Foreign Investment and Economic Security Act of 2017
Latest action · Jun 23, 2017 Referred to the Subcommittee on Digital Commerce and Consumer Protection.
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.
- IntroducedJun 16, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Foreign Investment and Economic Security Act of 2017
This bill 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 U.S. benefit reviews of new construction, mergers, acquisitions, or takeovers by or with a foreign person.
The bill makes net benefit reviews mandatory for transactions that meet specified Clayton Act requirements.
The Committee on Foreign Investment in the United States (CFIUS) shall consider a transaction's effect on: (1) employment, resource processing, utilization of parts and services produced in or imported into the United States, and exports; (2) industrial efficiency, technological development, technology transfers, and product innovation; (3) domestic or foreign competition; (4) compatibility with national industrial and economic policies; and (5) public health, safety, and the environment.
In the case of a net benefit determination concerning a foreign government-influenced transaction, the CFIUS must consider:
- 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 and the Public Company Accounting Oversight Board, and the likelihood of commercial operation.
The bill prohibits transactions that the President determines are not of net U.S. benefit and bars judicial review of such determinations.
The bill also revises the composition of the CFIUS for the purpose of carrying out net benefit determinations.
The term "foreign government-controlled transaction" is revised to include a person with access to below-market loans or other financing from a foreign government.
Cosponsors 9
Members who signed on, in the order they did. Signatures ran from Jun 16, 2017 to Jun 13, 2018, with 5 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MI | John Conyers, Jr. | Original | Jun 16, 2017 |
| D-NY | Louise McIntosh Slaughter | Original | Jun 16, 2017 |
| D-WI | Mark Pocan | Original | Jun 16, 2017 |
| D-OR | Peter A. DeFazio | Original | Jun 16, 2017 |
| D-AZ | Raúl M. Grijalva | Original | Jun 16, 2017 |
| D-MN | Betty McCollum | Jul 11, 2017 | |
| D-CA | Ro Khanna | Jul 11, 2017 | |
| D-MA | James P. McGovern | Jul 13, 2017 | |
| D-IL | Janice D. Schakowsky | Jun 13, 2018 |
Actions 3
Everything that happened, newest first.
- Jun 23, 2017Referred to the Subcommittee on Digital Commerce and Consumer Protection.
- Jun 16, 2017Introduced in House
- Jun 16, 2017Referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, and Energy and Commerce, 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.
Subjects
Assigned by the Library of Congress. Policy area: Foreign Trade and International Finance.
- 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
- Foreign Trade and International Finance
- 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
Text 1
Each version as it was printed, newest first.
- Jun 16, 2017Introduced in House
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.