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If Congress determines that time permits, it may be
appropriate to review the findings of the Commerce and
Treasury prior to the enactment of any screening legislation in this area.
That concludes my prepared remarks.
Bodolus and I would be happy to respond to any questions you may have.
Mr. REES. IS S. 1303 by Senator Inouye the same as S. 425?
Mr. Rowe. I don't know. There have been a number of bills relating to foreign investments introduced. They generally have some similarities.
I would also like to submit for the record the January 16, 1975, report of this Commission entitled "Report of Foreign Ownership" which was submitted in response to the interagency review of current Federal Government reporting requirements with respect to foreign investment in the United States. This report summarizes the present reporting requirements of ownership under the Federal securities laws and the Commission's rules thereunder.
[The report referred to follows:]
Summary of Rules and Regulations Established Pursuant
to the Federal
Securities Laws With
Regard to the
Submission of the Securities
Commission in response to
the Interagency Review of Current Federal Government Reporting Requirements with Respect to Foreign Investment
in the United States.
General Discussion of the Reporting of Ownership
A. Description of Existing Data Collection Activities
Desirable Improvements in Data Collection Activities
C. Compliance with Existing Laws Restricting Foreign
Supplement to "Reporting Requirements and Dissemination
C. Reporting Securities Ownership not Covered in A and B
List of Attachments