H.R. 2932 · 115th Congress
Foreign Investment and Economic Security Act of 2017
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DeLauroSponsor9 cosponsors · 9 D
D
Conyers
PD
D
DeFazio
RG
D
Grijalva
MP
D
Pocan
LS
D
Slaughter
RK
D
Khanna
BM
D
McCollum
JM
D
McGovern
JS
D
Schakowsky5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Defense Production Act of 1950 to provide for: (1) national security reviews of transactions involving the construction of a new facility in the United States by any foreign person (currently, national security reviews are conducted only for certain mergers, acquisitions, or takeovers by or with a foreign person); and (2) net U.S.
What it does: CRS summary · Introduced in House · Jun 16, 2017
Foreign Investment and Economic Security Act of 2017
This bill amends the Defense Production Act of 1950 to provide for: (1) national security reviews of transactions involving the construction of a new facility in the United States by any foreign person (currently, national security reviews are conducted only for certain mergers, acquisitions, or takeovers by or with a foreign person); and (2) net U.S. benefit reviews of new construction, mergers, acquisitions, or takeovers by or with a foreign person.
The bill makes net benefit reviews mandatory for transactions that meet specified Clayton Act requirements.
The Committee on Foreign Investment in the United States (CFIUS) shall consider a transaction's effect on: (1) employment, resource processing, utilization of parts and services produced in or imported into the United States, and exports; (2) industrial efficiency, technological development, technology transfers, and product innovation; (3) domestic or foreign competition; (4) compatibility with national industrial and economic policies; and (5) public health, safety, and the environment.
In the case of a net benefit determination concerning a foreign government-influenced transaction, the CFIUS must consider:
- the governance and commercial orientation of the foreign person engaging in such transaction;
- the extent to which the foreign person is owned, controlled, or influenced by the foreign government; and
- adherence to U.S. law and corporate governance standards, engagement of the foreign country with the Securities and Exchange Commission and the Public Company Accounting Oversight Board, and the likelihood of commercial operation.
The bill prohibits transactions that the President determines are not of net U.S. benefit and bars judicial review of such determinations.
The bill also revises the composition of the CFIUS for the purpose of carrying out net benefit determinations.
The term "foreign government-controlled transaction" is revised to include a person with access to below-market loans or other financing from a foreign government.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Foreign Investment and Economic Security Act of 2017
Latest action (Jun 23, 2017): Referred to the Subcommittee on Digital Commerce and Consumer Protection.
Policy area: Foreign Trade and International Finance · Origin: House · Introduced: Jun 16, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.