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A key Treasury Department official on Wednesday raised concerns with a House effort designed to change a secretive government panel that reviews foreign-U.S. deals for national security concerns. The bill, however, is modest when compared with a rival version pending in the Senate.

Testifying before the House Financial Services Committee, Treasury Assistant Secretary Clay Lowery took issue with a provision that would require the interagency Committee on Foreign Investment in the United States to complete a formal 45-day investigation every time a foreign state-owned entity buys U.S. assets. The investigation would follow a less stringent informal 30-day review that is obligatory today.

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