Published by Big League Politics
By Neil W. McCabe
The Democratic Texas congressman who forced the Dec. 6 vote on the impeachment of President Donald J. Trump told Big League Politics Tuesday he is not satisfied that Republicans in Congress or the Trump administration are defending vital cold-water drilling technology from Russian poaching.
“I think that we have seen an unusual affinity for the Russians from this administration and I am concerned that this affinity may not be in the best interest of our technology–when it comes to the Black Sea,” said Rep. Alexander Green (D.-Texas), whose district includes most of southeast Houston.
Minutes before Green spoke to BLP, the congressman shared his concerns at the hearing of The Monetary Policy and Trade Subcommittee of the House Financial Services Committee held at the Rayburn House Office Building. The hearing was focused on the Committee on Foreign Investment in the United States, the board inside the Treasury Department that approves and disapproves capital investments from overseas.
Subcommittee Chairman Rep. Garland H. “Andy” Barr IV (R.-Ky.) opened the hearing by reminding his colleagues that America has traditionally welcomed foreign investment, but there have been times, such as in the 1970s, when OPEC nations flush with “petrodollars” were buying up U.S. property and businesses and in the 1990s, when Japanese individuals and companies, enjoying that country’s last major boom, were also shopping for U.S. properties.
Barr said he was open to reforming CFIUS and its rules in light of the new trend of buying from the China.
“Working together we can modernize the CFIUS review process so that it better addresses security threats, while avoiding undue harm to U.S. business at home or to its efforts to compete abroad,” he said.
Green redirected the hearing to the transfer of technology.
“I am concerned about energy, I am a representative from the state of Texas,” Green said to his colleagues on the subcommittee. “My concern emanates from technology that Russians don’t have. They seem to have the ability to drill, but really the technology.” and ability as is needed to drill in the Black Sea, where it is extremely cold.”
See the full story here.
January 10, 2018
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