DeLauro Statement on House Passage of the Foreign Investment Risk Review Modernization Act
WASHINGTON, DC – Congresswoman Rosa DeLauro (CT-03) today released the following statement after voting in favor of the Foreign Investment Risk Review Modernization Act.
“For too long, our government has allowed foreign investors to purchase American businesses without carefully vetting those investors to ensure our nation’s economic security is not threatened. That is why I voted in support of the Foreign Investment Risk Review Modernization Act on the House floor today. I believe this legislation is a positive step forward because it expands federal oversight of foreign investment to include an evaluation of any potential risk to critical infrastructure. Nevertheless, I am disappointed that it does not include the comprehensive reforms necessary to protect America’s interests. In particular, I believe that the federal government needs a net benefit assessment to determine the impact that foreign ownership may have on Americans’ jobs, wages, economic security, and public health.”
“Today, our government lacks a mechanism to screen for more than narrowly defined national security threats. The need for a net benefit review is increasingly clear—especially given the attempts by Chinese firms to acquire key industries in the U.S. That is why I will continue to call for the Congress to take up my bill, the Foreign Investment and Economic Security Act. This legislation would enact a long-overdue CFIUS reform, including a net-economic benefit test to ensure acquisitions of U.S. companies benefit our economy, workers, food safety, and public health. Congress should move quickly to protect our nation’s economic interests.”