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Tough Dubai port legislation worries business sector |
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4/8/2006 10:07:54 AM |
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Senate committee has moved on legislation to reform the international investment process reviewed by the Committee on Foreign Investment in the United States, the American and international business community is urging House lawmakers to carefully consider the economic impact of making the rules too tough.
"We're telling them not to overreach, not to pass legislation in the heat of the political moment," said a key business executive working with the lawmakers. Following the failure of the Dubai Ports World deal, angry members of the House and Senate promised to change the review process so that it highlighted national security. The pending Senate plan would broaden the range of deals CFIUS reviews and add 30 days to the 90-day review time. It would also inform Congress about pending deals. The House is expected to begin considering legislation after its Easter break.
Business executives and lobbyists remain worried that the lawmakers might try to give added weight to national security over economic development.
"We're all for national security," said one executive, "but it's not an either-national-security-or-homeland-security issue. That's a false choice."
To bolster their case, the executives are highlighting statistics that show that 1 in 20 American employees works for foreign-owned businesses. In addition, they are warning that strict new rules would both chill ongoing international trade talks and hurt the U.S. economy. |
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