By Maura Reynolds, Times Staff Writer
WASHINGTON — Voicing concern about national security and the U.S. economy, the House of Representatives passed two measures Thursday aimed at blocking the proposed takeover of El Segundo-based Unocal Corp. by a Chinese oil company.
In a strong bipartisan vote of 333 to 92, the House approved an amendment to a Treasury Department spending bill forbidding the administration from using federal funds to approve the bid by CNOOC Ltd., an arm of government-owned China National Offshore Oil Corp., to buy Unocal for $18.5 billion.
The Treasury Department reviews proposals for significant foreign investment in U.S. companies to ensure that national security isn't damaged, a process that would involve use of federal funds. The review is conducted through the multi-agency Committee on Foreign Investment in the United States, which has seldom blocked foreign investments or mergers.
But more important than its specific terms, the amendment, sponsored by Rep. Carolyn C. Kilpatrick (D-Mich.), was a vehicle for expressing congressional displeasure at the proposal.
"Why do we want to sell our oil to a global economic competitor?" Kilpatrick said. "Americans deserve a thorough government evaluation of the implications of Unocal's takeover by one of our chief economic competitors."
Full article at:
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