H.R. 17110 (93rd): Foreign Investment Control Act

Introduced:
Oct 07, 1974 (93rd Congress, 1973–1974)
Status:
Died (Referred to Committee)
Sponsor
Burt Talcott
Representative for California's 12th congressional district
Party
Republican
Related Bills
H.R. 2757 (94th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Feb 04, 1975

H.R. 16848 (identical)

Referred to Committee
Last Action: Sep 24, 1974

 
Status

This bill was introduced on October 7, 1974, in a previous session of Congress, but was not enacted.

Progress
Introduced Oct 07, 1974
Referred to Committee Oct 07, 1974
 
Full Title

A bill to establish a National Foreign Investment Control Commission to prohibit or restrict foreign ownership control or management control, through direct purchase, in whole or on part; from acquiring securities of certain domestic issuers of securities; from acquiring certain domestic issuers of securities, by merger, tender offer, or any other means; control of certain domestic corporations or industries, real estate, or other natural resources deemed to be vital to the economic security and national defense of the United States.

Summary

No summaries available.

Cosponsors
none
Committees

House Energy and Commerce

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

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The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


10/7/1974--Introduced.
Foreign Investment Control Act - Declares that the Congress finds that recent international economic and monetary changes have stimulated investment by foreign persons in industries and real property in the United States. Establishes the National Foreign Investment Commission. Specifies the duties, powers, and composition of the Commission. States that, within ninety days after the date of enactment of this Act, and at the end of each six-month period thereafter, the Commission shall determine and notify each issuer which is substantially involved in any area essential to the United States national security and/or economic security and each issuer which is substantially involved in any area important to the United States national security and/or economic security as defined and described in this Act. Requires the Commission to publish in the Federal Register the names of all issuers so determined under this Act. Requires each such issuer to submit to the Commission (within sixty days after receiving notification from the Commission) the names and nationalities of all individuals not citizens of the United States, and the names of all persons other than individuals who own voting securities of such issuers.
States that such list shall also be transmitted to the Securities Exchange Commission which shall, in turn, require each broker, dealer, and bank registered under the Securities Exchange Act of 1934:
(1) not to sell to any individual who is not a citizen of the United States any right, title, or interest in any security of an issuer on the list which is substantially involved in any area essential to our national security and/or economic security;
(2) to contact the Commission for approval before it sells to any person who is not an individual (or to any individual acting as an agent for such a person) any right, title, or interest in any security of an issuer on the list which is substantially involved in any area essential to our national security and/or economic security; and
(3) to inform the Commission immediately after it sells to any person any right, title, or interest in any security of an issuer on the list which is substantially involved in any area important to our national security and/or economic security.
States that the Commission shall order
(1) each individual whose name was submitted under this Act and
(2) each person which the Commission determines is owned or controlled by a person not a citizen of the United states, who owns any right, title, or interest in any voting security of any issuer substantially involved in any area essential to our national security and/or economic security; to sell (within a period of sixty days after such order) all such securities to any citizen of the United States, or (with the Commission's prior approval) to any person not included in the prohibitions of this Act. Provides that, within a period of one hundred and eighty days after the enactment of this Act, the Commission shall determine which minerals, fertile realty for agriculture, timber lands, and other resources are to be included in a list of resources which are strategic to the national security and/or economic security of the United States. States that after such list is so published, if any seller or lessor of real estate located in the United States, or his agent, knows or has reason to know that such real estate contains resources on such list in commercially exploitable amounts, he shall not sell or lease such real estate to any individual who is not a citizen of the United States, or to such individual's agent.
States that whoever fails to comply with specified requirements of this Act shall be fined not more than $10,000 for each such failure.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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