CFIUS & Cross-Border Acquisitions
Amendments to Expand Foreign Acquisition Review Process
Over the last several years, Congress has increased its scrutiny of cross-border acquisitions of U.S. companies. Several high-profile deals, including Dubai Ports World’s acquisition of several U.S. ports in 2006, provoked concerns on Capitol Hill regarding the national security review process of such transactions and the interagency body responsible for the reviews, the Committee on Foreign Investment in the United States (CFIUS). After a comprehensive debate on the issue, Congress passed legislation aimed at restoring reliability and credibility to the system. The Foreign Investment and National Security Act (FINSA) was signed into law during the summer of 2007. OFII, Business Roundtable, the Financial Services Forum and the U.S. Chamber of Commerce supported the final passage of FINSA and have applauded the bi-partisan efforts to restore confidence to CFIUS and the national security review process. OFII continues to work to ensure the review process remains focused on issues of true national security concerns.
RELATED DOCUMENTS:
CFIUS Annual Report December 2011
CFIUS Annual Report November 2010
Foreign Direct Investment & U.S. National Security: CFIUS Under the Obama Administration June 7, 2010
Mark Plotkin & David Fagan, Covington & Burling LLP
Coalition Comments on Proposed CFIUS Regulations June 9, 2008
Business Roundtable, The Financial Services Forum, the Organization for International Investment and the U.S. Chamber of Commerce
Business Community Statement on Release of Proposed FINSA Regulations April 21, 2008
Business Roundtable, The Financial Services Forum, the Organization for International Investment and the U.S. Chamber of Commerce
FINSA Regulations November 14, 2008
Department of Treasury
Dodd/Shelby Letter to President Bush Commending Action on CFIUS January 29, 2008
Business Groups’ Issue Statement on Foreign Investment/National Security Executive Order
January 23, 2008
Business Roundtable, The Financial Services Forum, the Organization for International Investment and the U.S. Chamber of Commerce
Frank Statement on Executive Order Regarding CFIUS Process, January 23, 2008
Secretary Paulson Statement on Foreign Investment and National Security Act, July 26, 2007
President Bush Signs Foreign Investment and National Security Act of 2007, July 26, 2007
Business Community Statement on HOUSE Passage of CFIUS Legislation July 11, 2007
Business Roundtable, The Financial Services Forum, the Organization for International Investment and the U.S. Chamber of Commerce
U.S. Treasury Deputy Secretary Kimmitt Statement on Passage of CFIUS Reform Legislation
Treasury Department, July 2007
The National Security Foreign Investment Reform and Strengthened Transparency Act of 2007
H.R. 556 (as passed by the House of Representatives)
February 28, 2007
OFII and Other Major Business Associations Send Letter to Members of the House Urging Support for
H.R. 556 February 27, 2007
OFII, Business Roundtable, Financial Services Forum and U.S. Chamber of Commerce Issue Statement on House Committee on Financial Services Mark-up of CFIUS Reform Legislation
February 14, 2007
Todd M. Malan, OFII President & CEO Testifies Before House Committee on Financial Services
February 7, 2007
Exon-Florio/CFIUS Investigation Process: Flow Chart
Treasury Department, February 2007
Business Groups Commend House Introduction of CFIUS Reforms to Enhance National Security and Stabilize Business Environment
January 17, 2007
Swinging the Pendulum Too Far: An Analysis of the CFIUS Process Post-Dubai Ports World
By David Marchick
National Foundation for American Policy, January 2007
OFII, Business Roundtable, Financial Services Forum and U.S. Chamber of Commerce sent Letter to Treasury Secretary Paulson on CFIUS "Evergreen" Condition December 6, 2006
OFII and Other Major Associations Send Letter to Banking Chairman Shelby and Ranking Member Sarbanes September 27, 2005
OFII Fact Sheet on CFIUS/Exon-Florio July 2005
CFIUS & CROSS-BORDER ACQUISITIONS
Public scrutiny of cross-border acquisitions of U.S. companies has increased in recent years as several high-profile deals provoked concerns on Capitol Hill regarding the federal government’s national security review process of such transactions. The interagency body responsible for the reviews, the Committee on Foreign Investment in the United States (CFIUS), was reformed and strengthened during a bi-partisan legislative effort in 2007. OFII works to ensure the CFIUS process is non-politicized and focused on true national security concerns, thereby maintaining a favorable environment for cross-border transactions that benefit the U.S.’s dynamic economy.
Read More...Over the last several years, Congress has increased its scrutiny of cross-border acquisitions of U.S. companies. Several high-profile deals, including Dubai Ports World’s acquisition of several U.S. ports in 2006, provoked concerns on Capitol Hill regarding the national security review process of such transactions and the interagency body responsible for the reviews, the Committee on Foreign Investment in the United States (CFIUS). After a comprehensive debate on the issue, Congress passed legislation aimed at restoring reliability and credibility to the system. The Foreign Investment and National Security Act (FINSA) was signed into law during the summer of 2007. OFII,...
Read More...