Moolenaar, Nunn, Huizenga Introduce Bill to Strengthen Oversight of Foreign Investments in America
Congressmen John Moolenaar, Zach Nunn (R-IA), and Bill Huizenga (R-MI) introduced the Foreign Investment Transparency and Accountability Act. The bill would bolster national security with increased Congressional oversight of the Committee on Foreign Investment in the United States (CFIUS) and help identify loopholes that fall outside the jurisdiction of CFIUS. Under current law, no justification is given to Congress if a transaction is initially flagged by a CFIUS official as a threat to national security and then ultimately not reviewed. Moolenaar's legislation would require the committee to notify Congress in such a case and provide reasoning why the transaction was not reviewed.
“CFIUS was created with the intent of protecting America and stopping transactions that pose a risk to our national security. A lot has changed since CFIUS was created and unfortunately, it has been left behind. My legislation will increase Congressional oversight so the problems at CFIUS will be fixed and the committee can once again protect the American people from foreign investments that pose a national security risk," said Congressman Moolenaar.
“Ensuring our homeland is protected from foreign adversaries should always be top of mind,” said Congressman Nunn. “It is mission critical that we stop the Chinese Communist Party from purchasing American farmland and obtaining control of our food and energy sources. This is a commonsense solution to root out foreign adversaries and address growing concerns over foreign purchases.”
“It is clear the CFIUS review process needs continued modernization as foreign entities with ties to the Chinese Communist Party and other hostile actors seek to expand their footprint in America,” said Congressman Bill Huizenga. “This legislation increases our national security by enhancing congressional oversight and requiring greater transparency and accountability from CFIUS.”
CFIUS was established under the Defense Production Act of 1950. The Committee consists of 16 federal agencies including the Departments of Defense, State, Treasury, and Commerce. CFIUS is responsible to review national security considerations of investments of American land and businesses by foreign entities.