H.R.4915 - Committee on Foreign Investment in the United States Reform Act109th Congress (2005-2006)
Summary: H.R.4915 — 109th Congress (2005-2006)
Introduced in House (03/09/2006)
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).