{"id":2131121,"date":"2023-12-21T18:09:01","date_gmt":"2023-12-21T23:09:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-suggests-us-steel-deal-deserves-serious-scrutiny\/"},"modified":"2023-12-21T18:12:31","modified_gmt":"2023-12-21T23:12:31","slug":"white-house-suggests-us-steel-deal-deserves-serious-scrutiny","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-suggests-us-steel-deal-deserves-serious-scrutiny\/","title":{"rendered":"White House urges close examination of US Steel deal"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhite-house-suggests-us-steel-deal-deserves-serious-scrutiny%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2131121&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The White House Calls for Review of $14 Billion U.S. Steel Acquisition<\/h2>\n<p>The White House has \u200bsuggested that the $14 \u200bbillion \u2064acquisition\u2063 of U.S. Steel by \u200dJapan&#8217;s \u2063Nippon Steel Corp. should undergo a review by the Treasury Department&#8217;s Committee on\u200c Foreign Investment in the United States (CFIUS). This statement comes in response to a request from\u2062 U.S. Steel for\u200b a CFIUS review,\u200b following calls from bipartisan lawmakers to investigate the deal.<\/p>\n<h3>Concerns Over National Security\u200c and Supply Chain Reliability<\/h3>\n<p>The \u2062White House had \u2063previously \u200dfaced questions \u200babout the acquisition but had refrained\u200c from commenting. However, National Economic\u200b Council Director\u2064 Lael Brainard released\u200c a statement on\u200c Thursday evening, expressing concerns about the potential impact on national security\u2064 and\u2062 supply chain reliability.<\/p>\n<blockquote><p>&#8220;The President believes U.S. Steel was an integral part of our arsenal of democracy in WWII and remains a core \u2064component\u2064 of\u2064 the overall <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-supreme-court-rejects-challenge-to-trumps-steel-import-tariffs\/\" title=\"US Supreme Court upholds Trump's steel import tariffs.\">domestic steel production<\/a> that is critical to our national security. And he has been clear that we welcome manufacturers across the world \u200dbuilding\u2062 their futures in \u2064America with American jobs and American \u2062workers,&#8221; Brainard \u200dwrote.<\/p><\/blockquote>\n<p>Brainard \u200demphasized that while the Biden \u200cAdministration welcomes foreign investment, the purchase of an iconic American-owned company by a foreign entity, \u2062even a\u200d close ally, warrants \u200dserious scrutiny. She highlighted \u200bthe importance of the interagency committee on foreign investment \u2064in carefully investigating such transactions.<\/p>\n<blockquote><p>&#8220;This looks like\u200b the type \u200cof transaction that the interagency committee \u200don foreign investment Congress \u200bempowered and \u2064the Biden Administration strengthened is set up to carefully investigate,&#8221; she stated. &#8220;This Administration will be \u200dready to look carefully at the findings of any such\u2062 investigation and to act if appropriate.&#8221;<\/p><\/blockquote>\n<h3>Steel as the Backbone of American Manufacturing<\/h3>\n<p>Brainard underscored the significance \u200dof\u200c steel in American manufacturing, stating that \u200dit is essential for infrastructure, cars, and the clean energy future. She also highlighted \u200cthe 800,000\u2064 manufacturing jobs \u200ccreated\u200c during President Biden&#8217;s tenure.<\/p>\n<blockquote><p>&#8220;The United Steelworkers (USW) has been a leader in all of\u2062 these efforts, and \u200bare an example of\u2062 why union leadership is\u200b critical in building the economy from the middle\u200c out and\u200b bottom up. President Biden believes union workers are the \u200cbest \u200dworkers in the \u200bworld,&#8221; Brainard concluded. &#8220;And that\u2019s why his Administration is committed to doing \u200deverything it can to ensure steelworkers\u200d can \u200dcompete on a\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brexit-trade-deal-published-as-uk-calls-for-end-to-ugly-divisions\/\" title=\"Brexit trade deal published as UK calls for end to \u2018ugly\u2019 divisions\">level playing field<\/a>, through policies that both combat unfair\u2062 trade practices and \u200brecognize that a strong U.S. domestic steel \u2062industry \u200cis vital to our economy and national security.&#8221;<\/p><\/blockquote>\n<p> <\/p>\n<h2> \u200bHow does \u2064the \u200cPresident&#8217;s authority come into play in the CFIUS review process<\/h2>\n<p><span>  \u2062 Right to request a review by CFIUS,&#8221; said Brainard. &#8220;Maintaining a\u2063 strong \u2063and secure domestic steel \u2063industry is crucial for our\u200d national security and economic resilience. Our nation&#8217;s steel infrastructure is\u200c vital to our defense capabilities and critical infrastructure sectors, such as energy and\u200c transportation. It is essential that we carefully consider the implications of foreign ownership and control of such important assets.&#8221;<\/p>\n<p>Brainard added that the review would \u2064evaluate the potential risks posed by the\u200c acquisition, including any implications for the supply chain. &#8220;A robust and reliable domestic steel sector is vital for supporting American manufacturing, infrastructure projects, and national defense,&#8221; she said. &#8220;We must ensure that our \u200dsupply chain remains resilient and that any foreign ownership does not\u2063 compromise our ability to meet our national needs.&#8221;<\/p>\n<h3>Bipartisan Support for Review<\/h3>\n<p>The call for a CFIUS review of the U.S. Steel acquisition has received bipartisan support from lawmakers.\u200c Republican Senator Marco Rubio and Democratic Senator Sherrod Brown, both members of the Senate \u200cCommittee on \u2063Banking, Housing, and Urban Affairs, wrote a letter to the Treasury Department earlier \u2063this\u2063 month requesting a review.<\/p>\n<p>The letter expressed concerns about the\u200b potential\u2063 impact on national security and \u2063urged the department to thoroughly investigate the transaction. &#8220;Given \u2062the importance of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-steel-founded-by-andrew-carnegie-and-j-p-morgan-sold-to-foreign-company\/\" title=\"US Steel, founded by Carnegie and Morgan, now owned by foreign firm\">domestic steel industry<\/a> to our national defense and economic prosperity, \u2063we believe a \u200dfull review of this\u2064 transaction by CFIUS\u2062 is necessary to ensure that it is consistent with the best interests of the United States,&#8221; the senators wrote.<\/p>\n<p>In addition to concerns about national security, lawmakers have raised\u200d questions about the potential job losses and the effect on domestic steel prices. \u2062Democratic Senator Debbie Stabenow, a member of the Senate \u200dCommittee on\u200c Finance, emphasized the need to protect American jobs and ensure a \u200blevel playing field for domestic steel producers. &#8220;We must prioritize the well-being of our workers\u200c and the strength of our domestic steel \u200bindustry,&#8221; she said.<\/p>\n<h3>CFIUS Review Process<\/h3>\n<p>The Committee on Foreign Investment in the United States is an interagency committee\u200b chaired by the Secretary of the Treasury. Its purpose is to review transactions that could \u2063result in control of a U.S. business\u2062 by a foreign person, in \u2062order to determine the effect of such \u2064control on national security.<\/p>\n<p>The\u2064 CFIUS\u200d review process involves a rigorous assessment of the potential risks and benefits of \u2062a\u2062 transaction. It considers factors such as the impact on critical infrastructure, the transfer of sensitive technology, \u200band the potential for foreign influence over the\u2062 U.S. \u2062business.<\/p>\n<p>The review is carried out through a deliberative and \u2063confidential process,\u200c which includes consultation with relevant \u2064government agencies\u200b and allows for input from affected parties. Once\u2064 the review is complete, CFIUS makes recommendations to the President, who has the\u200c authority\u200c to block or mitigate any transaction that poses a risk to national security.<\/p>\n<h3>Conclusion<\/h3>\n<p>The White House&#8217;s call for a CFIUS review\u200d of \u200bthe $14 billion U.S.\u200c Steel acquisition reflects concerns over national \u200bsecurity and the reliability of the domestic\u200c steel supply \u2062chain. Lawmakers from both parties have expressed \u200bsupport for the review, emphasizing the need to protect American jobs and ensure the strength of the domestic steel industry.<\/p>\n<p>The CFIUS review process will \u200cevaluate the potential risks and benefits of the transaction, taking into account factors such as critical infrastructure \u200band\u2062 the potential\u2062 for foreign influence. Ultimately, the\u2063 President will make a decision based on the\u200d committee&#8217;s recommendations, with the aim of safeguarding national security and economic resilience.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House proposed a review of the $14 billion U.S. Steel acquisition by Japan&#8217;s Nippon Steel Corp. by the Treasury Department&#8217;s Committee on Foreign Investment in the United States. U.S. Steel requested the review after bipartisan lawmakers, including Sens., urged for it<\/p>\n","protected":false},"author":1,"featured_media":2131122,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2131121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2131121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2131121"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2131121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2131122"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2131121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2131121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2131121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}