| FOR IMMEDIATE RELEASE |
CONTACT:
|
| July 11, 2007 |
Nancy McLernon (202) 659-1903
Taylor Griffin (202) 457-8785 |
WASHINGTON, DC – Business Roundtable, The Financial
Services Forum, the Organization for International Investment
and the U.S. Chamber of Commerce issued the following statement
on the House passage of HR 556, the Foreign Investment and
National Security Act of 2007, legislation reforming the Committee
on Foreign Investment in the United States (CFIUS):
"We applaud the House of Representatives for
its passage of the Foreign Investment and National Security
Act of 2007. Today's action paves the way for this key piece
of legislation to be signed into law in short order. This
bill is a victory for the U.S. economy and the 5 million American
workers whose jobs depend on foreign investment."
"This action represents the final step in a
bipartisan effort to improve the CFIUS process in a way that
will protect our national security while keeping America open
for business and restore predictability and certainty to the
CFIUS process, which are prerequisites to attracting global
capital."
"In an increasingly interconnected world, the
health and vitality of the U.S. economy - and, therefore,
American jobs - depend on open markets and the free flow of
capital We appreciate the leadership of House Financial Services
Committee Chairman Barney Frank, Rep. Carolyn Maloney, Rep.
Joseph Crowley, Rep. Deborah Pryce, and their Senate counterparts
on this important legislation."
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.
# # #
Business Roundtable (www.businessroundtable.org)
is an association of chief executive officers of leading U.S.
companies with $4.5 trillion in annual revenues and more than
10 million employees. Member companies comprise nearly a third
of the total value of the U.S. stock markets and represent
over 40 percent of all corporate income taxes paid. Collectively,
they returned $112 billion in dividends to shareholders and
the economy in 2005.
Roundtable companies give more than $7 billion
a year in combined charitable contributions, representing
nearly 60 percent of total corporate giving. They are technology
innovation leaders, with $90 billion in annual research and
development spending - nearly half of the total private R&D
spending in the U.S.
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