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House Proceeding on Feb 28th, 2007 :: 4:50:30 to 4:56:27
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Lynn A. Westmoreland

4:47:35 to 4:50:30( Edit History Discussion )
Speech By: Lynn A. Westmoreland

Lynn A. Westmoreland

4:50:14 to 4:50:30( Edit History Discussion )

Lynn A. Westmoreland: the concern is that the cfius decision brought to light some very serious national security issues with equally serious implications for the safety and protection of vital points of

Tom Udall

4:50:30 to 4:50:46( Edit History Discussion )

Tom Udall: the american infrastructure. thankfully as the congress set last year to consider ways to sure up security protocols over at cfius, we found ourselves agreeing on any -- that any reform in cfius

Tom Udall

4:50:30 to 4:56:27( Edit History Discussion )
Speech By: Tom Udall

Tom Udall

4:50:46 to 4:51:09( Edit History Discussion )

Tom Udall: ought to take great care to both encourage foreign investment in the future of america while balancing the need to maintain a strong program of national security. we can, as this bill does,

Tom Udall

4:51:09 to 4:51:26( Edit History Discussion )

Tom Udall: protect america's families physically while protecting their jobs, their investments and their pension plans. congress has no more important responsibility than to ensure the security of

Tom Udall

4:51:26 to 4:51:42( Edit History Discussion )

Tom Udall: the nation. but i don't believe that wholesale protectionism either protects our vital national security interest or advances our economic interest in the world. during the last congress,

Tom Udall

4:51:42 to 4:52:00( Edit History Discussion )

Tom Udall: congresswoman pryce, congresswoman maloney, congressman crowley and i crafted a responsible bipartisan bill that addressed the problems exposed in the cfius process during the dubai world ports

Tom Udall

4:52:00 to 4:52:19( Edit History Discussion )

Tom Udall: incident. congressman frank and congressman bachus helped to see that we got that debate on the floor and have done so much to see that we bring that debate back. while the bill we passed

Tom Udall

4:52:19 to 4:52:32( Edit History Discussion )

Tom Udall: didn't have a single descending vote even though we asked for and had a roll call, we weren't able to resolve our differences with the other body before the end of the congress, and so we didn't

Tom Udall

4:52:32 to 4:52:53( Edit History Discussion )

Tom Udall: get that bill done. today we come back with essentially an identical bill. i think slightly improved that congresswoman maloney was the principle sponsor of. our goal is to secure the country and

Tom Udall

4:52:53 to 4:53:09( Edit History Discussion )

Tom Udall: an open engagement in a global economy. the bill before us today accomplishes these objectives while dealing with the main issues, the dubai world port incident exposed. it does it in a couple

Tom Udall

4:53:09 to 4:53:25( Edit History Discussion )

Tom Udall: of days, first, it has intent relating to the so-called bird rule, which mandates a 45-day investigation for companies controlled by foreign governments. . secondly, it increases accountability

Tom Udall

4:53:25 to 4:53:40( Edit History Discussion )

Tom Udall: in the cfius process by establishing cfius in statute and adding the department of homeland security and the department of commerce as vice chairs of the committee. third, our bill greatly expands

Tom Udall

4:53:40 to 4:53:53( Edit History Discussion )

Tom Udall: congressional oversight and includes important language protecting proprytory business information. the administration has raised some concerns regarding how these things will impact the process

Tom Udall

4:53:53 to 4:54:08( Edit History Discussion )

Tom Udall: operationly. i look forward to working with the administration as we move forward to achieve our shared goal of creating a reasonable framework for approving foreign investments in the united states

Tom Udall

4:54:08 to 4:54:24( Edit History Discussion )

Tom Udall: while at the same time protecting our national security and ensuring that the mistakes of the dubai ports situation are not repeated. .ports situation are not repeated. we want to make it so hard

Tom Udall

4:54:24 to 4:54:34( Edit History Discussion )

Tom Udall: to invest in this country, that american businesses aren't able to invest in other countries. we don't want to start an investment war. and this bill clearly is headed in the right direction to

Tom Udall

4:54:34 to 4:54:55( Edit History Discussion )

Tom Udall: do the things it needs to do. we are fortunate to have the bill on the floor. congresswoman pryce and maloney, congressmen, frank, have all been instrumental in the bill. it reaches a long-term

Tom Udall

4:54:55 to 4:55:06( Edit History Discussion )

Tom Udall: conclusion that protects americans and also protects the value of american companies. i'm pleased to support it and i yield back. the chairman: for what purpose does the gentleman from georgia

Tom Udall

4:55:06 to 4:55:23( Edit History Discussion )

Tom Udall: rise? >> i have an amendment at the desk the chairman: clerk will designate the amendment. the clerk: amendment offered by the gentleman from georgia. champlee chairman gentleman is recognized

Tom Udall

4:55:23 to 4:55:39( Edit History Discussion )

Tom Udall: for five minutes. >> it is long since time to fix what's broke and commend everyone. i thank mr. franks and the financial committee for bringing this important legislation to the floor.

Tom Udall

4:55:39 to 4:55:54( Edit History Discussion )

Tom Udall: last year in the response to the dubai business we had a reprieve. we had yet another deal that came to public light. the deal that affected a plant and business in my district. in response to the

Tom Udall

4:55:54 to 4:56:11( Edit History Discussion )

Tom Udall: concerns that were swirling around the dubai business, i introduced a bill last year and i'm pleased to say the bill incorporates ma of the basic features that i drafted in the last congress.

Tom Udall

4:56:11 to 4:56:27( Edit History Discussion )

Tom Udall: one important area that i want to focus on has to do with post-approval oversight the process or lack of process knows what's going on. congress said no effective post-approval of the process over

Yvette Clarke

4:56:27 to 4:56:47( Edit History Discussion )

Yvette Clarke: the last 14, 16 years and we had many, many transactions without anybody having an idea of what's going on. section 7 addresses that by providing meaningful post-approval oversight, the most

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