Wednesday, March 1, 2006
U.S. HOUSE OF REPRESENTATIVES,
SUBCOMMITTEE ON DOMESTIC AND INTERNATIONAL
MONETARY POLICY, TRADE, AND TECHNOLOGY,
COMMITTEE ON FINANCIAL SERVICES,
The subcommittee met, pursuant to notice, at 2:03 p.m., in room 2128, Rayburn House Office Building, Hon. Deborah Pryce [chairwoman of the subcommittee] presiding. Present: Representatives Pryce of Ohio, Biggert, Leach, Castle, Paul, Manzullo, Gerlach, Price of Georgia, Maloney, Sanders, Waters, Lee, Sherman, Gutierrez, Wasserman-Schultz, Moore of Wisconsin, Kelly, Garrett, Bachus, Ryun, Campbell, Barrett, McCarthy, Matheson, Cleaver, Davis of Alabama, Moxley, Meeks, and Scott of Georgia.
Ex officio present: Representatives Oxley and Frank. Chairwoman PRYCE. This subcommittee will now come to order. Pursuant to the notice given previously, the Chair announces it shall limit recognition for opening statements to the Chair and the ranking minority members of the subcommittee and the Full Committee. Without objection, the opening statements of all members will be included in the record. I appreciate everyone's consideration of this. We have a lot of members who want to participate today, and we would never get to the witnesses if we allowed full opening statements.
At this time, the Chair recognizes herself for an opening statement. First of all, I am very pleased to welcome all of you here today to this hearing on the Committee of Foreign Investments in the United States, CFIUS. I would like to thank our witnesses for being here on such short notice. I know that we all appreciate the opportunity to discuss the CFIUS process as well as job searches, and hopefully answer some questions regarding recent transactions.
The CFIUS process is not something that every American is aware of, or perhaps even every Member of Congress, until this past week. It is my desire to focus this hearing on how the Committee on Foreign Investment in the United States operates. I want the American people to have more information about the oversight and protections that are in place to determine if foreign investment is in the best interest of the United States' national security. I would like to hear from our witnesses today how each CFIUS member evaluates a proposed transaction, and especially how the process for the Dubai Ports World acquisition of the Peninsula and Oriental Steam Navigation Company's U.S. assets took place.