Cornyn defends CFIUS bill at Banking hearing amid business concerns

Senate Majority Whip John Cornyn (R-TX) pitched his legislation to reform and expand the watchdog Committee on Foreign Investment in the United States before the Senate Banking Committee on Thursday, but a panel of academics and business representatives later voiced concerns about the bill’s breadth.

The hearing came roughly a week after Rep. Andy Barr (R-KY) the chairman of the House Financial Services subcommittee, which oversees the foreign investment watchdog, pledged to move a CFIUS reform bill to the president’s...