Royce Statement on Export Controls, Foreign InvestmentsPress Release
Washington, D.C. – House Foreign Affairs Committee Chairman Ed Royce (R-CA) issued the following statement after the president announced support for the Foreign Investment Risk Review Modernization Act (FIRRMA). The House passed FIRRMA 400-2 yesterday:
“For years, countries like China and Russia have exploited gaps in our laws to obtain sensitive technologies from U.S. businesses. This can’t continue. An assertive, targeted response is key to protecting America’s national security and economic prosperity.
“That’s why I’m proud to have authored export control reforms that passed the House yesterday – as part of FIRRMA – with overwhelming bipartisan support. Our goal is to build a modernized CFIUS and export control system that protects, but doesn’t unnecessarily burden, American job creators. I look forward to working with my colleagues and the administration to quickly get this legislation to the president’s desk. In the meantime, the administration is wise to set aside rumored plans for broad, blunt executive action that could have hurt American manufacturers and consumers.”