May 11, 2007

Chairman Dodd and Ranking Member Shelby Announce Intention to Introduce and Mark up CFIUS Reform Measure

Washington, D.C. -- Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Ranking Member Senator Richard Shelby, R-Ala., today announced that they will offer a bipartisan measure to reform the Committee on Foreign Investment in the United States (CFIUS), and mark up the legislation next week in the Banking Committee. “I welcome foreign direct investment in the United States. It can be a source of growth, jobs and innovation. But we must also ensure that it does not unintentionally undermine US national security,” said Dodd. “That is why next week the Banking Committee will mark up a bill to improve the foreign investment review process. The bill provides for a careful vetting of certain types of investments that may have national security implications. It does so in a systematic way, but through timely and clear procedures so as to not discourage investors. I appreciate the contributions and leadership of Senator Shelby on this matter and look forward to next week's mark up and Senate consideration of the bill.” Senator Shelby said, “Foreign direct investment is critical to the U.S. economy, but our nation’s security is our primary responsibility. Our goal is to establish a thorough process to review transactions without unnecessarily restricting the flow of foreign investment while at the same time establishing a clear line of accountability. This legislation strikes that critical balance, and I am pleased to join with Chairman Dodd in moving it forward.”