[Congressional Record Volume 152, Number 101 (Thursday, July 27, 2006)]
[Senate]
[Page S8374]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              FOREIGN INVESTMENT AND NATIONAL SECURITY ACT

  Mr. SANTORUM. Mr. President, I rise today to support S. 3549, the 
Foreign Investment and National Security Act of 2006, because it makes 
great strides in modernizing the Committee on Foreign Investment in the 
United States, CFIUS, process. I firmly believe that national security 
is paramount, and confidence must be restored in the CFIUS screening 
process. CFIUS creates a careful balance between national security and 
the economic benefits of foreign investment. As such, we must protect 
our national security while not inadvertently and unnecessarily hurting 
this job-creating investment.
  Over 5 million Americans work for insourcing companies with a payroll 
of nearly $318 billion. In my State of Pennsylvania, 227,700 people owe 
their jobs to a foreign-based company. Pennsylvania is a State that has 
worked hard to attract international companies like Mack Trucks Inc., 
SAP America, and Sony. That effort has yielded positive results.
  With regard to S. 3549, there are a few unresolved issues that were 
raised in the Banking Committee process that could raise barriers to 
beneficial foreign investment. While the bill passed the committee 
unanimously, with my support, it was understood that a couple of 
outstanding concerns would be addressed before the bill would be signed 
into law. At this time, these concerns remain.
  Two provisions in particular that could have a negative impact on 
positive foreign direct investment that creates jobs, fosters 
innovation and sustains U.S. manufacturing are: (1) the extension of 
the initial 30-day review period to allow an additional 30-day review 
and (2) the creation of a congressional reporting requirement for 
individual regulatory filings for each stage of the review process.
  Mr. President, I hope that these concerns will be addressed in 
conference. While I support CFIUS reform, I believe there are issues 
that need to be addressed prior to passing a final bill to ensure that 
Congress takes a reasonable approach to reforming this process. I look 
forward to working with Chairman Shelby to resolve these issues.

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