Robert Pittenger: “I thank the chairman for his exemplary leadership on behalf of our military and in defense of our country. We are deeply…”

“I thank the chairman for his exemplary leadership on behalf of our military and in defense of our country. We are deeply grateful for him. Mr. Speaker, I say today how pleased and grateful I am that our Foreign Investment Risk Review Modernization Act is being included in the NDAA bill. To that end, I thank Chairman Hensarling, Ranking Member Waters, Heath Tarbert with the Treasury Department, Clark Fonda, my chief, so many people, Andy Barr, who contributed to this process to make sure that we are in a position of strength. For over 2 years, I have led these efforts to prevent Chinese and other adversarial nation-states from acquiring our sophisticated technology in our military. This bill, this Foreign Investment Risk Review Modernization Act, was the result of countless meetings throughout our assembly, as well as throughout this district, of talking to multiple people in the industry, as well as our intelligence community and defense, to make sure that we had done the job to allow adequate oversight for these investments. FIRRMA will broaden the jurisdiction of CFIUS in several key areas, including minority noncontrolling investments and certain real estate transactions close to national security sites. FIRRMA strengthens our export control laws and creates an interagency review to cover overseas joint ventures. Overall, this bill closes several key loopholes in the CFIUS process.…”