HR 5 101th Congress House Foreign Trade and International Finance Congressional reporting requirements Data banks Foreign investments Foreign ownership of real property Government paperwork Information disclosure (Securities law) Information services

Foreign Ownership Disclosure Act of 1989

Introduced: January 3, 1989 See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Oct 17, 1990

For Further Action See H.R.4520.

Feb 6, 1989

Referred to the Subcommittee on Telecommunications and Finance.

Jan 3, 1989

Referred to the House Committee on Energy and Commerce.

Jan 3, 1989

Introduced in House

Plain-English summary Congressional Research Service

Foreign Ownership Disclosure Act of 1989 - Requires any foreign person who holds or acquires a significant interest in a U.S. property or a controlling interest in a U.S. business enterprise to register with the Secretary of Commerce. Requires that any changes in registration information be disclosed in an amended registration. Sets forth penalties for the failure to comply with registration requirements.

Defines a "significant interest" in U.S. property as more than five percent of the total equity or ownership interests in assets or real property having a market value or gross sales in excess of specified amounts. Defines a "controlling interest" in a U.S. business enterprise as more than 25 percent of the total equity or ownership interests in a business enterprise having assets or gross sales in excess of specified amounts.

Directs the Secretary to submit an annual report to the President and the Congress concerning: (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 a registry of foreign investments in the United States. Limits access to the information in such registry.

What's happening now October 17, 1990

For Further Action See H.R.4520.

Committees of jurisdiction 2