Bipartisan bill seeking to review foreign investment in US

Vastavam web:  A bipartisan bill seeking to review and assess the impact of foreign investments on the US economy and job market has been introduced in the Congress.The legislation was introduced by Senator Sherrod Brown and Senator Chuck Grassley.”President (Donald) Trump committed to putting a stop to US industry’s being taken advantage of by foreign companies and countries,” said Grassley in a statement.

“This bipartisan legislation is an opportunity to fulfil that pledge by empowering the administration to block foreign investment that threatens the United States’ long-term economic interests,” he added.The department would also approve “any transaction of a state-owned enterprise” that would leave a US business worth more than USD 50 million in foreign control.

Among other things, the bill proposes to create a process to efficiently review investments.Within 15 days, the secretary of commerce must approve or prohibit the transaction or inform the parties to the transaction that additional time is needed to complete the review.It also gives the Chair and Ranking Member of the Senate Finance Committee or House Ways and Means Committee the opportunity to request that the secretary of commerce review investments of any value.

Under the legislation, the secretary of commerce must make all decisions public and submit an annual report to Congress on results of transactions reviewed.It also calls for a 10-day public comment period for each investment subject to an extended review.It’s simple before we do business with a foreign entity, let s make sure it will create jobs and grow the US economy,” Brown said.US companies and workers are responsible for some of the greatest technological, scientific and industrial achievements in history, while foreign companies backed by cheap state- sponsored capital looking to undercut those achievements do the US real harm.