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May 18, 2006

Pryce: Security, Foreign Investment Enhanced by CFIUS Reform Bill

WASHINGTON , D.C. – On Wednesday, May 17th, the Subcommittee on Domestic and International Monetary Policy, Trade and Technology (DIMP) – chaired by Congresswoman Deborah Pryce (R-Upper Arlington) – held a hearing on “H.R. 5337, Reform of National Security Reviews of Foreign Direct Investments Act,” legislation reforming the Committee on Foreign Investment in the United States (CFIUS). Chairman Pryce is a cosponsor of the bill.

“The bill strives to ensure the security of our nation while promoting foreign investment and job creation and retention,” said Pryce following the hearing. “A lot is asked of this legislation – maintaining the openness and responsiveness of our markets without sacrificing Americans’ sense of security. Yet, I believe that H.R. 5337 achieves these objectives without thrusting a prohibitively burdensome approval process upon nations wishing to invest in America.”

Pryce added, “Foreign investment in the U.S. is critical to our economy. 5.3 million American jobs are supported by foreign investment, and it contributes to low interest rates and strong stock values for investors.”

“I am equally pleased with the fact that the bill is a bipartisan effort. The House is moving a bill with broad support and one that is as responsible as it is responsive to the shortcomings of the current CFIUS process.”

Witness Before the Subcommittee:

Panel I

  • The Honorable Stewart Baker, Assistant Secretary, Policy, Planning, and International Affairs, U.S. Department of Homeland Security
  • The Honorable Alice Fisher , Assistant Attorney General, Criminal Division , U.S. Department of Justice
  • The Honorable Peter C.W. Flory , Assistant Secretary, International Security Policy , U.S. Department of Defense
  • The Honorable Clay Lowery, Assistant Secretary, International Affairs, U.S. Department of the Treasury

Panel II

  • Mr. Douglas Holtz-Eakin, Director of the Maurice R. Greenberg Center for Geoeconomic Studies, Council on Foreign Relations
  • Mr. David Marchick, Partner, Covington and Burling
  • Mr. John Veroneau, Partner, DLA Piper Rudnick Gray Cary U.S. LLP

The Subcommittee on Domestic and International Monetary Policy, Trade and Technology (DIMP) oversees among other things international investment policies, both as they relate to United States investments by American citizens for trade purposes and investments made by all foreign entities in the United States.