CFIUS Reform Legislation Introduced in the House and Senate
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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Florida Chamber Supports Trans-Pacific Partnership American Trade Policy
Florida’s current business agenda puts jobs, growth and economic opportunity in the driver’s seat. Florida has been able to grow our economy exponentially due to a smart and business-friendly environment. The Florida Chamber of Commerce supports the Trans-Pacific Partnership (TPP) American trade policy as it will have a significant impact on the strength of our economy and the lives of Floridians.
The TPP agreement will provide Florida with the opportunity to increase goods and services trade with emerging markets across the globe. It will accomplish this by removing several challenges that our businesses face when they attempt to bring their goods to international markets. This monumental trade deal will create a level playing field between U.S. companies of all sizes with some of our strongest trading partners.
Florida already has good trade ties with several of the TPP countries. Florida exported $1.6 billion in goods and $3.3 billion in services in 2014 to these countries. The TPP will remove nearly 18,000 tariffs American businesses face, which will undoubtedly increase exports tot he TPP partner countries.
The U.S. Department of Commerce Bureau of Economic Analysis shows that Canadian and Japanese companies alone employed approximately 57,200 employees in Florida in 2013. More than 1,300 Florida businesses are subsidiaries of companies based in TPP countries, serving as an important source of business investment and job creation in the state. Statewide there are nearly 942,000 jobs supported by the TPP trade in Florida.
Florida will benefit from the opportunities created by the TPP and we encourage Congress and the President to enact legislation that will implement it.