Cornyn Statement on Banking Committee Passing Legislation to Modernize CFIUS Review Process

Statement

U.S. Senator John Cornyn (R-TX) made the following statement after the Senate Banking Committee passed the Foreign Investment Risk Review Modernization Act (FIRRMA), legislation Sen. Cornyn introduced to strengthen the review process of the Committee on Foreign Investment in the United States (CFIUS) to protect national security interests.

"The jurisdiction of CFIUS hasn't been updated in over 40 years, and bad actors like China continue to exploit gaps in the process to acquire sensitive national security know-how from U.S. companies," Sen. Cornyn said. "I appreciate Chairman Crapo and the Banking Committee's work on advancing this narrowly-tailored legislation to close those gaps and safeguard our national security."

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