WASHINGTON, DC - Today, House Financial Services Committee Member Congressman Warren Davidson (OH-08) released the following statement praising President Trump for signing the final version of the 2019 National Defense Authorization Act into law with reforms to the Committee on Foreign Investment (CFIUS) that protect America’s competitive edge in technology and emerging industries from countries that pose national security threats, such as China.

 

“We have a responsibility to protect the intellectual property of our best and brightest from foreign threats abroad. We also have a responsibility to stop the charade of foreign countries and rogue states acting as American companies. Unprincipled actions such as these weaken innovative thinking and stifle the aspirations of entrepreneurs – threatening the very spirit of enterprise that makes our free market system the envy of the world.

 

“These reforms will expand CFIUS to address gaps in our existing safeguards which China exploits. The Chinese are acquiring our cutting-edge technology and trying to use it against us in an attempt to undermine our military advantage. Thanks to my colleagues in Congress, and to President Trump, for passing these reforms that work to close the gaps.”

 

The NDAA included reforms to CFIUS, a first update of its kind in over a decade, which narrowly focus on national security while keeping America’s doors open to investment. CFIUS – a committee led by the Treasury secretary and made up of members of State, Defense, Justice, Commerce, Energy and Homeland Security Departments – investigates when a foreign company’s attempt to acquire or merge with an American company poses a national security risk.

 

Davidson is a key member of the Monetary Policy and Trade Subcommittee of House Financial Services Committee, responsible for proposing the reforms in the House. Davidson previously spoke on the House floor in support of these reforms in June.

 

You can access his floor speech here and by scrolling down.

 

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