NATIONAL SECURITY FOREIGN INVESTMENT REFORM AND STRENGTHENED TRANSPARENCY ACT OF 2007 Amendment #6

Mr. McCaul of Texas- Mr. Chairman, I rise today in support of this amendment which requires the Secretary of the Treasury to include in his reporting information on the amount of regulation in the United States, as compared to other countries, and how it affects the investments, the foreign investments, examined by CFIUS.

I support the underlying bill. This amendment simply improves on the oversight requirements. By requiring the report to include information on how burdensome regulation affects foreign investment in the United States, I believe Congress will be better informed on how our actions in the Congress can either make it harder or easier for foreign countries to invest in our critical infrastructure.

It is already required in the text of the bill. This would ensure us better oversight capability.

The underlying bill again is about foreign investment. I believe foreign investment affects national security. Issues relating to taxation and regulation certainly impact the foreign investments that are made both in this country and outside.

I ask my colleagues to support this bill.

Mr. Chairman, I would like to simply conclude that, and the chairman is certainly an expert and a leader in terms of financial security issues. Certainly he would recognize that our viability as an economic superpower is vitally important in this country as we look at countries like China and India.

So I do believe it is relevant. I believe our ability to globally compete is not just an economic issue, but really is an issue of national security.