Page:United States Statutes at Large Volume 121.djvu/267

 121 STAT. 246

PUBLIC LAW 110–49—JULY 26, 2007

Public Law 110–49 110th Congress An Act July 26, 2007 [H.R. 556]

Foreign Investment and National Security Act of 2007. 50 USC app. 2061 note.

To ensure national security while promoting foreign investment and the creation and maintenance of jobs, to reform the process by which such investments are examined for any effect they may have on national security, to establish the Committee on Foreign Investment in the United States, 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; TABLE OF CONTENTS.

(a) SHORT TITLE.—This Act may be cited as the ‘‘Foreign Investment and National Security Act of 2007’’. (b) TABLE OF CONTENTS.—The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. United States security improvement amendments; clarification of review and investigation process. Sec. 3. Statutory establishment of the Committee on Foreign Investment in the United States. Sec. 4. Additional factors for consideration. Sec. 5. Mitigation, tracking, and postconsummation monitoring and enforcement. Sec. 6. Action by the President. Sec. 7. Increased oversight by Congress. Sec. 8. Certification of notices and assurances. Sec. 9. Regulations. Sec. 10. Effect on other law. Sec. 11. Clerical amendments Sec. 12. Effective date. SEC. 2. UNITED STATES SECURITY IMPROVEMENT AMENDMENTS; CLARIFICATION OF REVIEW AND INVESTIGATION PROCESS.

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Section 721 of the Defense Production Act of 1950 (50 U.S.C. App. 2170) is amended by striking subsections (a) and (b) and inserting the following: ‘‘(a) DEFINITIONS.—For purposes of this section, the following definitions shall apply: ‘‘(1) COMMITTEE; CHAIRPERSON.—The terms ‘Committee’ and ‘chairperson’ mean the Committee on Foreign Investment in the United States and the chairperson thereof, respectively. ‘‘(2) CONTROL.—The term ‘control’ has the meaning given to such term in regulations which the Committee shall prescribe. ‘‘(3) COVERED TRANSACTION.—The term ‘covered transaction’ means any merger, acquisition, or takeover that is proposed or pending after August 23, 1988, by or with any foreign person which could result in foreign control of any person engaged in interstate commerce in the United States.

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