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This Article discusses foreign investment in the United States as background for understanding passage of Exon-Florio in 1988. Part III discusses how Exon-Florio works. Part IV discuses two transactions that prompted calls for revision of Exon-Florio, culminating in the passage of the Byrd Amendment (Byrd). Part V discusses the passing of Byrd in 1993. Byrd's changes remain in effect today. Part VI discusses economic and political concerns as they affect transactions subject to Exon-Florio review. Part VII examines the implications of the CNOOC and DP World transactions. Part VIII concludes that CFIUS review need not be changed. CFIUS must follow its own rules properly, and Congress must play its behind-the-scenes role without political grandstanding. If these recommendations are followed, CFIUS reviews will continue to protect the national economy and security.


This article originally appeared in the Albany Law Review, volume 70, 2007. Posted with permission.