Aj Congress Says Arab Investments Good for U.S. Economy, but Laws Must Be Enacted to Bar Bias

The American Jewish Congress said yesterday that Arab investment in U.S. companies was good for the American economy provided that legislation was enacted to prevent discrimination against American citizens and boycotts against America’s friends abroad resulting from Arab pressure.

In a resolution adopted by the national executive committee, the AJCongress called for establishment of a federal agency–similar to the Securities and Exchange Commission–that would compel disclosure of foreign investment in U.S. companies and “continuously report” to the public on the extent of foreign ownership of American enterprise. The federal agency would also be responsible for enforcing existing limitations on foreign ownership of critical sectors of the American economy and recommend “new categories of industry whose critical character requires that they be barred from control by foreign investors.” Rabbi Arthur Hertzberg, president of the AJCongress, chaired the meeting.