Collapse to view only § 3105. Enforcement
- § 3101. Congressional statement of findings and declaration of purpose
- § 3102. Definitions
- § 3103. Presidential authority and duties
- § 3104. Rules and regulations
- § 3105. Enforcement
- § 3106. Use of experts and administrative support services
- § 3107. Consultations; creation of independent public advisory committees
- § 3108. Authorization of appropriations
§ 3101. Congressional statement of findings and declaration of purpose
(a) Findings
The Congress finds and declares that—
(1) the United States Government is presently authorized to collect limited amounts of information on United States investment abroad and foreign investment in the United States;
(2) international investment has increased rapidly within recent years;
(3) such investment significantly affects the economies of the United States and other nations;
(4) international efforts to obtain information on the activities of multinational enterprises and other international investors have accelerated recently;
(5) the potential consequences of international investment cannot be evaluated accurately because the United States Government lacks sufficient information on such investment and its actual or possible effects on the national security, commerce, employment, inflation, general welfare, and foreign policy of the United States;
(6) accurate and comprehensive information on international investment is needed by the Congress to develop an informed United States policy on such investment;
(7) United States service industries engaged in interstate and foreign commerce account for a substantial part of the labor force and gross national product of the United States economy, and such commerce is rapidly increasing;
(8) international trade and services is an important issue for international negotiations and deserves priority in the attention of governments, international agencies, negotiators, and the private sector; and
(9) existing estimates of international investment and trade in services, collected under existing legal authority, are limited in scope and are based on outdated statistical bases, reports, and information which are insufficient for policy formulation and decisionmaking.
(b) Purpose
(c) Nonrestraint and nondeterrence of investment
(Pub. L. 94–472, § 2, Oct. 11, 1976, 90 Stat. 2059;
§ 3102. Definitions
As used in this chapter, the term—
(1) “United States”, when used in a geographic sense, means the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Canal Zone, and all territories and possessions of the United States;
(2) “foreign”, when used in a geographic sense, means that which is situated outside the United States or which belongs to or is characteristic of a country other than the United States;
(3) “person” means any individual, branch, partnership, associated group, association, estate, trust, corporation, or other organization (whether or not organized under the laws of any State), and any government (including a foreign government, the United States Government, a State or local government, and any agency, corporation, financial institution, or other entity or instrumentality thereof, including a government-sponsored agency);
(4) “United States person” means any person resident in the United States or subject to the jurisdiction of the United States;
(5) “foreign person” means any person resident outside the United States or subject to the jurisdiction of a country other than the United States;
(6) “business enterprise” means any organization, association, branch, or venture which exists for profitmaking purposes or to otherwise secure economic advantage, and any ownership of any real estate;
(7) “parent” means a person of one country who, directly or indirectly, owns or controls 10 per centum or more of the voting stock of an incorporated business enterprise, or an equivalent ownership interest in an unincorporated business enterprise, which is located outside that country;
(8) “affiliate” means a business enterprise located in one country which is directly or indirectly owned or controlled by a person of another country to the extent of 10 per centum or more of its voting stock for an incorporated business or an equivalent interest for an unincorporated business, including a branch;
(9) “international investment” means (A) the ownership or control, directly or indirectly, by contractual commitment or otherwise, by foreign persons of any interest in property in the United States, or of stock, other securities, or short- and long-term debt obligations of a United States person, and (B) the ownership or control, directly or indirectly, by contractual commitment or otherwise, by United States persons of any interest in property outside the United States, or of stock, other securities, or short-and long-term debt obligations of a foreign person;
(10) “direct investment” means the ownership or control, directly or indirectly, by one person of 10 per centum or more of the voting securities of an incorporated business enterprise or an equivalent interest in an unincorporated business enterprise; and
(11) “portfolio investment” means any international investment which is not direct investment.
(Pub. L. 94–472, § 3, Oct. 11, 1976, 90 Stat. 2060.)
§ 3103. Presidential authority and duties
(a) Data collection program; studies and surveys; periodic report to Congressional committees; statistical information publication
The President shall, to the extent he deems necessary and feasible—
(1) conduct a regular data collection program to secure current information on international capital flows and other information related to international investment and trade in services, including (but not limited to) such information as may be necessary for computing and analyzing the United States balance of payments, the employment and taxes of United States parents and affiliates, and the international investment and trade in services position of the United States;
(2) conduct such studies and surveys as may be necessary to prepare reports in a timely manner on specific aspects of international investment and trade in services which may have significant implications for the economic welfare and national security of the United States;
(3) study the adequacy of information, disclosure, and reporting requirements and procedures relating to international investment and trade in services; recommend necessary improvements in information recording, collection, and retrieval and in statistical analysis and presentation; and report periodically to the Committees on Finance 1
1 So in original. Probably should be followed by a comma.
Foreign Relations 1 and Commerce of the Senate and the Committees on Ways and Means, Energy and Commerce, and Foreign Affairs of the House of Representatives on national and international developments with respect to laws and regulations affecting international investment and trade in services;(4) conduct (not more frequently than once every five years and in addition to any other surveys conducted pursuant to paragraphs (1) and (2)) benchmark surveys with respect to trade in services between unaffiliated United States persons and foreign persons; and
(5) publish for the use of the general public and United States Government agencies periodic, regular, and comprehensive statistical information collected pursuant to this subsection and to the benchmark surveys conducted pursuant to subsections (b) and (c), including, with respect to foreign direct investment in the United States, information on ownership by foreign governments of United States affiliates by country, and tables, on an aggregated basis, of business enterprises the ownership or control of which by foreign persons is more than 50 percent of the voting securities or other evidences of ownership of such enterprises, and business enterprises the ownership or control of which by foreign persons is 50 percent or less of the voting securities or other evidences of ownership of such enterprises.
(b) Benchmark survey of United States direct investment abroad and foreign direct investment in United States
With respect to foreign direct investment in the United States, the President shall conduct a benchmark survey covering year 1980, a benchmark survey covering year 1987, and benchmark surveys covering every fifth year thereafter. With respect to United States direct investment abroad, the President shall conduct a benchmark survey covering year 1982, a benchmark survey covering year 1989, and benchmark surveys covering every fifth year thereafter. In conducting surveys pursuant to this subsection, the President shall, among other things and to the extent he determines necessary and feasible—
(1) identify the location, nature, and magnitude of, and changes in total investment by any parent in each of its affiliates and the financial transactions between any parent and each of its affiliates;
(2) obtain (A) information on the balance sheet of parents and affiliates and related financial data, (B) income statements, including the gross sales by primary line of business (with as much product line detail as is necessary and feasible) of parents and affiliates in each country in which they have significant operations, and (C) related information regarding trade (including trade in both goods and services) between a parent and each of its affiliates and between each parent or affiliate and any other person;
(3) collect employment data showing both the number of United States and foreign employees of each parent and affiliate and the levels of compensation, by country, industry, and skill level;
(4) obtain information on tax payments by parents and affiliates by country; and
(5) determine, by industry and country, the total dollar amount of research and development expenditures by each parent and affiliate, payments or other compensation for the transfer of technology between parents and their affiliates, and payments or other compensation received by parents or affiliates from the transfer of technology to other persons.
(c) Benchmark survey of foreign portfolio investment in United States and United States portfolio investment abroad; report to Congress
(1) The President shall conduct a comprehensive benchmark survey of foreign portfolio investment in the United States at least once every five years and, for such purposes, shall (among other things and to the extent he determines necessary and feasible) determine the magnitude and aggregate value of portfolio investment, form of investments, types of investors, nationality of investors and recorded residence of foreign private holders, diversification of holdings by economic sector, and holders of record.
(2) In addition to the benchmark surveys conducted pursuant to paragraph (1), the President shall annually compile currently available data on United States portfolio investment abroad including items such as data on the magnitude and aggregate value of portfolio investment, form of investments, types of investors, nationality of investors and recorded residence of private holders, diversification of holdings by economic sector, and holders of record. The President shall submit an analysis of such data to the Congress not later than the first day of July of each year.
(d) Foreign agricultural and real property investment and land data system: study; submittal of findings and conclusions to Congress
(e) Report on cost of monitoring and compiling data on legislation enacted by foreign nations regulating and restricting foreign inward investment
(f) Reporting, recordkeeping, and documentation
(g) Costs for collecting information
(h) Bureau of Economic Analysis report
(1) The President, or the designee of the President responsible for monitoring the impact of foreign investment in the United States, coordinating implementation of United States policy on investment, and investigating foreign acquisitions under section 4565 of title 50, may request a report from the Bureau of Economic Analysis of the Department of Commerce. When such request is made in connection with an investigation under such section 4565, the report shall be provided within 14 days after the request is made. When such request is not made in connection with an investigation under such section 4565, the report shall be provided within 60 days after the request.
(2) A report requested under paragraph (1) shall contain the best available information on the extent of foreign direct investment in a given industry, including a breakdown of total investment in the industry, and any foreign government investment in the industry, by country of the foreign owner, and any other information that the Bureau of Economic Analysis or such designee of the President considers relevant. The industry information provided shall be at the most detailed level available of Standard Industrial Classification, subject to the requirements of section 3104 of this title.
(Pub. L. 94–472, § 4, Oct. 11, 1976, 90 Stat. 2060; Pub. L. 95–381, § 2, Sept. 22, 1978, 92 Stat. 726; H. Res. 89, Feb. 5, 1979; Pub. L. 97–33, §§ 1–3, Aug. 7, 1981, 95 Stat. 170; Pub. L. 97–70, Oct. 26, 1981, 95 Stat. 1045; Pub. L. 98–573, title III, § 306(b)(3), (4), Oct. 30, 1984, 98 Stat. 3010; Pub. L. 101–533, § 6(b), (c), Nov. 7, 1990, 104 Stat. 2348.)
§ 3104. Rules and regulations
(a) Authorization
(b) Recordkeeping and reports
Rules or regulations issued pursuant to this chapter may require any person subject to the jurisdiction of the United States—
(1) to maintain a complete record of any information (including journals or other books of original entry, minute books, stock transfer records, lists of shareholders, or financial statements) which is essential to carrying out the surveys and studies to be conducted under this chapter; and
(2) to furnish, under oath, any report containing information which is determined to be necessary to carry out the surveys and studies conducted under this chapter.
When a report under paragraph (2) is furnished under oath, such oath shall be by the officer of such person who is directly responsible for the maintenance and compilation of such information, and shall certify that the report was prepared in accordance with this chapter, is complete, and is to such officer’s best knowledge and belief, substantially accurate, except in a case in which, in accordance with rules and regulations issued under this chapter, estimates have been provided because data are not available from customary accounting records or precise data could not be obtained without undue burden, and the data subject to such estimates has been noted in the report.
(c) Access to information; limitation
Access to information obtained under subsection (b)(2) of this section shall be available only to officials or employees designated to perform functions under this chapter, including consultants and persons working on contracts awarded pursuant to this chapter. Subject to the limitation of paragraph (1) of this subsection, the President may authorize the exchange between agencies or officials designated by him of information furnished by any person under this chapter as he deems necessary to carry out the purposes of this chapter. Nothing in this section shall be construed to require any Federal agency to disclose to any official exercising authority under this chapter any information or report collected under legal authority other than this chapter where disclosure is prohibited by law. Information collected pursuant to subsection (b)(2) may be used only—
(1) for analytical or statistical purposes within the United States Government; or
(2) for the purpose of a proceeding under subsection (e) of this section or under section 3105(b) or (c) of this title.
No official or employee designated to perform functions under this chapter, including consultants and persons working on contracts awarded pursuant to this chapter, may publish or make available to any other person any information collected pursuant to subsection (b)(2) in a manner that the person who furnished the information can be specifically identified except as provided in this section. No person can compel the submission or disclosure of any report or constituent part thereof collected pursuant to this chapter, or any copy of such report or constituent part thereof, without the prior written consent of the person who maintained or furnished such report under subsection (b) and without prior written consent of the customer, where the person who maintained or furnished such report included information identifiable as being derived from the records of such customer.
(d) Access to Bureau of Economic Analysis information
(e) Penalty
(Pub. L. 94–472, § 5, Oct. 11, 1976, 90 Stat. 2062; Pub. L. 98–573, title III, § 306(b)(5), Oct. 30, 1984, 98 Stat. 3010; Pub. L. 101–533, §§ 6(d), (e), 7(a), Nov. 7, 1990, 104 Stat. 2349.)
§ 3105. Enforcement
(a) Civil penalty for failure to furnish information
(b) Civil action for failure to furnish information
(c) Criminal penalty for failure to submit information
(Pub. L. 94–472, § 6, Oct. 11, 1976, 90 Stat. 2063; Pub. L. 101–533, § 7(b), Nov. 7, 1990, 104 Stat. 2349.)
§ 3106. Use of experts and administrative support services
(a) Compensation and travel expenses
(b) Use of available Federal agency services, equipment, personnel, and facilities
(Pub. L. 94–472, § 7, Oct. 11, 1976, 90 Stat. 2064.)
§ 3107. Consultations; creation of independent public advisory committees
Officials performing functions pursuant to this chapter shall secure balanced, diverse, and responsible views from qualified persons representing business, organized labor, and the academic community and may, where appropriate, create such independent public advisory committees as are necessary to carry out the purposes of this chapter.
(Pub. L. 94–472, § 8, Oct. 11, 1976, 90 Stat. 2064; Pub. L. 95–381, § 3, Sept. 22, 1978, 92 Stat. 726; Pub. L. 97–33, § 4, Aug. 7, 1981, 95 Stat. 171.)
§ 3108. Authorization of appropriations
To carry out this chapter, there are authorized to be appropriated $4,400,000 for the fiscal year ending September 30, 1980, $4,500,000 for the fiscal year ending September 30, 1981, $4,000,000 for the fiscal year ending September 30, 1982, and such sums as may be necessary for any subsequent fiscal years.
(Pub. L. 94–472, § 9, Oct. 11, 1976, 90 Stat. 2064; Pub. L. 95–381, § 1, Sept. 22, 1978, 92 Stat. 726; Pub. L. 96–72, § 23(a), Sept. 29, 1979, 93 Stat. 536; Pub. L. 97–33, § 5, Aug. 7, 1981, 95 Stat. 171.)