GAO to examine panel on foreign investment in U.S. strategic firmsWASHINGTON (Reuters) - The investigative arm of Congress has agreed to examine whether a panel that oversees foreign investment in the United States has the legal powers it needs to keep up with efforts by state-owned firms in Russia and China to buy strategic U.S. companies. The Government Accountability Office said in a letter to lawmakers released on Monday that it would begin the review in about four months once the staff with the needed expertise were cleared of other duties. The letter was dated Sept. 30. The study is being initiated in response to a request on Sept. 15 by 16 members of Congress, who voiced concern that legislation governing the Committee on Foreign Investment in the United States (CFIUS) has not been updated enough to ensure the panel can do its job effectively. “Now is an opportune time for GAO to review what has worked well, and where CFIUS authorities may need to be expanded, especially given the rise in state-owned enterprises and state-controlled enterprises from China and Russia, among other designated countries,” the lawmakers said in their letter. The letter from the lawmakers noted that foreign investment oversight began as an executive order from the president and was only codified by Congress in response to concerns about foreign ownership of defense industries and ports. The letter said lawmakers were now concerned about recent investments in the telecommunications, media and agriculture sectors that raised questions about “the degree to which foreign ownership ... may pose a strategic rather than overt national security threat.” It noted that Chinese companies designated by Beijing as “state champions” often benefited from illegal subsidies in order to gain strategic access to markets like the United States. The letter said Congress had raised concerns about China National Chemical Corp’s (ChemChina) CNNCC.UL planned $43 billion acquisition of Swiss agricultural seed and pesticides provider Syngenta AG SYNN.S and to Dalian Wanda Group’s bid for major American movie studios like Legendary Entertainment and Paramount Studios. It said the media acquisitions were particularly concerning because of “China’s efforts to censor topics and exert propaganda controls on American media.” “These examples raise serious security questions about what authority CFIUS currently has, or may need to be added, to address these concerns,” the lawmakers said in their letter. politicsNews
gao examine panel foreign investment strategic firmswashington reuters the investigative arm congress agreed examine whether panel oversees foreign investment united states legal powers needs keep efforts firms russia china buy strategic companies the government accountability office said letter lawmakers released monday would begin review four months staff needed expertise cleared duties the letter dated the study initiated response request members congress voiced concern legislation governing committee foreign investment united states cius updated enough ensure panel job effectively now opportune time gao review worked well cius authorities may need expanded especially given rise enterprises enterprises china russia among designated countries lawmakers said letter the letter lawmakers noted foreign investment oversight began executive order president codified congress response concerns foreign ownership defense industries ports the letter said lawmakers concerned recent investments telecommunications media agriculture sectors raised questions degree foreign ownership may pose strategic rather overt national security it noted chinese companies designated beijing state champions often benefited illegal subsidies order gain strategic access markets like united states the letter said congress raised concerns china national chemical corp chemchina planned billion acquisition swiss agricultural seed pesticides provider syngenta ag align panda group bid major american movie studios like legendary entertainment paramount studios it said media acquisitions particularly concerning china efforts censor topics exert propaganda controls american these examples raise serious security questions authority cius currently may need added address concerns lawmakers said letter politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: GAO to examine panel on foreign investment in U.S. strategic firmsWASHINGTON (Reuters) - The investigative arm of Congress has agreed to examine whether a panel that oversees foreign investment in the United States has the legal powers it needs to keep up with efforts by state-owned firms in Russia and China to buy strategic U.S. companies. The Government Accountability Office said in a letter to lawmakers released on Monday that it would begin the review in about four months once the staff with the needed expertise were cleared of other duties. The letter was dated Sept. 30. The study is being initiated in response to a request on Sept. 15 by 16 members of Congress, who voiced concern that legislation governing the Committee on Foreign Investment in the United States (CFIUS) has not been updated enough to ensure the panel can do its job effectively. “Now is an opportune time for GAO to review what has worked well, and where CFIUS authorities may need to be expanded, especially given the rise in state-owned enterprises and state-controlled enterprises from China and Russia, among other designated countries,” the lawmakers said in their letter. The letter from the lawmakers noted that foreign investment oversight began as an executive order from the president and was only codified by Congress in response to concerns about foreign ownership of defense industries and ports. The letter said lawmakers were now concerned about recent investments in the telecommunications, media and agriculture sectors that raised questions about “the degree to which foreign ownership ... may pose a strategic rather than overt national security threat.” It noted that Chinese companies designated by Beijing as “state champions” often benefited from illegal subsidies in order to gain strategic access to markets like the United States. The letter said Congress had raised concerns about China National Chemical Corp’s (ChemChina) CNNCC.UL planned $43 billion acquisition of Swiss agricultural seed and pesticides provider Syngenta AG SYNN.S and to Dalian Wanda Group’s bid for major American movie studios like Legendary Entertainment and Paramount Studios. It said the media acquisitions were particularly concerning because of “China’s efforts to censor topics and exert propaganda controls on American media.” “These examples raise serious security questions about what authority CFIUS currently has, or may need to be added, to address these concerns,” the lawmakers said in their letter. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: gao examine panel foreign investment strategic firmswashington reuters the investigative arm congress agreed examine whether panel oversees foreign investment united states legal powers needs keep efforts firms russia china buy strategic companies the government accountability office said letter lawmakers released monday would begin review four months staff needed expertise cleared duties the letter dated the study initiated response request members congress voiced concern legislation governing committee foreign investment united states cius updated enough ensure panel job effectively now opportune time gao review worked well cius authorities may need expanded especially given rise enterprises enterprises china russia among designated countries lawmakers said letter the letter lawmakers noted foreign investment oversight began executive order president codified congress response concerns foreign ownership defense industries ports the letter said lawmakers concerned recent investments telecommunications media agriculture sectors raised questions degree foreign ownership may pose strategic rather overt national security it noted chinese companies designated beijing state champions often benefited illegal subsidies order gain strategic access markets like united states the letter said congress raised concerns china national chemical corp chemchina planned billion acquisition swiss agricultural seed pesticides provider syngenta ag align panda group bid major american movie studios like legendary entertainment paramount studios it said media acquisitions particularly concerning china efforts censor topics exert propaganda controls american these examples raise serious security questions authority cius currently may need added address concerns lawmakers said letter politicsnews