Wednesday, February 13, 2008
Senator Evan Bayh, Chair of the Senate Banking Subcommittee of the Security and International Trade & Finance Committee, in an op-ed piece in today's Wall St. Journal, warns about sovereign wealth funds and urges Congress to establish standards for transparency and behavior to prevent unwarranted interference in our economy by foreign governments. He mentions two specifics: require passive investment in U.S. corporations and lower the percentage of ownership (currently 10%) that triggers review for national security concerns by the Committee on Foreign Investment. He specifically cites Citigroup where the foreign investment was under 5%. WSJ, Time for Sovereign Wealth Rules.