The President today signed the Foreign Investment and National Security Act of 2007. This legislation will strengthen our national security by ensuring a thorough and high-level review of acquisitions of U.S. companies by foreign firms that may present security considerations. The legislation also demonstrates that America can meet the challenges of the post-9/11 world while continuing to welcome foreign investment that provides well-paying jobs and economic opportunity for our citizens.
As the President made clear in his May 10 Statement on Open Investment, a climate conducive to foreign investment strengthens our national security. This Administration is committed to maintaining that climate at home, and will continue to seek it abroad. We commend the Members of Congress of both parties whose leadership enabled the passage of this legislation.
Also yesterday, NAM President John Engler submitted testimony for a House Foreign Affairs Subcommittee hearing on the need to streamline export controls. Engler:
The ability of America’s manufacturers to provide cutting edge technology is at risk due to a system that is a relic of a different era. We need an export controls system that keeps sensitive technologies out of the hands of those seeking to harm us, yet allows high-tech industries to expand exports.
More on this later, but for now, here is the NAM’s news release with a link to Engler’s statement.
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