U.S. Chamber lauds CFIUS reform bill
The U.S. Chamber of Commerce on Wednesday said it applauded lawmakers on the U.S. Senate Banking Committee for passing H.R. 556, the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007.
Passage of this bill is one of the chamber’s top legislative priorities in the 110th Congress, the organization said in a statement.
“This bill strikes an appropriate balance between keeping Americans safe and keeping our economy open to the world,' said Bruce Josten, the chamber's executive vice president for government affairs. 'We can’t expect other countries to welcome U.S. investment if we discourage theirs. The chamber urges the full Senate to quickly take up this legislation for a floor vote.
“The chamber supports Committee on Foreign Investment reforms that balance the need to attract foreign investment to the U.S. market with the need to guard against foreign acquisitions that threaten national security. This bill meets both of those priorities by adding transparency to the CFIUS foreign investment review process and establishing a clearer timeline for non-controversial acquisitions. The chamber also believes it is important that the bill would codify the CFIUS into law and mandate that it provide regular reporting to Congress.”
Foreign investment in the United States supports more than 5 million jobs and promotes economic growth, the chamber said. In 2005, foreign investors poured more than $110 billion into the United States, providing U.S. firms with capital for expansion of production facilities and increased research and development spending.
U.S. Chamber lauds CFIUS reform bill
