Press Releases

Today, the the House Financial Services Committee is holding a National Security, Illicit Finance, and International Financial Institutions Subcommittee hearing, led by Subcommittee Chair Warren Davidson (OH-08), to have the Department of Treasury's annual appearance before the Financial Services Committee for testimony on CFIUS.

Read Subcommittee Chair Davidson’s opening remarks as prepared for delivery:

"Today is the Committee’s annual oversight hearing on CFIUS and will provide Members an opportunity to review the Trump Administration’s implementation of the CFIUS process and the Outbound Investment Security Program both of which are administered by the Office of Investment Security.

"The United States is the world’s top destination for foreign direct investment (FDI), with over $5.7 trillion dollars in total investment so far and trillions of dollars of new commitments during President Trump’s current term. Our open investment environment makes this possible which is why successive Presidents have reaffirmed its importance. 

"In fact, FDI accounts for 10.1 percent or more of jobs while foreign firms employ around 25 percent of all manufacturing workers making investment critical to the wellbeing of Americans across the country.

"Established in 1975 under the Department of Treasury, CFIUS seeks to preserve this open investment environment while ensuring that the very openness does not become a weapon our adversaries can use against us. 

"The 2018 Foreign Investment Risk Review Modernization Act, otherwise known as FIRRMA, expanded its jurisdiction to include non-controlling investments in critical technologies, infrastructure, and sensitive personal data. 

"CFIUS must rigorously scrutinize foreign investments from any source that could undermine our technology, agriculture, energy sectors, and more, while enabling beneficial investment inflows that strengthen our economy. 

"At the same time, CFIUS must not become so bureaucratic that the process prioritizes answering every conceivable question over neutralizing threats. 

"With this in mind, I want to commend President Trump both for his America First Investment Policy which reiterates his commitment to welcoming foreign investment as well as his tireless efforts to secure trillions in new investments in our country. 

"I especially want to highlight CFIUS’s Known Investor Portal pilot program which promises to streamline investment for repeat, friendly investors, allowing resources to be directed where they matter most for screening new risks.

"However, reviewing inbound investments alone cannot fully protect our national security. This is why Congress enacted Representative Barr’s COINS Act last month as part of the NDAA, which tasks the Office of Investment Security (OIS) to build on the Outbound Investment Security Program. 

"Now that this legislation has become law, it falls on this Committee to ensure that it is implemented in a targeted and thoughtful manner while ensuring that American capital does not support the military industrial bases of our adversaries, particularly the People’s Republic of China. 

"As Treasury writes an updated outbound investment rule, it is imperative that it’s a clear, streamlined framework to ensure that American investors can comply without overly burdensome bureaucratic obstacles that halts our financial sector.

"As the world becomes more complex and interconnected, OIS must ensure that U.S. national security is protected both on the inbound and outbound investment fronts. 

" Ensuring that our processes are efficient and effective means investment screening must be transparent and clear for our friends and fellow citizens to comply with, and difficult for our adversaries to exploit. This is our task today. I yield back, and I now recognize the ranking member for her remarks."

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