WASHINGTON – Two Trump Administration Cabinet officials, a former senior level intelligence official, an influential Chinese watchdog and a major industry stakeholder have announced their support for Congressman Robert Pittenger’s Foreign Investment Risk Review Modernization Act (FIRRMA).
TREASURY SECRETARY MNUCHIN: “I support the goals of FIRRMA, which will help to ensure that CFIUS has the tools necessary to protect the national security of the United States, while simultaneously maintaining our open investment environment. I stand ready to work with Senators Cornyn, Feinstein, and Burr, Congressman Pittenger, the committees of jurisdiction, and other Members of Congress as this important legislation advances,” said U.S. Department of Treasury Secretary Steven Mnuchin. (Secretary Steven Mnuchin, 12/14/2017)
ATTORNEY GENERAL SESSIONS: “I am particularly supportive of the goals of several aspects of your proposed legislation, including but not limited to (1) the expansion of CFIUS’s authority to review certain transactions that may pose national security concerns; (2) an expanded list of national security factors that CFIUS should consider; and (3) mandatory disclosures of certain investments by state-owned enterprises,” said U.S. Attorney General Jeff Sessions. (Attorney General Jeff Sessions, Letter to Senator Cornyn, 12/13/2017)
FORMER DNI ADM. BLAIR: “By expanding the scope of CFIUS reviews, FIRRMA provides better tools to analyze foreign investments and thus will strengthen the protection of America intellectual property from theft by foreign actors,” said Admiral Dennis C. Blair. (Admiral Dennis C. Blair, former Director of National Intelligence and Commander of U.S. Pacific Command, 11/21/17)
ORACLE CORP: “Critically FIRRMA strikes a balance of protecting national security while not chilling the benefits of foreign investment in the United States.” (Oracle, Letter to Sen. Cornyn, 11/8/17)
US-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION: “Senator Cornyn’s Foreign Investment Risk Review Modernization Act helps prepare the United States to meet these new challenges and mitigate risks posed by current and emerging security threats,” said Dr. Larry Wortzel. (Dr. Larry M. Wortzel, U.S.-China Economic Security and Review Commission, 10/25/17)
Congressman Robert Pittenger (NC-09) issued this statement on the FIRRMA endorsements:
“We must crack down on Chinese investments that threaten America’s national security, and I am thankful to Secretary Mnuchin, Admiral Blair, and Attorney General Sessions for their support and assistance on this important matter. We have been working on this critical piece of national security legislation for over two years. In the coming weeks, I look forward to working with Senator Cornyn and the Trump Administration to move this legislation through Congress in a timely manner.”
BACKGROUND
The Committee on Foreign Investment in the United States (CFIUS) is the only government mechanism to ensure potential foreign investments do not harm our national security. However, CFIUS has not been substantially updated since the Ford Administration.
The Foreign Investment Risk Review Modernization Act, introduced on November 8th, 2017 by Congressman Pittenger and Senator Cornyn:
· Expands CFIUS jurisdiction to include joint ventures, minority position investments, and real estate transactions near military bases and other sensitive national security facilities.
· Updates CFIUS definition of “critical technologies” to include emerging technologies that could be essential for maintaining the U.S. technological advantage over countries that pose threats.
· Adds new national security factors to the review process.
· Strengthens the government’s ability to protect American “critical infrastructure” from foreign government disruption.
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