4 Commetter on Banking, Housing and.
FOREIGN INVESTMENT ACT OF 1975

Urban Athers. Dubcommittee on
Securities

HEARINGS

BEFORE THE

SUBCOMMITTEE ON SECURITIES

OF THE

COMMITTEE ON
BANKING, HOUSING AND URBAN AFFAIRS
UNITED STATES SENATE

NINETY-FOURTH CONGRESS

FIRST SESSION

ON

S. 425

TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO
REQUIRE NOTIFICATION BY FOREIGN INVESTORS OF PRO-
POSED ACQUISITIONS OF EQUITY SECURITIES OF UNITED
STATES COMPANIES, TO AUTHORIZE THE PRESIDENT TO
PROHIBIT ANY SUCH ACQUISITION AS APPROPRIATE FOR
THE NATIONAL SECURITY, TO FURTHER THE FOREIGN POL-
ICY, OR TO PROTECT THE DOMESTIC ECONOMY OF THE
UNITED STATES, TO REQUIRE ISSUERS OF REGISTERED
SECURITIES TO MAINTAIN AND FILE WITH THE SECURITIES
AND EXCHANGE COMMISSION A LIST OF THE NAMES AND
NATIONALITIES OF THE BENEFICIAL OWNERS OF THEIR
EQUITY SECURITIES, AND FOR OTHER PURPOSES.

Letter from Karl E. Bakke, general counsel, Department of Commerce_

S. 425

LIST OF WITNESSES

TUESDAY, MARCH 4

Page

5

16

20

Jack F. Bennett, Under Secretary for Monetary Affairs, Department of the

Treasury

---

Charles W. Robinson, Under Secretary for Economic Affairs, Department of

State, accompanied by Richard J. Smith, Director of the Office of Invest-

ment Affairs; and Mark B. Feldman, Deputy Legal Advisor......-

Jacob K. Javits, U.S. Senator from the State of New York..

Howard M. Metzenbaum, former Senator from the State of Ohio...---.

James L. Pate, Assistant Secretary for Economic Affairs, Department of

Commerce, accompanied by Daniel Arrill, Office of Domestic and Inter-

national Business Administration; and George R. Kruer, Chief of the

International Investment Division of the Bureau of Economic Analysis-

WEDNESDAY, MARCH 5

Ray Garrett, Jr., chairman, Securities and Exchange Commission, accom-

panied by Alan B. Levenson and Carl T. Bodolus.

John M. Niehuss, assistant director of the Council on International Eco-

nomic Policy.

167

Ian MacGregor, chairman, AMAX Inc., and George W. Ball, partner,

Lehman Bros. on behalf of the United States Council of the International

Chamber of Commerce, Inc.--

242

Theodor Schmidt-Scheuber, president, ABD Securities Corp., accompanied

by Charles Morin, general counsel------

261

THURSDAY, MARCH 6

Howard Menell, assistant counsel, Senate Subcommittee on Securities____

Seymour Graubard, National Chairman, Anti-Defamation League, ac-

companied by Meyer Eisenberg, member, National Commission of the

Anti-Defamation League; David A. Brody, director, Washington Office,

Anti-Defamation League; Hyman Bookbinder, Washington representa-

tive, American Jewish Committee; and Lawrence Rubin, American

Jewish Congress---.

Louis V. Aronson, president, Ronson Corp----

John Leslie, chairman, Bache & Co.; chairman, New York Stock Ex-

change Advisory Committee on Foreign Investments, accompanied by

Gordon L. Calvert, vice president-general counsel; Jeffrey M. Schaefer,

Director of International Finance, New York Stock Exchange; and

James K. C. Doran, assistant vice president-----

Thomas L. Farmer, chairman, Task Force on Foreign Investment in the

United States of the Chamber of Commerce of the United States; ac-

companied by L. Oakley Johnson, staff executive_-_

Fred M. Zeder, member, Executive Committee, Committee of Publicly

Owned Companies, accompanied by James J. O'Neill, executive director;

and B. M. Siegel, staff counsel_--

283

289

311

323

446

463