Senate to Vote on Measure Giving Congress a Say in Foreign Investment Review Process

As senators prepare to pass legislation to expand the authorities of an interagency panel that reviews foreign investments for national security risks, the Senate on Thursday will consider an amendment that would also subject the panel, headed by the Treasury Department and known as the Committee on Foreign Investment in the United States (CFIUS), to greater congressional oversight.The amendment, sponsored by Pennsylvania Republican Pat Toomey, would require congressional approval for CFIUS’s major decisions—those with an annual economic impact greater than $100 million. Toomey’s bill would require only a simple majority in order for proposed CFIUS rules to be approved, circumventing the possibility of a time-consuming filibuster. Toomey introduced his amendment, a version of the REINS (regulations from the executive in need of scrutiny) Act tailored specifically to CFIUS, in response to a bipartisan CFIUS reform bill that is expected to pass the Senate as part of an annual d…read more

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