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Foreign Ownership Disclosure Act

Introduced: January 6, 1987 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 22, 1987
Referred to Subcommittee on Telecommunications and Finance.
Jan 6, 1987
Referred to House Committee on Energy and Commerce.
Jan 6, 1987
Introduced in House
 Plain-English summary Congressional Research Service

Foreign Ownership Disclosure Act - Requires registration of an investment by a foreign person if the investment results in acquisition, ownership, or control by the foreign person of a cumulative interest of five percent or more in a U.S. person or in other property in the United States. Prohibits a foreign person from making such an investment unless the foreign person first registers the investment with the Secretary of Commerce. Sets forth information to be provided in the registration.

Requires foreign persons who, at the time of enactment of this Act, hold such investments in the United States to register those investments within 180 days and to include the date on which such investments were made.

Requires foreign persons to report certain information to the Secretary if they transfer interest in such investments.

Requires a foreign person who has investments in the United States to report certain information to the Secretary if another person acquires a cumulative interest of five percent or more in such foreign person.

Requires registration, if they have certain investments in the United States, by persons who become foreign persons and by foreign persons who change nationalities.

Requires foreign persons to give annual updates of their registration information to the Secretary.

Sets forth the method of determining whether a person acquires indirectly a cumulative interest of five percent or more in another person.

Sets forth civil and criminal penalties for violations of this Act.

Authorizes the Secretary to monitor compliance with this Act. Directs the Secretary to issue regulations to carry out this Act.

Directs the Secretary to report annually to the Congress and the President on: (1) the extent and effects of foreign investment in the United States; and (2) the effectiveness and efficiency of the registration and reporting requirements of this Act.

Directs the Secretary to compile an inventory of foreign investments in the United States which shall be available to the public.

What's happening now January 22, 1987

Referred to Subcommittee on Telecommunications and Finance.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 2