Sending Office: Honorable Denny Heck
Current cosigners: Gallagher (WI), Carson (IN), Crow (CO), DeFazio (OR), DeLauro (CT),
Fitzpatrick (PA), Hartzler (MO), Krishnamoorthi (IL), McCaul (TX),
Mooney (WV), Moore (WI), Panetta (CA), Scott (GA), Spanberger (VA),
Stefanik (NY), Vargas (CA) and Waters (CA).
Last year the House passed the Foreign Investment Risk Review Modernization Act (FIRRMA) by a vote of 400-2. This bill eventually became law through the John S. McCain National Defense Authorization Act. In it we improved and restructured the Committee on
Foreign Investment in the United States (CFIUS). Congress also for the first time allowed Treasury to make a unified budget request for dedicated funds to provide for the Committee’s critical national security role.
In the President’s Budget Request, Treasury requested $40 million for operations related to FIRRMA. The Secretary of the Treasury chairs this interagency committee and has identified this budgetary need in order to continue reviewing foreign investments
and the effect of such transactions on our national security. According to a Defense Innovation Unit (Experimental) (DIUx) report strategic competitors are increasingly using investment as one part of a concerted strategy to erode U.S. technological superiority.
CFIUS is the authority responding to that challenge.
Please join us in sending this letter to the Appropriations Subcommittee on Financial Services and General Government to tell them of this important priority. This meaningful program supports our national defense and national investment. The deadline to
sign is COB Wednesday, 3 April. For more information or to cosign, please contact Graham Markiewicz in Rep. Heck’s office at Graham.Markiewicz@mail.house.gov or Charles Morrison in Rep. Gallagher’s office at Charles.Morrison@mail.house.gov.
Denny Heck Mike Gallagher
Member of Congress Member of Congress
March xx, 2018
The Honorable Mike Quigley The Honorable Tom Graves
Chairman Ranking Member
Subcommittee on Financial Services Subcommittee on Financial Services
and General Government and General Government
2458 Rayburn House Office Building 2078 Rayburn House Office Building
Washington, D.C. 20515 Washington, D.C. 20515
Dear Chairman Quigley and Ranking Member Graves:
We write to urge you to fully fund the Committee on Foreign Investment in the United States (CFIUS), within Department of the Treasury, to the President’s Budget request. CFIUS plays a critical role in safeguarding U.S. national security and maintaining
our defense industrial base, and supporting American technological leadership.
Last year Congress came together to pass the Foreign Investment Risk Review Modernization Act (FIRRMA) which strengthened and reformed CFIUS. It also for the first time allowed Treasury to make a unified budget request for dedicated funds to provide for
the Committee’s critical national security role. This permission was coupled with special hiring authority needed by the Committee to complete reviews in a thorough and timely manner.
This year, Treasury requested dedicated funds to maintain CFIUS’s ability to ensure U.S. openness to investment which does not pose a national security risk. Lack of resources would impair how effectively CFIUS can enforce mitigation agreements, and its
ability to maintain awareness of relevant non-notified transactions. We respectfully ask that you fully resource CFIUS for the next fiscal year.
We appreciate your attention to this important request.
e-Dear Colleague version 2.0