S.1404 - Foreign Investment Security Act of 2007110th Congress (2007-2008)

Summary: S.1404 — 110th Congress (2007-2008)All Information (Except Text)

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Introduced in Senate (05/15/2007)

Foreign Investment Security Act of 2007 - Amends the Defense Production Act of 1950 relating to authorized investigations of the effects on national security of a proposed acquisition, merger, or takeover (transaction) by or with foreign persons which could result in foreign control of persons engaged in U.S. commerce to: (1) extend the time to commence such investigation; (2) require the findings and recommendations of any investigation to be sent immediately to the President and specified congressional committees for review; (3) require certain factors to be considered as part of such investigation, including the effect on domestic production and long-term projections of U.S. requirements for sources of energy and other critical resources; (4) direct the Secretary of the Treasury to report quarterly to such committees a detailed summary and analysis of each transaction being, or likely to be, reviewed; and (5) subject the President's decision not to suspend or prohibit a transaction to a congressional approval process.