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But, does congress have the authority to override the deal in the first place? Technically, I don't know if Bush even needs to veto it if it is bad law- it may be a symbolic gesture to slap their hands. This may be more of a Supreme Court issue to validate the legality of the original process and/or any changes congress may pass.

But, does congress have the authority to override the deal in the first place?

No, they don't. Much worse is that they know they don't.

But, does congress have the authority to override the deal in the first place? Technically, I don't know if Bush even needs to veto it if it is bad law- it may be a symbolic gesture to slap their hands. This may be more of a Supreme Court issue to validate the legality of the original process and/or any changes congress may pass.

DING DING DING!!! You win the cookie!!! THis whole thing is about breaking down the Separation of powers and giving Congress more power and regulation control.

And the Dems, MSM etc have played on the xenophobes and worryworts to the hilt on this issue.

It is basically the government getting involved in a business transaction. What is to say that if you own a business and decide to sell it, the government won't get involved and tell you who you can and can't sell your business to.

But, does congress have the authority to override the deal in the first place?

I think so if they have the 2/3 majority.

This may be more of a Supreme Court issue to validate the legality of the original process and/or any changes congress may pass.

I wonder how long that process would take, the SC aspect of it.

This entire story should have been in the news months ago. I guess the media was too busy trying to impeach Bush and all his ancestors.

Found references to Senator Shelby holding hearings in October to change CFIUS and found one that said it would be attached to the Defense Authorization Bill. It is a "Sense of the Congress" which is not law .Here is the passage in the bill :

(b) Sense of Congress-
(1) PLAN- It is the sense of Congress that the President should take immediate steps to establish a coherent and comprehensive plan to address the emergence of China economically, diplomatically, and militarily, to promote mutually beneficial trade relations with China, and to encourage China's adherence to international norms in the areas of trade, international security, and human rights.
(2) CONTENTS- The plan should contain the following: (A) Actions to address China's policy of undervaluing its currency, including-- (i) encouraging China to continue to upwardly revalue the Chinese yuan against the United States dollar; (ii) allowing the yuan to float against a trade-weighted basket of currencies; and (iii) concurrently encouraging United States trading partners with similar interests to join in these efforts. (B) Actions to make better use of the World Trade Organization (WTO) dispute settlement mechanism and applicable United States trade laws to redress China's trade practices, including exchange rate manipulation, denial of trading and distribution rights, insufficient intellectual property rights protection, objectionable labor standards, subsidization of exports, and forced technology transfers as a condition of doing business. The United States Trade Representative should consult with our trading partners regarding any trade dispute with China. (C) Actions to encourage United States diplomatic efforts to identify and pursue initiatives to revitalize United States engagement in East Asia. The initiatives should have a regional focus and complement bilateral efforts. The Asia-Pacific Economic Cooperation forum (APEC) offers a ready mechanism for pursuit of such initiatives. (D) Actions by the administration to work with China to prevent proliferation of prohibited technologies and to secure China's agreement to renew efforts to curtail North Korea's commercial export of ballistic missiles. (E) Actions by the Secretaries of State and Energy to consult with the International Energy Agency with the objective of upgrading the current loose experience-sharing arrangement whereby China engages in some limited exchanges with the organization, to a more structured arrangement. (F) Actions by the administration to develop a coordinated, comprehensive national policy and strategy designed to maintain United States scientific and technological leadership and competitiveness, in light of the rise of China and the challenges of globalization. (G) Actions to review laws and regulations governing the Committee on Foreign Investment in the United States (CFIUS ), including exploring whether the definition of national security should include the potential impact on national economic security as a criterion to be reviewed, and whether the chairmanship of CFIUS should be transferred from the Secretary of the Treasury to a more appropriate executive branch agency. (H) Actions by the President and the Secretaries of State and Defense to press strongly their European Union counterparts to maintain the EU arms embargo on China. (I) Actions by the administration to discourage foreign defense contractors from selling sensitive military use technology or weapons systems to China. The administration should provide a comprehensive annual report to the appropriate committees of Congress on the nature and scope of foreign military sales to China, particularly sales by Russia and Israel.
Source is S.1042 Sec 1210 (tried to link but got an search expired message)