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Committee on Foreign Investment in the United States Reform Act

Introduced: March 9, 2006 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
Mar 9, 2006
Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, and International Relations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Mar 9, 2006
Sponsor introductory remarks on measure. (CR E340-341)
Mar 9, 2006
Introduced in House
 Plain-English summary Congressional Research Service

Committee on Foreign Investment in the United States Reform Act - Amends the Defense Production Act of 1950 to revise provisions concerning presidential authority to review any mergers, acquisitions, and takeovers (transactions) that could result in foreign control of persons engaged in interstate commerce in the United States. Directs the President, after receiving written notification of a transaction, to determine whether the transaction may possibly have an effect on U.S. national security. Requires an investigation whenever a review determines that the transaction could result in foreign control of persons engaged in U.S. interstate commerce. Provides that, when a review determines that conditions must be established on the transaction before its approval, such determination shall not be final until approved by the President and either the Secretary or Deputy Secretary of the Treasury. Outlines national security investigation requirements and procedures.

Authorizes the President to establish interim protections in the case of a withdrawal of written notice of a proposed or pending transaction before a review or investigation is completed.

Provides additional factors to be considered in an investigation, including whether the transaction affects U.S. critical infrastructure.

Requires annual and quarterly reports to Congress on such reviews and investigations.

Reestablishes the Committee on Foreign Investment in the United States (CFIUS) as a multi-agency committee (currently, a committee within the Department of the Treasury).

What's happening now March 9, 2006

Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, and International Relations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Committees of jurisdiction 3
 Cosponsors 2
All 2 Democratic 2