Pryce Joins Bipartisan Effort to Reform CFIUS

February 9, 2007

Washington, DC – Congresswoman Deborah Pryce (R-Columbus) is a key figure in a bipartisan group
of members of the House Financial Services Committee who have reintroduced legislation reforming the Committee on Foreign Investment in the United States (CFIUS).

While CFIUS has been in quiet existence for more than fifty years, it became the subject of much controversy last year when it approved Dubai Ports World (DPW) of the United Arab Emirates to manage six U.S. ports. After several Congressional hearings into the matter, DPW withdrew its proposal.

Said Pryce of the CFIUS reform bill:

“This bipartisan, carefully crafted effort should allay many of the public’s concerns with CFIUS following last year’s Dubai Ports World transaction. The legislation enhances American port security, restores public confidence in the process by which foreign investment in the U.S. is analyzed and approved, and ensures certainty and predictability for investors wishing to do business in the United States.

“Most importantly, this measure is critically important to strengthening our nation’s security. For the public to have full faith in a CFIUS-reviewed transaction, it must be confident that the intelligence community has thoroughly reviewed it, and that the Committee has sufficient time to analyze its implications. I urge the Senate to make CFIUS reform a pressing priority.”

Pryce is Ranking Member of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the House Financial Services Committee. During the 109 th Congress, Pryce Chaired the Domestic and International Finance Subcommittee (DIMP) which had oversight of CFIUS and held the first Congressional hearings into the Dubai Ports transaction.

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