Chuck Schumer: “we have had some discussion floating around this Foreign Operations appropriations bill about the proposed CNOOC-Unocal…”

“we have had some discussion floating around this Foreign Operations appropriations bill about the proposed CNOOC-Unocal merger. As I understand it, amendments that directly affect that merger have been withdrawn. That is not a problem, as far as I am concerned, if the sponsors of those amendments on both sides of the aisle wish to delay offering the amendments, to do it on a different appropriations bill. My amendment is different. Let me explain. My basic problem with the CNOOC-Unocal merger is not the same as that of many of my colleagues. I am not sure it meets the strategic test, and I am willing to leave that to the body that judges that strategic test. I have a different problem. It is a problem that the Senator from South Carolina and I have talked about in terms of currency and other issues; that is, China doesn't play fair. What China thinks is good for China, they don't think is good for American companies. That is true here in terms of mergers. CNOOC wishes to buy Unocal, an important company in the United States dealing with a very important commodity--oil--whether it meets the strategic test or not. But if you look at the ability of American companies to buy Chinese companies in industries that China considers strategic, you will find barriers along the way. At least that is what I have found. What is good for the goose is good for the gander. We ought to have some degree of reciprocity.…”