Business | Economy
US issues regulations to tighten FDI reviews
The Bush administration, pledging a "strong and continued commitment" to safeguarding national security, issued 90 pages of regulations on Monday to implement a new law tightening security reviews of foreign investments.
- AP
- Published: 00:17 April 23, 2008
Washington: The Bush administration, pledging a "strong and continued commitment" to safeguarding national security, issued 90 pages of regulations on Monday to implement a new law tightening security reviews of foreign investments.
Congress passed the law last year after an uproar in 2006 over a plan by DP World to manage six of the largest ports in the US. The deal fell through after lawmakers from both parties contended the administration and the agency responsible for reviewing security issues had not fully considered all of the security concerns that had been raised.
Overhaul
The proposed regulations - issued for a 45-day period of public comment - will overhaul current regulations to make them conform to the new Foreign Investment and National Security Act that Congress passed last July.
"These regulations reflect America's strong and continued commitment to safeguarding US national security in a manner that reinforces the long-standing US policy of welcoming foreign investment," Clay Lowery, Treasury's assistant secretary for international affairs, said.
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