Monday, 16 April 2018 05:02

Congressman Pittenger: CFIUS Reform is a National Security Necessity

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Office of Congressman Robert Pittenger Office of Congressman Robert Pittenger Image courtesy of Office of Congressman Pittenger

WASHINGTON – In last week’s House Financial Services Monetary Policy and Trade Subcommittee hearing, Congressman Robert Pittenger (NC-09) emphasized the national security importance of updating the Committee on Foreign Investment in The United States (CFIUS).

Congressman Pittenger’s bipartisan legislation to revamp and modernize CFIUS has been endorsed by President Trump, Treasury Secretary Mnuchin, Secretary Mattis, four former Secretaries of Defense, and a host of other experts, high ranking government officials and private companies.  

“Mr. Chairman, CFIUS reform is an urgent national security requirement,” said Congressman Pittenger in his opening statement. 

“President Trump has endorsed this bill. Secretary Mattis requested the bill and endorsed it. Secretary Mnuchin and his team have worked closely and tirelessly on this bill and have also endorsed it. 

“FIRRMA is specifically targeted to address national security issues related to defense-applicable technology transfers to China and other countries – issues that remain unresolved and outside the scope of existing export controls. 

“Those who disagree with the premise of my bill should speak with the FIVE Department of Defense Secretaries who have endorsed this bill. 

“Unfortunately, many who profit from modernizing the Chinese military seek to distort the narrative and defeat this bill. 

“Today, we have many witnesses who will make presentations who notwithstanding represent interest from China, Lenovo and other major entities. 

“General Dunford has stated that China will be the greatest threat to the U.S. by 2025, yet some companies insist on accelerating that timeline and defeating FIRRMA. 

“Mr. Chairman, national security experts have spoken. FIRRMA is needed, and I look forward to working with my colleagues to get it passed in its current form. I yield back.”  

In November, Congressman Pittenger introduced the Foreign Investment Risk Review Modernization Act, which will strengthen and upgrade the Committee on Foreign Investment in the United States (CFIUS) process for reviewing foreign investments that threaten U.S. national security.  

Congressman Pittenger’s bipartisan legislation, introduced in partnership with Senate Majority Whip John Cornyn, has been endorsed by the White House, Defense Secretary Mattis, Treasury Secretary Mnuchin, and Attorney General Sessions. 

Drew Nirenberg

Press Secretary

Congressman Robert Pittenger (NC-09)

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