Last week we noted the passage of S. 1610, the Foreign Investment and National Security Act of 2007, and its goals of expediting federal approval of foreign investments in the United States when national security issues are raised.
Meant to include the joint news release put out by the leadership of the House Financial Services and the Senate Banking Comittee upon its passage. So here it is.
Washington, DC – Senators Chris Dodd (D-CT) and Richard Shelby (R-AL) and Representatives Barney Frank (D-MA), Spencer Bachus (R-AL), and Carolyn Maloney (D-NY), today applauded both the House and Senate for passing needed reforms of the Committee on Foreign Investments in the United States (CFIUS) for reviewing direct foreign investments for national security purposes. The Foreign Investment and National Security Act of 2007, H.R. 556, which passed the House in February and the Senate last month, will strengthen the role of the Director of National Intelligence, mandate the designation of a lead agency for each covered transaction, and provide for a thirty-day review of transactions covered by CFIUS to determine its effects on national security, among other provisions. The measure now moves to the White House for the President’s signature.
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