Sarbanes Announces Senate Banking Committee Hearing on Acquistion of Port Operations by Dubai Ports World - Southern Maryland Headline News

Sarbanes Announces Senate Banking Committee Hearing on Acquistion of Port Operations by Dubai Ports World


Sarbanes Is Ranking Democrat On Committee

Senator Paul S. Sarbanes (D-MD), who serves as the Ranking Democrat on the Senate Banking, Housing and Urban Affairs Committee, today announced that the Senate Banking Housing and Urban Affairs Committee will hold a Congressional hearing on the acquisition of port operations in the Eastern and Southern United States, including the Port of Baltimore, by Dubai Ports World, which is owned by the Government of Dubai, one of the United Arab Emirates.

Sarbanes serves as the Ranking Democrat on the Committee and will have an opportunity to question representatives from the Departments of Treasury, Homeland Security and Defense on the pending sale, including its potential impact on national security and the security of Port operations.

The hearing will be held:

THURSDAY, MARCH 2, 2006
10:00 A.M.
538 DIRKSEN SENATE OFFICE BUILDING
WASHINGTON, DC

On February 16, 2006, Sarbanes joined Senator Richard Shelby, the Chairman of the Senate Banking Committee, in sending a letter to Treasury Secretary Snow expressing his deep concern over the acquisition and requesting a thorough review to determine its impact on U.S. national security.

Sarbanes and Shelby are also urging the Treasury Secretary to appear as Treasury's witness before the Banking Committee on March 2 to discuss the actions of the Committee on Foreign Investment in the United States (CFIUS), a 12 member inter-agency committee that is chaired by the Department of the Treasury, and approved the acquisition of the port operations by Dubai Ports World.

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