[Congressional Record Volume 152, Number 123 (Wednesday, September 27, 2006)]
[Senate]
[Page S10277]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       HONORING OUR ARMED FORCES


                 Sergeant First Class Richard J. Henkes

  Mrs. LINCOLN. Mr. President, it is my honor to pay tribute to the 
life of SFC Richard J. Henkes, a brave soldier who gave his life in 
support of Operation Iraqi Freedom. Sergeant Henkes will be remembered 
as a courageous soul, a proud father, and an inspiration to those who 
knew him best. The 200 people who gathered at his memorial service are 
a testament to the number of lives he touched. They are lives that he 
continues to touch through the legacy he leaves behind.
  Sergeant Henkes wrestled and ran track in high school, but his true 
passion was snowboarding. He shared this passion with his 6-year-old 
daughter, Isabel, as well as with his 17-year-old niece, Cassidy, who 
fondly remembers the caring uncle who was always there to pick her up 
when she would fall. Above all, Sregeant Henkes was a compassionate, 
outgoing, and fun-loving guy with a great sense of humor. It was this 
compassion for others and desire to make a difference that drove him to 
carry on his family's rich history of military service, dating back to 
World War I.
  Stationed out of Fort Lewis, WA, Sergeant Henkes served with C 
Company, 2nd Battalion, 3rd Infantry Regiment, 2nd Infantry Division. 
In Iraq, he was recently placed in command of his platoon--a challenge 
that he embraced. Tragically, Sergeant Henkes died on September 3 from 
injuries sustained from a roadside bomb in Mosul, Iraq. People say he 
knew of the dangers of war, but he believed his mission would make a 
difference in the lives of countless people and that it was worth the 
sacrifice. Mourners paid tribute to Sergeant Henkes in the Woodburn, 
OR, National Guard Armory on September 11. At the ceremony, he was 
posthumously awarded the Bronze Star and Purple Heart service medals by 
his battalion.
  We grieve the loss of another soldier who made the ultimate sacrifice 
to defend the freedoms we all cherish. Sergeant Henkes leaves behind a 
legacy that will live on through the people he inspired and the young 
daughter who will grow up knowing that her father lived to make a 
difference in the world. My thoughts and prayers are with his daughter 
Isabel, his parents, Chris and Jim Stanton of Ashdown, AR, and Richard 
and Karen Henkes of Woodburn, OR, and to all those who knew and loved 
him.
  Mr. SUNUNU. Mr. President, I rise today in support of S. 3549, the 
Foreign Investment and National Security Act. S. 3549 reforms the 
Committee on Foreign Investment in the United States, which is more 
commonly known as CFIUS. CFIUS is the entity of our Federal Government 
charged with reviewing any type of foreign investment in the United 
States, and reviews all corporate transactions involving foreign-owned 
companies. Its top priority has always been to protect America's 
national security interests, and that must remain its main focus. 
However, this foremost concern can and must be addressed without 
jeopardizing foreign investment in our country--a critical economic 
engine.
  This CFIUS reform bill represents an effort by the Senate to ensure 
that the national security interests of the United States are protected 
in the context of foreign investment in U.S. industries. As a member of 
the Banking Committee, I supported this effort as a necessary way to 
restore the confidence of the American people in the CFIUS process, and 
I commend Chairman Shelby and Ranking Member Sarbanes and my colleagues 
on the committee for their work to date on this legislation. Though I 
supported Senate passage of the bill in an effort to keep this 
important legislation moving through the legislative process, I want to 
highlight two provisions in the bill with which I have significant 
concerns because they will have a chilling effect on foreign 
investment.
  First, the provision that potentially extends the initial 30-day 
review period to a 60-day period would place all foreign investors, 
including those of our closest allies, at a competitive disadvantage. 
Under current law, most transactions, foreign and domestic, require an 
antitrust review under the Hart-Scott-Rodino Act which takes a minimum 
of thirty days. However, the foreign investor is also, appropriately, 
required to undergo a 30-day CFIUS review, which may occur concurrently 
with the HSR review. This process allows a thorough review without 
putting one type of investor at a disadvantage to another. S. 3549, 
however, would potentially expand the 30-day CFIUS review to 60 days, 
creating a much longer delay and one that is disconnected from the HSR-
mandated time table. This would create a substantial competitive 
disadvantage. Our government ought to be able to quickly identify and 
clarify the national security implications of a given transaction 
certainly within the 30 days prescribed under current law.
  The second provision with which I have concern would require repeated 
and detailed notifications about ongoing transactions to many Members 
of Congress and State Governors. Such notifications would only 
politicize transactions, do little to resolve national security 
concerns and undermine the CFIUS process.
  This bill makes a strong attempt to strike the appropriate balance 
between national security, sound economic policy, and appropriate 
oversight. The two provisions I have highlighted upset this balance, 
but because I support this overall effort, I look forward to continued 
collaboration with Senators Shelby and Sarbanes and the other members 
of the Banking Committee as we address these issues in conference with 
the House.

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