To require a report to Congress on mergers or acquisitions between certain United States and foreign companies.
What it does: Inserts new text on page 326, between lines 10 and 11
Sen. Charles E. Schumer (D-NY)Inserts new text on page 326, between lines 10 and 11
InsertsPrinted pageInserted: REPORT ON RECIPROCITY
Inserted: Sec. 6113. (a) Notwithstanding any other provision of law, no agency or department of the United States may approve a merger between a United States company and a foreign-owned company or an acquisition of a United State company by a foreign-owned company prior to 30 days after the date on which the Secretary of State submits to Congress the report required by subsection (c).
Inserted: (b) In this section:
Inserted: (1) The term "appropriate congressional committees" means the Committee on Appropriations, the Committee on Armed Services, the Committee on Banking, Housing, and Urban Affairs, and the Select Committee on Intelligence of the Senate and the Committee on Appropriations, the Committee on Armed Services, the Committee on Financial Services, and the Permanent Select Committee on Intelligence of the House of Representatives.
Inserted: (2) The term "foreign-owned company" means an entity that is owned or controlled by the government of a foreign country.
Inserted: (3) The term "entity" means a partnership, association, trust, joint venture, corporation, or other organization.
Inserted: (4) The term "owned or controlled" means--
Inserted: (A) in the case of a corporation, the holding of at least 50 percent (by vote or value) of the capital structure of the corporation; and
Inserted: (B) in the case of any other kind of legal entity, the holding of interests representing at least 50 percent of the capital structure of the entity.
Inserted: (5) The term "United States company" means an entity that has its primary place of business in the United States and that is publicly traded on a United States based stock exchange.
Inserted: (c) The report referred to in subsection (a) is a report submitted to the appropriate congressional committees by the Secretary of State, in consultation with the Secretary of Commerce, on a proposed merger between a United States company and a foreign-owned company or an acquisition of a United State company by a foreign-owned company. Such report shall include an assessment of whether the law and regulations of the government that owns or controls the foreign-owned company would generally permit a United States company in the same industry as the foreign-owned company to purchase, acquire, merge, or otherwise establish a joint relationship with an entity whose primary place of business is located in such foreign country.
Original wording
On page 326, between lines 10 and 11, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
On page 326, between lines 10 and 11, insert the following:
REPORT ON RECIPROCITY
Sec. 6113. (a) Notwithstanding any other provision of law, no agency or department of the United States may approve a merger between a United States company and a foreign-owned company or an acquisition of a United State company by a foreign-owned company prior to 30 days after the date on which the Secretary of State submits to Congress the report required by subsection (c).
(b) In this section:
(1) The term “appropriate congressional committees” means the Committee on Appropriations, the Committee on Armed Services, the Committee on Banking, Housing, and Urban Affairs, and the Select Committee on Intelligence of the Senate and the Committee on Appropriations, the Committee on Armed Services, the Committee on Financial Services, and the Permanent Select Committee on Intelligence of the House of Representatives.
(2) The term “foreign-owned company” means an entity that is owned or controlled by the government of a foreign country.
(3) The term “entity” means a partnership, association, trust, joint venture, corporation, or other organization.
(4) The term “owned or controlled” means--
(A) in the case of a corporation, the holding of at least 50 percent (by vote or value) of the capital structure of the corporation; and
(B) in the case of any other kind of legal entity, the holding of interests representing at least 50 percent of the capital structure of the entity.
(5) The term “United States company” means an entity that has its primary place of business in the United States and that is publicly traded on a United States based stock exchange.
(c) The report referred to in subsection (a) is a report submitted to the appropriate congressional committees by the Secretary of State, in consultation with the Secretary of Commerce, on a proposed merger between a United States company and a foreign-owned company or an acquisition of a United State company by a foreign-owned company. Such report shall include an assessment of whether the law and regulations of the government that owns or controls the foreign-owned company would generally permit a United States company in the same industry as the foreign-owned company to purchase, acquire, merge, or otherwise establish a joint relationship with an entity whose primary place of business is located in such foreign country.
Legislative Activity
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Senate amendment submitted
July 20, 2005
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Senate amendment submitted
July 20, 2005
Senate amendment proposed (on the floor): Amendment SA 1304 proposed by Senator Schumer.(consideration: CR S8522-8523, S8530; text: CR S8522)
July 20, 2005
Senate amendment agreed to: Amendment SA 1304 agreed to in Senate by Unanimous Consent.
July 20, 2005
Amendment SA 1304 proposed by Senator Schumer. (consideration: CR S8522-8523, S8530; text: CR S8522) To require a report to Congress on mergers or acquisitions between certain United States and foreign companies.
July 20, 2005
Amendment SA 1304 agreed to in Senate by Unanimous Consent.
July 20, 2005