SOVEREIGN WEALTH FUNDS -- SOVEREIGN WEALTH FUNDS -- CONTENTS -- PREFACE -- SOVEREIGN WEALTH FUNDS:BACKGROUND AND POLICY ISSUESFOR CONGRESS* -- ABSTRACT -- INTRODUCTION -- BACKGROUND -- What Are Sovereign Wealth Funds (SWFs)? -- What Countries Operate SWFs? -- The Size of SWFs -- POLICY ISSUES FOR CONGRESS -- Transparency and Governance-Related Concerns -- Non-Commercial Investment Motives -- U.S. AND INTERNATIONAL POLICY RESPONSES TO SWFS -- United States -- Europe -- Multilateral -- REFERENCES -- CHINA'S SOVEREIGN WEALTH FUND* -- ABSTRACT -- INTRODUCTION -- POLICY RESPONSES TO SWFS -- ADMINISTRATIVE DETAILS OF THE CHINAINVESTMENT CORPORATION -- CIC's Management Team -- CIC's Working Capital -- INVESTMENT ACTIVITIES OF CHINA'SSOVEREIGN WEALTH FUND -- CIC's Existing Investments -- IMPLICATIONS FOR CHINA'S ECONOMY -- IMPLICATIONS FOR GLOBAL FINANCIAL MARKETSAND THE U.S. ECONOMY -- CONGRESSIONAL CONSIDERATIONS -- REFERENCES -- STATE CAPITALISM:THE RISE OF SOVEREIGN WEALTH FUNDS -- 1. THE IMPACT AND IMPLICATIONS -- 1a. Introduction -- 1b. Scale - the Super Seven -- 1c. Rapid Growth Rates and Future Size -- 1d. Secrecy and Accountability -- 1e. Implications - Strategic Behaviour -- 1f. Implications - Protectionist Stance -- 1g. Implications - Market Impact -- 1h. Implications - Need for Ground Rules -- SECTION 2: THE LARGEST SOVEREIGN WEALTH FUNDS -- 2a. Selection Criteria -- 2b. Methodology -- 2c. Summary of Findings -- 2d. Age -- 2e. Source of Funds -- 2f. Scale -- 2g. Aim -- 2h. Governance -- 2i. Investment Activity -- 2k. Growth Rates -- TOP 22 SOVEREIGN WEALTH FUNDS -- 1. Abu Dhabi Investment Authority (UAE) -- 2. Government Pension Fund - Global (Norway) -- 3. Government of Singapore Investment Corporation -- 4. Kuwait Investment Authority -- 5. China Investment Corporation -- 6. Stabilization Fund (Russia) -- 7. Temasek Holdings (Singapore).

8. Qatar Investment Authority -- 9. Revenue Regulation Fund (Algeria) -- 10. Permanent Reserve Fund (Alaska) -- 11. Libyan Investment Authority -- 12. Brunei Investment Agency -- 13. Khazanah Nasional (Malaysia) -- 14. Korea Investment Corporation -- 15. National Development Fund (Venezuela) -- 16. Alberta Heritage Savings Trust Fund (Canada) -- 17. National Stabilization Fund (Taiwan) -- 18. National Fund (Kazakhstan) -- 19. Economic and Social Stabilization Fund (Chile) -- 20. Istithmar (Dubai/UAE) -- 21. Dubai International Capital (UAE) -- 22. State General Reserve Fund (Oman) -- APPENDIX I. THE FUTURE FUND (AUSTRALIA) -- II.GOVERNMENT PENSION FUND (THAILAND) -- III. PENSION GUARANTEE FUND (CHILE) -- IV. BOTSWANA PULA FUND -- V. STATE OIL FUND (AZERBAIJAN) -- VI.HERITAGE AND STABILIZATION FUND(TRINIDAD &TOBAGO) -- VII. FUND FOR MACROECONOMICSTABILISATION (VENEZUELA) -- VIII. REVENUE EQUALIZATION FUND (KIRIBATI) -- IX. FOREIGN EXCHANGE RESERVE FUND (IRAN) -- REFERENCES -- SOVEREIGN WEALTH FUND ACQUISITIONS ANDOTHER FOREIGN GOVERNMENT INVESTMENTS INTHE UNITED STATES:ASSESSING THE ECONOMICAND NATIONAL SECURITY IMPLICATIONS:TESTIMONY BEFORE THE COMMITTEE ONBANKING,HOUSING, AND URBAN AFFAIRS,UNITEDSTATES SENATE, NOVEMBER 14, 2007 -- APPENDIX. SCOREBOARD FOR SOVEREIGN WEALTH FUNDS -- Structure (8)5 -- Transparency and Accountability (12) -- REFERENCE -- TESTIMONY OF PATRICK A.MULLOY BEFORE THESENATE COMMITTEE ON BANKING, HOUSING &URBAN AFFAIRS HEARING ON "SOVEREIGNWEALTH FUND ACQUISITIONS AND OTHERFOREIGN GOVERNMENT INVESTMENTS IN THEU.S.:ASSESSING THE ECONOMIC AND NATIONALSECURITY IMPLICATIONS",NOVEMBER 14, 2007 -- INTRODUCTION -- PRIOR OVERSIGHT HEARINGS -- SOVEREIGN WEALTH FUNDS -- PROBLEMS FOR THE U.S. WITH SOVEREIGN WEALTH FUNDS -- 1. Purchases of Strategic Assets and Technologies -- 2. Increasing Foreign Government Ownership of Our Market Economy.

CONCLUSION -- FOREIGN GOVERNMENT INVESTMENT IN THE U.S.ECONOMY AND FINANCIAL SECTOR:JOINT HEARING BEFORE THE SUBCOMMITTEE ONDOMESTIC AND INTERNATIONAL MONETARY POLICY,TRADE, AND TECHNOLOGY AND THESUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE,AND GOVERNMENT SPONSORED ENTERPRISES OFTHE COMMITTEE ON FINANCIAL SERVICES -- STATEMENT OF DAVID H.MCCORMICK,UNDER SECRETARY FOR INTERNATIONAL AFFAIRS,U.S. DEPARTMENT OF THE TREASUR -- STATEMENT OF ETHIOPIS TAFARA, DIRECTOR,OFFICE OF INTERNATIONAL AFFAIRS, U.S. SECURITIESAND EXCHANGE COMMISSION -- STATEMENT OF SCOTT G. ALVAREZ, GENERAL COUNSEL,BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -- STATEMENT OF MARTIN SKANCKE, DIRECTOR GENERAL,ASSET MANAGEMENT DEPARTMENT, NORWEGIANMINISTRY OF FINANCE -- STATEMENT OF SIMON CLAUDE ISRAEL, EXECUTIVEDIRECTOR, TEMASEK HOLDINGS (PRIVATE) LIMITED -- STATEMENT OF DAVID DENISON, PRESIDENT AND CEO,CANADA PENSION PLAN INVESTMENT BOARD -- STATEMENT OF MATTHEW SLAUGHTER, PROFESSOR,TUCK SCHOOL OF BUSINESS, DARTMOUTH COLLEGE -- APPENDIX -- STATEMENT OF SCOTT G.ALVAREZ, GENERALCOUNSEL, BOARD OF GOVERNORS OF THEFEDERAL RESERVE SYSTEM BEFORE THECOMMITTEE ON BANKING,HOUSING, AND URBANAFFAIRS UNITED STATES SENATE -- SOVEREIGN WEALTH FUNDS -- INVESTMENTS OF SOVEREIGN WEALTH FUNDS IN U.S.FINANCIAL SERVICES COMPANIES -- THRESHOLDS FOR FEDERAL RESERVE REVIEW -- INVESTMENTS OF SOVEREIGN WEALTH FUNDS IN FOREIGNBANKING ORGANIZATIONS -- THE FEDERAL RESERVE'S APPROACH TO FOREIGNGOVERNMENT OWNERSHIP -- REGULATION OF BANK HOLDING COMPANIES -- CONCLUSION -- REFERENCES -- INVESTMENTS AND ACQUISITIONS IN THE UNITEDSTATES BY GOVERNMENT ENTITIES, TESTIMONYBY ALAN LARSON, SENIOR INTERNATIONALPOLICY ADVISOR,COVINGTON &BURLING LLP,BEFORE THE SENATE COMMITTEE ON BANKING,HOUSING AND URBAN AFFAIRS,NOVEMBER 14, 2007 -- THE BENEFITS FOR FOREIGN INVESTMENTIN THE UNITED STATES.

GOVERNMENT INVESTMENT ENTITIES: NOT A NEWPHENOMENON, A VARIETY OF SHAPES -- REASONS FOR FOREIGN GOVERNMENT ENTITIES TO INVEST INTHE UNITED STATES -- THE DEMAND FOR INVESTMENTS AND ACQUISITIONS IN THEUNITED STATES IS LIKELY TO GROW -- POLICY ISSUES:GLOBAL IMBALANCES AND TRANSPARENCY -- POLICY ISSUES: THE FOREIGN INVESTMENT AND NATIONALSECURITY ACT OF 2007 (FINSA) -- CONCLUSION -- SOVEREIGN WEALTH FUNDS AND IMPLICATIONSFOR POLICY, TESTIMONY BY JAGDISH BHAGWATI,BEFORE THE SENATE FOREIGN RELATIONSCOMMITTEE,WEDNESDAY,11THJUNE 2008* -- SOVEREIGN WEALTH FUNDS -- ANXIETY OVER SWFS -- PUBLIC POLICY ON SW FS: PUTTING IT INTO CONTEXT -- WHICH WAY FOR US POLICY ON SWFS -- U.S. REGULATORY FRAMEWORK FOR ASSESSINGSOVEREIGN INVESTMENTS, TESTIMONY BYJEANNE S. ARCHIBALD, DIRECTOR,INTERNATIONAL TRADE PRACTICE, HOGAN &HARTSON LLP, BEFORE THE SENATECOMMITTEE ON BANKING, HOUSING AND URBANAFFAIRS,APRIL 24, 2008 -- THE FOREIGN POLICY IMPLICATIONS OFSOVEREIGN WEALTH FUNDS -- BACKGROUND -- THE PATTERN OF SOVEREIGN WEALTH FUND INVESTMENTS -- OVERALL EFFECTS ON U.S. FOREIGN POLICY -- EFFECTS ON DEMOCRACY PROMOTION -- TESTIMONY OF DAVID MARCHICK,MANAGINGDIRECTOR AND GLOBAL HEAD OF REGULATORYAFFAIRS, THE CARLYLE GROUP, BEFORE THE UNITEDSTATES SENATE,COMMITTEE ON FOREIGNRELATIONS,JUNE 11, 2008* -- HISTORICAL CONTEXT FOR THIS DEBATE -- SWFS AND FOREIGN POLICY -- CARLYLE'S EXPERIENCE WITH GOVERNMENTINVESTMENT ORGANIZATIONS -- SUMMARY -- TESTIMONY OF DAVID MARCHICK,MANAGINGDIRECTOR AND GLOBAL HEAD OF REGULATORYAFFAIRS, THE CARLYLE GROUP, BEFORE THEUNITED STATES SENATE, COMMITTEE ONBANKING, HOUSING, AND URBAN AFFAIRS,APRIL 24, 2008.

THE REGULATORY FRAMEWORK FOR SOVEREIGNINVESTMENTS, TESTIMONY BEFORE THECOMMITTEE ON BANKING, HOUSING, AND URBANAFFAIRS, UNITED STATES SENATE,APRIL 24, 2008,BY ETHIOPIS TAFARA, DIRECTOR, OFFICE OFINTERNATIONAL AFFAIRS, U.S. SECURITIES ANDEXCHANGE COMMISSION -- U.S. SENATE COMMITTEE ON FOREIGNRELATIONS, SENATOR RICHARD G.LUGAR,OPENING STATEMENT FOR HEARING ONSOVEREIGN WEALTH FUNDS, JUNE 11, 2008 -- STATEMENT OF CHAIRMAN DODD, "TURMOIL INU.S. CREDIT MARKETS: EXAMINING THE U.S.REGULATORY FRAMEWORK FOR ASSESSINGSOVEREIGN INVESTMENTS"* -- THE COMMITTEE ON FOREIGN INVESTMENT INTHE UNITED STATES (CFIUS)* -- ABSTRACT -- BACKGROUND -- ESTABLISHMENT OF CFIUS -- THE "EXON-FLORIO" PROVISION -- TREASURY DEPARTMENT REGULATIONS -- THE "BYRD AMENDMENT" -- THE AMENDED CFIUS PROCESS -- Procedures -- Factors for Consideration -- Confidentiality Requirements -- Mitigation and Tracking -- CFIUS SINCE EXON-FLORIO -- IMPACT OF THE EXON-FLORIO PROCESS ON CFIUS -- CONCLUSIONS -- REFERENCES -- INDEX.