Washington, DC – The National Foreign Trade Council (NFTC) today expressed its support for the “National Security Foreign Investment Reform and Strengthened Transparency Act of 2006.” The legislation will help to reform the national security review process of foreign investment by the Committee on Foreign Investment in the United States (CFIUS). Passed by a vote of 424 to 0, the bill was taken up under suspension of the rules.
“This bill takes a reasonable approach to reforming the CFIUS process. Its provisions both protect our national security and ensure that the flow of foreign investment into the United States is not unnecessarily impeded,” said Bill Reinsch, president of the NFTC. “Today, the House has shown its commitment to making reasonable changes to CFIUS processes for vetting foreign investments and while NFTC still has some concerns about a few of the particulars, we are pleased with the careful thought members of the House have given to this matter,” Reinsch added.
Direct foreign investment in the United States has been more than $530 billion over the past three years. In addition, these investment dollars are directly tied to more than five million American jobs.
Advancing Global Commerce for Over 90 Years
The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.