PlainBillCongress, translated.Legislation. Context. Public interest.Became Public Law No: 110-49.
Congressional Research Service
Version 49 · Public Law · Jul 26, 2007
(This measure has not been amended since it was passed by the Senate on June 29, 2007. The summary of that version is repeated here.)
Foreign Investment and National Security Act of 2007 - (Sec. 2) Amends the Defense Production Act of 1950 to revise provisions concerning presidential authority to review certain mergers, acquisitions, and takeovers to direct the President, acting through the Committee on Foreign Investment in the United States (CFIUS), and upon receiving written notification from any parties to a possible merger, acquisition or takeover proposed or pending after August 23, 1988, which could result in foreign control of any person engaged in interstate commerce (covered transaction), to review such covered transaction to determine its effects on national security. Requires CFIUS to investigate a covered transaction which it determines is a foreign government-controlled transaction. Permits any party to a covered transaction to initiate a review by submitting a written notice of the transaction to CFIUS. Authorizes the President or CFIUS to initiate a review of: (1) any covered transaction; (2) any covered transaction that has been previously reviewed or investigated, if any party submitted false or misleading material information; or (3) any covered transaction that has been previously reviewed or investigated, if any party intentionally materially breaches a mitigation agreement or condition imposed on the transaction.
Requires CFIUS to immediately conduct an investigation of the effects of certain covered transactions on national security and to take necessary actions to protect the national security, if a review results in a determination that: (1) the transaction threatens to impair national security and that threat has not been mitigated, or the transaction is a foreign government-controlled transaction; (2) the transaction would result in control of any U.S. critical infrastructure by a foreign person, if CFIUS determines that the transaction could impair national security and that impairment has not been properly mitigated; or (3) the lead agency for each covered transaction recommends, and CFIUS concurs, that an investigation be undertaken. Requires such investigations to be completed within 45 days. Provides that an investigation of a foreign government-controlled transaction or one involving a critical infrastructure will not be required if the Secretary of the Treasury and the head of the lead agency jointly determine that the transaction will not impair national security.
Showing the opening paragraphs of the official summary.
Requires the chairperson of CFIUS: (1) to publish in the Federal Register guidance on the types of transactions that CFIUS has reviewed and that have presented national security considerations; and (2) and head of the lead agency to transmit to specified Members of Congress a certified notice and written report concerning each investigation of a covered transaction.
Requires the Director of National Intelligence to conduct an analysis of any threat to national security posed by a covered transaction.
(Sec. 3) Establishes: (1) CFIUS as a multi-agency statutory committee and revises its membership; and (2) an additional Assistant Secretary of the Treasury to perform CFIUS-related duties. Requires the Secretary to designate a CFIUS member(s) to act as the lead agency or agencies with respect to a covered transaction.
(Sec. 4) Adds several factors to be considered by the President in evaluating a covered transaction, including whether the proposed transaction: (1) has national security-related effects on U.S. critical technologies; and (2) is a foreign government-controlled transaction.
(Sec. 5) Authorizes CFIUS or a lead agency to enter into agreements with parties to a covered transaction to mitigate any threat to national security. Requires the lead agency to negotiate, modify, monitor, and enforce such agreements. Requires designated agencies to provide periodic reports to CFIUS on the implementation of any agreements or conditions.
(Sec. 6) Authorizes the President to suspend or prohibit any covered transaction that threatens to impair national security. (Current law authorizes the President to suspend or prohibit a transaction by or with foreign persons so that their control will not threaten to impair national security.) Requires (under current law, authorizes) the President to consider specified factors (including those added in this Act) when determining whether to suspend or prohibit a covered transaction.
(Sec. 7) Requires: (1) upon request, CFIUS to brief certain Members of Congress of covered transactions for which action has concluded; and (2) CFIUS annual reports to Congress after completed investigations. Requires specific report information with respect to possible foreign acquisition of U.S. companies involved in the research, development, or production of critical technologies, as well as possible industrial espionage activities.
Requires the Secretary to: (1) annually study foreign direct investments in the United States, especially investments in critical infrastructure and industries affecting national security by foreign governments (or their agents) which comply with any boycott of Israel or do not ban terrorist organizations; and (2) report each study's results to Congress. Directs the Inspector General of the Treasury to: (1) conduct an investigation of each failure of the Department of the Treasury to make any report required by CFIUS; and (2) report to the appropriate congressional committees on investigation results.
(Sec. 8) Requires the certification of information submitted by a party to a covered transaction.
People & committees
Rep. Maloney, Carolyn B. [D-NY-14] · D–NY
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Became Public Law No: 110-49.
Became Public Law No: 110-49.
Signed by President.
Signed by President.
Presented to President.
Presented to President.
Cleared for White House.
Motion to reconsider laid on the table Agreed to without objection.
On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 370 - 45 (Roll no. 614). (consideration: CR H7558-7559; text as House agreed to Senate amendment: CR H7452-7455)
House roll call 614 · Individual votesResolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 370 - 45 (Roll no. 614).(consideration: CR H7558-7559; text as House agreed to Senate amendment: CR H7452-7455)
House roll call 614 · Individual votesAt the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the chair announced that further proceedings on the motion would be postponed.
DEBATE - The House proceeded with forty minutes of debate on the motion to suspend the rules and agree to the Senate amendment to H.R. 556.
Mrs. Maloney (NY) moved that the House suspend the rules and agree to the Senate amendment.
Message on Senate action sent to the House.
See also S. 1610.
Passed Senate with an amendment by Unanimous Consent.
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Senate struck all after the Enacting Clause and substituted the language of S. 1610 amended. (consideration: CR S8755)
Measure laid before Senate by unanimous consent. (consideration: CR S8755)
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by recorded vote: 423 - 0 (Roll no. 110).
House roll call 110 · Individual votesPassed/agreed to in House: On passage Passed by recorded vote: 423 - 0 (Roll no. 110).
House roll call 110 · Individual votesOn motion to recommit with instructions Failed by recorded vote: 193 - 229 (Roll no. 109).
House roll call 109 · Individual votesThe previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2008)
DEBATE - The House proceeded with ten minutes of debate on the Neugebauer motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with amendments that require the President to include in the annual report a detailed discussion of factors, including the deleterious effect of burdensome regulations.
Mr. Neugebauer moved to recommit with instructions to Financial Services. (consideration: CR H2007-2009; text: CR H2007-2008)
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
The previous question was ordered pursuant to the rule. (consideration: CR H2007)
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 556.
UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of amendments which had been debated earlier and on which further proceedings had been postponed.
POSTPONED PROCEEDINGS - At the conclusion of the debate on the McCaul amendment numbered 7, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes prevailed. Mr. McCaul demanded a recorded vote and the Chair announced further proceedings on the question of adoption of the amendment until late in the legislative day.
DEBATE - The Committee of the Whole proceeded with debate on the McCaul amendment numbered 7 under the five-minute rule.
POSTPONED PROCEEDINGS - At the conclusion of the debate on the McCaul amendment numbered 6, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes prevailed. Mr. McCaul demanded a recorded vote and the Chair announced further proceedings on the question of adoption of the amendment until late in the legislative day.
DEBATE - The Committee of the Whole proceeded with debate on the McCaul amendment numbered 6 under the five-minute rule.
POSTPONED PROCEEDINGS - At the conclusion of the debate on the McCaul amendment numbered 5, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes prevailed. Mr. McCaul demanded a recorded vote and the Chair announced further proceedings on the question of adoption of the amendment until late in the legislative day.
DEBATE - The Committtee of the Whole proceeded with debate on the McCaul amendment numbered 5 under the five-minute rule.
DEBATE - The Committee of the Whole proceeded with debate on the Barrow amendment numbered 12 under the five-minute rule.
DEBATE - The Committee of the Whole proceeded with debate on the King (IA) amendment under the five-minute rule.
DEBATE - The Committee of the Whole proceeded with debate on the Frank (MA) amendment under the five-minute rule.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 556.
The Speaker designated the Honorable Ed Pastor to act as Chairman of the Committee.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 195 and Rule XVIII.
Rule provides for consideration of H.R. 556 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be read by section. Bill is open to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
Considered under the provisions of rule H. Res. 195. (consideration: CR H1987-2010; text of measure as reported in House: CR H1994-1997)
Rule H. Res. 195 passed House.
Rules Committee Resolution H. Res. 195 Reported to House. Rule provides for consideration of H.R. 556 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be read by section. Bill is open to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
Placed on the Union Calendar, Calendar No. 9.
Committee on Foreign Affairs discharged.
Committee on Foreign Affairs discharged.
Committee on Energy and Commerce discharged.
Committee on Energy and Commerce discharged.
Reported (Amended) by the Committee on Financial Services. H. Rept. 110-24, Part I.
Reported (Amended) by the Committee on Financial Services. H. Rept. 110-24, Part I.
Mr. Frank (MA) asked unanimous consent that the Committee on Financial Services have until midnight on Feb. 23 to file a report on H.R. 556. Agreed to without objection.
Ordered to be Reported (Amended) by Voice Vote.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by Voice Vote.
Committee Consideration and Mark-up Session Held.
Referred to the Subcommittee on Commerce, Trade and Consumer Protection.
Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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Analyze H.R.556 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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