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FOR IMMEDIATE RELEASE
July 26, 2006 |
CONTACT: Eric Thomas
The Fratelli Group
(202) 822-9491 |
Washington, D.C. - Four leading U.S. business groups today
commended the House for passage of the "National Security
Foreign Investment Reform and Strengthened Transparency Act
of 2006," H.R. 5337, with strong bipartisan support. While
prioritizing national security, the groups believe this bill
will bolster the credibility and stability of the Committee
on Foreign Investment in the United States (CFIUS) and its
national security review process. By so doing, the legislation
will help to protect jobs here at home and opportunities for
American businesses abroad.
Business Roundtable, The Financial Services Forum, the Organization
for International Investment and the U.S. Chamber of Commerce
praised the truly bipartisan spirit in which House Members
approached this legislation, which yielded a bill that takes
prudent steps to improve the process for vetting foreign investments
in the United States in a way that would not discourage such
investment - which would hurt job creation and economic growth.
Foreign investment supports over 5 million American jobs with
an annual payroll of $318 billion.
In particular, the groups cite the provisions below as important
changes required in the bill that would boost confidence in
the CFIUS review process:
- Creation of a clear statutory role for the Director
of National Intelligence for review of proposed acquisitions;
- Providing an extended period for investigation if security
issues are not resolved;
- Authorizing CFIUS to reconsider previously approved
transactions if security agreements are seriously breached;
- Requiring acquisitions by foreign state-owned entities
to undergo a 45-day investigation period; and
- Addition of the Department of Homeland Security and
Department of Commerce as Vice Chairs.
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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