Well that wasn’t really fair. His first week on the job, new head of CFIUS Chris Pilkerton endured a hearing on Committee operations that got mired down in politics and transaction-specific questions that both predated his tenure and were subject to confidentiality. Details, pictures, testimony inside.
Last week, the Senate Banking Committee held a confirmation hearing for Chris Pilkerton, who has been nominated to serve as the next Assistant Secretary of Investment Security at Treasury. Our readers predicted that Pilkerton would be confirmed by Dec. 5, so we may be ahead of schedule.
Last week, a House subcommittee held a hearing on how CFIUS balances national security and open investment. While the hearing wasn’t particularly illuminative, it did highlight some criticism of the outbound investment rule, and recommended ways to streamline the CFIUS process. Details inside.
At a House Financial Services Committee hearing on outbound, experts stated that Biden’s E.O. would create a “cumbersome and unnecessary bureaucratic process,” and that outbound investment authorities “should not be located within CFIUS.” Details, insights, and copies of the testimony are inside.
The House Select Committee has been busy. Last week alone, they held a “field hearing” in New York; disclosed an investigation into Wall Street firms; issued a subpoena regarding an unlicensed California lab; and penned a letter to Treasury Secretary Yellen regarding Gotion. Details inside.
The House Financial Services Committee will host a hearing on CFIUS oversight this week. Part of the hearing will be classified, and it looks like several legislative proposals — including one that would put the Agriculture Secretary on CFIUS — may be on the agenda. Details, witnesses, more inside.
Last week, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on “Countering China,” which featured testimony from CFIUS head Paul Rosen and others. Inside is a summary of relevant testimony, key insights, question-and-answer highlights, and more.
In case you missed it, the House Financial Services Committee recently held a five-hour hearing (yes, you read that right) on the economic threat from China. The hearing explored a wide array of issues, including outbound investment. Details, summary, testimony, and additional resources are inside.