House Passes Pittenger's Landmark Bill
The U.S. House of Representatives passed Congressman Robert Pittenger’s (NC-09) landmark legislation to modernize the national security review process of potential foreign investments in the United States.
FOR IMMEDIATE RELEASE
HOUSE PASSES PITTENGER’S LANDMARK NATIONAL SECURITY BILL
WASHINGTON – Today, the U.S. House of Representatives passed Congressman Robert Pittenger’s (NC-09) landmark legislation to modernize the national security review process of potential foreign investments in the United States.
Chinese investment in the United States increased more than 900 percent between 2010 and 2016. Much of this investment was part of a strategic, coordinated Chinese government effort to target critical American infrastructure and defense applicable technologies.
The Foreign Investment Risk Review Modernization Act (FIRRMA, H.R. 5841), strengthens how the Committee on Foreign Investment in the United States (CFIUS) reviews the national security risks of potential foreign investments.
"For over two years, we have fought for CFIUS reform and the implementation of stronger policies to combat strategic and disruptive Chinese activities. Today, I am grateful that the House is taking action on this issue. This landmark legislation will take enormous steps to improve our foreign investment review process to prevent further transfers of military applicable technologies to the Chinese government."
Companion legislation was included in the National Defense Authorization Act (NDAA), which passed the Senate on June 18th, 2018. FIRRMA is expected to be included in the final NDAA conference report.
The Committee on Foreign Investment in the United States (CFIUS) is the only government mechanism to ensure potential foreign investments do not harm our national security. However, CFIUS has not been substantially updated in many years.
Congressman Pittenger and Senate Majority Whip John Cornyn (R-TX) introduced FIRRMA on November 8th, 2017. The legislation has been publicly endorsed by the White House, Defense Secretary Jim Mattis, Attorney General Jeff Sessions, Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, Senate and House Intelligence Chairs Richard Burr and Devin Nunes, and hundreds of defense experts, generals, elected officials and private businesses.
The Foreign Investment Risk Review Modernization Act: