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March 30, 2006
Dear Senate Banking Committee Member:
We are writing to commend the Senate Banking Committee for
their leadership in crafting the Foreign Investment and National
Security Act of 2006, a bill that seeks to enhance confidence
in the regulatory process and protect national security, without
discouraging foreign investment in the United States
Our organizations represent a broad range of US businesses
employing tens of millions of Americans and recognize the
critical importance of foreign investment in the United States
and the 5.4 million jobs it supports. We also believe that
protecting national security is paramount. If an acquisition
of a U.S. company would impair national security, the President
should not hesitate to exercise his authority to block such
an acquisition or insist on conditions that will adequately
and effectively protect our national security.
We appreciate the willingness of Chairman Shelby, Senator
Sarbanes, and the other members of the Banking Committee to
work with us to address concerns associated with various proposals
to make the bill more effective. However, we continue to have
concerns with certain aspects of the bill, including the unprecedented
notification and reporting requirements which increase the
risk of politicitizing transactions. We are also concerned
that the reporting requirement would create opportunity for
information sent to Congress to be exploited for commercial
purposes as opposed to advancing national security.
We look forward to working with Chairman Shelby, Senator
Sarbanes, and other members of the Senate Banking Committee
to make further adjustments to ensure that national security
interests are fully protected without discouraging job-creating
investment in the United States.
Signed,
Business Roundtable
American Petroleum Institute
Financial Services Forum
Organization for International Investment
United States Chamber of Commerce
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