Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Foreign Investment Security Act of
2005''.

SEC. 2. CONGRESSIONAL AUTHORITY UNDER DEFENSE PRODUCTION ACT.

Section 721 of the Defense Production Act of 1950 (50 U.S.C. App.
2170) is amended--
(1) in subsection (a)--
(A) by striking ''30'' and inserting ''60''; and
(B) by adding at the end the following: ''The
findings and recommendations of any such investigation
shall be sent immediately to the President and to the
Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the
House of Representatives for review.'';
(2) in subsection (b)--
(A) by inserting before the first period '', or in
such instance at the request of the chairman and
ranking member of the Committee on Banking, Housing,
and Urban Affairs of the Senate or the Committee on
Financial Services of the House of Representatives'';
(B) in paragraph (2), by inserting before the
period '', and the findings and recommendations of such
investigation shall be sent immediately to the
President and to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives for
review''; and
(C) by striking ''30'' and inserting ''60'';
(3) in subsection (f)--
(A) by striking ''designee may'' and inserting
''designee shall'';
(B) in paragraph (4), by striking ''and'' at the
end;
(C) in paragraph (5), by striking the period at the
end and inserting ''; and''; and
(D) by adding at the end the following:
''(6) the long-term projections of United States
requirements for sources of energy and other critical resources
and materials and for economic security.'';
(4) in subsection (g)--
(A) by striking ''The President'' and inserting the
following:
''(1) In general.--The President''; and
(B) by adding at the end the following:
''(2) Quarterly submissions.--The Secretary of the Treasury
shall transmit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives on a quarterly basis, a
detailed summary and analysis of each merger, acquisition, or
takeover that is being reviewed, was reviewed during the
preceding 90-day period, or is likely to be reviewed in the
coming quarter by the President or the President's designee
under subsection (a) or (b). Each such summary and analysis
shall be submitted in unclassified form, with classified
annexes as the Secretary determines are required to protect
company proprietary information and other sensitive
information. Each such summary and analysis shall include an
appendix detailing dissenting views.''; and
(5) by adding at the end the following new subsections:
''(l) Congressional Authority.--
''(1) In general.--If the President does not suspend or
prohibit an acquisition, merger, or takeover under subsection
(d), the acquisition, merger, or takeover may not be
consummated until 10 legislative days after the President
notifies the Congress of the decision not to suspend or
prohibit. If a joint resolution objecting to the proposed
transaction is introduced in either House of Congress by the
chairman of one of the appropriate congressional committees
during such 10-legislative-day period, the transaction may not
be consummated until 30 legislative days after the date on
which such resolution is introduced.
''(2) Disapproval upon passage of resolution.--If a joint
resolution introduced under paragraph (1) is enacted into law,
the transaction may not be consummated.
''(3) Considerations.--The Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives shall review any
findings and recommendations submitted under subsection (a) or
(b), and any joint resolution under paragraph (1) of this
subsection shall be based on the factors outlined in subsection
(f).
''(4) Senate procedure.--Any joint resolution under
paragraph (1) shall be considered in the Senate in accordance
with the provisions of section 601(b) of the International
Security Assistance and Arms Export Control Act of 1976 (Public
Law 94-329, 90 Stat. 765).
''(5) House consideration.--For the purpose of expediting
the consideration and enactment of a joint resolution under
paragraph (1), a motion to proceed to the consideration of any
such joint resolution shall be treated as highly privileged in
the House of Representatives.
''(m) Thorough Review.--The President, or the President's designee,
shall ensure that an acquisition, merger, or takeover that is completed
prior to a review or investigation under this section shall be fully
reviewed for national security considerations, even in the event that a
request for such review is withdrawn.''.
A:
Foreign Investment Security Act of 2005 - 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.