Weber Statement on FIRRMA Legislation
Washington, D.C. – On Wednesday, November 8, 2017, the Foreign Investment Risk Review Modernization Act (FIRRMA) was introduced in both the House and the Senate by Congressman Robert Pittenger (R - NC) and Senator John Cornyn (R – TX), respectively. Congressman Randy Weber (R – Friendswood), cosponsored the bill and released the following statement:
“The Foreign Investment Risk Review Modernization Act (FIRRMA) shores up the gaps in the existing investment process and strengthens our ability to protect critical infrastructure from foreign government disruption. Foreign investment can do a great deal to strengthen the economy, but we should never put the American people at risk for the sake of an investment. In times such as these, we should be doing everything possible to ensure that our American technology systems, which protect our military and our citizenry, are well-guarded and protected.”
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 since the Ford Administration.
The Foreign Investment Risk Review Modernization Act:
• Expands CFIUS jurisdiction to include joint ventures, minority position investments, and real estate transactions near military bases and other sensitive national security facilities.
• Updates CFIUS definition of “critical technologies” to include emerging technologies that could be essential for maintaining the U.S. technological advantage over countries that pose threats.
• Adds new national security factors to the review process.