WASHINGTON – May 22, 2018 – BSA | The Software Alliance welcomes the substitute amendment from the Senate Banking Committee to the proposed Foreign Investment Risk Review Modernization Act (FIRRMA) on regulating investment in critical technologies. The underlying legislation would have expanded the jurisdiction of the Committee on Foreign investment in the United States (CFIUS) to foreign joint ventures by US companies involving emerging critical technologies. This substitute amendment would instead establish a comprehensive and modernized export control process for regulating the flow of emerging and foundational critical technologies abroad. Using export controls to regulate critical technologies, instead of CFIUS, would provide greater certainty and efficiency.

BSA sent a letter to Senators Mike Crapo and Sherrod Brown thanking them for introducing the substitute amendment. We look forward to working with the Senate Banking Committee on the FIRRMA legislation.