Business Community Statement on House CFIUS Legislation

Washington, D.C. - Business Roundtable, the Financial Services Forum, the Organization for International Investment, and the U.S. Chamber of Commerce issued the following joint statement on yesterday's mark-up in the House Financial Services Committee of HR 556:

"The legislation passed yesterday by the House Financial Services Committee represents an important step forward in returning certainty and predictability to the Committee on Foreign Investment in the United States (CFIUS) process. Legislative changes to CFIUS should take prudent steps to safeguard our national security, while continuing to encourage foreign investment in the United States.

"Barriers to foreign investment will hurt the U.S. economy, cost jobs, and undermine opportunities for U.S. businesses at home and abroad. Foreign investment in the United States supports over 5 million American jobs with an annual payroll of $324.5 billion.

"We appreciate the leadership of House Financial Services Committee Chairman Barney Frank, Rep. Carolyn Maloney, Rep. Joseph Crowley, Rep. Roy Blunt, and Rep. Deborah Pryce on this important legislation. We look forward to continuing to work with Congress to enact CFIUS reforms that protect our national security while keeping America competitive, encouraging job creation and promoting economic growth."

Together, Business Roundtable, The Financial Services Forum, the Organization for International Investment and the U.S. Chamber of Commerce represent a broad range of U.S. businesses employing tens of millions of Americans. The organizations recognize the critical importance of foreign investment to both the U.S. economy and to the over five million American jobs it supports.

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