Congress proposes tougher reviews of foreign investments under Committee on Foreign Investment in the United States (CFIUS) reform through the expansion of the CFIUS which reviews foreign mergers and acquisition for possible threats to national security. Reviews under the proposed bill now include joint ventures and minority position investments, real estate investments near sensitive military or national security installations to name a few.
The bill aims to increase the national security factors CFIUS considers as well as add restrictions which help the U.S. maintain a technological advantage over countries deemed as bad actors or threats.
U.S. Senators John Cornyn (R-TX) and Dianne Feinstein (D-CA), along with Florida Senator Marco Rubio (R-FL) and others introduced CFIUS reform legislation titled the Foreign Investment Risk Review Modernization Act (FIRRMA) in the Senate
Congressman Robert Pittinger (R-SC), along with House Intelligence Committee Chairman Devin Nunes (CA-22) along with Florida Congressman Ted Yoho (FL-03) and others, introduced companion legislation in the House.
The Florida Chamber will be monitoring developments. Florida has benefited from foreign direct investment and over 266,000 Floridians are employed by majority-owned U.S. affiliates of foreign companies. For more information and to download the Florida Chamber’s Foreign Direct Investment report click here.
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