44th Parl. 1st Sess.
October 30, 2023 11:00AM
Madam Speaker, it is always an honour to stand in this place and speak to legislation and, in this particular case, it is an honour to speak to the report stage of Bill C-34.
Before I begin, having just spent the weekend back in my riding and arriving this morning back in Ottawa, at different events and in lots of interaction with my constituents, since we are speaking about competition, I cannot say enough about the impact of the Prime Minister's decision last Thursday to limit the carbon tax, or actually take away the carbon tax, on home heating oil within Atlantic Canada and how much of an impact that is having on the residents whom I represent in Barrie—Innisfil, in a negative way. Many are questioning and wondering why the same application of an exemption to the carbon tax was not applied equally across the country.
I know the Prime Minister gave his rationale, but that is literally cold comfort to the people whom I represent, especially the seniors who are struggling to pay for groceries and to pay their natural gas bills. Many of them are sending me their natural gas bill, and the carbon price is oftentimes equal to the distribution charge of natural gas itself. There are families who are struggling to keep a roof over their heads, moms who are worried about paying the bills on a daily basis and, of course, single-parent families who are just struggling to make ends meet, buy nutritious food for their families and pay their gas bills, especially with winter coming up. It was quite the topic of conversation this week within my riding.
Quite frankly, I did not have an answer for any of them because the Prime Minister's decision was to exclude solely Atlantic Canada when the rest of us are still paying the carbon tax for home heating in particular, and those prices are going to go up. The cost of distribution is going to go up and the cost of the carbon tax is going to go up. People in the riding I represent are quite concerned about the inequity of not having the same benefit other Canadians have. I wanted to share that message because it is something I heard on the weekend in my many interactions with the people whom I represent in my riding of Barrie—Innisfil.
We are here today to speak to Bill C-34 at report stage with respect to the improvements, and some needed improvements, to the Investment Canada Act. It is important because we just finished, at the ethics committee, a study on foreign interference and the role that nations, particularly China and Russia, are playing as state-owned actors making investments into our economy for the purpose, quite frankly, of control, including controlling Canadian businesses, controlling Canadian minerals, controlling Canadian resources and controlling, in many cases as the hon. member just spoke about, some of our northern and offshore areas as well. Therefore, it becomes critically important for the government to keep a keen eye, and multiple eyes, in fact, on what is happening with foreign investment and the approvals.
Bill C-34 highlights a few simple things. Number one, there are numerous foreign state-owned enterprises who have acquired interest and control in many Canadian companies, intellectual property, tangible assets and the data of our citizens. We are finding more and more that this access to data and theft of data are not just to use it for nefarious reasons but to propagate disinformation and misinformation to create societal chaos, so we have to be mindful of that. The government, quite frankly, would do very little to protect our national economic and security interests with this bill, despite what we are hearing the Liberals say today and other days during debate, and certainly at committee.
We have to take sensitive transactions seriously, and we have failed to fully review some of the transactions, particularly as they relate to Chinese state-owned enterprises in the past. Later, I am going to be citing some examples of where we have put at risk not just Canadian intellectual property but also Canadians in general.
One can agree with some of the principles of this bill, and we certainly agree with some of the principles, but it does not go far enough to address some of the risks faced by Canadians. That is why we worked to pass significant amendments in committee to better protect Canadian interests and Canadian assets.
When I look through the list of amendments that were proposed for Bill C-34, only four were passed at committee out of the roughly 13 we proposed. One that was accepted was on reducing the threshold to trigger a national security review from $512 million to zero dollars for all state-owned enterprise investment made in Canada. Lowering that threshold was critical so that at least it would trigger and initiate a security review.
The other amendment that was passed would ensure that items renewable under the national security review process include acquisitions of any assets by a state-owned enterprise. Again, this is all about protecting Canadians and protecting our valuable assets, our businesses and certainly our interests.
The other one would ensure that an automatic national security review is conducted whenever a company has previously been convicted of corruption charges. If somebody had not supported that, I would have been surprised, quite frankly. It is one of the proposals at committee that were adopted.
The last would require the minister to conduct a national security review by changing the word “may” to “shall” to ensure a review is triggered whenever it is in the new threshold. This was quite frankly a no-brainer.
However, there were some amendments proposed that were not accepted at committee and rejected. The one that concerns me the most is the one that would require the minister to conduct a national security review by changing “may” to “shall” to ensure the review is triggered whenever in the review threshold.
One of the things we have to be mindful of is that anytime a transaction being proposed impacts the national security interests of our country, we have to make sure there is a review. One of the proposed amendments was to have a Governor in Council review of this so there is not just one eye on it, the minister's eye. It would go to the cabinet table so there are multiple eyes on it and multiple questions being asked, which is critical when we are dealing with sensitive national security interests.
Why is this important? As I said earlier, there have been situations in the past where companies have not had the type of review they should have. That has been widely publicized. A Chinese takeover deal in 2015 had been previously rejected by the Conservative government, but it was approved in 2015. This was based on Hong Kong O-Net Technologies Group as it related to a business here. Having multiple eyes on the review therefore becomes critical.
In fact, three years ago, a Deloitte study suggested to the government that we should not buy sensitive security IT from despotic regimes. That was in relation to a $6.8-million contract to supply security equipment to Canada's embassies. This was Nuctech, which is known as the Huawei of airport security. Some may recall that this involved X-ray machines being supplied for use by the Government of Canada.
While there are some things to support in this bill, the amendments that were proposed by our Conservative colleagues in committee were reasonable and practicable and should have been applied to many aspects of the bill we are debating today.
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Uqaqtittiji, I am going to ask the member a question similar to the one I asked the member for Prince George—Peace River—Northern Rockies. When I asked him the question, rather than responding to it, he resorted to mudslinging against me and using my constituents against me.
While indigenous peoples are doing what they can to protect our assets, we are being violated. Indigenous women are being violated for protecting their lands, for protecting their assets. Does the member agree that this act, the ICA, needs to be amended so that there is free, prior and informed consent of indigenous peoples when it comes to mining activities?
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Madam Speaker, I believe that all Canadian interests should be protected, including those of indigenous communities.
As I said earlier, the national security interests of this country become paramount as we debate bills like this. As Canadians, as stewards of our land, protecting northern resources and northern offshore resources becomes critical. If we are going to be serious about the protection of our national interests as they relate to foreign investment, there should be a fulsome discussion around the cabinet table to discuss all aspects of that. This would include the Minister of Crown-Indigenous Relations as well, because there are certain things that this minister could bring to the table. Let us not just leave it with one minister.
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Madam Speaker, I am thinking of the timing of this study. We have not reviewed this act since 2009. The FDI reports show Canada as a premier destination for foreign direct investment and that our direct investment has really increased in the last few years, mostly as a result of the forward-looking trade deals we have with many countries. In fact, we are now the only G7 country to have agreements with all other G7 countries.
Could the hon. member talk about the strategic importance of looking at this act now, compared to where we were in 2009?
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Madam Speaker, it is strategically important that we look at this bill, because we have seen strategic investment drop by almost 20% in this country. We have to ask ourselves why. We have also seen, for example, that in the United States, the investment increases have been the reverse of that.
There is no doubt that we have to look at the strategic investments. We have to look at the impact of what is going on as it relates to foreign investment. We have to understand why we have seen a decrease in foreign investment.
There was a reaction on the other side. Foreign investment should not be confused with government investment. We have seen a significant amount of government investment over the last little while, some of which is questionable, but with foreign investment, we need to have a national security review and all eyes need to be on it.
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Madam Speaker, I recall very specifically that, during the 2019 election campaign, the leader of the Bloc Québécois, the member for Beloeil—Chambly, came to Shefford, to Valcourt, to present the Bloc Québécois's proposals regarding economic nationalism to protect our head offices. That is essential in Quebec. We have a completely different SME model, and Bill C-34 really overlooks that fact.
I would like my colleague to talk about the importance of protecting our economic levers.
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Madam Speaker, I am a Quebecker; I was born in Montreal. It should come as no surprise to the hon. member that my interests lie in the economic levers of the country, and that would include Quebec. It would also include northern areas of our country and offshore resources, those that are critical to the sustainability of our country. I am interested in all of Canada, not just one part of it.
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Madam Speaker, I am pleased to rise and contribute to the debate on Bill C-34 at report stage. It is a bill that has to do with empowering the government to consider foreign investments in Canada and foreign acquisitions and ask whether ultimately those investments or acquisitions are in Canada's best interests. It has been some time since the bill was revised. A lot has happened in the country and the world since 2009, so I think it is a good thing to be looking at these things and asking these questions once again.
There has been some talk and debate already, so I thought I would spend a little time addressing some of what has come before. We are talking about foreign direct investment and trying to figure out why, according to some, there is less foreign direct investment in Canada now than there was before, or why we are not doing as well as certain competitors at attracting foreign direct investment. When we are talking about that, one of the things to note is that over the last 20 or 30 years, if we look at the oil and gas sector as a target for foreign direct investment, we are noticing that a lot of foreign investors are scaling back their investment in Canadian oil and gas at a time when they are trying to scale back their investments in fossil fuels generally as part of a movement by many countries to try to address climate change, diversify energy generation and be less captive geopolitically to countries that are suppliers of natural gas and oil.
As such, Canada has seen a corresponding decrease in foreign direct investment in the oil and gas industry. Despite Conservatives liking to talk about how our allies want Canadian oil and gas, we are seeing a divestment. Also, Canadian banks have filled up that space, so it is not that oil and gas in Canada is not getting private financing to do what it is going to do. What it does mean is that Canada's financial industry is that much more heavily invested in oil and gas, as it picks up the slack that investors from other countries are leaving.
When we look at the global financial picture and where it is going, I think Canada has to watch that we do not end up having a financial sector that is overexposed to fossil fuels. When we look at what Conservative premiers have been doing, like Danielle Smith in Alberta, who is cancelling on a whim tens of billions of dollars in renewable energy in her province, it is to say no to a lot of foreign direct investment, say no to foreign direct investment that would contribute to lowering our emissions and say no to foreign direct investment that would help position Canada in the new energy economy that is emerging, whether Conservatives here would wish it or not. I think that is part of the larger conversation around foreign direct investment.
Let us say that those tens of billions of dollars of investment in Alberta were going ahead and that those foreign investors were interested in investing capital in Alberta to reduce its emissions but nevertheless maintain Alberta as an energy superpower. Let us also say the Conservative premier did not wantonly cancel all of that investment. What would that mean? Well, it would mean there is a role for the Canadian government to evaluate who those investors are and to ask whether they are investing in Alberta in a way that complements the national interests of Canada or are doing it for geopolitical reasons that do not ultimately serve Canada's interests.
If Russian oligarchs and the Chinese state are the ones interested in building up Alberta's solar and wind capacity, I think a lot of Canadians would rightly have questions about the motives of foreign governments that want to be owners of those things or that are closely tied to oligarchs who want to be owners of those things. It is right and good that the Canadian government should evaluate those kinds of investments in advance, make a determination about the Canadian public interest and then either authorize the investments or not.
We know that Canada's laws on foreign investment have been too weak for too long. New Democrats historically have argued for very strong oversight of foreign investment and foreign takeovers for exactly the reason that we are concerned about and very aware of the role that actors outside of Canada can have in coming to own some of our most strategic resources.
Those are all important things to bear in mind. I think this legislation does create more tools. One of the things that I know my colleague for Windsor West, who was quite involved in this file at committee, was very concerned about was that it should create better protection and sculpt the thresholds better to capture intellectual property. I was glad to see that an NDP amendment to that effect was passed.
We know that the economy today is not the economy of 50 years ago, that it is a knowledge-based economy and that it is important to have thresholds that are not just designed for big capital investments, or physical capital investments, but that will also capture and alert government to potential investments or acquisitions by foreign actors of intellectual property. The real value of intellectual property is sometimes not in the right to that particular property itself, but in many of the kinds of spinoffs, licensing and various other things that do not show up on the traditional balance sheet that would be looked at under the current provisions of the act. Therefore, it is important to rejig the threshold so that the potential economic value of intellectual property registers appropriately in the screening mechanism. This can ensure that, where sensitive IP, very valuable IP or strategic IP is being contemplated in a foreign acquisition, merger or investment, the light goes on for folks in government who are supposed to be reviewing these things, and they give it a serious look.
Therefore, I give a shout-out to my friend and colleague from Windsor West for capturing what I think is a very important aspect of foreign investment review going forward and ensuring that it gets appropriate mention in the bill.
I have heard some Conservative colleagues talk a fair bit about China. I think China should be on our radar. We know that China is flexing its muscles on the geopolitical world stage, and it has been for some time. That is why New Democrats were critical of the foreign investment protection agreement that the Harper Conservatives signed with China. I think we should ask the question of how these changes to the Investment Canada Act will interact with that foreign investment protection agreement, particularly given that a lot of the proceedings that happened under the auspices of that FIPA are secretive and hard to access, and they do not permit the level of transparency that I think Canadians would expect to see.
There are other important questions around foreign investment that I think we need to be asking. It is important to have a long memory in this regard. In that way, we can evaluate the claims being made by some in terms of their concerns about how tightly government regulates foreign capital that comes into Canadian markets. We should know the history of those parties and what they have done in government, so we can evaluate their claims to be guardians of the Canadian economy. We know many Liberal and Conservative governments have allowed for the sale of important strategic resources. In a time when we are talking about reshoring and reintroducing industrial planning, changes to this act are an important part of that. However, changing the act itself will not matter if we do not have the political will on the part of whoever is in government to conduct those reviews in an appropriate way, to have a proper definition of Canadian interests and to be willing, where those investments do not make sense for Canada as a whole, to say no.
Of course, the track record of the current government saying no to things on behalf of Canadians and in the interests of everyday Canadians is not that great. I think about the Rogers and Shaw merger and the forthcoming decision about the RBC and HSBC merger. I think these will be important moments. The Liberals have already failed on Rogers and Shaw. An important moment coming up for the government on the RBC and HSBC merger is another proof point for how willing Liberals are to say no to big corporate interests, whether domestic or foreign, in the name of Canadians' own best interests.
I look forward to that decision. I urge the government to make the right one. I think that will tell a fair bit of the story about whether these are just changes on paper or whether the government intends to adopt a culture of protecting Canada's best interest over corporate interests seeking to subvert important pillars of the Canadian economy for corporate gain.
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Madam Speaker, in 2022, there was $64.6 billion of foreign direct investment in Canada. That was up 13.6% over the 10-year average.
It is interesting to see that manufacturing, which I know is a big deal in Transcona and a big part of the Assistant Deputy Speaker's economy, was actually ahead of energy and mining. There was $15.5 billion of foreign direct investment in manufacturing.
The green energy projects the member mentioned were number two in the world.
In terms of the importance of having security as a main part of what our review is, to attract even more than the 682 companies that have come to Canada to make investments, could the hon. member comment on the importance of us displaying certainty around our security provisions so that we can build even more from where we are now?
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Madam Speaker, I thank the hon. member for sharing some hard numbers. I think that maybe our Conservative colleagues think that foreign direct investment is down because they only look at the oil and gas industry and mistake it for the entirety of the Canadian economy. Of course, Canadians are hard at work in many sectors, producing value. We want to see an economy where workers get to keep a larger share of that value, but it is certainly the case that Canada is doing well and performing well on many metrics.
I would say that, when we talk about the geopolitical situation and FDI, we should be careful to ensure that those direct investments, those foreign investments, are actually contributing to the Canadian economy in the ways we would like to see. I think that is why changes to this act are important. When we talk about reshoring and other things such as that, we are living in an important moment. I think the pandemic really exposed a lot of the weaknesses in our supply chains.
We should be asking this question: Is this a rush on Canadian assets before the door closes, as we get better at reshoring?
I would like to have a government that is more interested in getting the answers to those questions before acquisitions are made. To the extent that this act may help in that—
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- Oct/30/23 1:01:02 p.m.
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The hon. member for Charleswood—St. James—Assiniboia—Headingley.
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Madam Speaker, there was an amendment at committee that would have required cabinet to be responsible, as a whole, for triggering a national security review, as opposed to just the minister. That amendment, for some reason, was ruled out of order.
Conceptually, does the member agree that it would be better to have that considered by the whole of cabinet, as opposed to a single minister?
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Madam Speaker, I will not speak directly to that amendment. The member may know, because he is on committee with me at my usual assignment, that I was not the member at committee. I would, of course, defer to the excellent judgment of my colleague from Windsor West on particular amendments.
I would note that it is nice to hear a Conservative advocating for a little more bureaucracy. Of course, usually, they are not the ones who say that more people should be included in decision-making but that we should have fast, effective decision-making processes. I agree with being fast and effective, but one does sometimes need to consult more. This is a deficiency of the Conservative Party. I am glad to hear that at least one member is thinking twice about that.
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Madam Speaker, like my colleague, I recognize that mergers have an impact, but hostile takeovers by foreign companies are especially worrisome. I would like him to comment on that.
Bill C-34 is important and overdue. It is a welcome development, but it is incomplete because it does not actually resolve any of the issues. I would like to know what my colleague sees as the next steps. This is, of course, a good first step, but what will happen next? What can we do to better protect our economic levers?
I am thinking about the head offices in Quebec, in particular. As a Quebecker, I am obviously going to stand up for my province.
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Madam Speaker, for a long time, Canada has had Liberal and Conservative governments that believed if an investor wanted to spend money, it was a good thing. There was no need to ask questions.
NDP members know that some things are more valuable than money. That is why we have always supported the idea of a system focused on protecting our values and our institutions. This approach leaves lots of room for people to make money without compromising our values and—
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- Oct/30/23 1:04:12 p.m.
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We have to resume debate.
The hon. member for Rimouski-Neigette—Témiscouata—Les Basques.
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Madam Speaker, it is with great pleasure that I rise today to speak to Bill C‑34 for the second time. This bill amends the Investment Canada Act. It is well intentioned, but there is still a lot of work to do.
The bill reinforces controls and increases the powers of the Minister of Innovation, Science and Industry regarding foreign investments in Canada. As we did at second reading of the bill last winter, Bloc Québécois members will continue to fully support any action aimed at better protecting Quebec's economy and Canada's economy against potentially detrimental foreign interests.
I will get right to the crux of the issue. We are debating today the amendments made by the committee. The bill is back in the House to be debated again, and I am glad that my colleagues on the committee were able to look at this closely and broaden the notion of sensitive sectors to include intellectual property and databases that contain personal information. We all agree that this improvement makes the bill stronger and that we should support it.
We also applaud the committee for rejecting the Conservatives' proposed amendments. Their proposal was intended to label every state-owned enterprise not run by our Five Eyes partners as hostile, which would have threatened Quebec's interests given that 40% of European investments in Canada are made in Quebec.
Let us take the example of Airbus, a French-German state-owned company that manufactures its A220 aircraft in Mirabel in partnership with the Quebec government. This project, which generates economic spin-offs for Quebec and Quebeckers, would have been compromised by the Conservative Party when, in fact, it is a collaboration with democratic and transparent states but, most importantly, with allies.
There is also the question of coordinating with the U.S. system. The proposed new review process essentially mirrors what is being done in the United States. Its adoption is intended to increase our American partners' confidence so that they continue to consider us a reliable and preferred partner within their supply chains. It has to be said that trade with the Americans is very important, and I think this bill is a step in that direction.
In March, when the debates clearly indicated that Bill C-34 enjoyed the support of the House, the United States agreed to include Canada in its critical minerals supply chain, which was very good news. This is a sign that the bill achieved its goal and helped strengthen our partners' trust in us.
Without a doubt, Bill C‑34 adds several useful weapons to our legislative arsenal. However, I must emphasize that these changes are still very incomplete. This is why the Bloc Québécois is asking the government to go much further in scrutinizing foreign investment in general. I am going to explain why.
The bill we are studying covers only those investments that could affect national security. This category of investment is extremely sensitive, and targeting it is justified. However, when we look at the big picture, we see that it represents only a tiny portion of all foreign investment in Canada.
I am going to present a few statistics that will undoubtedly convince my audience. Of the 1,255 investment projects submitted in 2022, only 24 would trigger a review under the new rules proposed in Bill C-34. That is just a grain of sand on a beach. Barely 2% of all investment projects would trigger a security review.
The other 1,221 investments would remain subject to the old rules. These rules provide for a review to determine whether a project is of net economic benefit to Canada. However, a review is only carried out when a project exceeds a certain monetary threshold. That is the problem. I hope the government pays attention to this. Over the years, the threshold at which a review is triggered has increased considerably. Projects are getting bigger and require even more investment.
In the past 10 years alone, investment projects have more than tripled. The consequence of this aberration is that virtually all projects are rubber-stamped without additional review.
Getting back to last year's figures, of the 1,255 projects submitted, only eight were subject to a review under the Investment Canada Act. Eight projects out of a total of 1,255 were submitted for review under the act. That is less than 1%, although the review rate was 10% as recently as 2009. The holes in this safety net have become far too big for it to be effective. The measure might as well not exist; it would not make much difference. That is why we need to go much further.
I would like to draw a parallel with history. In building our future, it is always important to be cognizant of the past, in order to avoid past mistakes and learn from past successes. I would like to share with the House some snippets of history to illustrate why we need to do more to control foreign investment.
Since the Quiet Revolution, the Quebec government has established significant economic and financial levers. These tools have allowed it to pursue a policy of economic nationalism aiming to give Quebeckers better control of their economy. This does not mean that Quebec is closed to foreign investment. We are open to it, of course, because it is a driver of growth and development. However, we believe we must support our own businesses to help them grow and seek to preserve our headquarters, which are significant decision-makers.
I will provide an example. In 1988, Bernard Landry, former premier of Quebec and leader of the Parti Québécois, campaigned to promote the North American Free Trade Agreement, or NAFTA, which was signed with the United States and Mexico in the early 1990s. As we know, Quebec's strategy worked well when we explain economic nationalism and the protection of headquarters in terms of the large subsidiaries worldwide. Banking on the development of these businesses, we saw the growth of many flagships whose headquarters are in Quebec. The presence of these headquarters is significant. Structurally, businesses with headquarters in Quebec tend to create jobs, attract talent, and promote sourcing from local suppliers, creating a virtuous economic cycle. Companies also tend to concentrate their strategic activities, such as scientific research and technological development, where their headquarters are located.
There are also reasons for adopting this legislation. There is no shortage of examples that demonstrate the harmful effects of ill-advised foreign investments on our economy. I will name a few. The loss of decision-making levers and headquarters condemns us to be a subsidiary economy, where foreigners decide for us. Everyone remembers Lowe's acquisition of Rona. Let us also consider the weakening of Montreal's financial position as a leading world financial centre; the total reliance of our businesses on foreign providers and on supply chains that are more vulnerable than ever; the possible land grabs by rich foreigners who have no interest in our social and economic priorities; and the loss of control of our natural resources, which are the greatest wealth our territory has to offer.
The Bloc Québécois strives to be a constructive partner, and as such, it has suggested three types of tangible changes for the government to focus on. The first is to lower the review threshold so that the government has the power to review more investment projects. According to the numbers, it looks at barely 2% or even 1% of certain projects. There is a huge gap to overcome for a bill to be able to ensure better security overall, but also better protection from foreign investments. The second is to pay special attention to strategic sectors of the economy, such as leading-edge sectors, land ownership or control over natural resources. The third is to develop a tighter process for transactions involving control over intellectual property patents. Intellectual property is the knowledge we develop. We need to protect that knowledge, including in the pharmaceutical sector. Some Quebec companies had molecule patents that were then purchased by major pharmaceutical companies and moved overseas.
National security is important, but we must not overlook economic security and long-term prosperity. Let us be clear. This is not about closing the door on foreign investment. Quebec and Canada must remain economically open to the world.
In closing, as Jacques Parizeau wrote in 2001, before China even became a member of the World Trade Organization, “We do not condemn the rising tide; we build levees to protect ourselves”.
Unfortunately, the weakening of the Investment Canada Act has caused those levees to break.
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Madam Speaker, the legislation is a form of modernization, given AI, technological changes and the global scene today. When we talk about trade agreements, Canada, this government, has been more successful at negotiating and signing off on trade agreements than any other government before us, quite frankly, and it is because Canada is a safe place to invest.
Would the member across the way not agree that updating the legislation is important given what is taking place around the world and the fact that Canada is a safe haven to make investments, which we have demonstrated through the different types of trade agreements we have been able to accomplish over the last number of years?
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Madam Speaker, I salute my colleague from Winnipeg North.
Bill C-34 is a step in the right direction, but it does not go far enough. Only 2% of the 1,255 projects would have been reviewed had the new law been in effect. That is manifestly insufficient. That is exactly what I said in my speech. This bill is a step in the right direction, but it needs to go much further. When we look at the review thresholds in this bill, they are insufficient, and most importantly, they do not cast the net wide enough.
I think that the government still has work to do. I hope it will listen to reason and ensure that its bill and law fit the current reality and cover more projects that will be analyzed with a view to both national security and economic security.
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Madam Speaker, I appreciate that the member would like to see the legislation updated. There was an amendment at committee that would bring in, subject to review, assets that were required by a state-owned enterprise. This was not the case before. For example, if we were going to buy the shares of a state-owned enterprise, that would be reviewable. However, if we were going to buy a single mine from a mining company, the asset itself would be reviewable, based on the amendment, if it were to pass in the House.
Does the member agree with such an amendment?
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