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Mon Oct 3, 2016, 04:58 PM

GAO to examine panel on foreign investment in U.S. strategic firms

Source: Reuters

POLITICS | Mon Oct 3, 2016 | 1:51pm EDT

GAO to examine panel on foreign investment in U.S. strategic firms

The investigative arm of Congress has agreed to examine whether a panel that oversees foreign investment in the United States has the legal powers it needs to keep up with efforts by state-owned firms in Russia and China to buy strategic U.S. companies.

The Government Accountability Office said in a letter to lawmakers released on Monday that it would begin the review in about four months once the staff with the needed expertise were cleared of other duties. The letter was dated Sept. 30.

The study is being initiated in response to a request on Sept. 15 by 16 members of Congress, who voiced concern that legislation governing the Committee on Foreign Investment in the United States (CFIUS) has not been updated enough to ensure the panel can do its job effectively.

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The letter from the lawmakers noted that foreign investment oversight began as an executive order from the president and was only codified by Congress in response to concerns about foreign ownership of defense industries and ports.

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Read more: http://www.reuters.com/article/us-deals-cfius-congress-idUSKCN1231YA

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