Foreign Acquisitions and National Security: Hearing Before the Subcommittee on Commerce, Consumer Protection, and Competitiveness of the Committee on Energy and Commerce, House of Representatives, One Hundred First Congress, Second Session, March 19,1990, Volume 4

Front Cover
 

Selected pages

Other editions - View all

Common terms and phrases

Popular passages

Page 57 - President to be against the national interest, and (B) to restrict the export of goods and technology which would make a significant contribution to the military potential of any other nation or nations which would prove detrimental to the national security of the United States.
Page 35 - President finds that — (1) there is credible evidence that leads the President to believe that the foreign interest exercising control might take action that threatens to impair the national security...
Page 61 - A corporation is considered foreign-owned if any director or officer is an alien, or if more than one-fifth of its capital stock is owned by aliens, a foreign government or a corporation organized under the laws of a foreign country.
Page 9 - Existing laws, other than the International Emergency Economic Powers Act and the Exon-Florio provision, do not provide adequate and appropriate authority to protect the national security. By Executive Order 12662 of December 27, 1988, the President designated the Committee on Foreign Investment in the United States (CFIUS) to receive notices and other information, to determine whether...
Page 7 - Executive Order 12662 of December 27, 1988, the President designated the Committee on Foreign Investment in the United States (CFIUS) to receive notices and other information, to determine whether investigations should be undertaken, and once an investigation has been completed, to prepare a report and a recommendation to the President. CFIUS members are the Secretary of the Treasury (chair), the Secretary of State, the Secretary of Defense, the Attorney General, the Secretary of Commerce, the Director...
Page 10 - In total, the process can not exceed 90 days. c) Notices to CFIUS CFIUS review is initiated by receipt of a written notification of a transaction. The regulations provide that notice may be given only by a party to the transaction or by a CFIUS member agency. Notice from third parties is not accepted. Notification is voluntary. Many foreign acquisitions do not involve issues related to national security and, consequently, parties to the transaction...
Page 34 - I appreciate the opportunity to participate this morning, and we will certainly be ready to respond to any questions you or the committee may have. [The prepared statement of Mr.
Page 9 - There is credible evidence to believe that the foreign investor might take action that threatens to impair the national security; and...
Page 11 - Presidential decision to suspend or prohibit the transaction. At the completion of the extended review, CFIUS sends a report and a recommendation to the President. If CFIUS is unable to reach a unanimous recommendation, the Secretary of the Treasury, as chairman, must submit a CFIUS report to the President which sets forth the differing views and presents the issues for decision The President then has 15 days to announce any decision to take adverse action on the case.

Bibliographic information