May 11, 2018

Banking Committee Releases Discussion Draft on CFIUS Reform

WASHINGTON – Today, U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) released a discussion draft of the Committee’s amendment to Senators Cornyn and Feinstein’s legislation to reform the Committee on Foreign Investment in the United States (CFIUS), S. 2098, the Foreign Investment Risk Review Modernization Act of 2017 (FIRRMA).
“I thank Senator Brown for his partnership on this bipartisan discussion draft to ensure the United States can respond more effectively to efforts by foreign nations to acquire technologies key to U.S. national security,” said Crapo. “I also thank Senators Cornyn and Feinstein for leading the effort to modernize and strengthen CFIUS, and for working closely with the committee throughout this process. I look forward to working with my colleagues on the Banking Committee to advance this critical legislation.”
“I commend Chairman Crapo for leading this effort to combat threats from adversaries seeking to acquire technologies from U.S. companies that are critical to ensuring our national security,” said Brown. “It is important that CFIUS and our export controls are able to address emerging threats from China and around the world.  While the reforms in this bill are only part of the solution, they are an important step, and I thank Senators Cornyn and Feinstein for their efforts."
“I’m thankful Chairman Crapo and the Administration have taken a thoughtful and critical look at the Foreign Investment Risk Review Modernization Act,” said Cornyn. “As China has increasingly weaponized investment, it’s a national security imperative to strengthen the interagency review process to safeguard military and dual-use technology and know-how. I look forward to continuing to work with Senator Feinstein and the Banking Committee as we move forward on this important legislation.”
Senators Cornyn and Feinstein introduced the bipartisan Foreign Investment Risk Review Modernization Act of 2017 in November 2017. The Banking Committee held three hearings and met with government and industry stakeholders to inform the discussion draft. 
The Banking Committee will mark up S. 2098 (FIRRMA) on Tuesday, May 22. Access the discussion draft here.