Harry Reid: “I wish to take a moment to acknowledge Senators Shelby and Sarbanes in their work to ensure national security is at the…”

“I wish to take a moment to acknowledge Senators Shelby and Sarbanes in their work to ensure national security is at the forefront of the critical Government review process that is triggered when a foreign-owned company attempts to purchase U.S. companies and assets. At the same time, Senators Shelby and Sarbanes struck a balance that will not unnecessarily hinder investment in America. The Dubai Ports fiasco shined a light on a flawed process at the Committee on Foreign Investment in the United States--referred to as CFIUS. It raised questions regarding the competence of those in the Bush administration to review these matters and make decisions about the purchase of strategic U.S. assets. It also raised questions about a process that did not trigger a full investigation into a transaction that was so important to our national security. Members of Congress, Governors, and even the President found out about the approval only through newspaper reports. Notwithstanding the President's knee-jerk threats to veto legislation overturning the deal and frantic efforts by the Treasury and Homeland Security to justify this sale, the American public is rightly convinced that something needs to be changed about the CFIUS process. First, this process has to place a far greater emphasis on nationa1 security.…”