H.R.3847 - Domestic Industry Safeguard Act102nd Congress (1991-1992)
|Sponsor:||Rep. Gunderson, Steve [R-WI-3] (Introduced 11/21/1991)|
|Committees:||House - Energy and Commerce|
|Latest Action:||House - 01/14/1992 Referred to the Subcommittee on Telecommunications and Finance. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3847 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (11/21/1991)
Domestic Industry Safeguard Act - Amends the Securities Exchange Act of 1934 to establish additional reporting requirements for foreign investors. Requires such investors to file statements: (1) specifying whether they intend to sell or close any facility, or terminate or alter any operation, during the two-year period following completion of the acquisition; (2) estimating the number of jobs that are likely to be lost during that two-year period; (3) specifying their aggregate amount of liabilities and equity (before and after such acquisition); and (4) describing the manner in which such assets will be treated and used. Subjects any person who makes false or misleading statements to civil liability.
Prohibits such foreign investors from selling, leasing, or disposing of (with certain exceptions) any assets of an issuer during the two years following acquisition.
Sets forth additional restrictions with respect to tender offers for securities made or consummated by or for a foreign investor.
Directs the Securities and Exchange Commission to conduct a study to: (1) determine the amount of foreign investment in the United States; (2) gather information on corporate takeovers of U.S. companies by foreign investors; and (3) analyze the need for additional Federal regulations to protect local jobs and regional economies from adverse consequences of such foreign investment and takeovers.
Directs the Secretary of the Treasury to conduct a study of the loss of revenues occurring as a result of the deductibility of debt services expenses incurred by a foreign acquirer in the course of conducting a hostile takeover of U.S. company.