Foreign Investment National Security Review Act of 2006

Bill: 109-hr-4929
Sponsor: Rep. Sabo, Martin Olav [D-MN-5]
Introduced: 2006-03-09 in the House
Policy area: Foreign Trade and International Finance
Subjects: Armed Forces and National Security
Business intelligence
Commerce
Congress
Congress and foreign policy
Congressional reporting requirements
Congressional veto
Corporate divestiture
Corporate mergers
Crime and Law Enforcement
Dubai Ports World aftermath legislation
Executive reorganization
Federal advisory bodies
Foreign corporations
Foreign investments
Government Operations and Politics
Government corporations
Government ownership
Governmental investigations
Infrastructure
Infrastructure (Economics)
International Affairs
Leases
Legislative resolutions
President and foreign policy
Science, Technology, Communications
Technology transfer
Terrorism

Summary:
action_date: 2006-03-09
text: 
Foreign Investment National Security Review Act of 2006 - Amends the Defense Production Act of 1950 to revise provisions concerning presidential authority to review pending or proposed mergers, acquisitions, or takeovers (transactions) which could result in foreign control of any person engaged in interstate commerce in the United States. Directs the President, after receiving written notification of a transaction, and acting through the Committee on Foreign Investment in the United States (CFIUS), to conduct an investigation to determine the effects, if any, of the transaction on U.S. national security. Requires investigations to be completed within 75 days.
 
Reestablishes CFIUS as a multi-agency committee (currently, a committee within the Department of the Treasury).
 
Prohibits a transaction unless the President finds that it will not threaten to impair U.S. national security. Provides for enforcement of presidential findings. Prohibits judicial review of such determinations. Outlines factors to be considered during an investigation, including domestic production and national defense requirements.
 
Requires the President, after a determination to approve or disapprove a transaction, to immediately notify (by written report) both Houses of Congress. Allows Congress 30 days after notification of an approved transaction to pass a joint resolution disapproving the transaction.
 
Directs the President and designated agencies to submit biennial reports to Congress on: (1) evidence of coordinated strategies by one or more countries to acquire U.S. companies involved in research, development, or production of critical technologies for which the United States is a leading producer; and (2) U.S. critical infrastructure owned, controlled, or dominated by an alien, foreign corporation, or foreign government.


Legislative actions:
action_date: 2006-04-21
text: Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
action_date: 2006-03-09
text: Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Intelligence (Permanent Select), 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.
action_date: 2006-03-09
text: Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Intelligence (Permanent Select), 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.
action_date: 2006-03-09
text: Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Intelligence (Permanent Select), 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.
action_date: 2006-03-09
text: Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Intelligence (Permanent Select), 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.
action_date: 2006-03-09
text: Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Intelligence (Permanent Select), 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.
action_date: 2006-03-09
text: Introduced in House
action_date: 2006-03-09
text: Introduced in House