Joe Barton: “I rise in support of H.R. 556 the National Security Foreign Investment Reform and Strengthening Transparency Act of…”

“I rise in support of H.R. 556 the National Security Foreign Investment Reform and Strengthening Transparency Act of 2007. I want more foreign investment in America, not less, but I do not want the kind that threatens our security. CFIUS exists to make the distinction, and we need to know that it's doing a good job. We don't automatically fear foreign investors here in America. The money provided by foreign investors creates jobs, growth and opportunity here at home. I just want to ensure the investment we attract does not jeopardize national security. H.R. 556 provides consistent criteria with appropriate discretion and will improve the review process without impairing our ability to attract significant and needed foreign investment. Importantly, it provides for mandatory review of foreign-government controlled transactions and any transaction that affects national security. Additionally, it provides clear and consistent review criteria for all other commercial investments, it adds the Secretary of Energy to the Committee, and it makes the Secretary of Commerce a co-vice chair of the Committee. Most important, it adds transparency in the process for Congressional oversight and establishes new reporting requirements many of us feel are essential to this process. I support H.R. 556 and urge my colleagues to approve the measure.”