PANEL WILL REVIEW PROPOSED CHANGES TO COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES (CFIUS)

Washington, Jul 10, 2006 - "U.S. corporations play an essential role in maintaining our national security," stated Rep. Cliff Stearns (R-FL), Chairman of the Commerce, Trade & Consumer Protection Subcommittee.  "In 1975, the Committee on Foreign Investment in the United States (CFIUS) was created to review and monitor the impact of foreign investments in the United States.  In 1988, Congress authorized the President to suspend or prohibit any foreign acquisition, merger, or takeover of a U.S. corporation that is determined to threaten the national security of our country."

"Global commerce is expanding and it is vital to ensure that CFIUS continues to protect us in the 21st century," added Stearns.  Rep. Roy Blunt (R-MO) has introduced H.R. 5337, the Reform of National Security Reviews of Foreign Direct Investment Act, which would make various changes to CFIUS.  The hearing on H.R. 5337 will be held on Tuesday, July 11th at 2:00 p.m. in 2123 RHOB.  Scheduled to testify are:

John Castellani, President, Business Roundtable;
Calman J. Cohen, President, Emergency Committee for American Trade;
and Douglass Holtz-Eakin, Director of the Maurice Greenberg Center for Geoeconomic Studies, Council on Foreign Relations.