[Congressional Record Volume 153, Number 35 (Thursday, March 1, 2007)]
[Extensions of Remarks]
[Page E446]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     NATIONAL SECURITY FOREIGN INVESTMENT REFORM AND STRENGTHENED 
                        TRANSPARENCY ACT OF 2007

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                               speech of

                         HON. JAMES R. LANGEVIN

                            of rhode island

                    in the house of representatives

                      Wednesday, February 28, 2007

  Mr. LANGEVIN. Mr. Chairman, I rise today in strong support of H.R. 
556, the National Security Foreign Investment Reform and Strengthened 
Transparency Act. This legislation strikes the delicate balance between 
the need to encourage foreign direct investment in the United States 
and the ability to critically review potential investment deals that 
threaten our national security.
  I am particularly pleased that this bill formalizes the Committee on 
Foreign Investment in the United States (CFIUS) membership and 
designates the Secretary of the Treasury as the Chair. It is crucial to 
our economy that we continue to encourage foreign countries to freely 
invest in the United States, and the legislation before us will do just 
that.
  It is, however, equally important to ensure that in cases where 
potential investment deals could impact our national security, we have 
a stopgap measure allowing us to critically review the potential 
ramifications and to proceed with caution. I am therefore also pleased 
that this legislation designates the Secretary of Homeland Security as 
the Vice Chair of CFIUS. The United States has historically been open 
to foreign direct investment and has provided foreign investors with 
fair, equitable and non-discriminatory treatment, and I believe this 
legislation will be implemented within this context.
  Foreign direct investment continues to provide benefits to our 
economy in terms of jobs, technology, management expertise, and 
capital. The legislation we are considering today will continue to 
encourage such investment while strengthening the process through which 
we can ensure that none of these arrangements hinder our national 
security interests. I therefore urge my colleagues to join me in 
supporting this legislation.

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