The Committee on Foreign Investment in the United States (CFIUS) Page: 4 of 23
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The Committee on Foreign Investment in
the United States (CFIUS)
Background
The Committee on Foreign Investment in the United States (CFIUS) is an
interagency committee that serves the President in overseeing the national security
implications of foreign investment in the economy. Since it was established by an
Executive Order of President Ford in 1975, the committee has operated in relative
obscurity.' According to a Treasury Department memorandum, the Committee
originally was established in order to placate Congress, which had grown concerned
over the rapid increase in Organization of the Petroleum Exporting Countries
(OPEC) investments in American portfolio assets (Treasury securities, corporate
stocks and bonds), and to respond to concerns of some that much of the OPEC
investments were being driven by political, rather than by economic, motives.2
Thirty years later, public and congressional concerns about the proposed purchase of
commercial port operations of the British-owned Peninsular and Oriental Steam
Navigation Company (P&O)3 in six U.S. ports by Dubai Ports World (DP World)4
sparked a firestorm of criticism and congressional activity concerning CFIUS and the
manner in which it operates. Some Members of Congress and the public argue that
the nation's economic and national security concerns have been fundamentally
altered as a result of the September 11, 2001 terrorist attacks on the United States and
that these changes require a reassessment of the role of foreign investment in the
economy and in the nation's security.
Members of Congress have so far introduced more than 25 bills in the 2"a
Session of the 109th Congress that would address various aspects of foreign
investment since the proposed DP World transaction These measures can be grouped
1 Executive Order 11858 (b), May 7, 1975, 40 F.R. 20263.
2 U.S. Congress. House. Committee on Government Operations. Subcommittee on
Commerce, Consumer, and Monetary Affairs. The Operations of Federal Agencies in
Monitoring, Reporting on, and Analyzing Foreign Investments in the United States.Hearings. 96th Cong., 1st Sess., Part 3, July 30, 1979. Washington, U.S. Govt. Print. Off.,
1979. p. 334-335. (Hereafter cited as, The Operations of Federal Agencies, part 3.)
3 einua and Oriental Steam Company is a leading ports operator and transport company
with operations in ports, ferries, and property development. It operates container terminals
and logistics operations in over 100 ports and has a presence in 18 countries.
4 Dubai Ports World was created in November 2005 by integrating Dubai Ports Authority
and Dubai Ports International. It is one of the largest commercial port operators in the world
with operations in the Middle East, India, Europe, Asia, Latin America, the Carribean, and
North America.
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Jackson, James K. The Committee on Foreign Investment in the United States (CFIUS), report, April 24, 2006; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metacrs9277/m1/4/?q=%22state%20and%20local%20government%22: accessed May 21, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.