H.R.4915 - Committee on Foreign Investment in the United States Reform Act109th Congress (2005-2006)
|Sponsor:||Rep. Maloney, Carolyn B. [D-NY-14] (Introduced 03/09/2006)|
|Committees:||House - Financial Services; Energy and Commerce; International Relations|
|Latest Action:||03/09/2006 Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, and International Relations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (All Actions)|
This bill has the status Introduced
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Subject — Policy Area:
- Foreign Trade and International Finance
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Summary: H.R.4915 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (03/09/2006)
Committee on Foreign Investment in the United States Reform Act - Amends the Defense Production Act of 1950 to revise provisions concerning presidential authority to review any mergers, acquisitions, and takeovers (transactions) that could result in foreign control of persons engaged in interstate commerce in the United States. Directs the President, after receiving written notification of a transaction, to determine whether the transaction may possibly have an effect on U.S. national security. Requires an investigation whenever a review determines that the transaction could result in foreign control of persons engaged in U.S. interstate commerce. Provides that, when a review determines that conditions must be established on the transaction before its approval, such determination shall not be final until approved by the President and either the Secretary or Deputy Secretary of the Treasury. Outlines national security investigation requirements and procedures.
Authorizes the President to establish interim protections in the case of a withdrawal of written notice of a proposed or pending transaction before a review or investigation is completed.
Provides additional factors to be considered in an investigation, including whether the transaction affects U.S. critical infrastructure.
Requires annual and quarterly reports to Congress on such reviews and investigations.
Reestablishes the Committee on Foreign Investment in the United States (CFIUS) as a multi-agency committee (currently, a committee within the Department of the Treasury).