House Proceeding on Feb 28th, 2007 :: 3:39:27 to 3:44:18
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3:35:59 to 3:39:27( Edit History Discussion )
Speech By: Randy Neugebauer

3:39:00 to 3:39:27( Edit History Discussion )

Randy Neugebauer: the amendment is adopted. the chairman: the gentleman yields back. the question is on the amendment offered by the gentleman from iowa. those in favor say aye. those opposed, no. in the

3:39:27 to 3:39:50( Edit History Discussion )

Barney Frank: opinion of the chair, the ayes have it. the amendment is agreed to. for what purpose does the gentleman from new york rise? >> i move to strike the last word. the chairman: the gentleman is

3:39:27 to 3:44:18( Edit History Discussion )
Speech By: Barney Frank

3:39:50 to 3:40:09( Edit History Discussion )

Barney Frank: recognized for five minutes. >> i thank the gentleman from arizona for yielding me this time and i want to thank my good friend from massachusetts, the chair of the financial services committee,

3:40:09 to 3:40:30( Edit History Discussion )

Barney Frank: mr. frank, for bringing this legislation before us today. in particular, i want to thank my colleague and friend from new york, care lynn maloney, more -- carolyn maloney, for moving this bill through the

3:40:30 to 3:40:48( Edit History Discussion )

Barney Frank: house and through committee and now to the floor. carolyn, as well as i, come together and understand this particular issue. that's to make sure that this country is secure from the interest

3:40:48 to 3:41:13( Edit History Discussion )

Barney Frank: of terror and want to ensure that our country is open to direct foreign investment. and direct foreign investment for two reasons. one, because it's good for america, it's good for new york, it's

3:41:13 to 3:41:30( Edit History Discussion )

Barney Frank: good for america. but also what we do here in the house of representatives and how we transform and change the cfius process, if we don't do it correctly, do it properly, it could be reciprocated in other

3:41:30 to 3:41:53( Edit History Discussion )

Barney Frank: parts of the world against the interests of american corporations. i also want to thank my good friend and colleague on the other side of the aisle, mr. blunt, the gentleman who i had the opportunity

3:41:53 to 3:42:07( Edit History Discussion )

Barney Frank: to work with last year, on this very similar legislation as well as representative pryce, for their hard work in ensuring this bill came to the floor in such a fashion. i have to harken back

3:42:07 to 3:42:25( Edit History Discussion )

Barney Frank: to last year just momentarily. and that is when we look at the overall issue of a broad -- brought this legislation to the floor right now. we have to understand the historical context that brought

3:42:25 to 3:42:43( Edit History Discussion )

Barney Frank: this legislation to the floor. what happened last year, what i call the dubai port debacle. and the administration's inability to explain to the american people just what was happening and

3:42:43 to 3:43:01( Edit History Discussion )

Barney Frank: why it was in the interest of the united states to work softly here. but we've come a long way since then. last year in a very politically contentious year we would have passed unanimously

3:43:01 to 3:43:19( Edit History Discussion )

Barney Frank: out of committee a very similar legislation as we have on the floor today. and passed unanimously out of this house that legislation. and, again, in a very hotly contested political year. this issue

3:43:19 to 3:43:40( Edit History Discussion )

Barney Frank: did not fade away because we failed to reach an agreement with the senate last year. and we were never able to codify into law the cfius process, an executive order that was placed in the

3:43:40 to 3:43:58( Edit History Discussion )

Barney Frank: 1970's, that's been amended many times. but never codified in a way which mr. frank wishes to do today, and which i certainly wholeheartedly support. this bill is probusiness and prolabor

3:43:58 to 3:44:18( Edit History Discussion )

Barney Frank: and that's why i want to support this bill. this bill is about keeping the flow of foreign investment coming into the united states and not driving these funds. and those subsequent jobs out

3:44:18 to 3:44:37( Edit History Discussion )

of the u.s. but h.r. 556 includes new tough safeguards put in place to ensure the security of america first. this entire legislative initiative which has been pursued in a bipartisan fashion, has