Foreign Investment Disclosure and Reciprocity Act

Summary

Foreign Investment Disclosure and Reciprocity Act - Requires registration of an investment by a foreign person if the investment results in acquisition, ownership, or control by the foreign person of a cumulative interest of: (1) five percent or more in a U.S. person or in other property in the United States; (2) $10,000 or more in a bank deposit; or (3) $10,000 or more in U.S. securities. Prohibits a foreign person from making such an investment unless the foreign person first registers the investment with the Secretary of Commerce. Sets forth information to be provided in the registration, including a certification by the foreign person that it would be possible for the Federal Government, a U.S. citizen or a U.S. resident to make an investment of the same type and size in the same industry in the country or countries where the owners of the foreign person are located. Requires foreign persons who, at the time of enactment of this Act, hold such investments in the United States to register those investments within 180 days and to include the date on which such investments were made. Declares that certification need not be made for such investments, but prohibits increasing the cumulative interest of such investments unless the foreign person makes such certification. Requires foreign persons to report certain information to the Secretary if they transfer interest in such investments. Requires a foreign persons who have investments in the United States to report certain information to the Secretary if another person acquires a cumulative interest of five percent or more in such foreign person. Requires registration if they have certain investments in the United States, by persons who become foreign persons and by foreign persons who become foreign persons of other countries. Requires foreign persons to give annual updates of their registration information to the Secretary. Sets forth the method of determining whether a person acquires indirectly a cumulative interest of five percent or more in another person. Authorizes a person who is unable to make the required certification to make an investment in the United States only if: (1) the President determines that the investment is in the national interest; (2) the President submits a report containing specified information on the investment and investor to the Congress; and (3) the proposed investment is approved by an enactment of the Congress. Sets forth civil and criminal penalties for violations of this Act. Authorizes the Secretary to monitor compliance with this Act. Directs the Secretary to issue regulations to carry out this Act. Directs the Secretary to report annually to the Congress and the President on: (1) the extent and effects of foreign investment in the United States; (2) the effectiveness and efficiency of the registration and reporting requirements of this Act; and (3) the progress in removing the restrictions imposed by foreign countries on investments made by U.S. persons in those countries. Directs the Secretary to compile an inventory of foreign investments in the United States which shall be available to the public.

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1 official file

• Introduced in House

  summary · EN · 22 May 1985

  Open at official source

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