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May 10, 2006

Pryce Cosponsors CFIUS Reform Effort

Washington, DC– Today, Congresswoman Deborah Pryce (R-Upper Arlington) cosponsored H.R. 5337, legislation reforming the Committee on Foreign Investment in the United States (CFIUS) by adding transparency and accountability to the process under which CFIUS operates.  Following the introduction of the bill, Pryce released the following statement:

“This bipartisan, carefully crafted effort should allay many of the public’s concerns with CFIUS following the Dubai Ports World transaction.  The legislation adds sunshine to the CFIUS process and restores public confidence in the process by which foreign investment in the U.S. is analyzed and approved.”

“The bill, while strong on transparency and accountability within the agencies, is equally strong on security, particularly when involving transactions impacting national security.  For the public to have full faith in a CFIUS-reviewed transaction, it must be confident that the intelligence community has thoroughly reviewed it, and that the Committee has sufficient time to review the report.  I am pleased that Chairman Hoekstra and Chairman King have worked with us on this legislation to develop the proper procedures for the intelligence community to review a transaction.”

Pryce is Chair of the Subcommittee on Domestic and International Monetary Policy, Trade and Technology (DIMP), which among other things oversees 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.