South Iowa News

U.S. Representative Zach Nunn (IA-03) today announced a bipartisan bill aimed at strengthening oversight of foreign investment in the United States. The Foreign Investment Transparency and Accountability Act, co-led by U.S. Representatives John Moolenaar (MI-02) and Bill Huizenga (MI-04), seeks to bolster national security and address loopholes beyond the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS), a division within the U.S. Treasury.

"Ensuring our homeland is protected from foreign adversaries should always be top of mind," said Rep. Nunn. "It is mission critical that we stop the Chinese Communist Party from purchasing American farmland and obtaining control of our food and energy sources. This is a commonsense solution to root out foreign adversaries and address growing concerns over foreign purchases."

Under current law, no justification is provided to Congress if a transaction flagged by a CFIUS official as a national security threat is ultimately not reviewed.

"CFIUS was created with the intent of protecting America and stopping transactions that pose a risk to our national security," said Rep. Moolenaar. "A lot has changed since CFIUS was created, and unfortunately, it has been left behind. My legislation will increase Congressional oversight so the problems at CFIUS will be fixed, and the committee can once again protect the American people from foreign investments that pose a national security risk."

Established under the Defense Production Act of 1950, CFIUS comprises 16 federal agencies including the Departments of Defense, State, Treasury, and Commerce. It reviews national security implications of foreign transactions in the U.S.

"It is clear the CFIUS review process needs continued modernization as foreign entities with ties to the Chinese Communist Party and other hostile actors seek to expand their footprint in America," said Congressman Bill Huizenga. "This legislation increases our national security by enhancing congressional oversight and requiring greater transparency and accountability from CFIUS."

The Foreign Investment Transparency and Accountability Act mandates that CFIUS notify Congress when a foreign investment flagged by an agency member as a threat to national security is not reviewed. In such cases, CFIUS must provide its justification for not reviewing the transaction to Congress.

Text of the bill can be found here.