Advanced search Help
Searching for terms: EXACT: "Jackson, James K., 1949-" in: author
Clear all search criteria
Only 2/3! You are seeing results from the Public Collection, not the complete Full Collection. Sign in to search everything (see eligibility).
-
Foreign Investment in U.S. Securities [Updated October 19, 2007]
"Foreign capital inflows are playing an important role in the U.S. economy by bridging the gap between domestic supplies of and demand for capital. Foreign investors now hold more than 50% of the publicly held and traded U.S. Treasury securities. The large foreign accumulation of U.S. securities has spurred some observers to argue that this large foreign presence in U.S. financial markets increases the risk of a financial crisis, whether as a result of the uncoordinated actions of market participants or by a coordinated withdrawal from U.S. financial markets by foreign investors for economic or political reasons. Congress likely would find itself embroiled in any such financial crisis through its direct role in conducting fiscal policy and in its indirect role in the conduct of monetary policy through its supervisory responsibility over the Federal Reserve. Such a coordinated withdrawal seems highly unlikely, particularly since the vast majority of the investors are private entities that presumably would find it difficult to coordinate a withdrawal. It is uncertain, though, what types of events could provoke a coordinated withdrawal from U.S. securities markets. Short of a financial crisis, events that cause foreign investors to curtail or limit their purchases of U.S. securities likely would complicate efforts to finance budget deficits in the current environment […]. This report analyzes the extent of foreign portfolio investment in the U.S. economy and assesses the economic conditions that are attracting such investment and the impact such investments are having on the economy."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-10-19
-
Foreign Investment in U.S. Securities [Updated January 31, 2008]
"Foreign capital inflows are playing an important role in the U.S. economy by bridging the gap between domestic supplies of and demand for capital. Foreign investors now hold more than 50% of the publicly held and traded U.S. Treasury securities. The large foreign accumulation of U.S. securities has spurred some observers to argue that this large foreign presence in U.S. financial markets increases the risk of a financial crisis, whether as a result of the uncoordinated actions of market participants or by a coordinated withdrawal from U.S. financial markets by foreign investors for economic or political reasons. Congress likely would find itself embroiled in any such financial crisis through its direct role in conducting fiscal policy and in its indirect role in the conduct of monetary policy through its supervisory responsibility over the Federal Reserve. Such a coordinated withdrawal seems highly unlikely, particularly since the vast majority of the investors are private entities that presumably would find it difficult to coordinate a withdrawal. It is uncertain, though, what types of events could provoke a coordinated withdrawal from U.S. securities markets. Short of a financial crisis, events that cause foreign investors to curtail or limit their purchases of U.S. securities likely would complicate efforts to finance budget deficits in the current environment without such foreign actions having an impact on U.S. interest rates, domestic investment, and the long-term rate of growth. This report analyzes the extent of foreign portfolio investment in the U.S. economy and assesses the economic conditions that are attracting such investment and the impact such investments are having on the economy."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-01-31
-
Foreign Ownership of U.S. Financial Assets: Implications of a Withdrawal [January 14, 2008]
"This report provides an overview of the role foreign investment plays in the U.S. economy and an assessment of possible actions a foreign investor or a group of foreign investors might choose to take to liquidate their investments in the United States. Concerns over the potential impact of disinvestment have grown as national governments have become more active investors and as uncertainty over the risks associated with securities backed by sub-prime mortgages has increased volatility in financial markets. Actions taken by foreign investors to liquidate their holdings could affect the U.S. economy in a number of ways due to the role foreign investment plays in the United States and due to the current mix of economic policies the United States has chosen. The impact of any such action on the economy would also depend on the overall condition and performance of the economy and the financial markets. If the economy were experiencing a strong rate of economic growth, the impact of a foreign withdrawal likely would be minimal, especially given the dynamic nature of credit markets. If a withdrawal occurred when the economy were not experiencing robust rate of growth or if credit financial markets were under duress, the withdrawal could have a stronger effect on the economy."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-01-14
-
Exon-Florio Foreign Investment Provision: Overview of H.R. 556 [Updated February 27, 2007]
"So far in the 110th Congress, Congresswoman Maloney introduced H.R. 556, the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007, on January 18, 2007. The measure was approved by the House Financial Services Committee on February 13, 2007 with amendments. This measure is similar to many of the provisions of H.R. 5337 from the 109th Congress. The measure attempts to address six perceived problems with the current statutes that Members identified during the 109th Congress: 1) that the principal members of the interagency Committee on Foreign Investment in the United States (CFIUS) at times seem not to be well informed of the outcomes of reviews and investigations regarding proposed or pending investment transactions; 2) that CFIUS has interpreted incorrectly the requirements under current statutes for investigations of transactions that involve firms that are owned or controlled by a foreign government; 3) that reporting requirements under current statutes do not provide Congress with enough information about the operations and actions of CFIUS for Members to fulfill their oversight responsibilities; 4) that CFIUS exercises too much discretion in its ability to choose which transactions it investigates; 5) that the definition of national security used by CFIUS is no longer adequate in a post- September 11th world; and 6) that deadlines placed on CFIUS to complete reviews and investigations of investment transactions do not provide adequate time in some instances for the Committee to complete its reviews and investigations. This report provides background information on the Committee on Foreign Investment in the United States and on the Exon-Florio provision. In addition, the report provides an overview of H.R. 556."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-02-27
-
Committee on Foreign Investment in the United States (CFIUS) [Updated January 25, 2007]
"The Committee on Foreign Investment in the United States (CFIUS) is comprised of 12 members representing major departments and agencies within the federal Executive Branch. While the group generally operates in relative obscurity, the proposed acquisition of commercial operations at six U.S. ports by Dubai Ports World in 2006 placed the group's operations under intense scrutiny by Members of Congress and the public. Prompted by this case, some Members are questioning the ability of Congress to exercise its oversight responsibilities given the general view that CFIUS's operations lack transparency. Other Members are revisiting concerns about the linkage between national security and the role of foreign investment in the U.S. economy. Some Members of Congress and others argue that the nation's security and economic concerns have changed since the September 11, 2001 terrorist attacks and that these concerns are not being reflected sufficiently in the Committee's deliberations. In addition, anecdotal evidence seems to indicate that the CFIUS process may not be market neutral, instead a CFIUS investigation of an investment transaction may be perceived by some firms and by some in the financial markets as a negative factor that adds to uncertainty and may spur firms to engage in behavior that is not optimal for the economy as a whole."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-01-25
-
Foreign Investment in U.S. Securities [April 24, 2006]
"Foreign capital inflows are playing an important role in the U.S. economy by bridging the gap between domestic supplies of and demand for capital. Foreign investors now hold more than 55% of the publicly-held and -traded U.S. Treasury securities. The large foreign accumulation of U.S. securities has spurred some observers to argue that this large foreign presence in U.S. financial markets increases the risk of a financial crisis should foreign investors decide to stage a coordinated withdrawal from U.S. financial markets for economic or political reasons. […] To date, the world economy has benefitted from the stimulus provided by the nation's combination of fiscal and monetary policies and trade deficit. Over the long run, however, concerns are growing that U.S. economic policies and the accompanying large deficit in its international trade accounts could have a negative impact on global economic developments, especially for developing countries. This report relies on a comprehensive set of data on capital flows, represented by purchases and sales of U.S. government securities and U.S. and foreign corporate stocks, bonds, into and out of the United States, that is reported by the Treasury Department on a monthly basis. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-04-24
-
Committee on Foreign Investment in the United States (CFIUS) [June 21, 2007]
"The Committee on Foreign Investment in the United States (CFIUS) is comprised of 12 members representing major departments and agencies within the federal Executive Branch. While the group generally operates in relative obscurity, the proposed acquisition of commercial operations at six U.S. ports by Dubai Ports World in 2006 placed the group's operations under intense scrutiny by Members of Congress and the public. Prompted by this case, some Members of the 109th and 110th Congresses have questioned the ability of Congress to exercise its oversight responsibilities given the general view that CFIUS's operations lack transparency. Other Members revisited concerns about the linkage between national security and the role of foreign investment in the U.S. economy. Some Members of Congress and others argued that the nation's security and economic concerns have changed since the September 11, 2001 terrorist attacks and that these concerns were not being reflected sufficiently in the Committee's deliberations. In addition, anecdotal evidence seemed to indicate that the CFIUS process is not market neutral, instead a CFIUS investigation of an investment transaction may be perceived by some firms and by some in the financial markets as a negative factor that adds to uncertainty and may spur firms to engage in behavior that is not optimal for the economy as a whole. […] Thus far in the 110th Congress, Congresswoman Maloney has introduced H.R. 556, the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007, on January 18, 2007. The measure was approved by the House Financial Services Committee on February 13, 2007 with amendments, and was approved with amendments by the full House on February 28, 2007 by a vote of 423 to 0. This measure is similar to many of the provisions of H.R. 5337 from the 109th Congress. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-06-21
-
Foreign Direct Investment: Current Issues [July 14, 2008]
"The United States is the largest recipient of foreign direct investment in the world and the largest investor abroad. As a result of this dual role, the United States has led negotiations in various international forums to remove restrictions on foreign investment and other market-distorting measures to maximize the benefits of such investment. In 2006, foreign investors spent $184 billion investing in U.S. businesses and real estate, the highest amount foreign investors have spent since 2000. […] As part of these concerns, Congress is considering legislation that would revamp the Committee on Foreign Investment in the United States (CFIUS), an interagency committee housed in the Treasury Department that has served Presidents since 1975 as the chief federal government organization responsible for overseeing the national security implications of foreign investment in the economy. In contrast to these actions, the International Trade Administration of the Department of Commerce announced on March 7, 2007, that it was creating a new initiative: Invest in America. The initiative appears to depart from the long-standing U.S. policy of official neutrality toward inward and outward direct investment by having the federal government actively internationally promoting the United States as a foreign direct investment destination. It also will serve as the primary U.S. government mechanism responsible for managing inward investment. This report presents an overview of current issues related to foreign direct investment in the economy and the development of U.S. policy toward inward and outward direct investment. This report also assesses the role of foreign direct investment in the economy and the costs and benefits of direct investment. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-07-14
-
Foreign Investment in U.S. Securities [July 14, 2008]
"Foreign capital inflows are playing an important role in the U.S. economy by bridging the gap between domestic supplies of and demand for capital. Foreign investors now hold more than 50% of the publicly held and traded U.S. Treasury securities. The large foreign accumulation of U.S. securities has spurred some observers to argue that this large foreign presence in U.S. financial markets increases the risk of a financial crisis, whether as a result of the uncoordinated actions of market participants or by a coordinated withdrawal from U.S. financial markets by foreign investors for economic or political reasons. […] Despite improvements in capital mobility, foreign capital inflows do not fully replace or compensate for a lack of domestic sources of capital. Economic analysis shows that a nation's rate of capital formation, or domestic investment, seems to have been linked primarily to its domestic rate of saving. To date, the world economy has benefited from the stimulus provided by the nation's combination of fiscal and monetary policies and trade deficit. Over the long run, however, concerns are growing that U.S. economic policies and the accompanying large deficit in its international trade accounts could have a negative impact on global economic developments, especially for developing countries. This report relies on a comprehensive set of data on capital flows, represented by purchases and sales of U.S. government securities and U.S. and foreign corporate stocks, bonds, into and out of the United States, that is reported by the Treasury Department on a monthly basis. This report will updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-07-14
-
Exon-Florio Foreign Investment Provision: Comparison of H.R. 556 and S. 1610 [July 13, 2007]
"During the First Session of the 110th Congress, several Members of Congress have introduced measures in the House and the Senate to address various concerns with foreign investment, especially the proposed purchase of the British-owned P&O Ports by Dubai Ports World in early 2006. Congresswoman Maloney introduced H.R. 556, the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007, on January 18, 2007. The measure was approved by the House Financial Services Committee on February 13, 2007 with amendments, and was approved with amendments by the full House on February 28, 2007 by a vote of 423 to 0. On June 13, 2007, Senator Dodd introduced S. 1610, the Foreign Investment and National Security Act of 2007. On June 29, 2007, the Senate adopted S. 1610 in lieu of H.R. 556 by unanimous consent. On July 11, 2007, the House accepted the Senate's version of H.R. 556 by a vote of 370-45 and sent the measure to the President. […] This report provides background information on the Committee on Foreign Investment in the United States and on the Exon-Florio provision. In addition, the report provides an overview of H.R. 556 and S. 1610 and a side-by-side comparison of the two measures. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-07-13
-
Exon-Florio Foreign Investment Provision: Comparison of H.R. 556 and S. 1610 [August 7, 2007]
"During the First Session of the 110th Congress, several Members of Congress have introduced measures in the House and the Senate to address various concerns with foreign investment, especially the proposed purchase of the British-owned P&O Ports by Dubai Ports World in early 2006. Congresswoman Maloney introduced H.R. 556, the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007, on January 18, 2007. The measure was approved by the House Financial Services Committee on February 13, 2007 with amendments, and was approved with amendments by the full House on February 28, 2007 by a vote of 423 to 0. On June 13, 2007, Senator Dodd introduced S. 1610, the Foreign Investment and National Security Act of 2007. On June 29, 2007, the Senate adopted S. 1610 in lieu of H.R. 556 by unanimous consent. On July 11, 2007, the House accepted the Senate's version of H.R. 556 by a vote of 370-45 and sent the measure to the President, who signed it on July 26, 2007. It is designated as P.L. 110-49. […] This report provides background information on the Committee on Foreign Investment in the United States and on the Exon-Florio provision. In addition, the report provides an overview of H.R. 556 and S. 1610 and a side-by-side comparison of the two measures. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-08-07
-
Foreign Investment, CFIUS, and Homeland Security: An Overview [April 17, 2008]
"The President is generally seen as exercising broad discretionary authority over developing and implementing U.S. direct investment policy, including the authority to suspend or block investments that 'threaten to impair the national security.' Congress is also directly involved in formulating the scope and direction of U.S. foreign investment policy and some Members are urging the President to be more aggressive in blocking certain types of foreign investments. Such confrontations reflect vastly different philosophical and political views between members of Congress and between Congress and the Administration over the role foreign investment plays in the economy and the role that economic activities should play in the context of U.S. national security policy. In July 2007, Congress asserted its own role in making and conducting foreign investment policy when it adopted and the President signed P.L. 110-49, the Foreign Investment and National Security Act of 2007. This law broadens Congress' oversight role and it explicitly includes the areas of homeland security and critical infrastructure as separately identifiable components of national security that the President must consider when evaluating the national security implications of a foreign investment transaction. The act may well draw Congress into a greater dialogue, and possibly greater conflict, with the Administration over efforts to define the limits of the broad rubric of national economic security. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-04-17
-
Financing the U.S. Trade Deficit [January 31, 2008]
"The U.S. merchandise trade deficit is a part of the overall U.S. balance of payments, a summary statement of all economic transactions between the residents of the United States and the rest of the world, during a given period of time. Some Members of Congress and other observers have grown concerned over the magnitude of the growing U.S. merchandise trade deficit and the associated increase in U.S. dollar-denominated assets owned by foreigners. This report provides an overview of the U.S. balance of payments, an explanation of the broader role of capital flows in the U.S. economy, an explanation of how the country finances its trade deficit or a trade surplus, and the implications for Congress and the country of the large inflows of capital from abroad."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-01-31
-
Financial Action Task Force: An Overview [January 30, 2008]
"The National Commission on Terrorist Attacks Upon the United States, or the 9/11 Commission, recommended that tracking terrorist financing 'must remain front and center in U.S. counterterrorism efforts.' As part of these efforts, the United States plays a leading role in the Financial Action Task Force on Money Laundering (FATF). The independent, intergovernmental policy-making body was established by the 1989 G-7 Summit in Paris as a result of growing concerns among the Summit participants about the threat posed to the international banking system by money laundering. After September 11, 2001, the body expanded its role to include identifying sources and methods of terrorist financing and has adopted nine Special Recommendations on terrorist financing to track terrorists' funds. This report provides an overview of the Task Force and of its progress to date in gaining broad international support for its Recommendations. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-01-30
-
Foreign Direct Investment: Effects of a 'Cheap' Dollar [January 15, 2008]
"Since 2002, the dollar has depreciated against a broad basket of currencies and against the euro. This depreciation has prompted some observers to question whether the 'cheap' dollar is leading to a 'fire sale' of U.S. firms, especially of those firms that can be identified as part of the Nation's defense industrial base. Congress has displayed a long and continuing interest in foreign direct investment and its impact on the U.S. economy. Since September 11, 2001, Congress has demonstrated a heightened level of concern about the impact of foreign direct investment in critical industries or in sectors that are vital to homeland security. On July 26, 2007, the 110th Congress passed P.L. 110-49 (H.R. 556), the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007. The measure reflects a heightened level of concern about the presence of foreign investors in the economy by increasing Congressional oversight over federal reviews of foreign direct investment and by expanding the current areas of review to include homeland security and critical infrastructure. The continued weakness in the exchange value of the dollar and its potential effects on direct investment likely will continue to attract the attention of Members in the second session of the 110th Congress. […] Furthermore, U.S. and foreign multinational firms have become skilled at using various techniques to hedge the risks of changes in exchange rates. This report assesses the current state of knowledge concerning the role of exchange rate movements in direct investment transactions, presents data on some of the major factors that influence direct investment, and provides an overview of some of the factors that influence the way in which firms finance their investments. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-01-15
-
Codes of Conduct for Multinational Corporations: An Overview [January 30, 2008]
"The U.S. economy is growing increasingly interconnected with other economies around the world, a phenomenon often referred to as globalization. As U.S. businesses expand globally, however, various groups across the social and economic spectrum are growing concerned over the economic, social, and political impact of this activity. Over the past 15 years, multinational corporations and nations have adopted voluntary, legally enforceable, and industry-specific codes of conduct to address many of these concerns. Congress will continue to play a pivotal role in addressing the large number of issues regarding internationally applied corporate codes of conduct that remain to be negotiated. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-01-30
-
Foreign Direct Investment in the United States: An Economic Analysis [January 2, 2008]
"Foreign direct investment in the United States declined sharply after 2000, when a record $300 billion was invested in U.S. businesses and real estate. In 2006, according to Department of Commerce data, foreigners invested $184 billion. Foreign direct investments are highly sought after by many State and local governments that are struggling to create additional jobs in their localities. While some in Congress encourage such investment to offset the perceived negative economic effects of U.S. firms investing abroad, others are concerned about foreign acquisitions of U.S. firms that are considered essential to U.S. national and economic security. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-01-02
-
Foreign Investment in U.S. Securities [June 14, 2006]
"Foreign capital inflows are playing an important role in the U.S. economy by bridging the gap between domestic supplies of and demand for capital. Foreign investors now hold more than 55% of the publicly-held and -traded U.S. Treasury securities. The large foreign accumulation of U.S. securities has spurred some observers to argue that this large foreign presence in U.S. financial markets increases the risk of a financial crisis, whether as a result of the uncoordinated actions of market participants or by a coordinated withdrawal from U.S. financial markets by foreign investors for economic or political reasons. […] To date, the world economy has benefitted from the stimulus provided by the nation's combination of fiscal and monetary policies and trade deficit. Over the long run, however, concerns are growing that U.S. economic policies and the accompanying large deficit in its international trade accounts could have a negative impact on global economic developments, especially for developing countries. This report relies on a comprehensive set of data on capital flows, represented by purchases and sales of U.S. government securities and U.S. and foreign corporate stocks, bonds, into and out of the United States, that is reported by the Treasury Department on a monthly basis. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-06-14
-
Codes of Conduct for Multinational Corporations: An Overview [July 24, 2007]
"The U.S. economy is growing increasingly interconnected with other economies around the world, a phenomenon often referred to as globalization. As U.S. businesses expand globally, however, various groups across the social and economic spectrum are growing concerned over the economic, social, and political impact of this activity. Over the past 15 years, multinational corporations and nations have adopted voluntary, legally enforceable, and industry-specific codes of conduct to address many of these concerns. Congress will continue to play a pivotal role in addressing the large number of issues regarding internationally applied corporate codes of conduct that remain to be negotiated. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-07-24
-
Foreign Direct Investment: Current Issues [May 31, 2007]
From the Document: "The United States is the largest recipient of foreign direct investment in the world and the largest investor abroad. As a result of this dual role, the United States has led negotiations in various international forums to remove restrictions on foreign investment and other market-distorting measures to maximize the benefits of such investment. In 2006, foreign investors spent $184 billion investing in U.S. businesses and real estate, the highest amount foreign investors have spent since 2000. […] In contrast to these actions, the International Trade Administration of the Department of Commerce announced on March 7, 2007, that it was creating a new initiative: 'Invest in America'. The initiative appears to depart from the long-standing U.S. policy of official neutrality toward inward and outward direct investment by having the federal government actively internationally promoting the United States as a foreign direct investment destination. It also will serve as the primary U.S. government mechanism responsible for managing inward investment. This report presents an overview of current issues related to foreign direct investment in the economy and the development of U.S. policy toward inward and outward direct investment. This report also assesses the role of foreign direct investment in the economy and the costs and benefits of direct investment. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-05-31
-
Financing the U.S. Trade Deficit [September 4, 2007]
"By standard convention, the balance of payments accounts are based on a double-entry bookkeeping system. As a result, each transaction that is entered into the accounts as a credit must have a corresponding debit and vice versa. This means that a surplus or deficit in one part of the accounts necessarily will be offset by a deficit or surplus, respectively, in another account so that, overall, the accounts are in balance. This convention also means that a deficit in one account, such as the merchandise trade account, is not necessarily the same as a debt. The trade deficit can become a debt equivalent depending on how the deficit is financed and the expectations of those who hold the offsetting dollar-denominated U.S. assets. The balance of payments accounts are divided into three main sections: the current account, which includes the exports and imports of goods and services and personal and government transfer payments; the capital account, which includes such capital transfers as international debt forgiveness; and the financial account, which includes official transactions in financial assets and private transactions in financial assets and direct investment in businesses and real estate. […] This means that the balance of payments record not only the accommodating flows of capital which correspond to imports and exports of goods and services, but also autonomous flows of capital that are induced by a broad range of economic factors that are unrelated directly to the trading of merchandise goods."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-09-04
-
Exon-Florio Foreign Investment Provision: Overview of H.R. 556 [Updated March 21, 2007]
"During the Second Session of the 109th Congress, Members of Congress introduced over two dozen measures to address various concerns with foreign investment that arose from the proposed purchase of the British-owned P&O Ports by Dubai Ports World in early 2006. […] So far in the 110th Congress, Congresswoman Maloney introduced H.R. 556, the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007, on January 18, 2007. […] The measure attempts to address six perceived problems with the current statutes that Members identified during the 109th Congress: 1) that the principal members of the interagency Committee on Foreign Investment in the United States (CFIUS) at times seem not to be well informed of the outcomes of reviews and investigations regarding proposed or pending investment transactions; 2) that CFIUS has interpreted incorrectly the requirements under current statutes for investigations of transactions that involve firms that are owned or controlled by a foreign government; 3) that reporting requirements under current statutes do not provide Congress with enough information about the operations and actions of CFIUS for Members to fulfill their oversight responsibilities; 4) that CFIUS exercises too much discretion in its ability to choose which transactions it investigates; 5) that the definition of national security used by CFIUS is no longer adequate in a post- September 11th world; and 6) that deadlines placed on CFIUS to complete reviews and investigations of investment transactions do not provide adequate time in some instances for the Committee to complete its reviews and investigations."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-03-21
-
Financial Action Task Force: An Overview [May 9, 2012]
"The National Commission on Terrorist Attacks Upon the United States, or the 9/11 Commission, recommended that tracking terrorist financing 'must remain front and center in U.S. counterterrorism efforts' (see The 9/11 Commission Report: Final Report of the National Commission on Terrorist Attacks Upon the United States, U.S. Government Printing Office, July, 2004. p. 382). As part of these efforts, the United States plays a leading role in the Financial Action Task Force on Money Laundering (FATF). The independent, intergovernmental policymaking body was established by the 1989 G-7 Summit in Paris as a result of growing concerns among the summit participants about the threat posed to the international banking system by money laundering. After September 11, 2001, the body expanded its role to include identifying sources and methods of terrorist financing and adopted nine special recommendations on terrorist financing to track terrorists' funds. The scope of activity of FATF was broadened as a result of the global financial crisis, since financial systems in distress can be more vulnerable to abuse for illegal activities. More recently, the FATF added the proliferation of financing of weapons of mass destruction as one of its areas of surveillance. In April, 2012, the member countries adopted a remodeled set of Forty Recommendations and renewed the FATF's mandate through December 31, 2020. This report provides an overview of the task force and of its progress to date in gaining broad international support for its recommendations."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2012-05-09
-
Foreign Ownership of U.S. Financial Assets: Implications of a Withdrawal [March 9, 2010]
"This report provides an overview of the role foreign investment plays in the U.S. economy and an assessment of possible actions a foreign investor or a group of foreign investors might choose to take to liquidate their investments in the United States. Concerns over the potential impact of disinvestment have grown as national governments have become more active investors in the U.S. economy and as innovation in creating financial instruments has increased volatility in financial markets. Such concerns seem out of step with the experience of the 2008-2009 financial crisis, during which the dollar became the preferred safe haven investment for foreign investors. If some foreign investors were to liquidate their holdings, these actions could affect the U.S. economy in a number of ways due to the role foreign investment plays in the United States and due to the current mix of economic policies the United States has chosen. The impact of any such action on the economy would also depend on the overall condition and performance of the economy and the financial markets. If the economy were experiencing a strong rate of economic growth, the impact of a foreign withdrawal likely would be minimal, especially given the dynamic nature of credit markets. If a withdrawal occurred when the economy were not experiencing a robust rate of growth or if credit financial markets were under duress, the withdrawal could have a stronger effect on the economy."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2010-03-09
-
Committee on Foreign Investment in the United States (CFIUS) [February 4, 2010]
"The Committee on Foreign Investment in the United States (CFIUS) is comprised of 9 members, two ex officio members, and other members as appointed by the President representing major departments and agencies within the federal Executive Branch. While the group generally has operated in relative obscurity, the proposed acquisition of commercial operations at six U.S. ports by Dubai Ports World in 2006 placed the group's operations under intense scrutiny by Members of Congress and the public. Prompted by this case, some Members of the 109th and 110th Congresses questioned the ability of Congress to exercise its oversight responsibilities given the general view that CFIUS's operations lack transparency. Other Members revisited concerns about the linkage between national security and the role of foreign investment in the U.S. economy. Some Members of Congress and others argued that the nation's security and economic concerns have changed since the September 11, 2001, terrorist attacks and that these concerns were not being reflected sufficiently in the Committee's deliberations. In addition, anecdotal evidence seemed to indicate that the CFIUS process was not market neutral. Instead, a CFIUS investigation of an investment transaction may have been perceived by some firms and by some in the financial markets as a negative factor that added to uncertainty and may have spurred firms to engage in behavior that may not have been optimal for the economy as a whole."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2010-02-04
-
Berne Union: An Overview [April 5, 2013]
"The Berne Union, or the International Union of Credit and Investment Insurers, is an international organization comprised of more than 70 public and private sector members that represent both public and private segments of the export credit and investment insurance industry. Members range from highly developed economies to emerging markets, from diverse geographical locations, and from a spectrum of viewpoints about approaches to export credit financing and investment insurance. Within the Berne Union, the United States is represented by the U.S. Export-Import Bank (Eximbank) and the Overseas Private Investment Corporation (OPIC) and four private-sector firms and by one observer. The main role of the Berne Union and its affiliated group, the Prague Club, is to work to facilitate cross-border trade by helping exporters mitigate risks through promoting internationally acceptable principles of export credit financing, strengthen the global financial structure, and facilitate foreign investments. Over the past decade, the growth and increased importance of global trade and financing have altered the agenda of the Berne Union from focusing primarily on concerns over country-specific political risk to concerns about global trade, international finance, global and regional security, and questions of business organization, civil society, transparency, and corporate responsibility. The 2008-2009 financial crisis and the economic recession that followed has altered export financing by making credit conditions tighter and by raising concerns over risks in the advanced economies. As a result, demands on official export credits have grown sharply. Congress, through its oversight of Eximbank and OPIC, as well as international trade and finance, has interests in the functioning of the Berne Union."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2013-04-05
-
Foreign Investment and National Security: Economic Considerations [April 4, 2013]
"The United States is the largest foreign direct investor in the world and also the largest recipient of foreign direct investment. This dual role means that globalization, or the spread of economic activity by firms across national borders, has become a prominent feature of the U.S. economy and that through direct investment the U.S. economy has become highly enmeshed with the broader global economy. This also means that the United States has important economic, political, and social interests at stake in the development of international policies regarding direct investment. With some exceptions for national security, the United States has established domestic policies that treat foreign investors no less favorably than U.S. firms. […] This report assesses recent international developments as the leaders from a number of nations work to reach a consensus on an informal set of best practices regarding national restrictions on foreign investment for national security purposes. This report also provides one possible approach for assessing the costs and benefits involved in using national policies to direct or to restrict foreign direct investment for national security reasons. Within the United States, there is no consensus yet among Members of Congress or between the Congress and the Administration over a working set of parameters that establishes a functional definition of the national economic security implications of foreign direct investment. In part, this issue reflects differing assessments of the economic impact of foreign investment on the U.S. economy and differing political and philosophical convictions among Members and between the Congress and the Administration."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2013-04-04
-
Foreign Ownership of U.S. Financial Assets: Implications of a Withdrawal [April 8, 2013]
"This report provides an overview of the role foreign investment plays in the U.S. economy and an assessment of possible actions a foreign investor or a group of foreign investors might choose to take to liquidate their investments in the United States. Concerns over the potential impact of disinvestment have grown as national governments have become more active investors in the U.S. economy and as innovation in creating financial instruments has increased volatility in financial markets. Such concerns seem out of step with the experience of the 2008-2009 financial crisis, during which the dollar became the preferred safe haven investment for foreign investors. If some foreign investors were to liquidate their holdings, these actions could affect the U.S. economy in a number of ways due to the role foreign investment plays in the United States and due to the current mix of economic policies the United States has chosen. The impact of any such action on the economy would also depend on the overall condition and performance of the economy and the financial markets. If the economy were experiencing a strong rate of economic growth, the impact of a foreign withdrawal likely would be minimal, especially given the dynamic nature of credit markets. If a withdrawal occurred when the economy was not experiencing a robust rate of growth or if credit financial markets were under duress, the withdrawal could have a stronger effect on economic activity."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2013-04-08
-
Financial Market Supervision: Canada's Perspective [April 4, 2013]
"The international financial crisis of 2008-2009 spurred policymakers in the United States and elsewhere to consider changing the way they supervised financial institutions and financial markets to reduce the prospects of experiencing another global financial crisis. Canada's financial system, in particular, garnered attention, because it has seemed to be more resistant to the failures and bailouts that have marked banks in the United States and Europe. In particular, some observers assessed the merits of the way Canada supervises and regulates its banks as one possible model for the United States. There likely are aspects of Canada's financial supervisory framework that may offer an approach to supervising financial markets that may be useful for the United States to consider. However, the smaller scope of Canada's financial system and its economy likely lessen the transferability of systems or procedures used in Canada to the vastly more complex U.S. financial system. This report presents an overview of Canada's financial system and its supervisory framework and draws some distinctions between that system and the current U.S. framework."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2013-04-04
-
Foreign Direct Investment in the United States: An Economic Analysis [April 10, 2013]
"Foreign direct investment in the United States has rebounded slowly after falling from the $310 billion recorded in 2008, a record surpassed only by the $320 billion invested in 2000 in U.S. businesses and real estate. (Note: The United States defines foreign direct investment as the ownership or control, directly or indirectly, by one foreign person [individual, branch, partnership, association, government, etc.] of 10% or more of the voting securities of an incorporated U.S. business enterprise or an equivalent interest in an unincorporated U.S. business enterprise (15 CFR [Code of Federal Regulations] §806.15 [a][1]). In 2011, according to U.S. Department of Commerce data, foreigners invested $234 billion in U.S. businesses and real estate. Foreign direct investments are highly sought after by many state and local governments that are struggling to create additional jobs in their localities. While some in Congress encourage such investment to offset the perceived negative economic effects of U.S. firms investing abroad, others are concerned about foreign acquisitions of U.S. firms that are considered essential to U.S. national and economic security."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2013-04-10
