Committee on Foreign Investment in the United States: Difference between revisions

Committee on Foreign Investment in the United States (view source)

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 In 1988, the [[Exon–Florio Amendment]] was the result of national security concerns in Congress caused by the proposed purchase of [[Fairchild Semiconductor]] by [[Fujitsu]].<ref name="stats290-291"/><ref>Omnibus Trade and Competitiveness Act of 1988, sec. 5021, {{USStatute|100|418|102|1425|1988|08|23}}</ref><ref>{{cite magazine|title=Cold Feet: Fujitsu drops its Fairchild bid|magazine=[[Time (magazine)|Time]]|date=March 30, 1987|url=http://www.time.com/time/magazine/article/0,9171,963877,00.html|access-date=October 14, 2011|archive-url=https://web.archive.org/web/20111214174320/http://www.time.com/time/magazine/article/0,9171,963877,00.html|archive-date=December 14, 2011|url-status=dead}}</ref> The Exon-Florio Amendment granted the president the authority to block proposed mergers, acquisitions, and takeovers that threaten national security.<ref name="stats290-291"/> In 1988, President [[Ronald Reagan]] added the [[United States Attorney General|attorney general]] and the [[director of the Office of Management and Budget]] by {{EO|12661}}.<ref name="stats290-291"/><ref>{{EO|12661}} of December 27, 1988, {{USFR|54|779}}</ref> Reagan also delegated the review process to the Committee on Foreign Investment in the United States in the same executive order, utilizing the [[statutory law|statutory]] authority the [[U.S. Congress]] enacted to enable the president to review foreign investments, in the form of Exon-Florio Amendment.
-In 1992, the [[Byrd Amendment]] required CFIUS to investigate proposed mergers, acquisitions, and takeovers where the acquirer is acting on behalf of a foreign government and affects national security.<ref name="stats290-291"/> In 1993, President [[Bill Clinton]] added the [[director of the Office of Science and Technology Policy]], the [[National Security Advisor (United States)|national security advisor]], and the assistant to the president for economic policy by {{EO|12860}}.<ref name="stats290-291"/><ref>{{EO|12860}} of September 3, 1993, {{USFR|58|47201}}</ref> In 2003, President [[George W. Bush]] added the [[secretary of homeland security]] by {{EO|13286}}.<ref name="stats290-291"/><ref>{{EO|13286}}, sec. 57, of February 28, 2003</ref>
+In 1992, the [[Byrd Amendment]] required CFIUS to investigate proposed mergers, acquisitions, and takeovers where the acquirer is acting on behalf of a foreign government and affects national security.<ref name="stats290-291"/> In 1993, President [[Bill Clinton]] added the [[director of the Office of Science and Technology Policy]], the [[National Security Advisor (United States)|national security advisor]], and the assistant to the president for economic policy by {{EO|12860}}.<ref name="stats290-291"/><ref>{{EO|12860}} of September 3, 1993, {{USFR|58|47201}}</ref> In 2003, President George W. Bush added the [[secretary of homeland security]] by {{EO|13286}}.<ref name="stats290-291"/><ref>{{EO|13286}}, sec. 57, of February 28, 2003</ref>
 The [[Foreign Investment and National Security Act of 2007]] (FINSA) established the committee by statutory authority, reduced membership to six cabinet members and the attorney general, added the [[secretary of labor]] and the [[director of national intelligence]], and removed seven White House appointees.<ref name="stats290-291"/> In 2008, President Bush added the [[United States Trade Representative|United States trade representative]] and the [[director of the Office of Science and Technology Policy]] by {{EO|13456}} implementing the law.<ref name="stats290-291"/><ref>{{EO|13456}} of January 23, 2008</ref> FINSA requires the president to conduct a national security investigation of certain proposed investment transactions, provides a broader oversight role for Congress, and keeps the president as the only officer with the authority to suspend or prohibit mergers, acquisitions, and takeovers.<ref name="stats290-291"/>
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 * 2005: The acquisition of [[IBM]]'s personal computer and laptop unit by [[Lenovo]]<ref>{{Cite news |last=Lohr |first=Steve |date=January 31, 2005 |title=Is I.B.M.'s Lenovo Proposal a Threat to National Security? |url=https://www.nytimes.com/2005/01/31/technology/is-ibms-lenovo-proposal-a-threat-to-national-security.html |work=[[The New York Times]]}}</ref>
 * 2005: The acquisition of [[Sequoia Voting Systems]] of [[Oakland, California]], by [[Smartmatic]], a Dutch company contracted by [[Hugo Chávez]]'s government to replace that country's elections machinery<ref>{{cite news | url=https://www.nytimes.com/2006/10/31/us/politics/31vote.html | work=The New York Times | title=Voting Machine Company Submits to Inquiry | first=Tim | last=Golden | date=October 31, 2006 | access-date=April 30, 2010 | archive-url=https://web.archive.org/web/20161023000629/http://www.nytimes.com/2006/10/31/us/politics/31vote.html | archive-date=October 23, 2016 | url-status=live }}</ref>
-* 2005: In June 2005 a [[CNOOC Group]] (a major Chinese state-owned oil and gas corporation) subsidiary (CNOOC limited, publicly listed on the New York NYSE and Hong Kong stock exchanges) made an $18.5 billion cash offer for American oil company [[Unocal Corporation]], topping an earlier bid by [[ChevronTexaco]]. While this offer was not opposed by the CFIUS and the Bush Administration, it was criticized by several Congressmen and, following a vote in the United States House of Representatives, the bid was referred to President [[George W. Bush]], on the grounds that its implications for national security needed to be reviewed. On July 20, 2005, [[Unocal Corporation]] announced that it had accepted a buyout offer from [[ChevronTexaco]] for $17.1 billion, which was submitted to Unocal stockholders on August 10. On August 2, CNOOC Limited announced that it had withdrawn its bid, citing political tensions in the United States.<ref>{{Cite web |title=The CNOOC Case |url=https://www.piie.com/publications/chapters_preview/3942/05iie3942.pdf |access-date=October 15, 2024 |website=[[Peterson Institute for International Economics]]}}</ref><ref>{{Cite news |last=Lohr |first=Steve |date=July 13, 2005 |title=Unocal Bid Opens Up New Issues of Security |url=https://www.nytimes.com/2005/07/13/business/worldbusiness/unocal-bid-opens-up-new-issues-of-security.html |access-date=October 15, 2024 |work=[[The New York Times]]}}</ref>
+* 2005: In June 2005 a [[CNOOC Group]] (a major Chinese state-owned oil and gas corporation) subsidiary (CNOOC limited, publicly listed on the New York NYSE and Hong Kong stock exchanges) made an $18.5 billion cash offer for American oil company [[Unocal Corporation]], topping an earlier bid by [[ChevronTexaco]]. While this offer was not opposed by the CFIUS and the Bush Administration, it was criticized by several Congressmen and, following a vote in the United States House of Representatives, the bid was referred to President George W. Bush, on the grounds that its implications for national security needed to be reviewed. On July 20, 2005, [[Unocal Corporation]] announced that it had accepted a buyout offer from [[ChevronTexaco]] for $17.1 billion, which was submitted to Unocal stockholders on August 10. On August 2, CNOOC Limited announced that it had withdrawn its bid, citing political tensions in the United States.<ref>{{Cite web |title=The CNOOC Case |url=https://www.piie.com/publications/chapters_preview/3942/05iie3942.pdf |access-date=October 15, 2024 |website=[[Peterson Institute for International Economics]]}}</ref><ref>{{Cite news |last=Lohr |first=Steve |date=July 13, 2005 |title=Unocal Bid Opens Up New Issues of Security |url=https://www.nytimes.com/2005/07/13/business/worldbusiness/unocal-bid-opens-up-new-issues-of-security.html |access-date=October 15, 2024 |work=[[The New York Times]]}}</ref>
 * 2006: State-owned [[Dubai Ports World]]'s planned acquisition of [[Peninsular and Oriental Steam Navigation Company|P&O]], the lessee and operator of many terminals, mostly for container ships, in several ports, including in New York-New Jersey and others in the US. This acquisition was initially approved by CFIUS and then President G.W. Bush, but was eventually opposed by Congress ([[Dubai Ports World controversy]]).
 * 2010: Russian interests acquired a controlling interest in [[Uranium One]], which has 20 percent of U.S. uranium extraction capacity.<ref>{{cite news|last1=Qiu|first1=Linda|title=Donald Trump inaccurately suggests Clinton got paid to approve Russia uranium deal|url=http://www.politifact.com/truth-o-meter/statements/2016/jun/30/donald-trump/donald-trump-inaccurately-suggests-clinton-got-pai/|access-date=July 29, 2017|publisher=Politifact|date=June 30, 2016|archive-url=https://web.archive.org/web/20170803112819/http://www.politifact.com/truth-o-meter/statements/2016/jun/30/donald-trump/donald-trump-inaccurately-suggests-clinton-got-pai/|archive-date=August 3, 2017|url-status=live}}</ref> The Nuclear Regulatory Commission approved the deal because Uranium One only has a license for uranium recovery, not uranium export.<ref>{{Cite web|url=https://www.nrc.gov/reading-rm/doc-collections/news/2010/10-211.pdf|title=NRC Approves Transfer of Control of Uranium Recovery Licenses to Russian Firm|date=January 29, 2017|access-date=October 17, 2017|url-status=dead|archive-url=https://web.archive.org/web/20170129043258/https://www.nrc.gov/reading-rm/doc-collections/news/2010/10-211.pdf|archive-date=January 29, 2017}}</ref>