3.0.0 2335 2023-01-13T04:49:03Z 2023-01-13T04:49:03Z Senate S S 2006-02-28 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2006-02-28T17:40:26Z 2006-02-28 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2006-02-28 Introduced in Senate IntroReferral 10000 9 Library of Congress B001233 Sen. Bayh, Evan [D-IN] EVAN BAYH D IN N Foreign Trade and International Finance Alien property Armed Forces and National Security Commerce Congress Congress and foreign policy Congressional oversight Congressional reporting requirements Corporate mergers Defense industries Director of National Intelligence Dubai Ports World aftermath legislation Energy Energy facilities Energy industries Federal advisory bodies Foreign corporations Foreign investments Government Operations and Politics Government ownership Governmental investigations Infrastructure President and foreign policy Public meetings Foreign Trade and International Finance 00 2006-02-28 Introduced in Senate 2006-03-14T20:36:55Z Smart and Secure Foreign Investment Act - Amends the National Security Act of 1947 to require the Director of National Intelligence to: (1) assist the President in conducting investigations in instances in which an entity controlled by or acting on behalf of a foreign government seeks to engage in any merger, acquisition, or takeover ("takeover," for purposes of this Act) which could result in control of a person engaged in interstate commerce in the United States that could affect national security; (2) serve as a member of the Committee on Foreign Investment in the United States (CFIUS); and (3) certify to the President and CFIUS, before review by CFIUS, that there are no national security implications of such proposed action.

Amends the Defense Production Act of 1950 to require an entity controlled by or acting on behalf of a foreign government to notify the President at least 60 days before a proposed takeover of an entity that has energy assets valued at $1 billion or more or that operates a critical infrastructure if the action could result in control of a person engaged in interstate commerce that could affect national security.

Requires the President to: (1) transmit to the Secretary of the Senate, the Clerk of the House, and appropriate state officials written notification as soon as the President receives a notification described in this Act; and (2) hold public hearings on any proposed takeover action described in this Act.

Adds to the factors considered, when the President takes into account national security requirements, the following: (1) the defense capabilities of the country in which the acquiring entity is located; and (2) the nature of the relationship of the United States with such country.

]]> Smart and Secure Foreign Investment Act Display Title Smart and Secure Foreign Investment Act Official Title as Introduced A bill to clarify the role of the Director of National Intelligence, amend the Defense Production Act of 1950 to clarify the notification and investigation requirements, and for other purposes. Introduced in Senate IS Short Titles as Introduced Smart and Secure Foreign Investment Act Introduced in Senate 2006-02-28T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s2335is/xml/BILLS-109s2335is.xml 2006-02-28 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.