WASHINGTON – Nancy McLernon, president and CEO of the Organization for International Investment (OFII), issued the following statement after President Trump signed into law the John McCain National Defense Authorization Act (H.R.5515), which contains the final version of the Foreign Investment Risk Review Modernization Act (FIRRMA):
“The final legislation more closely aligns CFIUS reviews with transactions that could lead to the potential transfer of critical technology. Importantly, FIRRMA does not radically change the scope of CFIUS to make it a tool for escalating trade disputes, coercing market reciprocity or imposing bygone industrial policy. It keeps CFIUS squarely focused on protecting U.S. national security from the deceitful efforts of our nation’s adversaries. As the only association exclusively representing more than 200 of the largest international companies with operations in the United States, OFII applauds today’s final step toward CFIUS reform.”
OFII launched this web video to help explain why international companies support the CFIUS reform legislation: