how we, as a country operates. We have
    women on the front lines in our military every single day.
        It is my desire, if I am confirmed, have the privilege of
    being confirmed for this position, to make sure that going
    forward women are just a natural part of the coin process, and
    that we do not have to have a special program to recognize
    them, that they have an equal voice and an equal presence in
    our coinage.
        Senator Cortez Masto. Thank you. I want to jump to Mr.
    Rosen because I only have so much time here, but I appreciate
    the work that you are going to do around not only this but the
    work that is so crucial for the U.S. Mint, and your background
    clearly shows you have the experience to lead the helm there.
        Mr. Rosen, another area I want to highlight, some of the
    glowing letters of support that I have received in support of
    your nomination as well. One of those is from the National
    Fraternal Order of Police. They spoke to your ability as a
    reliable partner of law enforcement. You are described as a
    thorough prosecutor of crimes, such as drug trafficking,
    violent crime, and financial crimes, and your work at Homeland
    Security serving under Secretary Johnson to combat threats to
    the homeland such as ISIS and cybersecurity.
        Talk, if you would, about your experience in cybersecurity
    and counterterrorism and how that will inform your work at
    CFIUS.
        Mr. Rosen. Thank you very much, Senator, for the question
    and the reference to that letter. My experience in national
    security, law enforcement will critically inform how I approach
    the role of Assistant Secretary. When I was chief of staff of
    the third-largest Cabinet agency we were responsible for
    addressing threats to the homeland from a variety of sources,
    and as you point out, those were counterterrorism threats, that
    was ISIS-inspired actors, and critically cybersecurity threats
    to our critical infrastructure and commercial partners. And we
    worked to harden that infrastructure, both commercially and on
    the Government side, and we worked to counter the threats
    coming from overseas, particularly from China and elsewhere.
        Senator, if confirmed, it is something that I will be
    focused on.
        Senator Cortez Masto. Thank you, and I appreciate your
    comments, because going to what Senator Toomey talked to you
    about with respect to the concerns with the Chinese Communist
    Party, I do think your background lends itself to prepare to
    handle issues such as the CCP-backed venture capitalist
    investors targeting emerging technology firms. I am hopeful
    that based on your background, and what you have just already
    talked today about the balance, and finding that balance, that
    you are going to be just as effective and what we need here.
    And that you will also come back to us and tell us what
    additional tools you might need as we address and look at the
    concerns happening abroad.
        So I am done. Thank you so much. Congratulations to both of
    you. Thank you, Mr. Chairman.
        Chairman Brown. Thank you, Senator Cortez Masto.
        Senator Hagerty is recognized, from the State of Tennessee.
        Senator Hagerty. Thank you, Mr. Chairman, and
    congratulations to our two nominees.
        Mr. Rosen, I would like to turn to you first and talk about
    a topic that is near and dear to my heart, which is CFIUS.
    Senator Cortez Masto, I am certain was just talk with you about
    that as well. And I want to initially ask for your commitment
    to work with this Committee, and in particular the National
    Security Subcommittee, which I am the Ranking Member, to
    continue to refine the improvements in our investment screening
    regime that are enabled in FIRRMA, and as enabled through the
    regulations that are developed and published over the past few
    years.
        Mr. Rosen. You certainly have my commitment, Senator, yes.
        Senator Hagerty. Thank you. Thank you, Mr. Rosen.
        As FIRRMA noted, investment screening is more effective if
    our like-minded allies are operating similar systems, screening
    out similar nefarious investments. And to that end, the
    previous Administration established an office within Treasury
    to work with allied nations to establish and coordinate
    investment screening. In fact, when I served as U.S. Ambassador
    to Japan I had teams come over to work with our partners there,
    to try to share our knowledge, to share our best practices, to
    make certain that our allies are working in the same direction
    that we are. I think we are all much better off when we have
    coordinated screening in that manner.
        We have seen a lot of positive movement in that direction,
    and we have got more than a dozen countries now strengthening
    or expanding their systems. So I would like, Mr. Rosen, if you
    would just talk for a few minutes, if you would, about your
    priorities for engaging with our allies to further synchronize
    our systems.
        Mr. Rosen. Senator, thank you for that question, and
    raising this issue of international engagement, which is
    critical, as this Committee saw, when it enacted FIRRMA,
    frankly.
        As we get stronger, through the implementation of FIRRMA,
    and our systems do a better and more thorough job of screening
    foreign direct investment, we do need to be increasingly
    cognizant that those malign actors are going to go to our
    partners and try to get at that critical technology, that
    critical infrastructure, that know-how, as you point out,
    through other mechanisms.
        And so working with our allies it will be a priority of
    mine to help them buildup their capabilities like we built ours
    up in FIRRMA, and my experience engaging with foreign partners
    in doing so, I will leverage that experience, Senator, to work
    to enhance that. Because FIRRMA also talked about accepted
    foreign States, right, and giving an incentive for countries to
    do that.
        So you have my commitment that will be a focus of mine.
        Senator Hagerty. I appreciate that. My observation, working
    with our teams in the past, was that we have very talented
    people but we have a dearth of talent as well. So it is a tough
    process. It is one that requires certain expertise. And I would
    love to hear your comments on the manpower aspect of this and
    what your plans might be to recruit and enhance that.
        Mr. Rosen. Certainly, Senator, and thank you for that. I am
    not in the building so I have not been able to assess first-
    hand. My understanding is that with FIRRMA the resources,
    through filing fees and otherwise, have grown. The manpower has
    grown in a very positive way. And so I am looking forward to
    getting in and assessing that, and you certainly have my
    commitment that if I identify gaps I will come back to this
    Committee.
        But in terms of the focus, I think that from what I have
    seen on the outside the office is doing a good job and working
    to implement and build those resources and devote the
    resources, as you point out, to the priority of FIRRMA.
        Senator Hagerty. Well, back to your initial commitment of
    working with us, and again, my Subcommittee, I very much
    appreciate that, because I want to make American the most
    attractive place to invest capital. We have got great partners,
    and we can deepen our economic alliance, and our economic
    security begets national security.
        So I want to make certain that we have a process that
    facilitates the proper sort of investment, the proper sort of
    partners, but at the same time protects intellectual property
    and makes certain that it does not fall into the wrong hands.
    So I look forward to working with you closely on that.
        I would like to come to another aspect of CFIUS if I might,
    and that has to do with the parties who are required to file
    with Treasury for covered transactions. Over the years, the
    Government has discovered that many transactions are finalized
    that were not disclosed. They called them non-notified
    transactions. And those transactions, once they are discovered,
    then require CFIUS review. And once we determine that some of
    those transactions might actually impose risks to our national
    security they have to be unwound. Given your experience as an
    attorney, I think you know how complicated that can be, how
    disruptive that can be. It takes a lot of our manpower and it
    really leads to many, many challenges.
        So I would like to understand a little bit more how you
    plan to encourage the parties that file covered transactions to
    do so properly and how to make certain that we do not have
    these non-notified transactions. Are there areas where you see
    opportunity there?
        Mr. Rosen. Yes. Thank you, Senator, and I agree with you
    that we do want to encourage companies to come in the front
    door. There is an informal engagement process with CFIUS that
    is in place to allow companies to engage, to ask questions, and
    the like. Through FIRRMA there was also a declaration process
    put into place, and to your point about encouraging foreign
    direct investments speedy, swift resolutions to the inquiry.
        And so, Senator, if confirmed, I am going to be focused on
    this issue. I am going to be looking at resources, because I do
    want to make sure that benign investment flows efficiently and
    effectively through the system while staying laser-focused on
    national security.
        Senator Hagerty. I will look forward to working with you on
    that too, because I think a good communication program,
    particularly with our U.S. side private equity, venture capital
    investors, to let them know what the consequences are, what the
    difficulty would be of having to unwind these transactions
    could be very effective.
        Thank you very much for your time. Ms. Gibson,
    congratulations. I am going to submit my questions for you for
    the record.
        Thank you, Mr. Chairman.
        Chairman Brown. Thank you, Senator Hagerty.
        Thank you to the nominees today for being here and
    providing testimony. I hope we can work together as a Committee
    to move forward quickly on the nominations of both these two
    qualified nominees.
        For Senators who wish to submit questions for the hearing
    record, as Senator Hagerty said he plans to, those questions
    are due close of business on Monday, April 11th, at 5 p.m. For
    the nominees, we would like you to have your responses back to
    us by Monday, April 18th, at noon.
        Thank you again for your testimony, and the Committee is
    adjourned.
        [Whereupon, at 10:48 a.m., the hearing was adjourned.]
        [Prepared statements, biographical sketches of nominees,
    responses to written questions, and additional material
    supplied for the record follow:]
                  PREPARED STATEMENT OF CHAIRMAN SHERROD BROWN
        The Committee meets today to consider the nominations of: Ms.
    Ventris C. Gibson to be Director of the Mint; and Mr. Paul M. Rosen to
    be Assistant Secretary of the Treasury for Investment Security.
        We thank the nominees for appearing, and extend a warm welcome to
    their families and friends in attendance and watching from home.
        To the nominees, thank you for your willingness to serve our
    country.
        Ventris Gibson is the President's nominee to serve as the Director
    of the Mint. The agency to which Ms. Gibson has been nominated is the
    world's largest coin manufacturer.
        In fiscal year 2021 alone, the Mint shipped 14.7 billion
    circulating coins. The Mint operates six facilities and employs more
    than 1,600 people.
        It was also the only major world mint to maintain continuous
    production throughout the pandemic. All of this is a testament to its
    dedicated workers who design, produce, and protect our national assets.
        For more than two centuries, the Mint has played an essential role
    in providing the American people and businesses with secure, privacy-
    respecting currency. It's the sole producer of circulating coins.
        If confirmed, Ms. Gibson would be the first African American to the
    lead the Mint. She represents yet another historic nomination by this
    Administration.
        Ms. Gibson has devoted more than 40 years to public service,
    decades in top leadership positions throughout Government. A veteran of
    the U.S. Navy, she currently serves as the Acting Director of the Mint.
    Previously, Ms. Gibson served as the Director of Human Resources for
    the District of Columbia.
        Prior to her time with the D.C. Government, Ms. Gibson served in
    high level leadership positions at the Departments of Health and Human
    Services, Transportation, and Veterans Affairs.
        I am glad you can be here with us today, Ms. Gibson. And thank you
    for your many years of service to our country.
        Paul Rosen is the President's nominee to serve as Assistant
    Secretary of the Treasury for Investment Security. This is an important
    national security position we created in 2018 through the passage of
    this Committee's work on the bipartisan Foreign Investment Risk Review
    Modernization Act, or FIRRMA.
        If confirmed, Mr. Rosen would lead an office responsible for
    implementing the Department's responsibilities as Chair of the
    Committee on Foreign Investment in the United States, or CFIUS--an
    interagency Committee that reviews certain foreign investments in U.S.
    businesses.
        Mr. Rosen previously held several senior leadership roles at the
    Department of Homeland Security, including serving as Chief of Staff to
    then-Secretary Jeh Johnson.
        Prior to joining DHS, Mr. Rosen served as a Federal prosecutor at
    the Department of Justice, counsel on the Senate Judiciary Committee,
    and Staff Director to the Senate Caucus on International Narcotics
    Control.
        Mr. Rosen is well respected by the national security community.
        On Monday, a bipartisan group of 85 national security and law
    enforcement professionals--spanning Republican and Democratic
    administrations--sent a letter urging swift consideration and
    confirmation of Mr. Rosen. They wrote that ``Paul is the right person
    with the right skills to safeguard U.S. national security when it comes
    to foreign investment in the United States.''
        The Fraternal Order of Police wrote to Ranking Member Toomey and
    myself expressing its ``strong support'' of Mr. Rosen's nomination. I
    ask that these two letters be entered into the record.
        Thank you, Mr. Rosen, for your prior service to our country and
    your willingness to serve once again.
        Thanks again to the nominees for appearing here today. I look
    forward to your testimony.
                                     ______

                PREPARED STATEMENT OF SENATOR PATRICK J. TOOMEY
        Mr. Chairman, thank you.
        Mr. Rosen and Ms. Gibson, welcome. I commend you both for your
    longstanding commitment to public service.
        Mr. Rosen, you've been nominated for an important role at Treasury
    leading the Committee on Foreign Investment in the United States, known
    as CFIUS. CFIUS is an interagency body with the power to review, and,
    in some cases, advise the president to block, foreign direct investment
    into the United States, known as inbound FDI, on the grounds that
    certain investments may erode America's technological advantages that
    underpin our national security.
        Maintaining our defense while upholding our economic prosperity is
    a sensitive and challenging task. The broad, free flow of capital is a
    fundamental part of our remarkably successful free market system.
        In particular, inbound FDI is a source of much needed investment in
    American businesses. From 2016 through 2020, between $150 billion and
    $500 billion in FDI has flowed into the U.S. each year.
        This inbound FDI can lower prices and increase the choices
    available to American consumers, strengthen the American workforce,
    increasing employment and wages, and fund research and development that
    contributes to technological innovation and economic growth.
        However, foreign Governments and their agents know that investing
    in an innovative American firm can potentially give them access to its
    technology. Such investments, coupled with the tech transfers that may
    follow, have the potential to allow adversaries to make a technological
    jump that can be used against our national security--all without having
    to spend time and resources innovating themselves.
        There's no more problematic, and systemic, threat in this regard
    than China. As the U.S. intelligence community's latest annual threat
    assessment says, ``China will remain the top threat to U.S.
    technological competitiveness as Beijing targets key sectors and
    proprietary commercial and military technology from U.S. and allied
    companies and institutions. Beijing uses a variety of tools, from
    public investment to espionage, to advance its technological
    capabilities.''
        Protecting against the threat of adversaries using FDI to harm our
    national security is why we have CFIUS. But given the importance of
    inbound FDI to our economy, it's vital that CFIUS remains laser focused
    on screening for genuine national security threats while, at the same
    time, not undermining the attractiveness of the United States as a
    place to invest and innovate.
        A slow CFIUS review process can disrupt individual deals. And a
    pattern of disruption will discourage valuable FDI. Most importantly,
    we must guard against CFIUS becoming a tool of economic protectionism.
        Mr. Rosen, if confirmed, you'd be only our second Treasury
    Assistant Secretary of Investment Security. This position was formally
    created in 2018 by the Foreign Investment Risk Review Modernization
    Act, or FIRRMA.
        FIRRMA made several notable changes to CFIUS. Before FIRRMA, CFIUS
    only reviewed transactions when a foreign person gained control or
    majority ownership of a U.S. company.
        FIRRMA expanded the scope of transactions that CFIUS can review to
    include noncontrolling investments in certain U.S. businesses involved
    in critical technology, critical infrastructure, the collection of
    sensitive data on U.S. citizens, and certain real estate transactions
    near military bases and sensitive infrastructure sites.
        FIRRMA also created a fast-track process that allows companies to
    potentially shorten the CFIUS review process through a mechanism called
    a declaration, as opposed to filing a traditional notification.
        In the 4 years since FIRRMA was enacted, CFIUS has been processing
    an increasing number of transactions annually and appears to be doing
    so in a manner consistent with FIRRMA's intent.
        In 2019, around 94 companies sought CFIUS' approval for their
    investments via the shorter declaration route. In 2020, that number
    increased by around 25 percent. And it is my understanding we should
    expect at least a similar increase in companies filing declarations in
    2021 from 2020.
        This trend suggests that the private sector is viewing the CFIUS
    declaration option as a viable means of subjecting transactions to
    Government review.
        CFIUS is also increasingly approving a high percentage of
    declarations. CFIUS approved 36 percent of declarations in 2019 and 65
    percent in 2020. It is my understanding that CFIUS approved at least 65
    percent of declarations in 2021 as well.
        These data points suggest that the declaration process is useful
    for CFIUS as well by allowing it to focuses its attention on the
    transactions that merit the most scrutiny.
        Given that CFIUS has its hands full doing this work, Congress and
    the Administration must be very cautious about taking any actions that
    would unduly burden, distract, or meddle with CFIUS' core mission. The
    negative effects could be immense, both in terms of harm to our economy
    and also harm to efficient and effective screenings by CFIUS.
        Now turning to the U.S. Mint. Ms. Gibson has been nominated to
    serve as the Director of the Mint, which was established in 1792 in the
    great Commonwealth of Pennsylvania in Philadelphia.
        The Founding Fathers understood that in order for the United States
    to prosper it needed its own monetary system. The Mint continues to
    play a vital role by manufacturing coins that Americans use every day.
    It also produces precious metal and collectible coins. For the Mint to
    thrive, it must continue to innovate and release new products that
    resonate with the public.
        I look forward to hearing from today's nominees.
                                     ______

                    PREPARED STATEMENT OF VENTRIS C. GIBSON
             To Be Director of the Mint, Department of the Treasury
                                 April 6, 2022
        Thank you, Mr. Chairman, Ranking Member, and distinguished Members
    of the Committee for allowing me to appear here today. With me today
    are my children: my son Alexander and his wife Katherine, my daughter
    Heather, and my son Charles. I am honored that the President nominated
    me to serve as the Director of the U.S. Mint, a responsibility that I
    do not take lightly; and I would like to thank Vice President Harris,
    Secretary Yellen, and Deputy Secretary Adeyemo for their support.
        My career in public service began more than 40 years ago when,
    following high school, I joined the U.S. Navy. My time as a Navy Air
    Traffic Controller in Tennessee, Cuba and Sicily was one of the most
    rewarding experiences of my life.
        After military service, I continued to serve my fellow veterans for
    23 years at the Department of Veterans' Affairs. At VA, I advanced from
    an entry level professional to one of VA's most senior executives--
    Deputy Assistant Secretary. In those roles, I dedicated my life to our
    Nation's veterans by further developing employment programs and
    changing the diversity landscape of the Department.
        In January 1998, I led the development of the Office of Resolution
    Management at the VA, where I was responsible for handling the
    Department's unlawful discrimination complaints and its alternative
    dispute resolution cases. I was also responsible for the development,
    articulation, and delivery of Department-wide human resources policies,
    plans, and programs for 260,000 employees.
        A highlight during my time at the VA was serving as one of the
    first volunteers during the opening and dedication of the Vietnam
    Veterans Memorial. We were called upon to assist family members and
    friends in finding their loved ones' names on the wall. I can still see
    and feel the tears of those mothers, fathers, brothers, sisters, and
    fellow soldiers. For me, this moment crystalized our debt as a Nation
    to these fallen heroes and how their loss of life preserved our freedom
    and defended our democracy.
        In 2003, the former Administrator for the Federal Aviation
    Administration (FAA) Marion Blakey, asked me to join her team as FAA's
    top human resources executive. In that role, I stabilized a human
    resources environment in the middle of a transition to a centralized
    model without negatively affecting the agency's mission. Then, in 2011,
    after 35 years of service I retired. In 2014, I was pulled from
    retirement and appointed to the Department of Health and Human Services
    (HHS) as the Associate Deputy Assistant Secretary for Human Resources.
    In that position, I worked with the Office of Personnel Management on
    several initiatives that led to flexible-hiring programs for HHS.
        In 2015, Mayor Muriel Bowser appointed me to her cabinet as the
    city's Director of Human Resources, where I transformed the District of
    Columbia's human capital organization into a high performing, results-
    oriented organization. I managed a billion-dollar health benefits
    program for 80 agencies and 37,000 employees.
        Last fall, I was honored to join the U.S. Mint as Deputy Director.
    The Mint has a rich and meaningful history, and it is the largest and
    most respected Mint in the world. I would consider it a privilege and a
    defining moment in my professional life to serve as Director.
        If confirmed, I am ready to lead a workforce dedicated to
    connecting America through coins. I will focus on people--as they are
    key to the Mint's success; on our programs--from commemorative medals
    to collectible coins to circulating coins; and on our performance--one
    that is high performing and results oriented.
        Thank you again for the opportunity to appear before the Committee
    today, and I welcome your questions.

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                                     ______

                      PREPARED STATEMENT OF PAUL M. ROSEN
      To Be Assistant Secretary of the Treasury for Investment Security,
                           Department of the Treasury
                                 April 6, 2022
        Chairman Brown, Ranking Member Toomey, distinguished Members of the
    Committee--it is an honor to sit here before you as the President's
    nominee to serve as the Assistant Secretary of the Office of Investment
    Security for Treasury.
        My life's journey into public service has roots in these very halls
    going back nearly 50 years. In 1973, my parents met working in
    Congress--my father, from California, a legislative assistant, and my
    mother, originally from Southeast Washington, DC, a legislative
    secretary--both working for Yvonne Brathwaite Burke, the first African-
    American woman elected to Congress from California. My parents were
    drawn to Capitol Hill by a desire to serve, which was a value instilled
    by their parents, including by my grandfather who enlisted in the Army
    to fight as a Corporal in World War II, and by my grandmother who
    worked for 34 years at the U.S. Census Bureau.
        My parents married and relocated to California, where they raised
    my brother and me, instilling in us the same values of service,
    integrity and hard work. My mother went on to teach elementary school
    for 38 years, and my father practiced law with two friends while
    continuing public service, volunteering on city commissions and arts
    and education boards for more than two decades. Both, now in their 70s,
    continue to work to this day. My brother also found his own calling in
    community service: After a long and difficult battle with addiction, he
    became a counselor at a rehabilitation facility and helps at-risk
    youth, speaking to schools and providing adolescents with healthy tools
    to cope with the stresses of life. I'm extremely proud that this summer
    will mark his 18th year of sobriety.
        My own path was greatly influenced by this history. After
    graduating college, I packed a suitcase and bought a one-way ticket to
    Washington, DC, with the goal of working on Capitol Hill. My first
    opportunity was volunteering as an intern for the late Senator Carl
    Levin, and later I worked as a staff assistant for then-Senator Joe
    Biden. After attending law school and then clerking for a Federal
    judge, I returned to the Senate to serve as a counsel on the Senate
    Judiciary Committee, and then for another decade in various jobs at the
    Justice Department and Department of Homeland Security working to
    protect national security and public safety. I was drawn to these
    roles, in part, from witnessing the scourge of illegal drugs and the
    impact they've had on victims like my brother and so many others.
        Like my parents did a half century ago, I met my wife Casey on this
    journey, and we are blessed to have a beautiful baby girl. Casey is
    with me here today, while our daughter is home in California with her
    grandparents watching the hearing. I can't thank them and our entire
    family enough for their love, support, and sacrifice.
        The Committee on Foreign Investment in the United States, or CFIUS,
    plays a vital role in protecting U.S. national security. As technology
    advances at warp speed and the intentions and capabilities of our
    adversaries expand, CFIUS, and the talented career public servants who
    support it, are a critical gatekeeper in protecting the United States
    from malign foreign investment while continuing to promote an open
    investment climate. And there is perhaps no more consequential time in
    our history than now to make sure that, working with this Committee,
    CFIUS is successful in executing its critical national security
    mission.
        My professional path, experiences, and values have prepared me well
    to fulfill the role of Assistant Secretary. My work as a prosecutor,
    senior Government official and national security lawyer uniquely
    position me to fully and faithfully execute Congress' statutory mandate
    as set forth in the landmark Foreign Investment Risk Review
    Modernization Act (FIRRMA), a vitally important bipartisan law that
    updated the framework of the functions and authorities of CFIUS.
        If confirmed, I would be honored to serve alongside the talented
    and dedicated career professionals in the Office of Investment Security
    and International Affairs to preserve an open investment environment
    that supports economic growth and innovation while protecting U.S.
    national security interests.
        I look forward to your questions.

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            RESPONSES TO WRITTEN QUESTIONS OF CHAIRMAN BROWN
                         FROM VENTRIS C. GIBSON

    Q.1. Where have you excelled in past positions in attracting,
    hiring, and promoting people of color in positions in your
    organization? Where might there be room for improvement?

    A.1. In my previous positions, there were several opportunities
    in which I led efforts to attract, hire, and promote people of
    color that had meaningful and positive results. While I was
    employed with the Department of Veterans Affairs (VA), former
    Secretary Anthony Principi appointed me to chair a team that
    focused on identifying ways to increase women in the Senior
    Executive Service ranks. The report resulted in increased
    representation of women in higher grade levels, managerial
    positions, and the Senior Executive Service. The Secretary
    personally recognized my efforts by awarding me the Secretary's
    Merit Award for Excellence. During my tenure with the Federal
    Aviation Administration (FAA), I worked collaboratively across
    the organization to champion the Air Traffic Controller
    Diversity Plan and set in motion the actions FAA needed to
    undertake to recruit and hire a diverse population of highly
    qualified applicants. The diverse applicant pool grew from less
    than 15 percent to slightly over 40 percent as a result of our
    expanded recruiting efforts. In addition, I championed a
    memorandum of agreement between FAA and VA to train disabled
    veterans for employment as Air Traffic Controllers. While
    serving as the Associate Deputy Assistant Secretary for Human
    Resources (H.R.) at the Department of Health and Human Services
    (HHS), I ensured that the diversity organizations within HHS'
    operating divisions worked in partnership with H.R.
    organizations in recruiting, hiring, training, and promoting
    people of color, women, and those with disabilities. My staff
    and I worked tirelessly to incorporate new learning and
    development programs for employees, to recruit equitably across
    colleges and universities, and ensured that the path for
    employment for those with disabilities included appropriate
    workplace accommodations and assistance. Lastly, while employed
    with the District of Columbia government, I created a number of
    programs designed to ensure that all people had an opportunity
    to excel. These included the High School Leadership Institute
    which afforded monthly stipends to District high school
    students while they participated in a mentoring and coaching
    program in their career field of interest. The program was
    highly successful, with graduates of this program going on to
    attend college. I also ensured a wide range of diversity in
    multiple employment programs, including the District Leadership
    Program and Capital City Fellows. Further, I established City
    University for employees to attend (virtually and in person) in
    five separate career paths (i.e., information technology,
    public works, medical administration, transportation, and human
    resources). Prior to leaving D.C. Government, I established the
    process for working with the private sector to train and
    certify individuals seeking CDL licenses. This initiative was
    designed to assist with attracting and retaining school bus
    drivers. During my service as Deputy Director of the Mint, I
    have identified key objectives that I believe are important to
    ensure the success of the Mint and its employees: (a) ensuring
    that managers provide effective leadership in diversity,
    equity, inclusion, and accessibility; (b) holding all employees
    accountable through performance for ensuring a workplace that
    is free of discrimination, harassment, workplace violence, and
    insensitivity; and (c) ensuring that all efforts undertaken are
    fair, just, and equitable for all with a demonstrated
    commitment to a workplace that is reflective of the American
    people. Throughout my career, I have always looked for ways to
    improve the organizations that I have led. If given the
    opportunity to serve as Director, I will continue the efforts I
    have already begun to achieve these objectives.

    Q.2. What specific measures will you use to evaluate the
    success of the U.S. Mint in understanding and addressing the
    needs of Black, Indigenous, and people of color (BIPOC)? And,
    will you work to keep Congress apprised, as appropriate, on the
    progress being made on these measures?

    A.2. As Deputy Director, I am implementing a series of
    initiatives to ensure the success of the Mint in understanding
    and addressing the needs of BIPOC, women, persons with
    disabilities, and others. If I am confirmed, I am committed to
    working with Congress, as appropriate, on the progress being
    made at the Mint. Listed below are some examples of the
    initiatives I am implementing:
        Establishing the Office of Equity, which will provide
    oversight and compliance of all diversity initiatives. Further,
    this office will advise on policies, procedures, and practices,
    and ensure community outreach.
        Creating an Employee Experience Council comprised of Mint
    employees from across the nation.
        Separating EEO complaint processing from Diversity
    Management and conducting root cause analysis of all
    complaints. Upon review, determining which concerns are
    systemic and which can be addressed through mediation or
    collaborative conversation.
        Expanding the Mint's mediation program beyond the EEO
    complaint process.
        Leveraging working relationships with the Mint's unions.
        Providing relevant, targeted, and ongoing training for all
    employees.
        Providing a confidential email system for U.S. Mint
    employees to express concerns.
        Conducting anonymous assessments to determine the results
    of our efforts and identify where we can further improve or
    make adjustments.

    Q.3. What is your plan for creating an inclusive working
    environment for employees within your office?

    A.3. My values are fairness, integrity, and trust. These values
    were foremost in the development of what I call my ``blueprint
    for change.'' This document provides details of the actions I
    am undertaking as Deputy Director and would continue to
    undertake into the future, if I have the privilege of being
    confirmed. Some examples of my actions to date include:
        Prepared a video for Mint employees explaining where we
    are, where we need to go, and what it will take for us to be an
    employer of choice and one that is perceived as having a strong
    employee value proposition.
        Recently hired a diversity expert who will serve as a
    temporary consultant. His responsibilities are to advise on the
    stand-up of the Equity Office, to ensure that its staff has the
    appropriate expertise in the field of Diversity and Equity,
    develop operating procedures, develop metrics and standards,
    and build partnerships with external stakeholders.
        Fostering an environment of open communications where
    employees are free, without the fear of reprisal, to bring
    matters forward.
        Ensuring that the Mint will immediately address any acts of
    unlawful discrimination, to include taking disciplinary or
    adverse action, or debarment from Federal service, as
    appropriate.
        Require executives to brief on diversity, equity,
    inclusion, and accessibility in their monthly organizational
    performance reports (in progress).
                                    ------

            RESPONSES TO WRITTEN QUESTIONS OF SENATOR TOOMEY
                         FROM VENTRIS C. GIBSON

    Q.1. Congressional Oversight--What is your philosophy on how
    the Mint should approach and respond to Congressional
    information requests (both documentary information and oral
    testimony)?

    A.1. If confirmed, I am committed to working through the
    accommodations process to comply with Congressional requests
    for information consistent with the constitutional and
    statutory obligations of the Executive branch. In the past, the
    Mint has been an effective resource to Congress on Mint-related
    matters. If confirmed, under my leadership, this will continue
    and I will ensure that we have an open line of communication
    between Members of Congress, congressional staff, Committees,
    and my office. Please know that I have always worked well with
    members of Congress and with their staff. I am hopeful of
    continuing such a relationship and building trust as well.

    Q.2. If confirmed, do you intend to respond to information
    requests differently depending on who is making the
    Congressional information request (whether it is the chair of
    the Congressional committee, the Ranking Member, or another
    member of Congress)? Please answer ``yes'' or ``no.'' If your
    answer is ``yes,'' please explain.

    A.2. Congress plays an important oversight role, and I commit
    to considering all congressional information requests. If
    confirmed, I am committed to working through the accommodations
    process to comply with Congressional requests for information
    consistent with the constitutional and statutory obligations of
    the Executive branch.

    Q.3. Will you commit that, if confirmed, you will timely
    respond to and fully comply with all information requests from
    me? Please answer ``yes'' or ``no.'' If your answer is ``no,''
    please explain.

    A.3. See response to Question 2 above.

    Q.4. Will you commit that, if confirmed, you will make yourself
    and any other Mint employee expeditiously available to provide
    oral testimony (including but not limited to briefings,
    hearings, and transcribed interviews) to the Committee on any
    matter within its jurisdiction, upon the request of either the
    Chairman or Ranking Member? Please answer ``yes'' or ``no.'' If
    your answer is ``no,'' please explain why.

    A.4. See response to Question 2 above.

    Q.5. Challenges Facing the Mint--What are the biggest
    challenges currently facing the Mint?

    A.5. The biggest challenge currently facing the Mint is supply
    chain issues. We are constantly monitoring the supply chain
    supporting the production of circulating coins, and I am
    pleased to say that our efforts have allowed us to fulfill the
    Federal Reserve's orders. The most pressing supply chain issue
    currently is the availability of silver blanks that are
    critical to both our bullion and numismatic programs. Some of
    our Mint suppliers are still addressing pandemic-related
    staffing and supply chain issues which have resulted in the
    reduced silver blank supply. The shortage has forced the Mint
    to make some tough decisions on the quantity of coins to be
    produced. This year, the Mint suspended the Morgan and Peace
    Silver Dollars due to the inability to produce to the necessary
    quantity to meet demand. Overall, this has had an impact on the
    quantity of numismatic and bullion coins that the Mint is able
    to produce for several of our programs. The Mint continues to
    work with suppliers to address this issue. If confirmed, I
    would focus on the following three objectives to address supply
    chain challenges: First, to ensure the successful operation and
    production of circulating, bullion, and numismatic coins. This
    entails providing leadership in how effective and efficient we
    are in manufacturing coins and continuing the successful
    partnership we have with the Federal Reserve. I am optimistic
    about enhancing the relationship we have with other Mints
    worldwide, the numismatic community, and increasing youth coin
    collectors.
        Second, to ensure that we have the workforce we need, now
    and into the future, I plan to commission a team to develop a
    ``Future of Work'' plan that addresses succession planning,
    core competencies needed for the Mint's various positions, a
    career path framework that provides employees with a clear
    roadmap to various occupations and expands how we recruit for
    key positions. Third, to lead the organization in a manner that
    reflects my core value of fairness, integrity, and trust, and
    to serve the American people in an accountable, creditable, and
    transparent manner. Furthermore, I will work to protect both
    the assets entrusted to us and the law enforcement officers,
    who protect and serve us each and every day.

    Q.6. Engagement With Mint stakeholders--The Mint's operations
    consist of large-scale manufacturing and the sale of retail
    coin products to consumers, which makes it unique among
    Government agencies. In 2021, the Mint brought in $5.4 billion
    in revenue, made over $500 million in net income and
    transferred $120 million to Treasury's General Fund, which is
    used to reduce the national debt. According to the Mint's
    annual report, the Mint has also transferred over $3.1 billion
    to the Treasury's General Fund over the last 10 years. Some
    stakeholders believe that experience with a manufacturing
    company or other comparable for-profit management experience is
    important for the Mint Director role.
        How do you think your experience as a Government human
    resources executive has prepared you to be the Director of the
    Mint?

    A.6. I have led organizations that served a population of
    260,000 employees with the Department of Veteran Affairs,
    55,000 with the Federal Aviation Administration, 92,000 with
    the Department of Health and Human Services, and 37,000 with
    the District of Columbia Government. These are highly complex
    organizations at the Federal and local government levels. I was
    responsible for developing and delivering programs, policies,
    and procedures that impacted health care, aviation, emergency
    management, legal, information technology, and so much more.
    Further, in all my assignments, I was recognized with awards
    and bonuses, and was often called upon to solve the most
    difficult and complex organizational and people challenges.
    Additionally, I have administered billion dollar budgets and
    achieved cost savings in the millions of dollars. Over the last
    6 months, I have served as the Deputy Director, managing the
    day-to-day operations of the United States Mint for its nearly
    1,700 employees across the four Mints (West Point,
    Philadelphia, Denver and San Francisco), our facility at Fort
    Knox, and the Headquarters in Washington, DC. My nearly 40
    years of Government experience managing large organizations has
    prepared me to oversee this organization and to ensure the
    smooth and efficient production of nearly 14 billion coins
    every year. I have already seen that the Director of the Mint
    needs to call upon many skills and experiences that I have used
    in other positions. I am confident that these experiences would
    translate, and that I can bring to this position leadership in
    strategic planning, process improvement methodologies,
    organizational excellence, customer service initiatives, and
    the necessary leadership to oversee a more than billion dollar
    budget and thousands of employees. I have significant
    leadership experience at the Federal and local level of
    government. In many of these positions, I have been called upon
    to take on responsibilities that required me to lead people and
    lead change in the most sensitive, challenging, or secure
    environment.

    Q.7. What steps have you taken to understand the business
    aspect of the Mint's operations?

    A.7. Since becoming Deputy Director, I have traveled to all
    Mint facilities to see each of their operations and talk to
    employees and visit each shift. I have also visited with
    several suppliers and the Mint's numismatic distribution center
    to see their operations first hand. I have been thoroughly
    briefed on process and production procedures by my staff;
    holding several leadership meetings relevant to people,
    programs, and performance; meeting with the Mint's protection
    staff nationwide to understand how we protect our assets; and
    meeting routinely with the Chief Financial Officer, Chief
    Information Officer, Sales and Marketing, and Manufacturing
    Directorates. Additionally, I have been building relationship
    with the Members of the Citizens Coinage Advisory Committee and
    the Cash Product Office. All of these have been helping me
    better understand the specific business aspects of the Mint's
    operations.

    Q.8. How will you engage the numismatic (i.e., coins and
    medals) community with the intent to gather feedback used to
    gauge demand for Mint products and to aid product development?

    A.8. There are several ways that I am planning to engage with
    the numismatic community to gather feedback. Initially, I would
    like to bring back the Numismatic Forum twice a year. This
    event's purpose in the past was to gather individual members of
    stakeholder organizations to share perspectives on the past,
    present, and future of the numismatic hobby. The forums stopped
    due to the coronavirus pandemic, and I am looking to bring back
    this opportunity for the Mint and myself to engage with the
    numismatic community. Additionally, I have also begun to engage
    with the Citizens Coinage Advisory Committee. The Citizens
    Coinage Advisory Committee was established by law and consists
    of private citizens that advise the Secretary of the Treasury
    on the themes and designs of all U.S. coins and medals. Its
    purpose is to serve as an informed, experienced, and impartial
    resource to the Secretary of the Treasury and represent the
    interests of the American citizens and collectors. I have
    already had the privilege in meeting with the Committee as a
    whole and several Members individually, and I find them an
    amazing source of information and perspective. Finally, I hope
    to look at building a relationship with various numismatic
    organizations, such as the American Numismatic Association and
    American Numismatic Society.

    Q.9. Racial Bias and Harassment at the Mint--In 2021, the Mint
    commissioned a report following allegations of racism and
    racial bias at the Mint that were reported in the press.
    Treasury's Inspector General also is working on a related
    inquiry into racial bias and harassment. That report is
    expected to be released this year. It appears that the Mint may
    have a culture problem.
        How do you plan to improve the Mint's culture?

    A.9. Since I joined the Mint in October 2021, and after having
    reviewed the report and using it as a predecisional document in
    action planning going forward, I have put in place what I call
    a ``blueprint for change.'' This is based on my values of
    fairness, integrity, and trust, because they are so essential
    to leadership and the trust of the nearly 1,700 Mint employees.
    The ``blueprint for change'' is a guide for how we address
    employees' concerns and improve workplace culture. I have
    developed a plan that includes establishing the Office of Chief
    Equity and the appointment of a Chief Equity Officer to ensure
    that all our actions will be taken with an eye towards equity.
    In addition, I have hired a consultant to advise me in
    effecting these changes. Other goals of mine that are in
    progress include:
        Foster an environment of open communications where
    employees are free, without the fear of reprisal, to bring
    matters forward.
        Ensure managers are properly trained in fostering safe and
    effective communications.
        Immediately address any acts of unlawful discrimination to
    include taking disciplinary or adverse action, or debarment
    from Federal service, as appropriate.
        Require executives to brief on diversity, equity,
    inclusion, and accessibility in their monthly organizational
    performance reports.

    Q.10. If confirmed, will you commit to addressing the
    shortcomings identified by the Treasury's Inspector General in
    the forthcoming report?

    A.10. Yes. I plan to use the Treasury's Inspector General
    Report in continuing to strengthen and make positive change to
    the workforce environment.

    Q.11. Questions for the Record--Please describe with
    particularity the process by which you answered these questions
    for the record, including identifying who assisted you in
    answering these questions along with a brief description of
    their assistance.

    A.11. These answers were drafted by me, along with the
    assistance of the Director of the Mint's Office of Legislative
    and Intergovernmental Affairs.
                                    ------

                   RESPONSES TO WRITTEN QUESTIONS OF
               SENATOR VAN HOLLEN FROM VENTRIS C. GIBSON

    Q.1. There have been a number of media reports detailing issues
    at the U.S. Mint with respect to the workplace culture of the
    agency. As you know, an internal report commissioned by the
    Mint last year and produced by an independent human resources
    consulting firm determined that the agency had a ``culture
    problem'' and described a workplace with ``implicit bias''
    against people of color. Mint employees have also reported
    instances of overt acts of discrimination at the agency.
        Ms. Gibson, these issues preceded your time at the U.S.
    Mint. But as you know, Maryland is home to a large percentage
    of the Federal workforce, including employees at the U.S. Mint.
    On behalf of my constituents, I want to understand what your
    goals are for fostering a healthy, respectful, and transparent
    workplace where employees feel valued. How do you plan on
    accomplishing these goals as Director of the Mint? If
    confirmed, will you commit to incorporating feedback from
    employees? And what metrics will you use to assess your
    success?

    A.1. As a leader, my core values of fairness, integrity, and
    trust are vital in promoting a healthy, respectful, and
    transparent workplace where employees feel valued. To
    accomplish this, I have already created the Office of Chief
    Equity and the Chief Equity Officer to look towards equity at
    the Mint. In addition, I have hired a consultant to advise me
    on ways to implement improvements to the Mint's workplace
    culture. The ``blueprint for change'' that I have developed
    will be a growing and breathing document, but one that will
    instill diversity through designing employment, promotion
    development and retention initiatives that take into account
    diversity, equity, inclusion, and accessibility enhancements.
    Some of these initiatives include:
        Creating an Employee Experience Council comprised of Mint
    employees from across the nation.
        Have an informatics analyst develop an Equity Dashboard
    with the specific measures we need to put in place to drive
    success.
        Separating EEO complaint processing from Diversity
    Management and conducting root cause analysis of all
    complaints. Upon review, determining which concerns are
    systemic and which can be addressed through mediation or
    collaborative conversation.
        Expanding the Mint's mediation program beyond the EEO
    complaint process.
        Leveraging working relationships with the Mint's unions.
        Providing ongoing training for all employees on key areas,
    including diversity, equity, inclusion, and accessibility and
    antiretaliation training.
        Foster an environment of open communications where
    employees are free, without the fear of reprisal, to bring
    matters forward.
        Ensure managers are properly trained in safe and effective
    communications.
        Ensuring that the Mint will immediately address any acts of
    unlawful discrimination to include disciplinary or adverse
    action, or debarment from Federal service, as appropriate.
        Require executives to brief on diversity, equity,
    inclusion, and accessibility in their monthly organizational
    performance reports.
        Providing a confidential emailing system for employees to
    express concerns.
        Creating the Office of Equity which will have oversight of
    all diversity initiatives. Further, this office will advise on
    policies, procedures and practices, and ensure community
    outreach.
        Conducting anonymous assessments to determine the results
    of our efforts and identify where we can further improve or
    make adjustments.
        As part of any plan, feedback from employees is vital and
    needs to be incorporated into assessing where we were and where
    we are going. In particular, Mint employees' feedback will be
    as part of the Employee Experience Council, through engagement
    with the Mint's unions, and the confidential emailing system.
                                    ------

           RESPONSES TO WRITTEN QUESTIONS OF SENATOR HAGERTY
                         FROM VENTRIS C. GIBSON

    Q.1. The Coin Modernization Act passed in 2010 required
    materials testing and a Treasury report back to Congress with
    ``detailed recommendations'' that could be enacted into law--by
    elected lawmakers--on new metallic materials for our coins.
    Congress has already acted to explore the possibility of new
    metallic coin materials. Do you agree that such a decision
    should be made by Congress and not unilaterally by the Mint?

    A.1. Yes, I believe that a decision should not be unilateral. I
    think any decision should be one that is recommended by the
    United States Mint, which pursuant to the Coin Modernization
    Act, continues to conduct research on potential alternative
    metals. The Mint is in a position to determine which metallic
    compositions are appropriate, seamless, reduce risk to supply
    chain, minimize adverse impact to the public, and produce cost
    savings. However, that decision should not be made in a vacuum.
    If confirmed, I would look forward to working with Congress on
    enacting appropriate legislation.
                                    ------

            RESPONSES TO WRITTEN QUESTIONS OF CHAIRMAN BROWN
                           FROM PAUL M. ROSEN

    Q.1. Where have you excelled in past positions in attracting,
    hiring, and promoting people of color in positions in your
    organization? Where might there be room for improvement?

    A.1. I believe that diverse workplaces promote creativity,
    inclusion, and healthy working environments, and I have taken
    steps throughout my career to advance these values. Whether it
    was attracting or retaining talented and diverse attorneys,
    professionals, and support staff while employed at a law firm,
    or in my role as chief of staff at a 240,000-person cabinet-
    level agency, I've worked to promote diverse workplaces
    including in the personnel process. Diversity, equity, and
    inclusion, particularly in the recruitment, hiring, and
    retention processes, are important pillars of a healthy
    organization, and if confirmed I am committed to continue to
    promote and advance these principles. I am mindful that we
    should always strive to do better, and if confirmed, I would
    look for opportunities to improve and excel in promoting a
    healthy and successful working environment.

    Q.2. What specific measures will you use to evaluate the
    success of the Department of the Treasury in understanding and
    addressing the needs of Black, Indigenous, and people of color
    (BIPOC)? And, will you work to keep Congress apprised, as
    appropriate, on the progress being made on these measures?

    A.2. If confirmed, I look forward to working to ensure the
    Office of Investment Security promotes diversity, equity, and
    inclusion efforts, and supports the needs of its dedicated
    career public servants, including Black, Indigenous, and people
    of color. We have an obligation to our public servants to
    advance the office's mission while constantly assessing and
    reassessing their needs to ensure we operate in a healthy and
    productive environment that provides opportunity for all. If
    confirmed, I would be pleased to work with you and with
    Congress on these and other important issues in the Office of
    Investment Security.

    Q.3. What is your plan for creating an inclusive working
    environment for employees within your office?

    A.3. Creating, maintaining, and promoting an inclusive working
    environment is an important aspect of any successful
    organization, and one that as a manager I have and will
    continue to take very seriously. To do so, I believe in
    encouraging open and frank discussions, free exchange of ideas,
    providing concrete and meaningful opportunities for junior
    staff, encouraging different viewpoints from diverse
    backgrounds, and providing concrete ways for everyone to
    contribute to the important mission of the Office of Investment
    Security. This is a core tenet of how I have worked to manage
    teams both in and out of Government and, if confirmed,
    promoting and advancing an inclusive work environment will be a
    priority.
                                    ------

            RESPONSES TO WRITTEN QUESTIONS OF SENATOR TOOMEY
                           FROM PAUL M. ROSEN

    Q.1. Congressional Oversight--What is your philosophy on how
    the Committee on Foreign Investment in the United States
    (CFIUS) should respond to Congressional information requests
    (both documentary information and oral testimony)?

    A.1. I am committed to keeping Congress informed about the
    activities of CFIUS. My philosophy is that CFIUS should provide
    documentary information and oral testimony to enable Congress'
    important oversight function, consistent with the oversight
    requirements set forth in section 721 of the Defense Production
    Act, as amended.

    Q.2. If confirmed, do you intend to respond to information
    requests differently depending on who is making the
    Congressional information request (whether it is the chair of
    the Congressional committee, the Ranking Member, or another
    member of Congress)? Please answer ``yes'' or ``no.'' If your
    answer is ``yes,'' please explain.

    A.2. No, I am committed to keeping Congress informed about the
    activities of CFIUS. I recognize that Congress plays an
    important oversight role regarding Executive branch activities,
    and I recognize the importance of transparency in Government.
    If confirmed, I pledge to work through the process to comply
    with Congressional requests for information consistent with the
    constitutional and statutory obligations of the Executive
    branch.

    Q.3. Will you commit that, if confirmed, you will timely
    respond to and fully comply with all information requests from
    me? Please answer ``yes'' or ``no.'' If your answer is ``no,''
    please explain.

    A.3. Yes, I am committed to keeping Congress informed about the
    activities of CFIUS. I recognize that Congress plays an
    important oversight role regarding Executive branch activities,
    and I pledge to thoughtfully consider all Congressional
    information requests, recognizing the importance of
    transparency in Government. If confirmed, I pledge to work
    through the process to comply with Congressional requests for
    information consistent with the constitutional and statutory
    obligations of the Executive branch.

    Q.4. Will you commit that, if confirmed, you will make yourself
    and any other CFIUS employee expeditiously available to provide
    oral testimony (including but not limited to briefings,
    hearings, and transcribed interviews) to the Committee on any
    matter within its jurisdiction, upon the request of either the
    Chairman or Ranking Member? Please answer ``yes'' or ``no.'' If
    your answer is ``no,'' please explain why.

    A.4. I recognize that oral testimony plays an important role in
    Congress' oversight responsibilities regarding Executive branch
    activities. If confirmed, I commit to appear before the
    Committee regarding Congressional requests consistent with the
    constitutional and statutory obligations of the Executive
    branch

    Q.5. CFIUS--CFIUS is tasked with screening inbound foreign
    direct investment for national security concerns. In your view,
    how should CFIUS balance the importance of maintaining an open
    investment climate in the United States with the protection of
    U.S. national security?

    A.5. CFIUS is and should be focused solely on protecting
    national security while maintaining an open investment climate,
    which supports economic growth, employment, and innovation. I
    understand that there are several protections in place to
    accomplish this objective, including: CFIUS' statutory mandate
    to focus only on national security and not broader foreign
    policy issues; a case-by-case review of transactions and the
    use of mitigation to the extent possible, which allows
    transaction parties and the U.S. economy to benefit
    economically from the transaction while protecting U.S.
    national security; adherence to statutory timelines that give
    businesses confidence in CFIUS processes; and robust public
    engagement, including through notice and comment on CFIUS'
    regulations. I commit to maintaining these important guardrails
    and strengthening them if needed.

    Q.6. The Foreign Investment Risk Review Modernization Act of
    2018 (FIRRMA) recommended that CFIUS establish a process for
    exchanging information with U.S. allies and partners to
    facilitate coordinated action with respect to trends in FDI and
    technology that pose national security risks. How do you intend
    to implement this recommendation?

    A.6. Protecting our national security from malign investments
    is of the utmost importance, and working with allies and
    partners to address risks to our collective security is
    essential. As Congress has strengthened CFIUS' authorities, we
    must ensure that risk does not migrate to other jurisdictions.
    I understand that Treasury, together with other CFIUS member
    agencies, has engaged extensively with allies around the world,
    including Five Eyes and G7 countries, EU Member States, and
    other partners in Europe, the Middle East, Latin America, and
    Asia. These are important engagements and partnerships that, if
    confirmed, I would support and continue. CFIUS has been
    instrumental in fostering a growing international consensus
    around the need to screen foreign investment for national
    security risks while maintaining an open investment
    environment. I understand that in the past 2 years alone, over
    30 countries have taken action to strengthen or create foreign
    investment review mechanisms focused on national security. You
    have my commitment to continue to strengthen this engagement
    and to further implement this recommendation.

    Q.7. How do you intend to identify and evaluate ``non-
    notified'' transactions that merit CFIUS' review?

    A.7. CFIUS has various methods to identify non-notified
    transactions, including through interagency referrals, tips
    from the public, media reports, use of commercial databases,
    and Congressional notifications. Treasury has--in the spirit of
    FIRRMA--centralized many of these functions within the Office
    of Investment Security, though it works hand-in-glove with all
    CFIUS member agencies. Consistent with section 721 of the
    Defense Production Act, as amended (Section 721), I understand
    that CFIUS evaluates the national security considerations of a
    covered non-notified transaction through analysis of the
    potential risk posed by the transaction. CFIUS' evaluation of
    the extent to which the nature of the U.S. business presents
    susceptibility to the impairment of U.S. national security
    takes into special account foreign investment into U.S.
    businesses with critical technology, critical infrastructure,
    and sensitive personal data, each as defined in CFIUS'
    regulations.
        I intend to ensure that CFIUS continues to use all
    available means to expeditiously identify and process non-
    notified transactions and, if necessary, work with Congress to
    ensure that CFIUS has the necessary tools to accomplish this
    important mission.

    Q.8. Will you commit to have CFIUS brief my staff, in person,
    at regular intervals to discuss notable transactions that CFIUS
    has made a final determination about? Such a briefing may occur
    in an appropriately secure (classified) setting.

    A.8. Yes. In addition to the Annual Report to Congress and the
    required certifications that accompany every reviewed
    transaction, I will continue the existing practice of having
    CFIUS regularly brief congressional staff on specific
    transactions for which the Committee has reached a final
    determination. CFIUS provides these briefings upon request, and
    I will happily continue facilitating these briefings,
    consistent with the oversight requirements set forth in Section
    721.

    Q.9. Questions for the Record--Please describe with
    particularity the process by which you answered these questions
    for the record, including identifying who assisted you in
    answering these questions along with a brief description of
    their assistance.

    A.9. I coordinated with staff in the Department of the
    Treasury's Office of Legislative Affairs and other relevant
    offices on drafting and technical input. Treasury staff also
    provided to me public information regarding the Department's
    existing positions and policies.
                                    ------

                   RESPONSES TO WRITTEN QUESTIONS OF
                  SENATOR MENENDEZ FROM PAUL M. ROSEN

    Q.1. One of the provisions that I authored in FIRRMA requires
    CFIUS to develop regulations to ensure that State-owned
    entities are declaring their transactions with CFIUS and not
    using complex financial structures to conceal their ownership
    or evade CFIUS review.
        Do you agree that CFIUS needs to do more to evaluate the
    extent of foreign Government control or influence over foreign
    firms seeking to invest in the United States?

    A.1. I understand that CFIUS reviews and requests extensive
    information related to foreign Government control or influence
    over foreign acquirers with transactions before the Committee.
    You have my commitment to ensure such relationships are
    thoroughly evaluated in each review.

    Q.2. Will you commit to implementing this provision of FIRRMA
    so that foreign Governments seeking to invest in critical
    Americans industries are required to file declarations with
    CFIUS?

    A.2. Yes. I understand that this provision of FIRRMA was
    implemented as a legal matter in CFIUS' current regulations.
    Specifically, filings are mandatory when a foreign Government
    has a substantial interest in a foreign person who acquires a
    substantial interest in certain categories of U.S. businesses,
    as set forth in FIRRMA and further defined by regulation. You
    have my commitment to implement this provision in practice.

    Q.3. Are there additional disclosure requirements--on
    beneficial ownership, for example--that you think are necessary
    for State-owned entities that want to invest in the U.S. or
    access our financial markets?

    A.3. Identifying the ultimate beneficial ownership in a given
    transaction is an important part of CFIUS' national security
    review. My understanding is that CFIUS currently has the
    necessary authority to obtain information on the beneficial
    ownership of any foreign acquirer. However, you have my
    commitment that, if confirmed and if necessary, I will work
    with Congress to ensure that CFIUS has the necessary tools to
    obtain any necessary beneficial ownership information to assess
    the national security risks of any given transaction.

    Q.4. Another provision I authored in FIRRMA requires CFIUS to
    establish procedures for the recusal of members that have a
    conflict of interest. Will you commit to working with my office
    to fully implement this provision?

    A.4. Yes. I understand that Treasury already has internal
    procedures in place to facilitate recusals from CFIUS matters
    that give rise to conflicts of interest. I will instruct my
    staff to continue using these procedures and revise them if the
    need arises. I would also be happy to work with your office.
                                    ------

            RESPONSES TO WRITTEN QUESTIONS OF SENATOR WARREN
                           FROM PAUL M. ROSEN

    Q.1. President Biden's Ethics Pledge (Executive Order No.
    13989), to which you are bound, requires that, for at least 2
    years, you do not ``participate in any particular matter
    involving specific parties that is directly and substantially
    related to [your] former employer or former clients, including
    regulations and contracts.'' But for you to have the full
    confidence of Congress and the American people, I believe more
    is required.
        I have introduced legislation, the Anti-Corruption and
    Public Integrity Act, that would improve ethics standards and
    restore Americans' confidence in Government officials. This
    legislation would require senior Government officials and White
    House staff to divest from privately owned assets that could
    present conflicts, including large companies and commercial
    real estate; it would require Executive branch employees to
    recuse from all issues that might financially benefit
    themselves or a previous employer or client for at least a 4-
    year period; and it would close the revolving door by banning
    officials from lobbying the agency at which they used to work,
    and prohibiting the world's largest companies from hiring or
    paying any former senior Government official for 4 years after
    they leave Government service.
        Although Congress has not yet passed this legislation, it
    sets clear standards that will allow you and other officials to
    serve free of the taint of financial conflicts of interests,
    help reduce the speed of the revolving door, and reassure the
    American public that you are working for them, rather than on
    behalf of past or future private-sector employers. These are
    standards that you should voluntarily seek to meet, and
    commitments I have secured other high-level Administration
    officials.
        Accordingly:

      1.  Will you commit to recusing yourself from matters that
            might have a direct and predictable effect on the
            financial interests of your former employers or clients
            for a period of 4 years upon your confirmation?
      2.  Will you commit not to seek a waiver from these recusals?
      3.  Will you commit not to seek employment or compensation
            from any company that you interact with during your
            time in Government for a period of 4 years after
            leaving Government service?

    A.1. I very much appreciated your questions during my
    confirmation hearing, and thank you as well for your leadership
    in this important area. I take very seriously the obligation--
    in both private and public life--of preserving the public trust
    and avoiding conflicts of interest, both in actuality and in
    appearance. Throughout my career in public service and in
    practice as an attorney, I have always taken my ethics
    responsibilities seriously. During 13 years of service in
    Congress and the Executive branch, I worked in various
    positions, including as a prosecutor where I pursued justice
    for the victims of financial fraud from the 2008 financial
    crisis. I am also proud to have obtained a conviction against a
    bank employee who took bribes and breached his ethical
    obligations to consumers and to the public. The Biden-Harris
    administration has set the highest ethical standards of any
    Administration for its political appointees, and as part of my
    nomination I have committed to also fully abide by all such
    requirements. I have worked closely with both the Treasury
    Department and the Office of Government Ethics, and made
    extensive ethics commitments that are documented in my ethics
    agreement. In addition, I am willing to voluntarily commit to
    additional requirements in response to your requests. Under the
    Biden-Harris ethics pledge, I will recuse myself for a period
    of 2 years from participating personally and substantially in
    any particular matter involving specific parties in which I
    know that a former employer or client is a party or represents
    a party. If confirmed, I will commit to extend this recusal
    term from 2 years to 4 years. I will also work closely with
    Treasury's career ethics officials to ensure a comprehensive
    screening process for the required recusals. I do not expect or
    intend to seek a waiver from these recusals described above
    and, pursuant to your request, I pledge not to do so. I also
    commit to fully and faithfully adhere to all of my post-
    Government employment obligations, in full compliance with
    applicable ethics rules, including under Federal law and the
    Biden-Harris administration's ethics pledge. In addition, I
    will commit not to seek employment as a lobbyist for a period
    of 4 years after leaving Government service. If confirmed, I
    commit that I will uphold the highest standards of integrity
    and ethical conduct. Thank you again for your leadership and
    consideration of my nomination to this important national
    security role.
                                    ------

           RESPONSES TO WRITTEN QUESTIONS OF SENATOR HAGERTY
                           FROM PAUL M. ROSEN

    Q.1. CFIUS often pursues mitigation measures to address
    national security vulnerabilities identified in covered
    transactions. These measures increase confidence in approving a
    transaction, but the volume and complexity of the mitigation
    arrangements agreed to over the years has created a significant
    and ongoing enforcement challenge, adding cost both at the
    start and going forward. How will you reduce the number of
    cases settled with mitigation, simplify the mitigation
    agreements, and improve monitoring and enforcement without
    increasing resources?

    A.1. Ensuring that benign investment that is subject to CFIUS
    jurisdiction flows quickly and efficiently is an important
    aspect of CFIUS' work. When transactions do raise national
    security risks, however, carefully crafted mitigation
    agreements are important tools for addressing those risks
    arising from a given transaction. Mitigation must be based on a
    risk-based analysis and is only considered if it is reasonably
    calculated to be effective, verifiable, and monitorable over
    the long term. As required by FIRRMA, I intend to ensure that
    CFIUS frequently reviews the appropriateness of mitigation
    arrangements to terminate, phase out, or otherwise amend such
    mitigation arrangements if a national security risk is no
    longer present. To improve monitoring and enforcement without
    increasing resources, I will focus my efforts on ensuring
    effective interagency cooperation, enhancing staff training to
    further hone the skills needed to identify and address
    compliance issues, and leveraging technical solutions to
    improve record-keeping and metrics. Under my leadership, if
    confirmed, CFIUS will continue to consider mitigation only when
    it is appropriate, adequate, and reasonably scoped to address
    the national security risk in a given transaction.
                  Additional Material Supplied for the Record
             LETTERS SUBMITTED IN SUPPORT OF NOMINEE PAUL M. ROSEN

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