Foreign Government Investment Act of 2000

Foreign Government Investment Act of 2000 - Amends the Communications Act of 1934 to prohibit any broadcast license, permit, or operating authority from being granted to or held by a corporation, joint venture, partnership, other business organization, or trust controlled by a foreign government or its representatives. Prohibits the Federal Communications Commission from waiving the application of such prohibition. Provides for an entity to be considered to be controlled by a foreign government or its representatives if more than 25 percent of the ownership, voting rights, capital stock, or other pecuniary interest in that entity is owned, held, or controlled by such a government or its representatives.

[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 2793 Introduced in Senate (IS)]







106th CONGRESS
  2d Session
                                S. 2793

To amend the Communications Act of 1934 to strengthen the limitation on 
 holding and transfer of broadcast licenses to foreign persons, and to 
      apply a similar limitation to holding and transfer of other 
         telecommunications media by or to foreign governments.


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                   IN THE SENATE OF THE UNITED STATES

                             June 27, 2000

Mr. Hollings (for himself, Mr. Inouye, Mr. Rockefeller, Mr. Dorgan, and 
  Mr. Kerry) introduced the following bill; which was read twice and 
   referred to the Committee on Commerce, Science, and Transportation

_______________________________________________________________________

                                 A BILL


 
To amend the Communications Act of 1934 to strengthen the limitation on 
 holding and transfer of broadcast licenses to foreign persons, and to 
      apply a similar limitation to holding and transfer of other 
         telecommunications media by or to foreign governments.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

        This Act may be cited as the ``Foreign Government Investment 
Act of 2000''.

SEC. 2. FOREIGN GOVERNMENT INVESTMENT IN TELECOMMUNICATIONS MEDIA.

        Title VII of the Communications Act of 1934 (47 U.S.C. 601 et 
seq.) is amended by adding at the end thereof the following:

``SEC. 715. LIMITATIONS ON FOREIGN GOVERNMENT OWNERSHIP OF 
              TELECOMMUNICATIONS MEDIA LICENSED BY THE FCC.

        ``(a) In General.--Notwithstanding any other provision of this 
Act or any other law to the contrary, no license, permit, or operating 
authority under this Act may be granted to or held by a corporation, 
joint venture, partnership, other business organization, or trust 
directly or indirectly controlled by a foreign government or its 
representatives.
        ``(b) Prohibition Is Absolute.--The Commission may not waive 
the application of subsection (a) under any other authority granted to 
the Commission under this or any other Act or under any Commission 
order or rule.
        ``(c) Test of Control.--A corporation or other entity described 
in subsection (a) shall be considered to be controlled by a foreign 
government or its representatives if more than 25 percent of the 
ownership, voting rights, capital stock, or other pecuniary interest in 
that entity is owned, held, or controlled, directly or indirectly, by a 
foreign government or its representatives.''.
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