Van Taylor Amendment Included in National Defense Authorization Act
NDAA Passes House, Advances to Senate
On July 21, 2020, the House of Representatives passed H.R. 6395, the Mac Thornberry National Defense Authorization Act. Included in the legislation was an amendment introduced by Congressman Van Taylor (R-TX-03) to strengthen Congressional oversight of the Committee on Foreign Investment in the United States.WASHINGTON - This afternoon, the United States House of Representatives passed H.R. 6395, the Mac Thornberry National Defense Authorization Act. Included in the legislation was an amendment introduced by Congressman Van Taylor (R-TX-03) to strengthen Congressional oversight of the Committee on Foreign Investment in the United States (CFIUS).
The amendment passed En Bloc by voice vote on Monday evening.
Introduced earlier this month as stand alone legislation, Congressman Taylor's language will ensure expedited foreign transaction reviews are subject to the same Congressional disclosure as other CFIUS reviews.
An inter-agency committee responsible for overseeing national security implications of foreign investments in the United States, CFIUS has the ability to review foreign investment transactions to determine national security impacts, and from those determinations, the President has the authority to block proposed foreign transactions if it is determined they pose a threat to national security.
During the 115th Congress, as part of the FY2019 NDAA (Title XVII, P.L. 115-232) the Foreign Investment Risk Review Modernization Act (FIRRMA) of 2018 was signed into law. These reforms strengthened the ability of CFIUS to address national security concerns with foreign transactions by expanding the scope of covered transactions within CFIUS’ jurisdiction. FIRRMA also created a new declaration process where parties to a transaction can seek to expedite consideration of a deal in certain circumstances. However, the law left out explicit Congressional oversight over CFIUS’s assessment of those declarations.
Congressman Taylor introduced H.R. 7603, the Improving Congressional Oversight of CFIUS Determinations Act on July 3, 2020. Complete text of the stand alone legislation can be found here.
A 7th generation Texan, Van Taylor is a dedicated family man, successful businessman, and decorated Marine Officer. Taylor served Collin County both in the Texas House and Senate. Today, Taylor is proud to serve on the House Committee on Financial Services.