Sending Office: Honorable Denny Heck
Sent By:
Graham.Markiewicz@mail.house.gov

        Request for Signature(s)

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).

Dear Colleague,

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.

Respectfully,

 

Denny Heck                                                    Mike Gallagher

Member of Congress                                      Member of Congress

 

***************************Letter Below***************************

 

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.

 

Sincerely,

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