US Senator Charles Schumer introduces bipartisan emergency legislation to suspend port deal.
In response to the planned shift of control of most of the Port of New York and New Jersey over to Dubai Ports World, a company owned and operated by the government of Dubai, U.S. Senator Charles Schumer introduced emergency legislation today to immediately suspend the deal. Schumer’s bill is supported by a strong bipartisan coalition of Senators including Senators Norm Coleman (R-MN), Bob Menendez (D-NJ), Olympia Snowe (R-ME), Hillary Clinton (D-NY), Susan Collins (R-ME), Tom Coburn (R-OK), Jack Reed (D-RI), Rick Santorum (R-PA), Frank Lautenberg (D-NJ) and others.
The bipartisan emergency bill will:
• Require the President to place a stay on DP World’s takeover of P&O ports.
• Require the Committee on Foreign Investment in the United States commence an immediate 45-day investigation on the takeover’s effects on national security. The bill also requires CFIUS to coordinate with other agencies, such as the Coast Guard, and to take in to consideration past security assessments of ports operated by DP World.
• Require the Secretaries of Homeland Security and the Treasury to prepare a full report and brief members of Congress on their findings.
• Upon receiving the report, Congress would have the authority to disapprove the sale within thirty days.
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