Congressional Homeland Security members join U.S. investment protection movement

Two influential U.S. Congressmen today joined an initiative that seeks to protect U.S. investments outside its territory and to sanction third country officials who threaten or expropriate such investments.

‍The U.S. Investment Protection Act was originally introduced by Representative Paul Gosar and now has more support.

‍Yesterday, Representative Eli Crane, Arizona's Second Congressional District, joined Representative Rick Crawford, Arkansas' First Congressional District, in sponsoring the American Investment Protection Act, originally introduced by Representative Paul Gosar, Arizona's Ninth Congressional District. The purpose of the Act is to prevent the expropriation of U.S. investments by foreign countries.

‍Representative Eli Crane is an Arizona businessman and veteran who served for 13 years. Crane is a member of the House Homeland Security Committee, the Veterans Affairs Committee and the House Small Business Committee.

Rep. Rick Crawford has served six terms in Congress and is a senior member of the House Permanent Select Committee on Intelligence, Vice Chairman of the Agriculture, Science, Space and Infrastructure Committee and a senior member of the House Transportation and Infrastructure Committee.

The U.S. Investment Protection Act is based on the 1962 Fidel Castro-era Hickenlooper Amendment, which mandates cutting off aid to foreign countries that expropriate U.S. investments, also taking away visas and remittances to foreign public officials who allow the expropriation. The Act also adds to the list of punishable offenses the failure to engage in negotiations and consultations with U.S. investors as required by investment treaties.

The U.S. Investment Protection Act, H.R. 465, is assigned to the Foreign Affairs Committee of the House of Representatives.