A bipartisan group of six Senators has asked the Senate to establish means to require “significant foreign investors” in the United States to report their investments to the U.S. government and to monitor the flow of foreign investment into America. Sen. Daniel K. Inouye (D.Hawaii) declared in introducing the bill that “We know remarkably little about foreign investment in the United States” and that “we need well-funded government supported analyses and oversight on a continuing basis.”
The new monitoring agency under the legislation would be called the Foreign Investment Administration within the Department of Commerce, with new data collection and enforcement authority. Inouye said “This bill is also necessary to guarantee the public full access to information on foreign investment.” The legislation coming in the wake of the vast enrichment of the oil producing nations will be open to hearings soon.
The sponsoring Senators besides Inouye are James Pearson (R.Kans.), James Allen (D.Ala.), Birch Bayh (D.Ind.), Walter Huddleston (D.Ky.), Lee Metcalf (D.Mont.) and Richard Stone (D.Fla.).
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