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Chamber supports House Bill on CFIUS reform

Feb '07
The U.S. Chamber of Commerce applauded the House Financial Services Committee for reporting out H.R. 556, the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007. H.R. 556 is a bipartisan bill co-sponsored by Reps. Carolyn Maloney (D-NY), Roy Blunt (R-MO), and Joseph Crowley (D-NY) to improve national security without discouraging foreign direct investment in the United States.

"This bill strikes an appropriate balance between keeping Americans safe and protecting our economy," said Bruce Josten, Chamber executive vice president. "We can't expect other countries to keep their doors open to U.S. investment if we close our doors to theirs."

The Chamber supports Committee on Foreign Investment (CFIUS) reforms that balance the need to attract foreign investment to the U.S. market with the need to guard against foreign acquisitions that threaten national security. According to the Chamber, H.R. 556 meets both of those priorities by adding transparency to the CFIUS process and establishing a clearer timeline for non-controversial acquisitions.

Foreign investment in the United States supports nearly 5 million jobs and promotes economic growth. In 2005, foreign investors poured more than $110 billion into the United States, providing U.S. firms with capital for expansion of production facilities and resources for increased R&D spending.

H.R. 556 would codify the CFIUS into law and mandate that it provide regular reporting to Congress.

The Chamber praised House Financial Services Committee Chairman Barney Frank (D-MA) for moving the bill through the committee expeditiously and called on the full House to follow suit.

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

U.S. Chamber of Commerce, USA

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