H.R. 4929 · 109th Congress
Foreign Investment National Security Review Act of 2006
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SaboSponsorNo cosponsors.
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.
What it does: CRS summary · Introduced in House · Mar 9, 2006
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Foreign Investment National Security Review Act of 2006
Latest action (Apr 21, 2006): Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
Policy area: Foreign Trade and International Finance · Origin: House · Introduced: Mar 9, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.