I, for one, was alarmed by the comments of Secretary Chertoff made over the weekend that America must "balance the paramount urgency of security against the fact that we still want to have a robust global trading system." To me, and to many Americans, that statement implied that there are aspects of our Nation's security that must be sacrificed at the altar of free trade. That is something that I fundamentally reject.
Since 9/11, Congress has invested millions and millions of dollars to strengthen our Nation's seaports, and has called for comprehensive security improvements costing billions over the next decade. Selling the management rights of these ports to foreign interests undermines the confidence Americans have in their leaders.
I am hoping you might reassure this subcommittee and the American public that there is no trade-off between participating fully in international trade, and ensuring the safety and security of our Nation.
Each of the departments and agencies that comprise CFIUS plays a critical role in securing our Nation from threats, both foreign and domestic. I think we can all agree that feeling secure is as much a perception as it is something that can be empirically assessed.
Therefore, I am hoping to learn today what, if any, consideration was given by CFIUS to the public's perception of the Dubai transaction, and how it might have weighted against the myriad of other factors the committee analyzed in reaching its conclusion.
This subcommittee has jurisdiction over the Exon-Florio provision of the Defense Production Act, which includes CFIUS, and we should take our responsibilities seriously. That is why we are here.
It is important during this period of concern for our security that we do not hinder future investment in the United States. That said, in this particular case, the DP World transaction, perhaps a little more forethought from our Administration and this committee would have helped to reassure our citizens that they will continue to be safe.
CFIUS gives the President powers to block certain types of foreign investment. But in our post-9/11 America, we need the assurance that our President has seen the CFIUS review, and that department heads are aware of what is going on in their agencies.
The Byrd Rule was instituted 13 years ago, 13 years before Osama bin Laden, 13 years before each American knew what a yellow, orange, or red elevated threat meant, and 13 years before there was a Department of Homeland Security. In a post-9/11 world, Congress operates under heightened awareness when it comes to all aspects of national security. Perhaps it is time we bring the Byrd Rule and the CFIUS process into a new decade with greater transparency and accountability, and I pledge to you all that this committee will do its best to see that that happens.
DP World has recently reissued its CFIUS request, and we in Congress welcome a thorough review of this company and this transaction. If DP World can effectively manage these ports without putting any aspect of American security at risk, then this 45- day review will bear that out. But should any aspect of the revie leave continued questions or concerns, I believe that Congress should take swift measures to address the security of our people and our ports.
My State of Ohio doesn't have any ports, but this issue goes beyond ports or railroads or airlines. This issue touches every American who wants to know that each day, they are safe. I hope that this hearing can begin to reassure our citizens, and I very much look forward to hearing our witnesses' testimony. And I will yield back the balance of my time and recognize my good friend, the gentlelady from New York, for her opening statement.