Foreign Investment and Economic Security Act of 1991

Summary

Foreign Investment and Economic Security Act of 1991 - Amends provisions of the Defense Production Act of 1950 relating to the authority of the President to review certain mergers, acquisitions, and takeovers in the interest of national security to: (1) allow such review also when economic security is being threatened; (2) include joint ventures within such review authority; and (3) provide for such review when foreign persons could have access to technology in the United States. Authorizes an investigation of a merger, acquisition, joint venture, or takeover when the action undertaken would result in foreign ownership or control of ten percent or more of the voting securities or other evidence of ownership of a person engaged in interstate commerce in the United States. Adds the following factors to be considered by the President in determining whether an action threatens the requirements of economic and national security: (1) the concentration of foreign direct investment in the industry in question and the impact of further investment; (2) the U.S. critical technologies included in the most recent plans submitted to the Congress or the President; and (3) whether the persons engaged in U.S. commerce have received Government funds, by grant or contract, within the last ten years, and, if so, the dollar amounts of such funds. Requires regulations promulgated under such Act to require each foreign person who files information to include all information relating to the merger, acquisition, joint venture, or takeover that such foreign person is required to file with his or her country's government. Outlines the composition of a committee to act as the President's designee in exercising such review authority. Provides the committee with access to all appropriate information. Provides disclosure restrictions. Requires the committee to report to the Congress on each investigation conducted. Exempts the review authority provisions of such Act from a provision requiring the termination of such Act on specified dates. Amends the Foreign Direct Investment and International Financial Data Improvements Act of 1990 to authorize the Secretary of Commerce to create no less than three staff positions to assist the Secretary in compiling a report on foreign direct investment in the United States. Directs the Comptroller General, as part of a follow-up report to each report of the Secretary of Commerce, to make recommendations for changes in Federal law to protect the competitiveness of the U.S. industrial base. Revises the due dates of such follow-up reports. Amends the International Investment and Trade in Services Survey Act to increase the civil penalties for failure to provide required information in enforcing such Act.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 17 May 1991

  Open at official source

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