[Congressional Record Volume 153, Number 35 (Thursday, March 1, 2007)]
[Extensions of Remarks]
[Pages E444-E445]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     NATIONAL SECURITY FOREIGN INVESTMENT REFORM AND STRENGTHENED 
                        TRANSPARENCY ACT OF 2007

                                 ______
                                 

                               speech of

                        HON. ELIJAH E. CUMMINGS

                              of maryland

                    in the house of representatives

                      Wednesday, February 28, 2007

  Mr. CUMMINGS. Mr. Chairman, I rise today in strong support of the 
National Security Foreign Investment Reform and Strengthened

[[Page E445]]

Transparency Act of 2007, H.R. 556, of which I am also an original co-
sponsor.
  Last year, the proposed sale of the P&O firm--which manages terminal 
operations at major East Coast ports, including the Port of Baltimore--
to a company controlled by the government of Dubai raised several 
significant issues to the attention of Congress.
  In addition to making many aware for the first time that operations 
in American seaports are frequently managed by foreign interests, the 
sale brought renewed attention to the significant gaps in our port 
security regime.
  Further, the proposed deal revealed the inadequacy of our systems for 
assessing the security risks that the increasingly global nature of 
business ownership relationships may pose--not just in the port 
management industry but in almost all critical industries in the U.S.
  Fulfilling our unwavering commitment to the security of our homeland, 
the Democratic leadership has moved systematically to address the 
security concerns raised by the proposed sale of P&O to Dubai.
  The first piece of legislation the House considered and passed this 
year--H.R. 1--would close an enormous gap in port security by requiring 
the examination of all shipping containers bound for the U.S.
  The bill before us today, H.R. 556, will reform the processes of the 
Committee on Foreign Investment in the United States (CFIUS) to ensure 
that this Committee casts greater scrutiny on transactions involving 
entities owned by foreign individuals or governments--and to ensure 
that Congress receives the information it needs to oversee this 
process.
  As the Chairman of the Subcommittee on Coast Guard and Maritime 
Transportation, I understand the critical need to balance security and 
economics--particularly at our ports.
  However, we must ensure that the CFIUS process--which is as much a 
part of our homeland security system as any scanner or radiation 
detector--is adequate to ensure that the implications of all 
transactions involving foreign entities are fully understood and that 
only those investments that pose no national security risks are allowed 
to move forward.
  I urge my colleagues to support H.R. 556.

                          ____________________