[Congressional Record Volume 165, Number 145 (Wednesday, September 11, 2019)]
[Senate]
[Pages S5417-S5418]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                    Nomination of Thomas Peter Feddo

  Mr. President, now I would like to turn to the nomination of Thomas 
Peter Feddo for Assistant Secretary of the Treasury for Investment 
Security in the Committee on Foreign Investment in the United States, 
or what we often call CFIUS.
  CFIUS plays an important role in today's investment market by 
reviewing the national security implications of certain transactions 
involving foreign investment in the United States. Congress recognized 
and underscored the importance of this national security job when it 
repurposed the previous Assistant Secretary slot with passage of FIRRMA 
last July.
  Up until that time, the Assistant Secretary split his time between 
CFIUS and work on international markets, and, today, the Assistant 
Secretary for Investment Security is dedicated 100 percent to CFIUS 
responsibilities.
  Mr. Feddo's nomination comes at an important time in history, when 
China's ambitions forced Congress to reevaluate the reliance of U.S.-
China commerce and the laws and regulations governing that 
connectivity.
  FIRRMA expanded the jurisdictional reach of CFIUS to better protect 
U.S. cutting-edge technology companies from hostile foreign takeover 
and influence based on a couple of concerns. First, CFIUS did not have 
visibility into many investments from China that might provide coercive 
influence over U.S. cutting-edge technology companies. Second, these 
investments were resulting in technology transfers that could convey 
capabilities, advancing Chinese economic and security interests while 
restricting the U.S. military and national security structure from 
leveraging that technology.
  FIRRMA not only increased the bandwidth of CFIUS but also expanded 
the resources given to it to meet the new level of today's challenges.
  The time is now to fill this sensitive vacancy.
  Thomas Feddo is the ideal candidate to take up the mantle because he 
has the keen intellect and natural suspicions of a dedicated financial 
warrior. He currently leads the U.S. Department of the Treasury's 
Office of Investment Security in executing Treasury's statutory role as 
the chair of CFIUS during one of the most trying times that investment 
markets have seen. For over a year now, he has led the CFIUS team at 
Treasury, but before that, he put in a 7-year tour at the Treasury 
Department's Office of Foreign Assets Control, where he oversaw 
implementation and enforcement of some 29 U.S. sanctions programs.
  As a graduate of the U.S. Naval Academy, with a degree in naval 
engineering, Mr. Feddo served as a lieutenant in the Navy's nuclear 
submarine force and as an officer at the Navy Antiterrorist Alert 
Center. Because of his unique experience and his technical education, 
once confirmed, Mr. Feddo will hit the ground running, moving CFIUS 
forward in pursuit of its continuing mission to guard U.S. 
technological leadership from foreign adversaries.
  I look forward to continuing conversations with him on opportunities 
to improve America's foreign investment review system, which requires 
constant vigilance. I also look forward to working with him on how we 
can make CFIUS programs more effective and efficient and be a faithful 
steward of U.S. taxpayer dollars.
  Mr. Feddo enjoys nearly unanimous support from stakeholders, which 
speaks volumes to his strong track record of experience and expertise. 
Thomas Feddo's nomination was advanced by voice vote in the Senate 
Banking Committee on June 18, 2019, with overwhelming bipartisan 
support. I ask my colleagues once again to vote to confirm him to this 
critical post.
  The PRESIDING OFFICER. The Senator from Washington.
  Mrs. MURRAY. Mr. President, I ask unanimous consent to speak as in 
morning business.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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