Dear Chairmen Crapo and Hensarling, and Ranking Members Brown and Waters:
The undersigned organizations write ahead of this week’s markups to express our support for the respective managers’ amendments that will be offered to the Foreign Investment Risk Review Modernization Act (FIRRMA)(S. 2098/H.R. 5841). While not identical, we believe that the outcomes represented in the Senate and House managers’ amendments importantly share much in common.
Specifically, we support the broad consensus that the Committee on Foreign Investment in the United States (CFIUS) should focus exclusively on assessing the national security risks of inbound investments, while export controls should address national security risks associated with outbound technology transfers to countries of concern. We support the reforms proposed to both regimes such as the need for CFIUS to look at a limited number of real estate transactions and investments that may not result in control of a company, but do result in access to critical technology and critical infrastructure. Further, we believe it is important to modernize the export control lists to keep pace with technologies that should be controlled when transferred to countries of concern.
In closing, we would like to thank the bills’ original sponsors for bringing forward legitimate national security concerns, for the bipartisanship that this issue has enjoyed, and for Congress’s willingness to work to ensure our national security, while also keeping the United States open to foreign investment. We stand ready to work to address any differences that remain as this legislation makes its way through the process towards becoming law this year.
American Petroleum Institute (API)
BSA | The Software Alliance
Coalition of Services Industries
Computing Technology Industry Association (CompTIA)
Information Technology Industry Council
National Foreign Trade Council (NFTC) Organization for International Investment Software & Information Industry Association
United States Council for International Business
U.S. Chamber of Commerce
CC: Members of the Senate Committee on Banking, Housing, and Urban Affairs
Members of the House Committee on Financial Services