Reichert Supports Emergency Legislation to Suspend Dubai Port Deal
Jan 18, 2008 Issues: Defense and National Security
In response to today’s announcement by Senator Schumer and Congressman Peter King, Chairman of the House Homeland Security Committee, that they are introducing emergency legislation to suspend the Dubai port deal, Rep. Dave Reichert (WA-08), Chairman of the Subcommittee on Emergency Preparedness, Science and Technology, issued the following statement:
“It’s basic due diligence to make sure that whenever a foreign entity acquires a controlling interest in a U.S. company that national security isn’t threatened. Unfortunately, the CFIUS (Committee on Foreign Investment of the United States) at times appears to shy away from investigations, so that it doesn’t discourage foreign investments. If this acquisition poses a threat, we need to know. The CFIUS must conduct a thorough and timely investigation immediately.”
Rep Reichert continued, “While port security remains one of our single greatest vulnerabilities, it makes little sense to give operational control of our ports to a foreign nation without first doing proper investigations. While I am a free trader and believe in the benefit of foreign investment, our national security should never be compromised. When the CFIUS review process was set up, it was a different world. Today, we realize there are those actively seeking to harm us, to destroy our infrastructure and take lives. We must carefully consider any agreement which sacrifices American control of an important asset such as our ports.”
Senator Schumer and Representative Peter King’s bill will:
“It’s basic due diligence to make sure that whenever a foreign entity acquires a controlling interest in a U.S. company that national security isn’t threatened. Unfortunately, the CFIUS (Committee on Foreign Investment of the United States) at times appears to shy away from investigations, so that it doesn’t discourage foreign investments. If this acquisition poses a threat, we need to know. The CFIUS must conduct a thorough and timely investigation immediately.”
Rep Reichert continued, “While port security remains one of our single greatest vulnerabilities, it makes little sense to give operational control of our ports to a foreign nation without first doing proper investigations. While I am a free trader and believe in the benefit of foreign investment, our national security should never be compromised. When the CFIUS review process was set up, it was a different world. Today, we realize there are those actively seeking to harm us, to destroy our infrastructure and take lives. We must carefully consider any agreement which sacrifices American control of an important asset such as our ports.”
Senator Schumer and Representative Peter King’s bill will:
- Require the President to place a stay on DP World’s takeover of P&O ports.
- Require the Committee on Foreign Investment in the United States commence an immediate 45-day investigation on the takeover’s effects on national security. The bill also requires CFIUS to coordinate with other agencies, such as the Coast Guard, and to take in to consideration past security assessments of ports operated by DP World.
- Require the Secretaries of Homeland Security and the Treasury to prepare a full report and brief members of Congress on their findings.
- Upon receiving the report, Congress would have the authority to disapprove the sale within thirty days.
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