LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Bill introduced in Congress to review foreign investment in US

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Thu, Oct 19, 2017
10:39 am
PTI
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

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.

The legislation seeks to review certain foreign investments to determine if they are in the economic interest of the US, not a foreign individual or foreign government.

"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.

"State-owned enterprises and foreign investors determined to put American companies out of business should not be able to invest in our economy at the expense of American workers," said Brown.

The bill would require the Commerce Department to approve any investment that would result in foreign control of a US company worth more than USD 1 billion.

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.

If the secretary requires an extended review of the investment, a decision to approve, prohibit, or require modification of the transaction is due within 45 days of receiving written notification.

The secretary has the option to request 15 additional days for the extended review, but all transactions are reviewed and acted on within 60 days of receiving written notification.

The bill gives Congress the ability to request additional reviews.

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.

"Foreign investments should lead to good-paying jobs in Chillicothe and Chardon not huge payouts for the Chinese government," said Brown.

"State-owned enterprises and foreign investors determined to put American companies out of business should not be able to invest in our economy at the expense of American workers.

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.

"This bill further equips the administration with the ability to fight back against unfair trade barriers to US exports and businesses. Europe, Canada, Australia and China have similar investment screens already in place. The United States shouldn't be left in the dust. We should follow suit," Grassley said.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

Stock Markets With Anil Singhvi: Sensex soars to 50K; Madhu Kela reveals this money making strategy

Havells Share price: Buy with price target of Rs 1050 says Jefferies

Over 1 million units of Poco C3 sold in India | Huge discount offer available on Flipkart

7th Pay Commission latest news: Rs 19,900 starting salary in 7th CPC pay matrix on offer; check detail of central government job at indiapost.gov.in

Big blow for China! India may impose huge duty hike on these Chinese imports; Anil Singhvi explains booster shot for GNFC

Lady Gaga, Tom Hanks bring star power to emotional, multicultural Biden inauguration

PUBG Mobile India: Banned, but it still can be played here! Know what is happening

Stocks in Focus on January 21: Bajaj Finance, HDFC AMC, Havells India, Axis Bank to Reliance; here are the 5 Newsmakers of the Day

Bajsons Shirts – A Brand That Believes In Nurturing The People Connect

Sushant Singh Rajput birth anniversary: Tributes by ex-girlfriend Ankita Lokhande, Kangana Ranaut message for 'movie mafias'

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved