Signed by President George Bush

Vote Smart's Synopsis:

Vote to concur with the Senate amendments to a bill that establishes and outlines the responsibilities of the Committee on Foreign Investment in the United States (CFIUS).

Highlights:

• Establishes the multi-agency Committee on Foreign Investment in the United States (CFIUS), composed of the Secretaries of the Treasury, Homeland Security, Commerce, Defense, State, Energy, Labor, and National Intelligence, as well as the Attorney General and heads of the other executive agencies as the President deems appropriate (sec. 3).

• Requires the President acting through CFIUS to review all covered transactions to determine the potential effects the transaction will have on national security (sec. 2).

• Defines covered transactions as any merger, acquisition, or takeover that is proposed or pending after August 23, 1988, by or with any foreign person which could result in foreign control of any person engaged in interstate commerce in the United States (sec. 2).

• Requires CFIUS to conduct an investigation on the effect of the transaction on national security if the covered transaction is a foreign government-controlled transaction, threatens to impair national security, or results in the control of a critical piece of U.S. infrastructure by a foreign person (sec. 2).

• Requires that investigations be completed within 45 days of being started (sec. 2).

• Requires CFIUS to submit a report of all investigations to Congress (sec. 2).

• Allows CFIUS or the lead agency (on behalf of CFIUS) to "negotiate, enter into or impose, and enforce any agreement or condition with any party to the covered transaction in order to mitigate any threat to the national security of the United States that arises as a result of the covered transaction" (sec. 5).

• Requires the President to determine a course of action regarding a covered transaction within 15 days after the investigation is completed (sec. 6).

Full Bill Text

Full Bill Text

Full Bill Text

Full Bill Text