Foreign Investment National Security Review Act of 2006

Summary

Foreign Investment National Security Review Act of 2006 - Amends the Defense Production Act of 1950 to revise provisions concerning presidential authority to review pending or proposed mergers, acquisitions, or takeovers (transactions) which could result in foreign control of any person engaged in interstate commerce in the United States. Directs the President, after receiving written notification of a transaction, and acting through the Committee on Foreign Investment in the United States (CFIUS), to conduct an investigation to determine the effects, if any, of the transaction on U.S. national security. Requires investigations to be completed within 75 days. Reestablishes CFIUS as a multi-agency committee (currently, a committee within the Department of the Treasury). Prohibits a transaction unless the President finds that it will not threaten to impair U.S. national security. Provides for enforcement of presidential findings. Prohibits judicial review of such determinations. Outlines factors to be considered during an investigation, including domestic production and national defense requirements. Requires the President, after a determination to approve or disapprove a transaction, to immediately notify (by written report) both Houses of Congress. Allows Congress 30 days after notification of an approved transaction to pass a joint resolution disapproving the transaction. Directs the President and designated agencies to submit biennial reports to Congress on: (1) evidence of coordinated strategies by one or more countries to acquire U.S. companies involved in research, development, or production of critical technologies for which the United States is a leading producer; and (2) U.S. critical infrastructure owned, controlled, or dominated by an alien, foreign corporation, or foreign government.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 9 March 2006

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Intelligence (Permanent Select), 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.

   Source: IntroReferral

2. 9 March 2006

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, International Relations, and Intelligence (Permanent Select), 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.

   Source: IntroReferral

3. 9 March 2006

   Introduced

   Introduced in House

   Source: IntroReferral

4. 9 March 2006

   Introduced

   Introduced in House

   Source: IntroReferral

5. 21 April 2006

   Referred

   Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 9 March 2006 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 9 March 2006

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 9 March 2006

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 9 March 2006

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  Vertaal document

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Sponsors

• Rep. Sabo, Martin Olav [D-MN-5] · D · Sponsor
• · hsba00 · Standing
• · hlig00 · Select
• · hsfa00 · Standing
• · hsif00 · Standing

Related records

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