Treasury Department

Former Defense, Treasury and Commerce department officials told a House subcommittee on Thursday that the watchdog Committee on Foreign Investment in the United States needs more resources to perform its duties.

Companies like IBM, Goldman Sachs and General Electric are concerned about Senate Majority Whip John Cornyn’s (R-TX) bill to reform the Committee on Foreign Investment in the United States, sources told Inside U.S. Trade this week.

Senate Majority Whip John Cornyn (R-TX) wants his legislation to update and broaden the authority of the Committee on Foreign Investment in the United States to get moving as soon as possible, but the chair of the Banking Committee, which must clear the bill before it gets to the Senate floor, this week downplayed chances of moving it quickly.

A bill spearheaded by Senate Majority Whip John Cornyn (R-TX) that was introduced today in both the House and Senate, with Democratic co-sponsors in both chambers, would update and strengthen the national security watchdog Committee on Foreign Investment in the United States for the first time in a decade.

Japan, Korea, China, Germany and Switzerland remain on the monitoring list.

The National Association of Insurance Commissioners will have to decide how it can implement the new U.S.-EU covered agreement on insurance and reinsurance measures in a way that will not treat the EU more favorably than other countries that have been designated as “qualified jurisdictions,” according to the NAIC CEO.

Two groups that were vocally opposed to the U.S.-EU covered agreement on insurance and reinsurance measures when the Obama administration submitted the deal to Congress in January are praising the policy statement the U.S. issued on Friday when it signed the deal.

The United States and European Union are expected to sign a covered agreement on insurance and reinsurance measures by the end of the week, sources tell Inside U.S. Trade, with the U.S. planning to release a policy statement on how the deal will be implemented.