Skip to main content

View Diary: Bush Guts National Security, Allows Sale of 6 Ports to U.A.E Co.! (104 comments)

Comment Preferences

  •  Paul Sarbanes (none)
    Is going to shit.  Even Richard Shelby is not going to be happy, if he ever learns to pronounce "CFIUS" (it's SIF-ee-yus).  I, on the other hand, will make loads of money from all the hearings the Banking Committee will hold on this matter.

    The Committee is already jumping CFIUS' case, saying their reviews are ineffectual.

    The GOP rats will be jumping off this ship soon.

    The last time people listened to a talking bush, they wandered 40 years in the desert.

    by DC Pol Sci on Thu Feb 16, 2006 at 08:42:50 PM PST

    [ Parent ]

    •  Hearing in October (4.00)
      There was a hearing in October by the U.S. Senate Committee on Banking, Housing, and Urban Affairs (headed by Richard Shelby (R-AL) and Paul Sarbanes (D-MD)).

      It involved a GAO report stating strong concerns about CFIUS and National Security.  

      Shelby voiced concerns also, and had trouble getting the members to testify at the hearing. (Emphasis added is mine)

      "Neither the public nor the agencies that comprise CFIUS should be under any misunderstanding about this Committee's position on the current process. Evidence and analysis indicates that improvements are needed. The extent to which changes are warranted, however, is unclear. The current process for reviewing proposed acquisitions remains excessively murky. It is too opaque to allow for the appropriate level of congressional oversight into a process established by Congress with passage in 1988 of the Exon-Florio amendment to the Defense Production Act. That is why Congress has repeatedly tasked its investigative arm, the Government Accountability Office, to conduct studies on this subject."
      http://banking.senate.gov/...


      But Shelby and other lawmakers seemed unfazed by business objections. Shelby's concern over Treasury's absence from his first hearing escalated to frustration when Sarbanes noted some anonymous quotes from an administration official critical of a Government Accountability Office (GAO) report recommending that Congress step up its oversight of CFIUS.

      "National security cannot take a back seat to world trade. Everything in America is not for sale," Shelby said. "I'm very supportive of the president, I trust the president, but we in Congress have a role to play here. I'd never cede all congressional power to the executive, no matter who the president is."
      http://www.hillnews.com/...


      So this Senate committee and the GAO have raised a red flag about CFIUS.  And perhaps Congress was blindsided by this whole thing also.  Note that Treasury Secretary Snow heads CFIUS.

      On Bush: "He has all the virtues I dislike and none of the vices I admire." --(borrowed from) Churchill

      by joanneleon on Thu Feb 16, 2006 at 11:08:03 PM PST

      [ Parent ]

      •  Uhhhhhh........ (none)
        That's my transcript you're quoting from.

        The last time people listened to a talking bush, they wandered 40 years in the desert.

        by DC Pol Sci on Fri Feb 17, 2006 at 02:27:04 AM PST

        [ Parent ]

        •  LOL (none)
          I didn't know what you meant when you said more hearings would be profitable for you.  

          I wanted to add more detail that I had found when looking further into CFIUS, a seemingly dark corner in our govt. that I had never heard of.

          On Bush: "He has all the virtues I dislike and none of the vices I admire." --(borrowed from) Churchill

          by joanneleon on Fri Feb 17, 2006 at 04:43:33 AM PST

          [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site