HR 556 · 110th Congress 2007–2009, ended

Foreign Investment and National Security Act of 2007

Introduced Jan 18, 2007 Originated House Became Public Law 110-49 Sponsor Carolyn B. Maloney D-NY

Fact sheet Spreadsheet

Latest action · Jul 26, 2007 Became Public Law No: 110-49.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedJan 18, 2007
  2. Passed HouseFeb 28, 2007
  3. Passed SenateJun 29, 2007
  4. To the PresidentJul 18, 2007
  5. Became lawJul 26, 2007Public Law 110-49

Summary

(This measure has not been amended since it was passed by the Senate on June 29, 2007. The summary of that version is repeated here.)

Foreign Investment and National Security Act of 2007 - (Sec. 2) Amends the Defense Production Act of 1950 to revise provisions concerning presidential authority to review certain mergers, acquisitions, and takeovers to direct the President, acting through the Committee on Foreign Investment in the United States (CFIUS), and upon receiving written notification from any parties to a possible merger, acquisition or takeover proposed or pending after August 23, 1988, which could result in foreign control of any person engaged in interstate commerce (covered transaction), to review such covered transaction to determine its effects on national security. Requires CFIUS to investigate a covered transaction which it determines is a foreign government-controlled transaction. Permits any party to a covered transaction to initiate a review by submitting a written notice of the transaction to CFIUS. Authorizes the President or CFIUS to initiate a review of: (1) any covered transaction; (2) any covered transaction that has been previously reviewed or investigated, if any party submitted false or misleading material information; or (3) any covered transaction that has been previously reviewed or investigated, if any party intentionally materially breaches a mitigation agreement or condition imposed on the transaction.

Requires CFIUS to immediately conduct an investigation of the effects of certain covered transactions on national security and to take necessary actions to protect the national security, if a review results in a determination that: (1) the transaction threatens to impair national security and that threat has not been mitigated, or the transaction is a foreign government-controlled transaction; (2) the transaction would result in control of any U.S. critical infrastructure by a foreign person, if CFIUS determines that the transaction could impair national security and that impairment has not been properly mitigated; or (3) the lead agency for each covered transaction recommends, and CFIUS concurs, that an investigation be undertaken. Requires such investigations to be completed within 45 days. Provides that an investigation of a foreign government-controlled transaction or one involving a critical infrastructure will not be required if the Secretary of the Treasury and the head of the lead agency jointly determine that the transaction will not impair national security.

Requires the chairperson of CFIUS: (1) to publish in the Federal Register guidance on the types of transactions that CFIUS has reviewed and that have presented national security considerations; and (2) and head of the lead agency to transmit to specified Members of Congress a certified notice and written report concerning each investigation of a covered transaction.

Requires the Director of National Intelligence to conduct an analysis of any threat to national security posed by a covered transaction.

(Sec. 3) Establishes: (1) CFIUS as a multi-agency statutory committee and revises its membership; and (2) an additional Assistant Secretary of the Treasury to perform CFIUS-related duties. Requires the Secretary to designate a CFIUS member(s) to act as the lead agency or agencies with respect to a covered transaction.

(Sec. 4) Adds several factors to be considered by the President in evaluating a covered transaction, including whether the proposed transaction: (1) has national security-related effects on U.S. critical technologies; and (2) is a foreign government-controlled transaction.

(Sec. 5) Authorizes CFIUS or a lead agency to enter into agreements with parties to a covered transaction to mitigate any threat to national security. Requires the lead agency to negotiate, modify, monitor, and enforce such agreements. Requires designated agencies to provide periodic reports to CFIUS on the implementation of any agreements or conditions.

(Sec. 6) Authorizes the President to suspend or prohibit any covered transaction that threatens to impair national security. (Current law authorizes the President to suspend or prohibit a transaction by or with foreign persons so that their control will not threaten to impair national security.) Requires (under current law, authorizes) the President to consider specified factors (including those added in this Act) when determining whether to suspend or prohibit a covered transaction.

(Sec. 7) Requires: (1) upon request, CFIUS to brief certain Members of Congress of covered transactions for which action has concluded; and (2) CFIUS annual reports to Congress after completed investigations. Requires specific report information with respect to possible foreign acquisition of U.S. companies involved in the research, development, or production of critical technologies, as well as possible industrial espionage activities.

Requires the Secretary to: (1) annually study foreign direct investments in the United States, especially investments in critical infrastructure and industries affecting national security by foreign governments (or their agents) which comply with any boycott of Israel or do not ban terrorist organizations; and (2) report each study's results to Congress. Directs the Inspector General of the Treasury to: (1) conduct an investigation of each failure of the Department of the Treasury to make any report required by CFIUS; and (2) report to the appropriate congressional committees on investigation results.

(Sec. 8) Requires the certification of information submitted by a party to a covered transaction.

Recorded votes 6

Newest first. Open one to see how every member voted.

Roll callQuestionResultDate
House 614Passed370–45Jul 11, 2007
House 110Passed423–0Feb 28, 2007
House 109Failed193–229Feb 28, 2007
House 108Failed197–231Feb 28, 2007
House 107Failed197–231Feb 28, 2007
Show all 6 votes

Cosponsors 58

Members who signed on, in the order they did. Signatures ran from Jan 18, 2007 to Feb 16, 2007; 36 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-TXAl GreenOriginalJan 18, 2007
D-MABarney FrankOriginalJan 18, 2007
D-ORDarlene HooleyOriginalJan 18, 2007
R-WADavid G. ReichertOriginalJan 18, 2007
D-GADavid ScottOriginalJan 18, 2007
R-OHDeborah PryceOriginalJan 18, 2007
D-KSDennis MooreOriginalJan 18, 2007
D-CADiane E. WatsonOriginalJan 18, 2007
R-ILDonald A. ManzulloOriginalJan 18, 2007
D-MDElijah E. CummingsOriginalJan 18, 2007
D-MOEmanuel CleaverOriginalJan 18, 2007
R-CAGary G. MillerOriginalJan 18, 2007
D-NYGary L. AckermanOriginalJan 18, 2007
D-NYGregory W. MeeksOriginalJan 18, 2007
D-WIGwen MooreOriginalJan 18, 2007
Show all 58 cosponsors

Committees 4

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseFinancial Services Committee
Referred Jan 18, 2007Markup Feb 14, 2007Reported Feb 23, 2007
HouseEnergy and Commerce Committee
Referred Jan 18, 2007Discharged Feb 23, 2007
Commerce, Manufacturing, and Trade Subcommittee
Referred Feb 2, 2007
HouseForeign Affairs Committee
Referred Jan 18, 2007Discharged Feb 23, 2007
SenateBanking, Housing, and Urban Affairs Committee
Referred Mar 1, 2007Discharged Jun 29, 2007

Actions 54

Everything that happened, newest first.

  1. Jul 26, 2007Signed by President.
  2. Jul 26, 2007Became Public Law No: 110-49.
  3. Jul 18, 2007Presented to President.
  4. Jul 11, 2007Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 370 - 45 (Roll no. 614). (consideration: CR H7558-7559; text as House agreed to Senate amendment: CR H7452-7455)
  5. Jul 11, 2007Motion to reconsider laid on the table Agreed to without objection.
  6. Jul 11, 2007Cleared for White House.
  7. Jul 10, 2007Mrs. Maloney (NY) moved that the House suspend the rules and agree to the Senate amendment.
  8. Jul 10, 2007DEBATE - The House proceeded with forty minutes of debate on the motion to suspend the rules and agree to the Senate amendment to H.R. 556.
  9. Jul 10, 2007At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the chair announced that further proceedings on the motion would be postponed.
  10. Jun 29, 2007Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
  11. Jun 29, 2007Measure laid before Senate by unanimous consent. (consideration: CR S8755)
  12. Jun 29, 2007Senate struck all after the Enacting Clause and substituted the language of S. 1610 amended. (consideration: CR S8755)
  13. Jun 29, 2007Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
  14. Jun 29, 2007See also S. 1610.
  15. Jun 29, 2007Message on Senate action sent to the House.
  16. Mar 1, 2007Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  17. Feb 28, 2007Rule H. Res. 195 passed House.
  18. Feb 28, 2007Considered under the provisions of rule H. Res. 195. (consideration: CR H1987-2010; text of measure as reported in House: CR H1994-1997)
  19. Feb 28, 2007Rule provides for consideration of H.R. 556 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be read by section. Bill is open to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
  20. Feb 28, 2007House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 195 and Rule XVIII.
  21. Feb 28, 2007The Speaker designated the Honorable Ed Pastor to act as Chairman of the Committee.
  22. Feb 28, 2007GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 556.
  23. Feb 28, 2007DEBATE - The Committee of the Whole proceeded with debate on the Frank (MA) amendment under the five-minute rule.
  24. Feb 28, 2007DEBATE - The Committee of the Whole proceeded with debate on the King (IA) amendment under the five-minute rule.
  25. Feb 28, 2007DEBATE - The Committee of the Whole proceeded with debate on the Barrow amendment numbered 12 under the five-minute rule.
  26. Feb 28, 2007DEBATE - The Committtee of the Whole proceeded with debate on the McCaul amendment numbered 5 under the five-minute rule.
  27. Feb 28, 2007POSTPONED PROCEEDINGS - At the conclusion of the debate on the McCaul amendment numbered 5, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes prevailed. Mr. McCaul demanded a recorded vote and the Chair announced further proceedings on the question of adoption of the amendment until late in the legislative day.
  28. Feb 28, 2007DEBATE - The Committee of the Whole proceeded with debate on the McCaul amendment numbered 6 under the five-minute rule.
  29. Feb 28, 2007POSTPONED PROCEEDINGS - At the conclusion of the debate on the McCaul amendment numbered 6, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes prevailed. Mr. McCaul demanded a recorded vote and the Chair announced further proceedings on the question of adoption of the amendment until late in the legislative day.
  30. Feb 28, 2007DEBATE - The Committee of the Whole proceeded with debate on the McCaul amendment numbered 7 under the five-minute rule.
  31. Feb 28, 2007POSTPONED PROCEEDINGS - At the conclusion of the debate on the McCaul amendment numbered 7, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes prevailed. Mr. McCaul demanded a recorded vote and the Chair announced further proceedings on the question of adoption of the amendment until late in the legislative day.
  32. Feb 28, 2007UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of amendments which had been debated earlier and on which further proceedings had been postponed.
  33. Feb 28, 2007The House rose from the Committee of the Whole House on the state of the Union to report H.R. 556.
  34. Feb 28, 2007The previous question was ordered pursuant to the rule. (consideration: CR H2007)
  35. Feb 28, 2007The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
  36. Feb 28, 2007Mr. Neugebauer moved to recommit with instructions to Financial Services. (consideration: CR H2007-2009; text: CR H2007-2008)
  37. Feb 28, 2007DEBATE - The House proceeded with ten minutes of debate on the Neugebauer motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with amendments that require the President to include in the annual report a detailed discussion of factors, including the deleterious effect of burdensome regulations.
  38. Feb 28, 2007The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2008)
  39. Feb 28, 2007On motion to recommit with instructions Failed by recorded vote: 193 - 229 (Roll no. 109).
  40. Feb 28, 2007Passed/agreed to in House: On passage Passed by recorded vote: 423 - 0 (Roll no. 110).
  41. Feb 28, 2007Motion to reconsider laid on the table Agreed to without objection.
  42. Feb 27, 2007Rules Committee Resolution H. Res. 195 Reported to House. Rule provides for consideration of H.R. 556 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be read by section. Bill is open to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
  43. Feb 23, 2007Reported (Amended) by the Committee on Financial Services. H. Rept. 110-24, Part I.
  44. Feb 23, 2007Committee on Energy and Commerce discharged.
  45. Feb 23, 2007Committee on Foreign Affairs discharged.
  46. Feb 23, 2007Placed on the Union Calendar, Calendar No. 9.
  47. Feb 16, 2007Mr. Frank (MA) asked unanimous consent that the Committee on Financial Services have until midnight on Feb. 23 to file a report on H.R. 556. Agreed to without objection.
  48. Feb 14, 2007Committee Consideration and Mark-up Session Held.
  49. Feb 14, 2007Ordered to be Reported (Amended) by Voice Vote.
  50. Feb 13, 2007Committee Consideration and Mark-up Session Held.
  51. Feb 13, 2007Ordered to be Reported (Amended) by Voice Vote.
  52. Feb 2, 2007Referred to the Subcommittee on Commerce, Trade and Consumer Protection.
  53. Jan 18, 2007Introduced in House
  54. Jan 18, 2007Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

In the Congressional Record 8

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

WhereIn the RecordMembersDate
SenateDebate and remarks S10894Mel Martinez R-FLAug 3, 2007
ExtensionsDebate and remarks E1538Joe Barton R-TXJul 17, 2007
House · ExtensionsDebate and remarks E1487Recorded votes H7558enactPeter T. King R-NYJul 11, 2007
HouseDebate and remarks H7451–H7462Amendments H7452Barney Frank D-MA, Bennie G. Thompson D-MS, Bobby L. Rush D-IL, Carolyn B. Maloney D-NY, Christopher Shays R-CT, Deborah Pryce R-OH, Donald A. Manzullo R-IL, Duncan Hunter R-CA, Ike Skelton D-MO, John D. Dingell D-MI, Sheila Jackson Lee D-TX, Tom Lantos D-CAJul 10, 2007
SenateDebate and remarks S8755Harry Reid D-NVJun 29, 2007
Show all 8 days

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Committee report

Congressional Budget Office cost estimates 2

  1. Feb 16, 2007H.R. 556, National Security Foreign Investment Reform and Strengthened Transparency Act of 2007<p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on February 13, 2007</p>
  2. Feb 16, 2007H.R. 556, National Security Foreign Investment Reform and Strengthened Transparency Act of 2007Cost estimate for the bill as ordered reported by the House Committee on Financial Services on February 13, 2007

Printed hearings 6

Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.

NumberHearingCommitteeHeld
Serial No. 110-93THE PRESIDENT'S FISCAL YEAR 2009 BUDGET REQUEST FOR THE DEPARTMENT OF HOMELAND SECURITY77 pagesHomeland Security CommitteeFeb 13, 2008
Serial No. 110-36THE IMPACT OF FOREIGN OWNERSHIP AND FOREIGN INVESTMENT ON THE SECURITY OF OUR NATION'S CRITICAL INFRASTRUCTURE39 pagesHomeland Security CommitteeMay 16, 2007
—FINANCIAL SERVICES AND GENERAL GOVERNMENT APPROPRIATIONS FOR FISCAL YEAR 200844 pagesAppropriations CommitteeMar 28, 2007
Serial No. 110-21FOREIGN OWNERSHIP:45 pagesHomeland Security CommitteeMar 23, 2007
S. Hrg. 110-285FINANCIAL SERVICES AND GENERAL GOVERNMENT APPROPRIATIONS FOR FISCAL YEAR 2008393 pagesAppropriations CommitteeMar 9, 2007–May 16, 2007
Show all 6 hearings

CRS reports 14

Congressional Research Service work that CRS links to this bill or the law it became, newest first.

Cite it 14

Products on other subjects that cite it, usually among other measures.

Amendments 6

Amendments offered to this bill.

AmendmentDescriptionOffered byStatus
HAmdt 15An amendment numbered 3 printed in the Congressional Record making sundry changes to the bill.Barney Frank D-MAOn agreeing to the Frank (MA) amendment (A001) Agreed to by voice vote.
HAmdt 16An amendment numbered 4 printed in the Congressional Record to add a requirement that the President consider the potential effects of a covered transaction on the efforts of the United States to curtail human smuggling.Steve King R-IAOn agreeing to the King (IA) amendment (A002) Agreed to by voice vote.
HAmdt 17An amendment numbered 12 printed in the Congressional Record to add language to section 7 (which deals with Oversight by the Congress) providing that Senators representing States and Members of Congress representing congressional districts that would be significantly affected by a covered transaction should be affected by the reporting requirements.John Barrow D-GAOn agreeing to the Barrow amendment (A003) Agreed to by voice vote.
HAmdt 18An amendment numbered 5 printed in the Congressional Record, to insert a new paragraph entitled Contents of Report Related to Barriers to Investment into the United States and specifies for inclusion in the report a detailed discussion of factors including the effective rate of taxation on entrepeneurs and businesess and other sources of capital in the U.S. as compared to other countries.Michael T. McCaul R-TXOn agreeing to the McCaul (TX) amendment (A004) Failed by recorded vote: 198 - 228 (Roll no. 106).
HAmdt 19An amendment numbered 6 printed in the Congressional Record, to insert a new paragraph entitled Contents of Report Related to Barriers to Investment into the United States and specifies for inclusion in the report a detailed discussion of factors including the amount of burdensome regulation in the United States as compared to other countries that affect the number of filings, changes in the types of business sectors involved in filings, and changes in the number of investments originating from specific countries.Michael T. McCaul R-TXOn agreeing to the McCaul (TX) amendment (A005) Failed by recorded vote: 197 - 231 (Roll no. 107).
Show all 6 amendments

Related bills 2

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
HRES 195Providing for the consideration of the bill (H.R. 556) to ensure national security while promoting foreign investment and the creation and maintenance of jobs, to reform the process by which such investments are examined for any effect they may have on national security, to establish the Committee on Foreign Investment in the United States, and for other purposes.Procedurally relatedFeb 28, 2007
S 1610Foreign Investment and National Security Act of 2007Related documentJun 29, 2007

Titles 6

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To ensure national security while promoting foreign investment and the creation and maintenance of jobs, to reform the process by which such investments are examined for any effect they may have on national security, to establish the Committee on Foreign Investment in the United States, and for other purposes.
Short Titles as Introduced
National Security Foreign Investment Reform and Strengthened Transparency Act of 2007
Short Titles as Reported to House
National Security Foreign Investment Reform and Strengthened Transparency Act of 2007
Short Titles as Passed House
National Security Foreign Investment Reform and Strengthened Transparency Act of 2007
Short Titles as Passed Senate
Foreign Investment and National Security Act of 2007
Short Titles as Enacted
Foreign Investment and National Security Act of 2007

Subjects

Assigned by the Library of Congress. Policy area: Foreign Trade and International Finance.

Text 6

Each version as it was printed, newest first.

  1. —Enrolled Bill
  2. Jul 3, 2007Engrossed Amendment Senate
  3. Mar 1, 2007Referred in Senate
  4. Feb 28, 2007Engrossed in House
  5. Feb 23, 2007Reported in House
  6. Jan 18, 2007Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.