May 16, 2007

Chairman Dodd Touts Security Agenda, Lauds Banking Committee Passage of CFIUS Legislation

Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that the Committee passed six pieces of legislation and confirmed seven nominations. In keeping with Senator Dodd’s commitment to national security and economic opportunity, the Committee passed Dodd’s Foreign Investment and National Security Act of 2007. The bill would reform the Committee on Foreign Investment in the United States (CFIUS). Among other provisions, the legislation will strengthen the role of the Director of National Intelligence, mandate the designation of a lead agency for each covered transaction, and provide for a thirty-day review of transactions covered by CFIUS to determine its effects on national security. “Foreign investment in the United States is tremendously important for our nation’s growth and ability to create and sustain jobs. But as the Dubai Ports matter reminded us, in a post-9/11 world, foreign investments must be scrutinized to ensure that they are consistent with our national security,” said Dodd. “I believe that this bipartisan bill will support both job-creating foreign investment and greater security for our citizens. The bill provides for careful inspection of certain types of investments that may adversely affect national security, and does so through timely and clear procedures so as to not discourage investors. I appreciate the support of my colleagues on this very important piece of legislation, and in particular I would like to thank Senator Shelby for his leadership. I look forward to Senate consideration of this bill, as well as the other pieces of legislation and nominations that the Committee passed today.” The International Emergency Economic Powers Enhancement Act, legislation authored by Dodd which would increase penalties on violators of U.S. sanctions law, also passed out of the Committee. Under the bill, individuals that have invested in a country or terrorist organization designated by the President as a major threat to the United States could be fined severely. Also focused on security, this legislation is strongly supported by the U.S. Department of the Treasury. The Committee also passed the following bills and nominations:
  • H.R. 1675, the Preservation Approval Process Improvement Act of 2007
  • H.R. 1676, the Native American Home Ownership Opportunity Act of 2007
  • S. 254, a bill to award posthumously a Congressional gold medal to Constantino Brumidi
  • An original bill to make technical corrections to Title III of SAFETEA-LU
  • Mr. David George Nason, of Rhode Island, to be Assistant Secretary of the Treasury for Financial Institutions
  • Mr. Mario Mancuso, of New York, to be Under Secretary of Commerce for Export Administration
  • Mr. Michael W. Tankersley, of Texas, to be Inspector General of the Export-Import Bank of the United States
  • Mr. Robert M. Couch, of Alabama, to be General Counsel of the Department of Housing and Urban Development
  • Ms. Janis Herschkowitz, of Pennsylvania, to be a Member of the Board of Directors of the National Consumer Cooperative Bank
  • Dr. Nguyen Van Hanh, of California, to be a Member of the Board of Directors of the National Consumer Cooperative Bank
  • Mr. David George Nason, of Rhode Island, to be a Member of the Board of Directors of the National Consumer Cooperative Bank.