[Congressional Record Volume 163, Number 157 (Monday, October 2, 2017)]
[Senate]
[Pages S6255-S6256]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            CONFIRMATION OF HEALTH TARBERT AND CFIUS REFORM

  Mr. CORNYN. Mr. President, I would like to take a few moments to 
congratulate Heath Tarbert, who was confirmed by the Senate last 
Wednesday and will soon be serving as Assistant Secretary of the 
Treasury for International Markets and Development,

[[Page S6256]]

and also to talk about reform legislation that relates to his new area 
of responsibility. I was pleased to support Mr. Tarbert's nomination, 
along with the vast majority of my Senate colleagues. He has held a 
number of important positions in all three branches of the Federal 
Government, including his service as a special counsel to the Senate 
Banking Committee during the negotiations leading to the Dodd-Frank 
Wall Street Reform and Consumer Protection Act; an associate counsel to 
the President of the United States during the global financial crisis; 
and a law clerk for the Supreme Court of the United States. He is an 
experienced lawyer and financial expert who will be a valuable asset to 
the Treasury Department. While his new position may not be well known 
to many outside of the Beltway, it is vitally important to safeguarding 
our national security interests, as Chairman Crapo of the Senate 
Banking Committee attested to when Mr. Tarbert was voted out of 
committee in near-unanimous fashion in May. I have no doubt of Mr. 
Tarbert's qualifications to take on this key role, and given that only 
one Member voted against his nomination, it is clear that there is a 
bipartisan consensus on that point.
  With that being said, I look forward to working closely with him on 
some important reforms that are desperately needed to protect our 
national security and modernize the way we screen foreign investment 
deals for those risks. Specifically I am referring to the Committee on 
Foreign Investment in the United States, better known as CFIUS. As you 
may know, Mr. Tarbert will now be charged with overseeing the vetting 
of hundreds of proposed investments annually. I am confident that Mr. 
Tarbert will make effective use of the tools and authorities that CFIUS 
has. Unfortunately, those current tools and authorities are not 
adequate, in light of the changing national security landscape. There 
are clear gaps in the CFIUS process, which nations such as China are 
exploiting on a daily basis. The reason for this is simple: CFIUS was 
not designed to stop investment-driven technology transfers, and 
unfortunately, many such transactions are occurring today that are 
carefully designed to sidestep CFIUSs' limited jurisdiction.
  The need to close these gaps has garnered support from Republicans 
and Democrats alike, something that is seemingly rare in Washington 
these days. In fact, there is a bipartisan effort coming together right 
now to introduce legislation that would modernize the CFIUS process for 
the first time in a decade. Such commonsense reforms should be made to 
heighten scrutiny on certain types of investments, especially from 
countries such as China that pose a potential threat to U.S. national 
security interests. At a minimum, we should expand the types of 
transactions that fall under CFIUS jurisdiction, including joint 
ventures and minority-position investments, as well as certain real 
estate transactions in close proximity to military bases and other 
sensitive national security facilities.
  My legislation, the Foreign Investment Risk Review Modernization Act, 
or FIRRMA, will do just that, and I intend to file it in the next few 
weeks. It will address the aforementioned gaps in the current CFIUS 
process and will help protect our national security. I urge my 
colleagues to cosponsor this legislation and support these commonsense 
reforms for the sake of our long-term national security.
  (At the request of Mr. McConnell, the following statement was ordered 
to be printed in the Record.)
 Mr. HELLER. Mr. President, today I want to express my sincere 
condolences to the victims of the shooting in Las Vegas, NV.
  As a lifelong Nevadan, I am overcome with sadness and grief by this 
senseless massacre, in which a gunman opened fire on more than 22,000 
innocent concertgoers, killing more than 50 people and injuring more 
than 500 individuals.
  Nevada's communities are all in mourning, and some of our loved ones 
and friends have been personally impacted by this carnage.
  I stand beside Nevada as they reel from this heinous, wide-scale 
tragedy, working to ensure that my State has the resources it needs to 
recover from this senseless act of violence. For these reasons, I must 
be with the people of Nevada right now.
  I have a commitment to serve my constituents and will continue to 
work tirelessly on the ground with the people of Las Vegas ensuring 
that they have resources to recover and rebuild as a community.
  My sincerest gratitude goes out to our first responders, local 
medical staff, and police officers for their swift actions and efforts 
that without a doubt, saved numerous lives. I also would like to 
recognize the countless Nevadans at the show who aided strangers in 
need and the wounded, using tourniquets and carrying people to safety, 
as the shooting continued.
  I have been in contact with the White House, Governor Sandoval, Mayor 
Carolyn Goodman, and Sheriff Joseph Lombardo and stand ready to assist 
Clark County Commission Chair Steve Sisolak and the Las Vegas 
Metropolitan Police Department. I will continue to monitor the 
situation as this horrific event unfolds.
  Lynne and I are praying for all of the victims and their families who 
are experiencing immense pain and grave, shocking loss that cannot be 
measured.
  Nevada is our home, and I know it will rise again from this perilous 
day.
   (At the request of Mr. Schumer, the following statement was ordered 
to be printed in the Record.)

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