Backbencher Terry Lister warned Bermuda’s children could be “cut off at the knees” as MPs passed amendments relaxing the 60-40 rule on foreign ownership.The former Cabinet Minister said the law change — designed to help local companies attract foreign investment — could see non-Bermudians benefiting at the expense of Bermudians.Some locals could now allow larger stakes of their business go overseas through greed, Mr Lister told the House of Assembly during the debate on the Companies Amendment Act.But the Progressive Labour Party MP conceded there was little point him voting on the matter because, if he did, he would lose by 35 votes to one.The One Bermuda Alliance supported the amendments, claiming they had long been championed by Shadow Finance Minister Bob Richards, and implying Business Development Minister Wayne Furbert had picked up the idea during his time as United Bermuda Party leader.The bill allows firms listed on the Bermuda Stock Exchange, or another designated exchange, to apply for a licence to access more capital overseas than the current 60 percent Bermudian ownership requirement allows.It paves the way for overseas investors to increase their ownership in BSX-listed companies such as Ascendant Group, KeyTech, BF&M and Argus Group Holdings.Mr Furbert told the House on Friday the extra foreign capital investment would improve liquidity in the local market, thereby helping production and services.But Mr Lister said: “I have never supported these sorts of things. I’m always concerned about where we go tomorrow.”Mr Richards had earlier repeated his claim that Bermuda must “open up or die”, but Mr Lister argued: “This idea of open up or die. What is that?“What’s our responsibility to tomorrow? When we change routes, how are they going to affect our grandchildren?“Do I stay in my seat and pass legislation that cuts our children off at the knees?“I’m going to encourage Ministers to be very careful to exercise this power that we are holding and are giving away today. It’s something I’m very uncomfortable with.“We have suffered through protectionism but, in so many ways, it’s helping the Island. When we have come together and tried to do what’s right for Bermuda, overall it’s generally worked.”Noting Mr Richards had bemoaned only being able to sell 40 percent of his business to the richest people in the world, the Sandys South MP went on: “That sounds a good deal to me.”At this point, Mr Richards cut in: “It’s my choice.”But Mr Lister continued: “Sometimes, we get running away with a little something called greed.”Calling for colleagues to monitor which industries are able to relax the rule, Mr Lister said: “I want an opportunity for my children and grandchildren. I want to be able to grow this thing without strangling and stifling ourselves.”Earlier in the debate, Shadow Business Development Minister Shawn Crockwell said: “The OBA supports the amendment and thanks Wayne Furbert for embracing the recommendation from Bob Richards.”Mr Furbert argued if the OBA or UBP was in power it would have moved so slowly bringing the amendments to the House people would still be waiting another five years for them.Mr Richards said: “All of us have lived on an Island that’s steeped in protectionism. It’s all part of the economic gospel in Bermuda, that we must keep out foreign competition otherwise we will be overwhelmed by them.”Shadow Education Minister Grant Gibbons said he supported the bill but sympathised with Mr Lister’s concerns.Dr Gibbons noted that when HSBC acquired Bank of Bermuda, people joked HSBC stood for Henry Smith’s Big Cheque.“A lot of people are probably saying, ‘Bring them on, I would love to sell my business to a big cheque from a foreign entity,’” said Dr Gibbons.“But if you start to open it up, then don’t complain if all of a sudden you find ownership is not based in Bermuda so much but is based somewhere else.”OBA MP Cole Simons said the amendment would help the Island remain a world class market but questioned whether people would be prepared for Bermuda companies to have shares listed on stock exchanges in places including Nigeria and the UK.