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ARTICLE · 06 JULY 2006

International Client Alert, July 5, 2006

Powell Goldstein LLP
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On June 14, 2006, the House Financial Services Committee passed and reported out, by a vote of 64-0, its proposed legislation relating to the procedures under which the Committee on Foreign Investments in the United States reviews acquisitions of U.S. firms and interests by foreign firms and foreign governments.

United StatesInternational Law
Clif Burns
Clif Burns

House Committee Sends Reform Bill to the Floor

On June 14, 2006, the House Financial Services Committee passed and reported out, by a vote of 64-0, its proposed legislation relating to the procedures under which the Committee on Foreign Investments in the United States ("CFIUS") reviews acquisitions of U.S. firms and interests by foreign firms and foreign governments. The Senate’s reform proposal had been passed out of the Senate Foreign Relations Committee on March 30 and was discussed in detail in our Client Alert, dated April 26, 2006.

The House’s proposed legislation is similar in some respects to its Senate counterpart. Like the Senate proposal, the House bill clarifies that CFIUS’s consideration of national security issues should include considerations of matters relating to critical infrastructure. Both the Senate and House proposals require a mandatory investigation of acquisitions where the foreign acquirer is controlled by a foreign government. Increased oversight by

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