July 26, 2007

President Signs Dodd, Shelby CFIUS Legislation

Bill Promotes Foreign Investments Consistent with National Security Priorities

Washington, D.C. – Senators Chris Dodd, D-Conn., and Richard Shelby, R-Ala., Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, today commended the President for signing into law the Foreign Investment and National Security Act of 2007. The bill, authored in the Senate by Dodd and Shelby, will reform the Committee on Foreign Investment in the United States (CFIUS) by strengthening the role of the Director of National Intelligence, mandating the designation of a lead agency for each covered transaction, and providing for a thirty-day review of transactions covered by CFIUS to determine its effects on national security, among other provisions. “This measure will create and sustain jobs and provide greater security for our nation,” said Dodd. “It will strengthen national security, while also providing more transparency and predictability to the CFIUS process that is so important to ensuring the U.S. economy continues to generate good jobs for working Americans from continued foreign direct investment. I commend Senator Shelby, the House and the President for their efforts in this important area.” Senator Shelby said, “The President signed an important piece of legislation into law today. This legislation sends a clear and responsible message that America welcomes foreign direct investment as long as it does not compromise our nation’s security. It does so by introducing clarity and accountability into the CFIUS process so that transactions are fully vetted for national security concerns in the least burdensome manner possible. I thank Chairman Dodd, the House and the President for moving expeditiously on this matter.” The Senate Banking Committee passed the Foreign Investment and National Security Act of 2007 on May 16. It passed the Senate on June 29 and was approved by the House on July 11.