In an astounding show of unity, the House of Representatives has passed (423-0) a bill to strengthen procedures by the Committee on Foreign Investment in the US (CFIUS). http://www.washingtonpost.com/ac2/wp-dyn/NewsSearch?st=Dubai+Ports+World+&fn=&sfn=&sa=ns&cp=&hl=false&sb=-1&sd=&ed=&blt=&x=14&y=14. The bill was necessary because of a shameful stampede last summer to block Dubai Ports World's purchase of terminal-operations rights in six major US ports (Dubai Ports World & US National Security, 12/13/06, this site). CFIUS, an interagency committee, had granted approval after non-political analysis and evaluation of security. And in fact, the transaction would actually have improved US port security.
The new legislation, which nows move to the Senate, expands the definition of transactions for CFIUS review, calls for higher-level Executive Branch review and information to Congress, and adds a 45-day investigation after the 30-day review of deals if the companies are controlled by foreign governments. The outlook in the Senate is unclear and the Administration has some concern that the additional 45-day delay could "discourage foreign investment..."
But as Todd Malan, president of the Organization for International Investment, put it, "it doesn't screw anything up." That may be the best we can hope for, given that there was no need for any bill except for the previous screwup.