C-Span TV (C-Span One)
Robert Kimmitt, Deputy Treasury Secretary, is now speaking. (I’ve been thinking that it’s the REVIEW PROCESS that may need the most scrutiny, and am glad to see it raised here in this piece from the Counterterrorism Blog.) From “Weaknesses in CFIUS Review Process Reported to Congress Last Year“:
The U.S. Senate Armed Services Committee is meeting now receive a public briefing on the Executive Branch review of the DP World purchase of the six US ports (on C-SPAN). It looks like the Government Accountability Office hit the bulleye last year when reporting weaknesses in the process to the Senate Banking Committee, which has primary oversight jurisdiction over CFIUS (Committee on Foreign Investment in the United States), the interagency group which reviewed the purchase. You can read the report at the Senate Banking Committee website for that hearing. Here is the text of the Executive Summary of that report, which could serve as a guide for the rational discussion of this issue and future changes to the Exon-Florio Act, which mandated the review process used in this matter:
Several aspects of the process for implementing Exon-Florio could be enhanced thereby strengthening the law’s effectiveness. First, in light of differing views among Committee members about the scope of Exon-Florio—specifically, what defines a threat to national security, we have suggested that Congress should consider amending Exon-Florio to more clearly emphasize the factors that should be considered in determining potential harm to national security.
Second, to provide additional time for analyzing transactions when necessary, while avoiding the perceived negative connotation of investigation on foreign investment in the United States we have suggested that the Congress eliminate the distinction between the 30-day review and the 45-day investigation and make the entire 75-day period available for review. … Read all