Washington, D.C. – U.S. Congressman Steve King (IA-05) voted today to ensure foreign businesses will not threaten national security.

With King’s support, today the U.S. House passed H.R. 556, the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007.  The bill passed the House by a vote of 423 to 0.  

H.R. 556 would ensure certain business mergers and takeovers by foreign businesses are evaluated to determine whether they pose a threat to national security. The bill specifically changes the manner the President and the Committee on Foreign Investment in the United States evaluate potential mergers and takeovers of American companies by foreign businesses and investors.

Last year, the Bush Administration approved an agreement that would have put the operations of six American seaports in control of Dubai Ports World, a company controlled by the United Arab Emerates (UAE). After American public outrage on the agreement, the company eventually withdrew its bid.

King offered an amendment to the bill that requires the President to review the effect a foreign merger or takeover would have on the U.S. efforts to fight human and drug smuggling.  The House passed King’s amendment.

“As our men and women in uniform continue to fight overseas on the front lines in the global War on Terror, we must not undermine their efforts by allowing our enemies access to our ports,” said King. “Every day terrorists look for new ways to poke holes in the security of the United States.  This legislation makes sure terrorists do not use our own ports as a staging ground to harm Americans.”