H.R.4831 - Patriotic Purchasing Act of 2002107th Congress (2001-2002)
||Rep. Turner, Jim [D-TX-2] (Introduced 05/23/2002)
||House - Government Reform
||05/23/2002 Referred to the House Committee on Government Reform. (All Actions)
This bill has the status Introduced
Here are the steps for Status of Legislation:
Introduced in House (05/23/2002)
Patriotic Purchasing Act of 2002 - Prohibits any foreign corporation that acquires a domestic corporation or partnership on or after the date that is ten years before this Act's enactment from being eligible to be awarded a Federal contract if immediately after such transaction, more than 80 percent of the stock of the acquiring corporation is held by former shareholders or partners of the domestic corporation or partnership. Substitutes 50 percent for 80 percent if: (1) the acquiring corporation does not have substantial business activities in the foreign country in which or under the law of which such corporation is created or organized; and (2) the stock of such corporation is publicly traded and the principal market for trading it is in the United States.