Contact: Josh Holly (202) 225-2539
Washington, D.C. --- U.S. House Armed Services Committee Chairman Hunter (R-CA) today released the following statement regarding H.R. 5337, the National Security Foreign Investment and Strengthened Transparency Act. The legislation would take steps to reform the process for approving foreign investment in the United States.
Rep. Hunter’s statement follows:
“The majority of the House Armed Services Committee’s major concerns have been addressed and met in this legislation. However, several concerns still remain.”
“With the assurances of the House Majority Whip, we think it’s important to advance the bill to conference. Mr. Blunt has assured us that we’ll work out our remaining concerns and we look forward to that opportunity.”
Hunter highlighted several of the important improvements made to the National Security Foreign Investment and Strengthened Transparency Act, including:
- Improved Standard of Review. The legislation changes the standard of review to ensure all national security implications of covered transactions are scrutinized by requiring the Committee on Foreign Investment in the United States (CFIUS) to determine the “effects on the national security of the United States” during the thirty day review period.
- Approval of CFIUS reviews. The legislation codifies current CFIUS practice where any CFIUS member can prevent approval and force an investigation.
- Independent Role of the Director of National Intelligence. The legislation ensures the Director of National Intelligence maintains an uncompromised, supporting role by providing objective analysis to CFIUS members. The legislation clarifies that CFIUS members should utilize the Director of National Intelligence’s analysis when determining whether a case requires investigation.