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[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4814 Introduced in House (IH)]

109th CONGRESS
  2d Session
                                H. R. 4814

 To amend section 721 of the Defense Production Act of 1950 to suspend 
  all proposed mergers, acquisitions, or takeovers by foreign persons 
                 until certain determinations are made.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           February 28, 2006

  Mr. Garrett of New Jersey introduced the following bill; which was 
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

_______________________________________________________________________

                                 A BILL

 
 To amend section 721 of the Defense Production Act of 1950 to suspend 
  all proposed mergers, acquisitions, or takeovers by foreign persons 
                 until certain determinations are made.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Safe and Accountable Foreign 
Enterprises Proving Other Requirements To Secure (SAFE PORTS) Act''.

SEC. 2. MODIFICATION OF PROCEDURES FOR PROPOSED MERGERS, ACQUISITIONS, 
              OR TAKEOVERS BY FOREIGN PERSONS.

    (a) Suspension of Mergers, Acquisitions, and Takeovers.--Section 
721(a) of the Defense Production Act of 1950 (50 U.S.C. App. 2170(a) is 
amended--
            (1) by striking--
    ``(a) Investigations.--The President'' and inserting
    ``(a) Investigations.--
            ``(1) In general.--The President''; and
            (2) by adding at the end the following:
            ``(2) Required determinations.--No proposed or pending 
        merger, acquisition, or takeover to which paragraph (1) applies 
        may become effective unless approved by the President or the 
        President's designee, and no such merger, acquisition, or 
        takeover may be so approved unless the President has determined 
        that--
                    ``(A) there is no credible evidence that leads the 
                President to believe that the foreign interest that 
                would exercise control of persons engaged in interstate 
                commerce in the United States might take action that 
                would threaten to impair the national security of the 
                United States; and
                    ``(B) provisions of law other than this section and 
                the International Emergency Economic Powers Act (50 
                U.S.C. 1701-1706) provide adequate and appropriate 
                authority for the President to protect the national 
                security with respect to the proposed merger, 
                acquisition, or takeover.
            ``(3) Required investigation.--If the President is unable 
        to make the determination required under paragraph (2) with 
        respect to a merger, acquisition, or takeover, then an 
        investigation shall be made under subsection (b) with respect 
        to that merger, acquisition, or takeover.
            ``(4) Judicial review.--Any determination of the President 
        under paragraph (2) is not subject to judicial review.''.
    (b) Conforming Amendments.--Section 721 of the Defense Production 
Act of 1950 is amended--
            (1) in subsection (d), by striking ``Subject to subsection 
        (d), the'' and inserting ``The'';
            (2) by striking subsection (e) and redesignating 
        subsections (f) through (k) as subsections (e) through (j), 
        respectively; and
            (3) in subsection (f), as redesignated--
                    (A) in the heading, by striking ``Report'' and 
                inserting ``Reports'';
                    (B) by striking ``The President'' and inserting--
            ``(1) Reports of actions taken.--The President'';
                    (C) by striking ``findings made under subsection 
                (e) and the factors considered under subsection (f)'' 
                and inserting ``the factors considered under subsection 
                (e)''; and
                    (D) by adding at the end the following:
            ``(2) Quarterly reports.--
                    ``(A) Reports.--Not later than the 30 days after 
                the end of each calendar quarter, the President shall 
                transmit to the Congress a report on the actions taken 
                under subsection (a) during that calendar quarter on 
                all proposed mergers, acquisitions, and takeovers.
                    ``(B) Definition.--In this paragraph, the term 
                `calendar quarter' means the 3-month period beginning 
                on January 1, April 1, July 1, and October 1 of each 
                year.''.
                                 <all>
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