Japan's largest business organization, Keidanren, has expressed concerns to U.S. Treasury Secretary Janet Yellen about "political interference" swaying a U.S. government panel reviewing Nippon Steel Corp.'s acquisition of U.S. Steel.
Yellen chairs the Committee on Foreign Investment in the United States (CFIUS), which reviews national security implications of foreign investments in the country.
In a letter sent to Yellen on September 11, Keidanren and other business groups expressed their fear that the CFIUS process is being used to further political agendas outside the committee's purview, putting the U.S. economy and workers at risk.
They emphasized the importance of CFIUS remaining solely focused on defending U.S. national security while championing economic openness.
Media reports have suggested that CFIUS is expected to recommend that U.S. President Joe Biden block the acquisition based on national security concerns.
The letter was also signed by the Global Business Alliance, which mainly comprises foreign companies based in the United States, the U.S. Chamber of Commerce, and other organizations.
The Global Business Alliance includes 21 Japanese companies as members.
The letter stressed that CFIUS should not become a tool for political posturing or morph into industrial policy masquerading as national security. They urged Yellen to ensure that political interference does not diminish America's investment climate.