[Congressional Record Volume 153, Number 35 (Thursday, March 1, 2007)]
[Extensions of Remarks]
[Page E452]
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. BOB ETHERIDGE

                           of north carolina

                    in the house of representatives

                      Wednesday, February 28, 2007

  Mr. ETHERIDGE. Mr. Chairman, I rise in support of H.R. 556, National 
Security Foreign Investment Reform and Strengthened Transparency Act of 
2007, and I urge my colleagues to join me in voting in favor of it.
  Many Americans were rightfully concerned in 2006 by the Dubai Ports 
World scandal. I support H.R. 556 because this bill provides the needed 
reform to the Committee on Foreign Investment in the United States 
(CFIUS). By reforming CFIUS, the United States can better balance the 
critical issue of national security with the billions of dollars in 
foreign investment that helps keep our economy strong. H.R. 556 
formally establishes CFIUS and its membership and streamlines the 
process for reviews by the committee. This bill mandates a 30-day 
review for all national security-related business transactions and a 
full-scale 45-day investigation to follow if necessary. This bill also 
ensures these decisions are made at a senior level and requires CFIUS 
to report to Congress five days after their final action on an 
investigation. The United States Chamber of Commerce supports this bill 
as do other groups concerned about responsible policy for foreign 
investment.
  I oppose any amendments that weaken H.R. 556, National Security 
Foreign Investment Reform and Strengthened Transparency Act of 2007. 
The three amendments introduced by Rep. McCaul all place burdensome 
reporting requirements on CFIUS and detract from the committee's 
mission. Reporting on tax issues is outside the scope and expertise of 
the committee. CFIUS and its resources should be focused on foreign 
transactions, and most importantly, on national security.
  I support H.R. 556 and urge my colleagues to join me in improving our 
national security while safeguarding America's economy.

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