Congress expected to seek veto over foreign takeovers of some firms

[PhilipShore]

Knight Ridder Newspapers
Congress expected to seek veto over foreign takeovers of some firms
Mar. 02, 2006

http://www.kentucky.com/mld/kentucky/news/politics/14002801.htm

WASHINGTON - Republicans and Democrats in Congress say they are all but certain to change the rules under which foreign companies can buy businesses in the United States as a result of the controversy over the sale of port terminal rights to a company controlled by the United Arab Emirates.

A growing number of Republicans and Democrats in Congress say they want to prohibit foreign government-owned companies from owning or operating any facilities that play a role in the nation's security. Other lawmakers say they'll push legislation to give Congress the authority to reject foreign transactions with national security implications.

Either outcome would represent a fundamental change in U.S. policy; right now, only the president has the authority to approve foreign purchases of U.S. business operations.

The two tracks of legislation began to emerge this week as debate continued over the Bush administration's decision to approve the sale of operating rights at ports to Dubai Ports World, a company founded by the emir of Dubai. Dubai is part of the United Arab Emirates.

[Gman]

1. Only problem with this is that

what do you do when a Halliburton ends up running the ports. The way Halliburton bilks the treasury, they're a national security risk. There is no good answer to any of this because the profit motive has no patriotism nor does it have a conscience.

[ShockediSay]

2. Bush bunch (Repugs) now changing stripes relying on short memories

but I REMEMBER it was the Bush bunch who gave us

the war in Iraq (quagmire)

the war in Afghanistan (never finished when we had the chance)

tax cuts for the wealthy at the expense of the backbone and infrastructure Americans

deficit leaving America weak and vulnerable

Medicare prescriptions for the benefit of the lobbyists

Supreme Court for the benefit of the lobbyists

Big Government for the benefit of the lobbyists (bribery & corruption)