March 30, 2006

Crapo Votes To Improve National Security Oversight

Measure seeks to improve foreign investment review process while protecting business

Washington, DC â?? Idaho Senator Mike Crapo voted to bolster the review process for foreign investments in the United States, including investments in ports. The bill, which was approved by the Senate Banking Committee, seeks to improve the Committee on Foreign Investment in the United States (CFIUS) process. â??Refining and improving the governmentâ??s review process on foreign investments is necessary to ensure public security and investor confidence. If our security is compromised by any foreign investment, that must be stopped,â?? Crapo said, who is the Chairman of the Banking Subcommittee on International Trade and Finance. â??We have to establish a process that meets the dual challenges of careful reviews and safeguarding legitimate foreign investment. Foreign investment is an integral part of the American economy and we need to do what is necessary to preserve our economic and national security.â?? The approved bill requires CFIUS to conduct a formal 45-day investigation on all proposed acquisitions by foreign governments and increases Congressional oversight by requiring enhanced notification of investigations underway. In addition, the measure requires the Director of National Intelligence, on behalf of intelligence community, to become a formal member of the review panel. The bill will now move to the full Senate for consideration.FOR INTERESTED MEDIA: A radio actuality is available by calling 1-800-545-1267. Press 327 at any time during or after the greeting and instructions. You can also access the actuality through the Internet at http://src.senate.gov in the Radio Links.