Congressional Panels OK Port-Related Bills

WASHINGTON (AP) - Two congressional panels approved measures Thursday stemming from the furor over the attempted takeover of significant operations at big U.S. ports by a United Arab Emirates-owned company.

In the House, a Homeland Security subcommittee cleared legislation that aims to improve cargo inspections and strengthen security at U.S. ports. By voice vote, the subcommittee on economic security, infrastructure protection and cybersecurity sent the wide-ranging bill to the full committee, which is to vote on the measure in late April.

And the Senate Banking Committee voted 20-0 to approve a measure that would bring the federal panel that approved the United Arab Emirates-owned DP World ports deal under tighter oversight by Congress. The multiagency panel, called the Committee on Foreign Investment in the United States, would be required to investigate any proposed transaction that involved a foreign government or "critical infrastructure" of the country.

Senators said the bill, which was sent to the full Senate, strikes a balance between national security concerns and U.S. economic interests - with foreign investment in this country exceeding $530 billion in 2003-2005 and creating an estimated 5.3 million jobs in 2003. The top three sources of foreign investment in the United States are Canada, Britain and Japan.

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