New Limits Sought on Foreign Takeovers
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WASHINGTON — Charging that the Administration has been lax in utilizing a 1988 law that gives the President authority to scrutinize and block foreign takeovers of U.S. firms in strategic industries, two congressmen introduced legislation on Monday to give the government greater power over such deals.
The proposed legislation by Rep. Mel Levine (D-Santa Monica) and Rep. Frank R. Wolf (R-Va.) would require the Committee on Foreign Investment in the United States to take “economic security” as well as national security into account when looking at potential foreign takeovers.
The Administration has successfully fought efforts to make it more difficult for foreigners to acquire U.S. firms, arguing that capital is badly needed here.
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