House Digital Commerce Plans Thursday CFIUS Review Revamp Hearing
The House Digital Commerce Subcommittee plans a Thursday hearing on the Committee on Foreign Investment in the United States, the broad executive branch group that reviews the national security implications of foreign takeovers of U.S.-located companies of all types, and…
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proposed legislation to update the CFIUS review process. The Foreign Investment Risk Review and Modernization Act (HR-4311/S-2098) would expand CFIUS purview to include reviews of non-passive foreign investment in a U.S. “critical technology company” or U.S. “critical infrastructure company.” House Digital Commerce Chairman Bob Latta, R-Ohio, said he's looking “forward to examining CFIUS’s review process and making sure the committee has the tools it needs to prevent bad actors from doing us harm as well as encourage economic growth.” The hearing at 10:15 a.m. is in 2322 Rayburn. The House Communications Subcommittee plans a hearing “in the coming weeks to examine related CFIUS, telecommunications, and supply-chain issues.” President Donald Trump issued an order in March barring Broadcom’s takeover bid for Qualcomm in response to CFIUS finding “China would likely compete robustly to fill any void left by Qualcomm [in 5G development] as a result of this hostile takeover” (see 1803090061 and 1803120060 or 1803120061). FCC Commissioner Mike O'Rielly and DOJ officials have urged Congress to formalize the role of Team Telecom -- DOJ, DOD and the Department of Homeland Security -- in reviewing proposed foreign takeovers of U.S. telecom and internet firms and assets (see 1711080040 and 1711130028).