Foreign Investment Control Act

Summary

Foreign Investment Control Act - Establishes a National Foreign Investment Control Commission to prohibit or restrict foreign ownership or control of certain domestic securities deemed essential to the national or economic security of the United States. Authorizes the Commission to determine which securities are essential to such economic or national security. Requires issuers of such securities to notify the Commission of foreign owners of such securities. Directs the Commission to require certain foreign owners of such securities to sell such securities or a portion of such securities to United States citizens or persons. Requires the Commission to transmit a list of issuers involved in areas essential to national or economic security to the Securities Exchange Commission, the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation. Requires such agencies to transmit such list to the brokers, dealers, and banks under their jurisdiction. Prohibits such brokers, dealers, or banks from selling a listed security without approval of the National Foreign Investment Control Commission. Prohibits such purchases by persons acting in behalf of a foreign citizen or person without approval of the Commission. Requires the Securities Exchange Commission: (1) to notify the Commission of persons attempting to acquire such listed issuer; and (2) to delay the effectiveness of a merger or proxy solicitation involving a listed issuer until the National Foreign Investment Control Commission determines that the requirements of this Act have been met. Requires any person acquiring such listed security by tender offer or other means: (1) to file a statement with the Securities Exchange Commission prior to acquisition; and (2) to obtain the approval of the National Foreign Investment Control Commission. Directs the Commission: (1) to determine which minerals, agricultural land, timber, and other resources, are strategic to the national or economic security; and (2) to publish such list. Prohibits any seller or lessor of such listed real estate, who knows or has reason to know that such real estate contains listed resources, from selling or leasing to a foreign person. Directs the Commission to require foreign persons holding domestic securities, real estate, or other interests to report such holdings to the Commission. Directs the Commission to maintain such information in a National Registry of Foreign Investments. Imposes a fine of $10,000 for failure to comply with requirements of this Act.

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1 official file

• Introduced in House

  summary · EN · 4 January 1977

  Open at official source

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