Detailed Summary

Foreign Investment and National Security Act of 2007 - Amends the Defense Production Act of 1950 to revise provisions concerning presidential authority to review certain, mergers, acquisitions, and takeovers (transactions) which could result in foreign control of any person engaged in interstate commerce (covered transaction) to direct the President, acting through the Committee on Foreign Investment in the United States (CFIUS), to review such transaction to determine its effects on national security. Authorizes the review of certain previously-reviewed or investigated transactions.

Directs the President to conduct an investigation of the effects of certain covered transactions on national security and to take any necessary steps to protect national security. Includes within such investigations transactions which may impair national security, will result in control of any U.S. critical infrastructure by a foreign person, or are foreign government-controlled.

Requires the Director of National Intelligence to conduct an analysis of any threat to national security posed by a covered transaction.

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.

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.

Authorizes CFIUS or a lead agency to enter into agreements with parties to a covered transaction to mitigate any threat to national security.

Authorizes the President to suspend or prohibit any covered transaction that threatens to impair national security. Requires the President to consider specified factors (including those added in this Act) when determining whether to suspend or prohibit a covered transaction.

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 the Secretary of the Treasury to annually study foreign direct investments in the United States, especially investments in critical infrastructure and industries affecting national security by foreign governments which comply with any boycott of Israel or do not ban terrorist organizations.

Requires the certification of information submitted by a party to a covered transaction.

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Status of the Legislation

Latest Major Action: 6/29/2007: Senate floor actions. Status: Returned to the Calendar. Calendar No. 197.

Points in Favor

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Points Against

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