3.0.0 5581 2023-01-11T13:25:34Z 2023-01-11T13:25:34Z House H HR 2014-09-18 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. DeLAURO:H.R. 5581.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 3 of the U.S. Constitution--The Commerce Clause[Page H7889]]]> hsba00 Financial Services Committee House Standing Referred to 2014-09-18T13:04:35Z 2014-09-18 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2014-09-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-09-18 Introduced in House IntroReferral 1000 9 Library of Congress D000216 Rep. DeLauro, Rosa L. [D-CT-3] ROSA DELAURO D CT 3 N Armed Forces and National Security Administrative law and regulatory procedures Administrative remedies Advanced technology and technological innovations Advisory bodies Building construction Business ethics Competition and antitrust Competitiveness, trade promotion, trade deficits Congressional oversight Consumer affairs Corporate finance and management Economic performance and conditions Executive Office of the President Foreign and international corporations Government corporations and government-sponsored enterprises Government studies and investigations Industrial facilities Industrial policy and productivity Military procurement, research, weapons development Technology transfer and commercialization U.S. and foreign investments Armed Forces and National Security 00 2014-09-18 Introduced in House 2014-11-03T15:52:48Z Foreign Investment and Economic Security Act of 2014 - Amends the Defense Production Act of 1950 to provide for: (1) national security reviews of transactions involving the construction of a new facility in the United States by any foreign person (currently, national security reviews are conducted only for certain mergers, acquisitions, or takeovers by or with a foreign person); and (2) net benefit reviews of new construction, mergers, acquisitions, or takeovers by or with a foreign person to determine whether the transaction is of net benefit to the United States.

Makes net benefit reviews mandatory for transactions that meet specified requirements under the Clayton Act.

Directs the Committee on Foreign Investment in the United States, for purposes of carrying out net benefit determinations, to consider the effect of the proposed or pending transaction on: (1) employment, resource processing, the utilization of parts and services produced in or imported into the United States, and U.S. exports; (2) industrial efficiency, technological development, technology transfers, and product innovation in the United States; (3) competition within any U.S. industry or between the United States and other countries; (4) compatibility with national industrial, economic, and cultural policies; and (5) public health, safety, and well-being of U.S. consumers.

Requires the Committee, in the case of a net benefit determination concerning a foreign government-influenced transaction, to consider additional factors including:

  • the governance and commercial orientation of the foreign person engaging in such transaction;
  • the extent to which the foreign person is owned, controlled, or influenced by the foreign government; and
  • adherence to U.S. law and corporate governance standards, engagement of the foreign country with the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board, and the likelihood of operation on a commercial basis.

Requires final determinations of the Committee to be certified to Congress.

Requires the Committee to refer to the President any of the Committee's final determinations that a transaction will not be of net benefit to the United States. Requires the President to announce the determination regarding such transactions.

Prohibits transactions that the President determines are not of net benefit to the United States. Requires the President to direct the Attorney General (DOJ) to seek appropriate relief in U.S. district courts to implement and enforce this Act. Bars judicial review of such determinations.

Revises, for purposes of carrying out net benefit determinations, the composition of the Committee.

]]> Foreign Investment and Economic Security Act of 2014 Display Title Foreign Investment and Economic Security Act of 2014 Official Title as Introduced To amend the Defense Production Act of 1950 to provide for a net benefit review of certain covered transactions, and for other purposes. Introduced in House IH Short Titles as Introduced Foreign Investment and Economic Security Act of 2014 Introduced in House 2014-09-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5581ih/xml/BILLS-113hr5581ih.xml 2014-09-18 Referred to the House Committee on Financial Services. 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.