Protect America First Act of 2006 - Amends the Defense Production Act of 1950 to direct the President, no later than five days after receipt of written notification of a proposed or pending corporate merger, acquisition, or takeover by an individual controlled or acting on behalf of a foreign government and which may be subject to an investigation for national security purposes, to notify congressional leadership of the receipt of such notification. Requires the President, no later than one day after commencing such an investigation, to provide such leadership notification of the investigation and relevant information regarding the proposed or pending merger, acquisition, or takeover.
Expresses the sense of Congress that: (1) the Committee on Foreign Investment in the United States (CFIUS) should be transferred from the Department of the Treasury to the Department of Homeland Security (DHS); and (2) the Secretary of Homeland Security should serve as CFIUS Chairman.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4917 Introduced in House (IH)]
109th CONGRESS
2d Session
H. R. 4917
To amend the Defense Production Act of 1950 to require notification to
Congress after receipt of written notification of proposed or pending
mergers, acquisitions, or takeovers subject to investigation under such
Act, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 9, 2006
Mr. Barrow (for himself, Mr. Thompson of Mississippi, and Mr. Skelton)
introduced the following bill; which was referred to the Committee on
Financial Services, and in addition to the Committees on International
Relations, Energy and Commerce, and Homeland Security, 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
_______________________________________________________________________
A BILL
To amend the Defense Production Act of 1950 to require notification to
Congress after receipt of written notification of proposed or pending
mergers, acquisitions, or takeovers subject to investigation under such
Act, and for other purposes.
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 ``Protect America First Act of 2006''.
SEC. 2. AMENDMENTS TO THE DEFENSE PRODUCTION ACT OF 1950.
(a) Notification to Congress.--Section 721(c) of the Defense
Production Act of 1950 (50 U.S.C. App. 2170(c)) is amended--
(1) in the heading, by inserting ``Notification
Requirements;'' before ``Confidentiality'';
(2) by inserting after the heading the following new
paragraph:
``(1) Notification to congress.--
``(A) Receipt of written notification.--Not later
than five days after receipt of written notification of
a proposed or pending merger, acquisition, or takeover
that may be subject to an investigation under
subsection (a) or is subject to an investigation under
subsection (b), the President or the President's
designee shall provide notice of the receipt of such
written notification to the Members of Congress
specified in subparagraph (D).
``(B) Commencement of investigation.--Not later
than one day after commencing an investigation under
subsection (a) or (b), the President or the President's
designee shall provide notice of the investigation and
relevant information regarding the proposed or pending
merger, acquisition, or takeover, including relevant
ownership records, to the Members of Congress specified
in subparagraph (D).
``(C) Access to investigation.--The President or
the President's designee shall--
``(i) provide responses in a timely manner
to any inquiries made by the Members of
Congress specified in subparagraph (D)
regarding an investigation carried out under
subsection (a) or (b); and
``(ii) notify such Members of Congress
promptly of the decision of the President or
the President's designee upon completion of the
investigation.
``(D) Members of congress.--The Members of Congress
referred to in this paragraph are the following:
``(i) The Speaker and Minority Leader of
the House of Representatives.
``(ii) The Majority and Minority Leader of
the Senate.
``(iii) The Chairmen and Ranking Members of
the Committee on Financial Services, the
Committee on Homeland Security, the Committee
on Armed Services, the Committee on Energy and
Commerce, the Committee on Transportation and
Infrastructure, and the Permanent Select
Committee on Intelligence of the House of
Representatives.
``(iv) The Chairmen and Ranking Members of
the Committee on Finance, the Committee on
Homeland Security and Governmental Affairs, the
Committee on Armed Services, the Committee on
Commerce, Science, and Transportation, and the
Select Committee on Intelligence of the Senate.
``(v) The Senators representing States and
the Members of Congress representing districts
affected by the proposed transaction.'';
(3) by striking ``Any information'' and inserting the
following new paragraph:
``(2) Confidentiality of information.--Any information'';
and
(4) by striking ``Nothing in this subsection'' and
inserting ``Nothing in this paragraph''.
(b) Technical Amendments.--Section 721 of the Defense Production
Act of 1950 (50 U.S.C. App. 2170) is amended--
(1) in subsection (d), by striking ``subsection (d)'' and
inserting ``subsection (e)'';
(2) in subsection (e), by striking ``subsection (c)'' and
inserting ``subsection (d)''; and
(3) in subsection (g), by striking ``of this Act'' and
inserting ``of this section''.
(c) Effective Date.--The requirements of section 721(c)(1) of the
Defense Production Act of 1950, as added by subsection (a) of this
section, apply with respect to any written notification of a proposed
or pending merger, acquisition, or takeover that may be subject to an
investigation under section 721(a) of such Act or is subject to an
investigation under section 721(b) of such Act that is received on or
after the date of the enactment of this Act.
SEC. 3. SENSE OF CONGRESS.
It is the sense of Congress that--
(1) the Committee on Foreign Investment in the United
States (CFIUS), established under Executive Order 11858 (40
Fed. Reg. 20263), should be transferred from the Department of
the Treasury to the Department of Homeland Security; and
(2) the Secretary of Homeland Security should serve as the
Chairman of CFIUS.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committees on International Relations, Energy and Commerce, and Homeland Security, 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.
Referred to the Committee on Financial Services, and in addition to the Committees on International Relations, Energy and Commerce, and Homeland Security, 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.
Referred to the Committee on Financial Services, and in addition to the Committees on International Relations, Energy and Commerce, and Homeland Security, 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.
Referred to the Committee on Financial Services, and in addition to the Committees on International Relations, Energy and Commerce, and Homeland Security, 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.
Referred to the Committee on Financial Services, and in addition to the Committees on International Relations, Energy and Commerce, and Homeland Security, 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.
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Referred to the Subcommittee on Commerce, Trade and Consumer Protection, for a period to be subsequently determined by the Chairman.