Bennie Thompson: “I stand here today as Ranking Member of the Committee on Homeland Security in support of H.R. 5337, the Reform of…”

“I stand here today as Ranking Member of the Committee on Homeland Security in support of H.R. 5337, the Reform of National Security Reviews of Foreign Investments Act. This bill provides needed reform by formalizing and streamlining the structure and duties of the Committee on Foreign Investment in the United States (CFIUS). Indeed, this bill addresses many of the concerns raised about CFIUS during the past 6 months, especially its current lack of transparency and oversight. This bill rectifies these concerns by formally establishing CFIUS, its membership, streamlines how and when a CFIUS review will be conducted. Mr. Speaker, the bill formalizes the CFIUS membership and requires the following to serve: (1) Secretaries of Treasury, Homeland Security, Commerce, Defense, State, and Energy; (2) Attorney General; Chair of the Council of Economic Advisors; the U.S. Trade Representative; Director of Office of Management and Budget; Director of National Economic Council; and (3) The Director of Office of Science and Technology Policy; the President's assistant for national security affairs; and any other designee of the President from the Executive Office. Under this bill, the Treasury Department will be the Chair with the Secretaries of Commerce and Homeland Security as the Vice Chairs.…”