Friday, February 24, 2006

Was Law Broken In Dubai Deal?

Below is a letter from 11 Democratic senators specifying the law that they believe was broken during this deal. Specifically:

Under 50 U.S.C. App. � 2170(b), the CFIUS must conduct the 45-day investigation "in any instance in which an entity controlled by or acting on behalf of a foreign government seeks to engage in any merger, acquisition, or takeover which could result in control of a person engaged in interstate commerce in the United States that could affect the national security of the United States." This amendment, known as the "Byrd Amendment" and enacted in 1993, was intended to mandate that a review occurs if the transaction in any way "could" affect our national security. Prior to the Byrd Amendment, the determination to engage in this 45-day review period was discretionary to the Administration.

http://rawstory.com/news/2005/Congressmen_write_Rumsfeld_Chertoff_Snow_on_0223.html

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