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February 27, 2006

Pryce’s Subcommittee to Examine
Dubai Ports Transaction

DIMP to Hold First Official Hearing into CFIUS Process

WASHINGTON, D.C.– On Wednesday, the Subcommittee on Domestic and International Monetary Policy, Trade and Technology (DIMP) – chaired by Congresswoman Deborah Pryce (R-Upper Arlington) -- will hold a hearing on the process by which Dubai Ports World (DPW) was approved to manage six U.S. ports.

The hearing is entitled, “Foreign Investment, Jobs, and National Security: The CFIUS Process.” Scheduled to testify before the subcommittee are two panels that include:

Panel I

  • Mr. Robert Kimmit, Deputy Secretary; U.S. Treasury
  • Mr. Robert Joseph, Undersecretary, U.S. Department of State
  • Mr. Michael Jackson, Deputy Secretary, Department of Homeland Security
  • Mr. Eric Edelman, Under Secretary of Defense for Policy

Panel II

  • Jim Glassman, Resident Fellow, American Enterprise Institute
  • Todd Malan, President and CEO, Organization for International Investment
  • Dave Marchick, Partner, Covington and Burling
  • Robert Reich, President, National Foreign Trade Council  
  • Clark Kent Irvin, Former Inspector General for Department of Homeland Security

Among other things, the DIMP subcommittee oversees international investment policies, both as they relate to United States investments for trade purposes by citizens of the United States and investments made by all foreign entities in the United States. The activities of CFIUS are included in this jurisdictional oversight purview.

The Committee on Foreign Investment in the United States (CFIUS) operates under the authority granted by Congress in the Exon-Florio amendment (Section 721 of the Defense Production Act of 1950). CFIUS brings together 12 departments and agencies to ensure that all national security issues are identified and considered in the review of a foreign acquisition. Its activities fall under the oversight authority of Chairman Pryce’s DIMP subcommittee.

CFIUS member agencies are: The Departments of Treasury (Chair), State, Defense, Justice, Commerce, and Homeland Security, as well as the National Security Council, National Economic Council, United States Trade Representative, Office of Management and Budget, Council of Economic Advisors, and the Office of Science and Technology Policy.

Date:          Wednesday, March 1, 2006

Time:         2:00 PM

Location:   2128 Rayburn House Office Building