releases: https://www.cornyn.senate.gov/node/4506
Data license: MIT · Data source: dwillis/congress-press
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| https://www.cornyn.senate.gov/node/4506 | Cornyn Announces New Support for Legislation to Reform CFIUS Review Process | 2017-12-15 | 2017 | 2017-12 | Republican | House | TX | John Cornyn | C001056 | www.cornyn.senate.gov | legacy | WASHINGTON A coalition of Trump Administration cabinet officials, former senior government officials, stakeholders, and leaders of key groups have recently voiced their support for theForeign Investment Risk Review Modernization Act (FIRRMA).Sen. Cornyn recently spoke about his legislation and the national security threat posed by China at the Center for Strategic and International Studies (CSIS), and a transcript of his remarks is available here. DEFENSE SECRETARY MATTIS: "I strongly support theForeign Investment Risk Review Modernization Act of 2017(FIRRMA) FIRRMA would help close related gaps that exist in both the Committee on Foreign Investment in the United States (CFIUS) and export control processes, which are not presently keeping pace with todays rapid technological changes CFIUS plays a critical role in protecting the national security of the United States. FIRRMA greatly strengthens that protection and provides much needed CFIUS modernization,"said U.S. Department of Defense Secretary James Mattis. (Secretary Mattis,Letter to Sen. Cornyn, 12/15/2017) TREASURY SECRETARY MNUCHIN: I support the goals of FIRRMA, which will help to ensure that CFIUS has the tools necessary to protect the national security of the United States, while simultaneously maintaining our open investment environment. I stand ready to work with Senators Cornyn, Feinstein, and Burr, the committees of jurisdiction, and other Members of Congress as this important legislation advances, said U.S. Department of Treasury Secretary Steven Mnuchin. (Secretary Steven Mnuchin, 12/14/2017) ATTORNEY GENERAL SESSIONS: I am particularly supportive of the goals of several aspects of your proposed legislation, including but not limited to (1) the expansion of CFIUSs authority to review certain transactions that may pose national security concerns; (2) an expanded list of national security factors that CFIUS should consider; and (3) mandatory disclosures of certain investments by state-owned enterprises, said U.S. Attorney General Jeff Sessions. (Attorney General Jeff Sessions, Letter to Senator Cornyn, 12/13/2017) FORMER HOMELAND SECURITY SECRETARY CHERTOFF: "The bipartisan Foreign Investment Risk Review Modernization Act (FIRRMA) is a long overdue and welcome modernization of our CFIUS foreign investment review process. The Act plugs loopholes in our national security reviews, and adopts a holistic, risk-based analytic approach in evaluating foreign investments. FIRRMA recognizes the value of foreign investment in the United States, but assures that we can protect our key security technologies and interests from theft or manipulation,"said formerU.S. Department of Homeland Security Secretary Michael Chertoff. (Secretary Michael Chertoff, 12/27/17) FORMER DEFENSE SECRETARY PERRY: "China has identified gaps in the CFIUS process and export control system and is exploiting them... FIRRMA takes a measured and targeted approach to close these gaps, with reforms that are laser-focused on national security concerns,"said formerU.S. Department of Defense Secretary William Perry. (Former Secretary Perry, Letter to Sen. Cornyn, 12/18/17) FORMER DNI ADM. BLAIR: By expanding the scope of CFIUS reviews, FIRRMA provides better tools to analyze foreign investments and thus will strengthen the protection of America intellectual property from theft by foreign actors, said Admiral Dennis C. Blair. (Admiral Dennis C. Blair, former Director of National Intelligence and Commander of U.S. Pacific Command, 11/21/17) FORMER MARINE CORPS COMMANDANT HAGEE: I write to express my strong support for your bipartisan legislation, the Foreign Investment Risk Review Modernization Act of 2017 (FIRRMA) FIRRMA takes a measured and targeted approach to close these gaps, with reforms that are laser-focused on national security concerns. The bill's provisions also reflect the need to preserve as much certainty and predictability for investors as possible. In the interests of national security, I urge the enactment of this critical legislation as soon as possible, said General Michael Hagee. (Michael Hagee, former Commandant to the Marine Corps, Letter to Sen. Cornyn, 12/21/17) GENERAL JAMES THURMAN: "I write to express my strong support for your bipartisan legislation... China continues its aggressive campaign to use both licit and illicit means to acquire and absorb advanced U.S. technology and know-how... We must be clear-eyed about the implications for our long-term national security,"said former Commander of U.S. Forces Korea General J.D. Thurman. (J.D. Thurman, Letter to Sen. Cornyn, 12/21/17) GENERAL EDWARD RICE: "In my judgement, FIRRMA strikes the right balance between harvesting the benefits of foreign investment in the United States and safeguarding technologies that are critical to our national security interests,"said former Vice Commander of Pacific Air Forces General Rice. (Ed Rice, Letter to Sen. Cornyn, 12/29/17) ORACLE CORP: Critically FIRRMA strikes a balance of protecting national security while not chilling the benefits of foreign investment in the United States. (Oracle, Letter to Sen. Cornyn, 11/8/17) US-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION: Senator Cornyns Foreign Investment Risk Review Modernization Act helps prepare the United States to meet these new challenges and mitigate risks posed by current and emerging security threats, said Dr. Larry Wortzel. (Dr. Larry M. Wortzel, U.S.-China Economic Security and Review Commission, 10/25/17) | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |