Providing Congressional Oversight of the Committee on Foreign Investment

Description

The Toomey (R-PA, ACUF Lifetime 92.8%) amendment to the National Defense Authorization Act establishes congressional oversight of the rulemaking authority of unelected bureaucrats within the Committee on Foreign Investment in the United States (CFIUS). Under the bill, all major regulations (including those with an economic impact of $100 million or greater) are required to be approved by Congress before their enactment. Additionally, CFIUS must submit to Congress a written report that contains data, economic studies and cost-benefit analysis justifying the implementation of any new regulation. ACU supports increasing government transparency and checks on the rulemaking power of government agencies and supported this amendment. The Senate defeated the amendment on June 14, 2018 by a vote of 35-62.