WALSH SIGNS ON AS CO-SPONSOR OF KING PORT SECURITY BILL

(Washington D.C.)- Congressman Jim Walsh has signed on to H.R. 4807, the Foreign Investment Security Improvement Act of 2006, sponsored by Rep. Peter King of Long Island, Chair of the House Committee on Homeland Security. The bill requires an investigation under the Defense Production Act of 1950 of the acquisition of Dubai Ports World of the Peninsular and Oriental Steam Navigation Company.

"I support Chairman King's legislation in order to review this decision, to ensure that it followed proper review procedure and addressed relevant security concerns, and to begin a discussion as to whether the process needs to be changed in order to maximize safety and restrict potential foreign investment in domestic arenas where national security is a vital concern," said Walsh.

Specifically, the bill requires a new 45-day review of the transaction to include a review of U.S. Coast Guard assessments of foreign ports where DP World currently operates, background checks of DP World officers and security personnel, an evaluation of the impact on port security by DP World's control of U.S. port operations, and consultation with the U.S. Coast Guard, U.S. Customs, Secretary of Homeland Security, and state and local officials regarding the impact on national security of DP World operations at affected U.S. ports.

In addition, a 15-day report from the White House would be required which would include an analysis of the national security concerns reviewed under the investigation, a description on any assurances provided to the Federal government by the applicant and the effect of such assurances on the national security of the United States, and the President's final determination on the deal.

The legislation also provides the Congress with thirty days upon completion of the reviews to reverse an approval of the transaction through legislation.

"The globalization of our economy ensures that business interests and commercial investments are no longer confined by national boundaries," added Walsh. "That being said, however, I am deeply concerned by the news of this transaction since the safety and security of American cities and their citizens are involved."

The bill has been referred to the appropriate House committees of jurisdiction for review.

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