Summary: H.R.16848 — 93rd Congress (1973-1974)All Information (Except Text)

There is one summary for H.R.16848. Bill summaries are authored by CRS.

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Introduced in House (09/24/1974)

Foreign Investment Control Act - Declares that the Congress finds that recent international economic and monetary changes have stimulated investment by foreign persons in industries and real property in the United States.

Establishes the National Foreign Investment Commission. Specifies the duties, powers, and composition of the Commission.

States that, within ninety days after the date of enactment of this Act, and at the end of each six-month period thereafter, the Commission shall determine and notify each issuer which is substantially involved in any area essential to the United States national security and/or economic security and each issuer which is substantially involved in any area important to the United States national security and/or economic security as defined and described in this Act.

Requires the Commission to publish in the Federal Register the names of all issuers so determined under this Act. Requires each such issuer to submit to the Commission (within sixty days after receiving notification from the Commission) the names and nationalities of all individuals not citizens of the United States, and the names of all persons other than individuals who own voting securities of such issuers. States that such list shall also be transmitted to the Securities Exchange Commission which shall, in turn, require each broker, dealer, and bank registered under the Securities Exchange Act of 1934: (1) not to sell to any individual who is not a citizen of the United States any right, title, or interest in any security of an issuer on the list which is substantially involved in any area essential to our national security and/or economic security; (2) to contact the Commission for approval before it sells to any person who is not an individual (or to any individual acting as an agent for such a person) any right, title, or interest in any security of an issuer on the list which is substantially involved in any area essential to our national security and/or economic security; and (3) to inform the Commission immediately after it sells to any person any right, title, or interest in any security of an issuer on the list which is substantially involved in any area important to our national security and/or economic security.

States that the Commission shall order (1) each individual whose name was submitted under this Act and (2) each person which the Commission determines is owned or controlled by a person not a citizen of the United states, who owns any right, title, or interest in any voting security of any issuer substantially involved in any area essential to our national security and/or economic security; to sell (within a period of sixty days after such order) all such securities to any citizen of the United States, or (with the Commission's prior approval) to any person not included in the prohibitions of this Act.

Provides that, within a period of one hundred and eighty days after the enactment of this Act, the Commission shall determine which minerals, fertile realty for agriculture, timber lands, and other resources are to be included in a list of resources which are strategic to the national security and/or economic security of the United States.

States that after such list is so published, if any seller or lessor of real estate located in the United States, or his agent, knows or has reason to know that such real estate contains resources on such list in commercially exploitable amounts, he shall not sell or lease such real estate to any individual who is not a citizen of the United States, or to such individual's agent.

States that whoever fails to comply with specified requirements of this Act shall be fined not more than $10,000 for each such failure.