[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

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                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.

[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]

                                 ______
                                 
                  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.

[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
    
        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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