PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2030-2031)
Congressional Research Service
Version 00 · Introduced in Senate · Mar 13, 2006
Amends the Defense Production Act of 1950 to repeal provisions concerning presidential authority to review certain proposed mergers, acquisitions, or takeovers (transactions) of U.S. entities by foreign entities.
Amends the Homeland Security Act of 2002 to authorize the President (or his designee) to undertake an investigation to determine the effects on national or homeland security of transactions which could result in foreign control of persons engaged in interstate commerce in the United States. Requires the President to first conduct a review of the proposed transaction to determine whether an investigation is warranted. Requires, with respect to any investigation conducted, the Director of National Intelligence to create a report consolidating the intelligence findings, assessments, and concerns of each of the relevant members of the intelligence community.
Requires the President to conduct a mandatory investigation in any instance in which an entity controlled by or acting on behalf of a foreign government seeks to engage in any transaction which would result in control of a person engaged in interstate commerce in the United States. Establishes the Committee for Secure Commerce to act as the President's designee in the conduct of such investigations.
Showing the opening paragraphs of the official summary.
Authorizes the President to suspend or prohibit a transaction if he finds that: (1) there is credible evidence to believe that the foreign interest exercising control might take action that threatens the national or homeland security; and (2) provisions of law other than the Homeland Security Act of 2002 and the International Emergency Economic Powers Act do not provide adequate and appropriate authority to protect the national or homeland security. States that the President's actions and findings shall not be subject to judicial review.
Requires reports from the President to Congress: (1) each time an investigation is completed; and (2) quarterly on each transaction being reviewed.
People & committees
Sen. Collins, Susan M. [R-ME] · R–ME
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2030-2031)
Sponsor introductory remarks on measure. (CR S2028-2030)
Introduced in Senate
Sponsor introductory remarks on measure. (CR S1927)
Primary sources
Text links open the official source. We currently store references to these documents.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze S.2400 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.
Examine S.2400 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine S.2400 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine S.2400 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.