A bill to amend the Securities Exchange Act of 1934 to provide that a person who is a citizen of or is incorporated in a foreign country may acquire certain amounts of United States securities only to the extent that the laws of such foreign country are no more restrictive with respect to the acquisition of comparable amounts of foreign securities by a person who is a citizen of or is incorporated in the United States.

Amends the Securities Exchange Act of 1934 to make it unlawful for a foreign citizen or corporation to acquire more than five percent of any class of U.S. securities, unless U.S. citizens or corporations are permitted to acquire, under regulations no more restrictive than in the United States, securities in such foreign country. Permits the President to waive such restriction in a national emergency. Makes such amendment effective July 22, 1980.