Garrett Votes to Boost Homeland Security
"Our ports should never again be at risk of questionable foreign takeover"
Washington,
Jun 15 -
Yesterday, Congressman Scott Garrett, a member of the House Financial Services Committee voted to favorably report the "National Security Foreign Investment Reform and Strengthened Transparency Act of 2006, H.R. 5337, to the full House of Representatives. This bill would provide a badly-needed reform for the Federal process that reviews direct foreign investment in the United States.
"This bill would strengthen our homeland security, while ensuring continued job creation and economic growth," said Garrett, who is a cosponsor of this bill. "The Dubai Ports debacle earlier this year exposed serious flaws in the process and this bill addresses those flaws," continued Garrett, referring to a proposed purchase of six U.S. ports by a UAE-owned company that was initially approved by the multi-agency Committee on Foreign Investment in the United States (CFIUS).
Amongst its several provisions, H.R. 5337 would modify the CFIUS process, which has not been significantly updated since the attacks of September 11, 2001 and the commencement of the global War on Terror, by:
mandating a 45-day investigation of all proposed investment by foreign government-owned companies
requiring the signature of the Secretary of Homeland Security on all decisions by CFIUS
establishing a formal analysis by the Director of National Intelligence of every transaction
improving Congressional oversight mechanisms
In February, Garrett introduced legislation that would put homeland security interests ahead of economic and trade interests when CFIUS reviews proposed foreign investment in the U.S and would have increased reporting requirements on CFIUS activity to improve Congressional oversight. "I am pleased that these principles are receiving such strong support from my colleagues and that this legislative initiative is advancing to the House floor so quickly," Garrett further stated.
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