|
Sign up to get email updates.
|
|
Financial Services Subcommittee on Domestic and International Monetary Policy, Trade and Technology, and the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Hearing
|
Foreign Government Investment in the U.S. Economy and Financial Sector
|
|
|
Wednesday, March 5, 2008, 2:30 p.m., 2128 Rayburn House Office Building
Joint Hearing
|
|
|
|
| |
| Click Here To View Archived Webcast |
Role of Foreign Government Investment in the U.S. to be Examined in Joint Subcommittee Hearing
(Washington, D.C.) U.S. Representative Luis V. Gutierrez (D-IL), Chairman of the Subcommittee on Domestic and International Monetary Policy, Trade and Technology, and Congressman Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced they will hold a joint hearing to discuss the role of foreign governments' investments in the United States.
Sovereign wealth funds – investment funds owned by national governments – are the most visible source of foreign government investment in the United States at present. These funds are increasingly making investments in U.S-owned banks, private companies, equity funds, and real property, among other assets. It is estimated that sovereign wealth funds have invested $21.5 billion in American companies over the last year. In addition to these funds, foreign government owned investment in the U.S. has also come through public pension funds, investments and purchases by state-owned firms, and through other investment vehicles.
"This hearing is particularly timely, as the rate of cross-border investment has grown rapidly over the last year alone," said Rep. Gutierrez. "It will provide an opportunity to closely examine the role and impact that these investments play in our businesses and economy, as well as the potential need for increased transparency and 'good governance' principles."
"With a continuously expanding global marketplace, it is inevitable for foreign governments to invest in American companies," said Congressman Kanjorski. "This hearing will take initial steps to examine such investments and to discuss whether there is a need for increased transparency as foreign investment in America continues to grow rapidly. Our goal is to ensure the soundness of our financial markets, but we must put our national interests first. This hearing will help to explore how we can take both actions."
Witnesses will include U.S. government officials as well as representatives of foreign government investors and other experts on the issue.
|
| |
Witness List & Prepared Testimony:
Panel 1
- David McCormick, Under Secretary for International Affairs
U.S. Department of Treasury
- Ethiopis Tafara, Director, Office of International Affairs
Securities and Exchange Commission
- Scott Alvarez, General Counsel, Federal Reserve Board
Panel 2
- Martin Skancke, Director General, Asset Management Department, Ministry of Finance, Norway
- Simon Israel, Executive Director, Temasek Holdings Ltd.
- David Denison, President and CEO, Canada Pension Plan Investment Board
- Matthew Slaughter, Professor, Tuck School of Business, Dartmouth College
Available Member Statements: Chairman Kanjorski, Congresswoman Pryce, Congresswoman Brown-Waite, Congressman Bachus, Congressman Manzullo
Printed Hearing: 110-94
Related Documents:
|
|
|
