Foreign Investment Security Improvement Act of 2006

Bill: 109-hr-4807
Sponsor: Rep. King, Peter T. [R-NY-3]
Introduced: 2006-02-28 in the House
Policy area: Foreign Trade and International Finance
Subjects: Armed Forces and National Security
Civil actions and liability
Classified defense information
Commerce
Congress
Congressional oversight
Congressional reporting requirements
Congressional veto
Congressional-executive relations
Corporate divestiture
Corporate mergers
Corporation directors
Crime and Law Enforcement
Criminal justice information
Customs administration
Dubai Ports World aftermath legislation
Executives
Federal advisory bodies
Foreign corporations
Foreign investments
Freight
Government Operations and Politics
Government corporations
Government ownership
Government paperwork
Governmental investigations
Identification of criminals
Infrastructure
International Affairs
Labor and Employment
Law
Legislative resolutions
Marine safety
Marine terminals
Middle East and North Africa
Personnel records
President and foreign policy
Private police
Security measures
Terrorism
Transportation and Public Works
United Arab Emirates

Summary:
action_date: 2006-02-28
text: 
Foreign Investment Security Improvement Act of 2006 - Directs the President (or the President's designee) to investigate, under the Defense Production Act of 1950, the acquisition by Dubai Ports World (DP World), an entity owned or controlled by the Emirate of Dubai, of the Peninsular and Oriental (P&O) Steam Navigation Company, a national of the United Kingdom. Requires such investigation to be completed within 45 days after enactment of this Act.
 
Directs the President to suspend any decision, under provisions of the Defense Production Act of 1950 permitting the President to stop the acquisition because it will impair national security, with respect to such acquisition made before the completion of the investigation, including any decision made before enactment of this Act.
 
Specifies requirements for the investigation. Requires the Secretary of Homeland Security to provide information for the investigation, including: (1) relevant information on DP World from the Automated Targeting System maintained by U.S. Customs and Border Protection; and (2) port assessments at foreign seaports where DP World operates.
 
Requires the President to: (1) report to Congress within 15 days after completion of the investigation; and (2) provide certain Members of Congress a detailed briefing on the contents of the report.
 
Requires the President to take action necessary to prohibit the acquisition if the President does not stop the acquisition under the provisions of the Defense Production Act of 1950 permitting the President to stop the acquisition because it will impair national security if a joint resolution of disapproval is enacted into law within 30 days after Congress receives a report from the President that an acquisition will not be stopped. Requires, if such acquisition has been already been completed, the President to direct the Attorney General to seek divestment or other appropriate relief in US district courts.


Legislative actions:
action_date: 2006-03-21
text: Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
action_date: 2006-03-17
text: Referred to the Subcommittee on Commerce, Trade and Consumer Protection, for a period to be subsequently determined by the Chairman.
action_date: 2006-02-28
text: Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Homeland Security, 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: 2006-02-28
text: Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Homeland Security, 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: 2006-02-28
text: Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Homeland Security, 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: 2006-02-28
text: Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Homeland Security, 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: 2006-02-28
text: Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Homeland Security, 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: 2006-02-28
text: Sponsor introductory remarks on measure. (CR E233-235)
action_date: 2006-02-28
text: Introduced in House
action_date: 2006-02-28
text: Introduced in House