H.R.3533 - To prevent foreign persons from owning national landmarks, areas included in the National Park System, and a significant portion of United States cultural business enterprises.102nd Congress (1991-1992)
|Sponsor:||Rep. Panetta, Leon [D-CA-16] (Introduced 10/09/1991)|
|Committees:||House - Energy and Commerce; Interior and Insular Affairs|
|Latest Action:||House - 10/18/1991 Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3533 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (10/09/1991)
Prohibits: (1) a national landmark from being acquired directly by one or more foreign persons; (2) a corporation from holding a national landmark if one or more foreign persons own directly or indirectly more than 50 percent of the total number of shares of stock in it; (3) the Secretary of the Interior from transferring any U.S. right, title or interest in or to any area of land or water if, as a result such right, title, or interest would be held directly or indirectly by a foreign person; and (4) the investment in a corporation by a foreign person if it results in direct or indirect ownership by one or more foreign persons of more than 50 percent of the total number of shares of stock in U.S. cultural business enterprises.
Requires a foreign person who becomes a five percent shareholder in a U.S. cultural business enterprise, or a corporation which directly or indirectly holds a national landmark, to register such investment with the Chairman of the corporation.
Directs the Chairman to apply rules similar to those provided by this Act with respect to an entity that is not a corporation.