John Barrow: “it is long past time to fix what is broke with the CFIUS process, and I want to commend all involved in bringing us thus…”

“it is long past time to fix what is broke with the CFIUS process, and I want to commend all involved in bringing us thus far on the project. I want to thank Mrs. Maloney and Mr. Frank and the Financial Services Committee for their work in bringing this important legislation to the floor. Last year, in response to the Dubai business, we had sort of a reprise of the Dubai business in my district. We had yet another CFIUS deal that actually came to public light, the Doncaster's deal that affected a plant and a business in my district. In response to the concerns that were swirling then around the Dubai business, I introduced a bill in the Congress last time, the Protect America First Act. And I am pleased to say that the bill before us incorporates many of the basic features of the Protect America First Act that I drafted in the last Congress. One important area that I want to focus on has to do with the subject of postapproval oversight, the process or the lack of process under the existing law whereby Congress knows what is going on as it happens and after it happens. Congress has had no effective postapproval oversight of the project for the last 14, 16 years, and as a result, we have had many, many transactions without anybody having any idea what is going on.”