Cornyn: Time to Strengthen CFIUS’s Review Process is Now
by John Cornyn on March 9, 2018 at 12:37 PM
Yesterday on the Senate floor, I highlighted the importance of modernizing and strengthening the review process of the Committee on Foreign Investment in the United States to protect national security interests. Excerpts of my remarks are below, and video of my remarks can be found here.
The time to act is now because this process outdated, and the committee's jurisdiction remains too narrow. Let me explain why that's so important. This review process was not originally designed and is now insufficient to address today's rapidly evolving threats to our national security. Perhaps most alarmingly, many transactions that could pose a national security risk often go unreviewed altogether.
As we speak, China is turning our own technology and know-how against us and seeking to erase our national security advantage little by little. But they're doing it relentlessly and strategically.
Consider the widely-reported news this week: CFIUS, the Committee on Foreign Investment in the United States, has ordered a full investigation into a foreign bid to take over a prominent American computer chip manufacturer.
We're still gathering information and not all the facts are known yet, but I want to stress that we need to do our due diligence. We need to have a comprehensive review of this hostile takeover.
And in my view, CFIUS, Secretary Mnuchin leading at the Treasure Department, is right to be extremely cautious and investigate this matter further.