National Council on U.S.-Arab Relations
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The National Council on U.S.-Arab Relations is pleased to invite you to a

Congressional Briefing Series Event

The Implications of Sovereign Wealth Funds
For American Interests and U.S. Policies


June 5, 2008 (Thursday)
The Gold Room - 2168 Rayburn House Office Building, Washington, D.C.


Format:
Refreshments 12:30-1:00 pm/ Remarks 1:00-1:30/ Questions 1:30-2:00


Featured Speakers:

Congressman Jim Moran (D-VA)
Co-Chair, House Sovereign Wealth Funds Task Force


Congressman Tom Davis (R-VA)
Co-Chair, House Sovereign Wealth Funds Task Force


Congressman Gregory Meeks (D-NY)
Official Designee of the House Committee on Financial Services
to the Sovereign Wealth Funds Task Force



The Sovereign Wealth Funds Task Force has been created as a bipartisan study group to examine the issues
raised by growing SWF investments, including their potential to affect geopolitics, their implications for
the U.S. economy, and their impact on global finance and national security concerns. The Task Force will
discuss questions such as SWFs shifting investment away from government financial instruments such as
Treasury bonds to purchasing equity stakes in U.S. companies, the need for greater SWF transparency and
accountability, as well as possible regulation or legislative action.



Presiding:
Dr. John Duke Anthony - President and CEO, National Council on U.S.-Arab Relations



R.S.V.P. (Acceptances Only) via email to RSVP@ncusar.org by June 4.
Seating is limited - first-come, first-serve.

INCLUDE THE FOLLOWING INFORMATION WHEN YOU R.S.V.P.:

Name:
Title:
Member or Company:
Phone:
Email:



If you have any questions you can call the National Council on U.S.-Arab Relations at (202) 293-6466.


The Issue - Sovereign wealth funds (SWFs) are government investment pools directly controlled by sovereign states and invested, often internationally, in income generating assets. Soaring oil and gas revenues have fueled the growth of SWFs in the Middle East, Russia, and Norway while Asian SWFs have been bolstered by the rapid growth of manufacturing and service exports. Total SWF capital now exceeds $3 trillion and research suggests that aggregate assets managed by SWFs will grow to more than $13.4 trillion early in the next decade.

The rapid growth of SWFs has raised serious questions in recipient states. These concerns have been heightened by high visibility SWF purchases of equity stakes in financial institutions, including the Emirate of Abu Dhabi's purchase of a $7.5 billion stake in Citicorp, Singapore's $5 billion equity in Merrill-Lynch, and China's $3 billion investment in The Blackstone Group. Direct foreign investment in the United States is a major engine of economic growth, but substantial investments by SWFs in financial institutions and other economic assets - filtered through the prism of economic analysis, emotional nationalism, and election year posturing - have begun to raise national security concerns about "foreign control of" or "undue influence over" critical national resources. The dilemma is straightforward: on the one hand there is a need for a "free and open international investment regime" to encourage global capital flows, so long as SWFs are investing solely to make money; on the other hand, investments often come with strings attached, and there is a growing concern that SWF investments might be used as leverage to disrupt national economies or to reshape the foreign policy of recipient states.



Established in 1983, the National Council is a Washington, D.C.-based non-profit, non-governmental organization. Its mission is educating Americans and others about America's relationships and interests with the Arab and Islamic worlds. A fuller description of the Council's numerous projects, programs, events and activities can be accessed at www.ncusar.org. The National Council does not employ or retain a lobbyist.

Please note that this event meets the criteria of a "widely attended event," as defined under the new House ethics rules: the event is open to the public and is being actively advertised to an audience of non-Hill staff, with the expectation that more than 25 non-Hill staff will attend. If staffers have further questions, they should contact the Committee on Standards of Official Conduct at (202) 225-7103.




National Council on U.S.-Arab Relations, 1730 M St., NW, Washington, DC 20036

Phone: (202) 293-6466 - Fax: (202) 293-7770


www.ncusar.org