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Exon-Florio National Security Test for Foreign Investment [Updated June 15, 2006]
"The proposed acquisitions of major operations in six major U.S. ports by Dubai Ports World and of Unocal by the China National Offshore Oil Corporation (CNOOC) sparked intense concerns among some Members of Congress and the public and has reignited the debate over what role foreign acquisitions play in U.S. national security. The United States actively promotes internationally the national treatment of foreign firms. Some Members of Congress and others are concerned with this policy, however, particularly with how it applies to allowing government owned companies unlimited access to the Nation's industrial base. Much of this debate focuses on the activities of a relatively obscure committee, the Committee on Foreign Investment in the United States (CFIUS) and the Exon-Florio provision, which gives the President broad powers to block certain types of foreign investment."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-06-15
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Financing the U.S. Trade Deficit [Updated January 31, 2008]
From the Summary: "The U.S. merchandise trade deficit is a part of the overall U.S. balance of payments, a summary statement of all economic transactions between the residents of the United States and the rest of the world, during a given period of time. Some Members of Congress and other observers have grown concerned over the magnitude of the growing U.S. merchandise trade deficit and the associated increase in U.S. dollar-denominated assets owned by foreigners. This report provides an overview of the U.S. balance of payments, an explanation of the broader role of capital flows in the U.S. economy, an explanation of how the country finances its trade deficit or a trade surplus, and the implications for Congress and the country of the large inflows of capital from abroad."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-01-31
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Global Economic Effects of COVID-19 [Updated October 4, 2021]
From the Summary: "The COVID-19 [coronavirus disease 2019] viral pandemic is an unprecedented global phenomenon that is also a highly personal experience with wide-ranging effects. On September 20, 2021, U.S. viral deaths surpassed the 675,446 total from the 1918 Spanish flu, the previous worst U.S. pandemic-related death total on record. The pandemic has disrupted lives across all countries and communities and negatively affected global economic growth in 2020 beyond anything experienced in nearly a century. Estimates indicate the virus reduced global economic growth in 2020 to an annualized rate of around -3.2%,with a recovery of 6.0% projected for 2021. Global trade is estimated to have fallen by 5.3% in 2020, but is projected to grow by 8.0% in 2021. According to a consensus of forecasts, the economic downturn in 2020 was not as negative as initially estimated, due in part to the fiscal and monetary policies governments adopted in 2020. In most countries, economic growth fell sharply in the second quarter of 2020, rebounded quickly in the third quarter, and has been mostly positive since. Although lessening, the total global economic effects continue to mount. [...] This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Nelson, Rebecca M.; Weiss, Martin A. . . .
2021-10-04
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Exon-Florio National Security Test for Foreign Investment [October 1, 2012]
"The Exon-Florio provision grants the President the authority to block proposed or pending foreign acquisitions of 'persons engaged in interstate commerce in the United States' that threaten to impair the national security. This provision came under intense scrutiny with the proposed acquisitions in 2006 of major operations in six major U.S. ports by Dubai Ports World and of Unocal by the China National Offshore Oil Corporation (CNOOC). The debate that followed reignited long-standing differences among Members of Congress and between Congress and the Administration over the role foreign acquisitions play in U.S. national security. The public debate underscored the differences between U.S. policy, which is to actively promote internationally the national treatment of foreign firms, and the concerns of some over the way this policy applies to companies that are owned by foreign governments that have unlimited access to the nation's industrial base. Much of this debate focused on the activities of a relatively obscure committee, the Committee on Foreign Investment in the United States (CFIUS) and the Exon-Florio provision, which gives the President broad powers to block certain types of foreign investment."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2012-10-01
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Committee on Foreign Investment in the United States (CFIUS) [October 1, 2012]
"The Committee on Foreign Investment in the United States (CFIUS) is comprised of nine members, two ex officio members, and other members as appointed by the President representing major departments and agencies within the federal executive branch. While the group generally has operated in relative obscurity, the proposed acquisition of commercial operations at six U.S. ports by Dubai Ports World in 2006 placed the group's operations under intense scrutiny by Members of Congress and the public. […] In the first session of the 110th Congress, the House and Senate adopted S. 1610, the Foreign Investment and National Security Act (FINSA) of 2007. […] On January 23, 2008, President Bush issued Executive Order 13456 implementing the law. The Executive Order also established some caveats that may affect the way in which the law is implemented. These caveats stipulate that the President will provide information that is required under the law as long as it is 'consistent' with the President's authority 'to conduct the foreign affairs of the United States; withhold information the disclosure of which could impair the foreign relations, the national security, the deliberative processes of the Executive, or the performance of the Executive's constitutional duties; recommend for congressional consideration such measures as the President may judge necessary and expedient; and supervise the unitary executive branch.' Despite the relatively recent passage of the amendments, some Members of Congress and others have questioned the performance of CFIUS and the way the Committee reviews cases involving foreign governments, particularly with the emergence of direct investments through sovereign wealth funds (SWFs). The Obama Administration issued a statement on June 30, 2011, supporting an open investment policy, a commitment to treat all investors in a fair and equitable manner, and support for business investment from sources both home and abroad in the economy. On September 28, 2012, President Obama used the authority granted to him under FINSA to block a Chinese acquisition of a U.S. energy firm."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2012-10-01
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U.S. Financial Crisis: The Response by Switzerland [February 5, 2009]
From the Summary: "The current financial crisis has demonstrated that financial markets in Switzerland and elsewhere have become highly interdependent and that a crisis in one market can quickly spread to other markets across national borders. For the United States, Switzerland is important as a member of international fora where the two countries share common interests while Swiss banks also act as competitors in the international financial marketplace. One issue the two countries share concerns the organization of financial markets domestically and abroad to improve supervision and regulation of individual institutions and of international markets. This issue also focuses on developing the organizational structures within national economies that can provide oversight of the different segments of the highly complex financial system. Such oversight is viewed by many as critical, because financial markets are generally considered to play an indispensible [sic] role in allocating capital and facilitating economic activity. In the months ahead, Members of Congress and the Obama administration likely will consider a number of proposals to restructure the supervisory and oversight responsibilities over the broad-based financial sector within the United States and in the broader international financial markets. The Swiss system provides an example of a system that has separated the regulatory and supervisory responsibilities from the monetary policy responsibilities of the Swiss National Bank and consolidated them into a national regulatory body that is subject to the Federal Council, or the executive of the Swiss government."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2009-02-05
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Foreign Investment and National Security: Economic Considerations [December 1, 2008]
"The United States is the largest foreign direct investor in the world and also the largest recipient of foreign direct investment. This dual role means that globalization, or the spread of economic activity by firms across national borders, has become a prominent feature of the U.S. economy and that through direct investment the U.S. economy has become highly enmeshed with the broader global economy. This also means that the United States has important economic, political, and social interests at stake in the development of international policies regarding direct investment. With some exceptions for national security, the United States has established domestic policies that treat foreign investors no less favorably than U.S. firms. The terrorist attacks on the United States on September 11, 2001, spurred some Members of Congress and others to call for a reexamination of elements of the traditionally open environment in the United States for foreign investment. In particular, some Members argue that greater consideration must be given to the long-term impact of foreign direct investment on the structure and the industrial capacity of the economy and on the ability of the economy to meet the needs of U.S. defense and security interests. [...] This report also provides one possible approach for assessing the costs and benefits involved in using national policies to direct or to restrict foreign direct investment for national security reasons. Within the United States, there is no consensus yet among Members of Congress or between the Congress and the Administration over a working set of parameters that establishes a functional definition of the national economic security implications of foreign direct investment."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-12-01
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Foreign Investment in U.S. Securities [March 13, 2009]
From the Summary: "Foreign capital inflows are playing an important role in the U.S. economy by bridging the gap between domestic supplies of and demand for capital. In 2008, as the financial crisis and global economic downturn unfolded, foreign investors looked to U.S. Treasury securities as a 'safe haven' investment, while they sharply reduced their net purchases of corporate stocks and bonds. Foreign investors now hold more than 50% of the publicly held and traded U.S. Treasury securities. The large foreign accumulation of U.S. securities has spurred some observers to argue that this large foreign presence in U.S. financial markets increases the risk of a financial crisis, whether as a result of the uncoordinated actions of market participants or by a coordinated withdrawal from U.S. financial markets by foreign investors for economic or political reasons. [...] This report analyzes the extent of foreign portfolio investment in the U.S. economy and assesses the economic conditions that are attracting such investment and the impact such investments are having on the economy. [...] This report relies on a comprehensive set of data on capital flows, represented by purchases and sales of U.S. government securities and U.S. and foreign corporate stocks, bonds, into and out of the United States, that is reported by the Treasury Department on a monthly basis."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2009-03-13
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Financial Action Task Force: An Overview [March 4, 2005]
"The National Commission on Terrorist Attacks Upon the United States, or the 9/11 Commission, recommended that tracking terrorist financing 'must remain front and center in U.S. counterterrorism efforts.' As part of these efforts, the United States plays a leading role in the Financial Action Task Force on Money Laundering (FATF). The independent, intergovernmental policy-making body was established by the 1989 G-7 Summit in Paris as a result of growing concerns among the Summit participants about the threat posed to the international banking system by money laundering. After September 11, 2001, the body expanded its role to include identifying sources and methods of terrorist financing and adopted eight Special Recommendations on terrorist financing to track terrorists' funds. This report provides an overview of the Task Force and of its progress to date in gaining broad international support for its Recommendations. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2005-03-04
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Foreign Direct Investment in the United States: An Economic Analysis [October 14, 2011]
"Foreign direct investment in the United States declined sharply after 2000, when a record $300 billion was invested in U.S. businesses and real estate. [Note: The United States defines foreign direct investment as the ownership or control, directly or indirectly, by one foreign person (individual, branch, partnership, association, government, etc.) of 10% or more of the voting securities of an incorporated U.S. business enterprise or an equivalent interest in an unincorporated U.S. business enterprise. 15 CFR § 806.15 (a)(1).] In 2010, according to U.S. Department of Commerce data, foreigners invested $236 billion in U.S. businesses and real estate. Foreign direct investments are highly sought after by many state and local governments that are struggling to create additional jobs in their localities. While some in Congress encourage such investment to offset the perceived negative economic effects of U.S. firms investing abroad, others are concerned about foreign acquisitions of U.S. firms that are considered essential to U.S. national and economic security."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2011-10-14
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International Trade and Finance: Overview and Issues for the 116th Congress [Updated January 28, 2019]
"The U.S. Constitution grants authority to Congress to lay and collect duties and regulate foreign commerce. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations, U.S. trade and economic relations with specific regions and countries, international institutions focused on trade, tariff and nontariff barriers, worker dislocation due to trade liberalization, enforcement of trade laws and trade agreement commitments, import and export policies, international investment, economic sanctions, and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Schwarzenberg, Andres B.; Akhtar, Shayerah Ilias . . .
2019-01-28
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U.S. Trade Policy Primer: Frequently Asked Questions [Updated January 29, 2019]
"Congress plays a major role in U.S. trade policy through its legislative and oversight authority. Since the end of World War II, U.S. trade policy has focused on fostering an open, rules-based global trading system, liberalizing markets by reducing trade and investment barriers through negotiations and agreements, and enforcing trade commitments and related laws. International trade and investment issues can affect the overall health of the U.S. economy and specific sectors, the success of U.S. businesses, U.S. employment opportunities, and the overall standard of living of Americans. The benefits and costs of international trade and the future direction of trade policy are active areas of interest for many in Congress. This report addresses frequently asked questions regarding U.S. trade policy and is intended to assist Members and staff who may be new to trade issues. The report provides context for basic trade concepts and data on key U.S. trade and investment trends. It also addresses how U.S. trade policy is formulated and describes the trade and investment policy tools used to advance U.S. objectives."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Akhtar, Shayerah Ilias; Casey, Christopher A. . . .
2019-01-29
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International Trade and Finance: Overview and Issues for the 116th Congress [Updated January 17, 2020]
From the Document: "The U.S. Constitution grants authority to Congress to lay and collect duties and regulate foreign commerce. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations, U.S. trade and economic relations with specific regions and countries, international institutions focused on trade, tariff and nontariff barriers, worker dislocation due to trade liberalization, enforcement of trade laws and trade agreement commitments, import and export policies, international investment, economic sanctions, and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.; Nelson, Rebecca M.; Akhtar, Shayerah Ilias . . .
2020-01-17
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U.S. Trade Policy Primer: Frequently Asked Questions [Updated February 4, 2021]
From the Summary: "Congress plays a major role in U.S. trade policy through its legislative and oversight authority. Since the end of World War II, U.S. trade policy has focused on fostering an open, rules-based global trading system, liberalizing markets by reducing trade and investment barriers through negotiations and agreements, and enforcing trade commitments and related laws. International trade and investment issues can affect the overall health of the U.S. economy and specific sectors, the success of U.S. businesses, U.S. employment opportunities, and the overall standard of living of Americans. The benefits and costs of international trade and the future direction of trade policy are active areas of interest for many in Congress. This report addresses frequently asked questions regarding U.S. trade policy and is intended to assist Members and staff who may be new to trade issues. The report provides context for basic trade concepts and data on key U.S. trade and investment trends. It also addresses how U.S. trade policy is formulated and describes the trade and investment policy tools used to advance U.S. objectives."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Akhtar, Shayerah Ilias; Casey, Christopher A. . . .
2021-02-04
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Foreign Investment, CFIUS, and Homeland Security: An Overview [April 17, 2008]
From the Summary: "The President is generally seen as exercising broad discretionary authority over developing and implementing U.S. direct investment policy, including the authority to suspend or block investments that 'threaten to impair the national security.' Congress is also directly involved in formulating the scope and direction of U.S. foreign investment policy and some Members are urging the President to be more aggressive in blocking certain types of foreign investments. Such confrontations reflect vastly different philosophical and political views between members of Congress and between Congress and the Administration over the role foreign investment plays in the economy and the role that economic activities should play in the context of U.S. national security policy. In July 2007, Congress asserted its own role in making and conducting foreign investment policy when it adopted and the President signed P.L. [Public Law] 110-49, the Foreign Investment and National Security Act of 2007. This law broadens Congress' oversight role and it explicitly includes the areas of homeland security and critical infrastructure as separately identifiable components of national security that the President must consider when evaluating the national security implications of a foreign investment transaction. The act may well draw Congress into a greater dialogue, and possibly greater conflict, with the Administration over efforts to define the limits of the broad rubric of national economic security. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-04-17
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Exon-Florio Foreign Investment Provision: Comparison of H.R. 556 and S. 1610 [Updated August 7, 2007]
From the Summary: "During the First Session of the 110th Congress, several Members of Congress have introduced measures in the House and the Senate to address various concerns with foreign investment, especially the proposed purchase of the British-owned P&O Ports by Dubai Ports World in early 2006. Congresswoman Maloney introduced 'H.R. 556', the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007, on January 18, 2007. The measure was approved by the House Financial Services Committee on February 13, 2007 with amendments, and was approved with amendments by the full House on February 28, 2007 by a vote of 423 to 0. On June 13, 2007, Senator Dodd introduced 'S. 1610', the Foreign Investment and National Security Act of 2007. On June 29, 2007, the Senate adopted S. 1610 in lieu of H.R. 556 by unanimous consent. On July 11, 2007, the House accepted the Senate's version of H.R. 556 by a vote of 370-45 and sent the measure to the President, who signed it on July 26, 2007. It is designated as 'P.L. [Public Law] 110-49'. […] This report provides background information on the Committee on Foreign Investment in the United States and on the Exon-Florio provision. In addition, the report provides an overview of H.R. 556 and S. 1610 and a side-by-side comparison of the two measures. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-08-07
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Financing the U.S. Trade Deficit [Updated September 4, 2007]
From the Summary: "The U.S. merchandise trade deficit is a part of the overall U.S. balance of payments, a summary statement of all economic transactions between the residents of the United States and the rest of the world, during a given period of time. Some Members of Congress and other observers have grown concerned over the magnitude of the growing U.S. merchandise trade deficit and the associated increase in U.S. dollar-denominated assets owned by foreigners. This report provides an overview of the U.S. balance of payments, an explanation of the broader role of capital flows in the U.S. economy, an explanation of how the country finances its trade deficit or a trade surplus, and the implications for Congress and the country of the large inflows of capital from abroad."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-09-04
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Foreign Investment in U.S. Securities [Updated July 14, 2008]
From the Summary: "Foreign capital inflows are playing an important role in the U.S. economy by bridging the gap between domestic supplies of and demand for capital. Foreign investors now hold more than 50% of the publicly held and traded U.S. Treasury securities. The large foreign accumulation of U.S. securities has spurred some observers to argue that this large foreign presence in U.S. financial markets increases the risk of a financial crisis, whether as a result of the uncoordinated actions of market participants or by a coordinated withdrawal from U.S. financial markets by foreign investors for economic or political reasons. […] Despite improvements in capital mobility, foreign capital inflows do not fully replace or compensate for a lack of domestic sources of capital. Economic analysis shows that a nation's rate of capital formation, or domestic investment, seems to have been linked primarily to its domestic rate of saving. To date, the world economy has benefited from the stimulus provided by the nation's combination of fiscal and monetary policies and trade deficit. Over the long run, however, concerns are growing that U.S. economic policies and the accompanying large deficit in its international trade accounts could have a negative impact on global economic developments, especially for developing countries. This report relies on a comprehensive set of data on capital flows, represented by purchases and sales of U.S. government securities and U.S. and foreign corporate stocks, bonds, into and out of the United States, that is reported by the Treasury Department on a monthly basis. This report will updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2008-07-14
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Committee on Foreign Investment in the United States (CFIUS) [Updated June 21, 2007]
From the Summary: "The Committee on Foreign Investment in the United States (CFIUS) is comprised of 12 members representing major departments and agencies within the federal Executive Branch. While the group generally operates in relative obscurity, the proposed acquisition of commercial operations at six U.S. ports by Dubai Ports World in 2006 placed the group's operations under intense scrutiny by Members of Congress and the public. Prompted by this case, some Members of the 109th and 110th Congresses have questioned the ability of Congress to exercise its oversight responsibilities given the general view that CFIUS's operations lack transparency. Other Members revisited concerns about the linkage between national security and the role of foreign investment in the U.S. economy. Some Members of Congress and others argued that the nation's security and economic concerns have changed since the September 11, 2001 terrorist attacks and that these concerns were not being reflected sufficiently in the Committee's deliberations. In addition, anecdotal evidence seemed to indicate that the CFIUS process is not market neutral, instead a CFIUS investigation of an investment transaction may be perceived by some firms and by some in the financial markets as a negative factor that adds to uncertainty and may spur firms to engage in behavior that is not optimal for the economy as a whole. […] This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-06-21
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Exon-Florio Foreign Investment Provision: Comparison of H.R. 556 and S. 1610 [Updated July 13, 2007]
From the Summary: "During the First Session of the 110th Congress, several Members of Congress have introduced measures in the House and the Senate to address various concerns with foreign investment, especially the proposed purchase of the British-owned P&O Ports by Dubai Ports World in early 2006. Congresswoman Maloney introduced 'H.R. 556,' the National Security Foreign Investment Reform and Strengthened Transparency Act of 2007, on January 18, 2007. The measure was approved by the House Financial Services Committee on February 13, 2007 with amendments, and was approved with amendments by the full House on February 28, 2007 by a vote of 423 to 0. On June 13, 2007, Senator Dodd introduced 'S. 1610,' the Foreign Investment and National Security Act of 2007. On June 29, 2007, the Senate adopted S. 1610 in lieu of H.R. 556 by unanimous consent. On July 11, 2007, the House accepted the Senate's version of H.R. 556 by a vote of 370-45 and sent the measure to the President. […] This report provides background information on the Committee on Foreign Investment in the United States and on the Exon-Florio provision. In addition, the report provides an overview of H.R. 556 and S. 1610 and a side-by-side comparison of the two measures. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2007-07-13
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Global Economic Effects of COVID-19 [Updated June 17, 2021]
From the Overview: "The World Health Organization (WHO) first declared COVID-19 [coronavirus disease 2019] a world health emergency in January 2020; on March 11 it announced the viral outbreak was officially a pandemic, the highest level of health emergency. Since then, the emergency evolved into a global public health and economic crisis that affected the $90 trillion global economy beyond anything experienced in nearly a century. [...] By early March 2020, the focal point of infections shifted from China to Europe, especially Italy, but by April, the focus had shifted to the United States, where the number of infections had been accelerating. By April 2021, India and Brazil emerged as viral hot spots with the number of infections and deaths reaching daily record levels in those countries. [...] The infection has sickened over 174 million people globally with over 3.7 million fatalities. The United States reported that by mid-June 2021, over 33 million Americans had been diagnosed and nearly 600,000 had died from the virus. [...] During the G-7 (Group of Seven) summit in England on June 11, 2021, the United States and the other G-7 leaders announced they would provide a combined total of 1 billion doses of the COVID-19 vaccine in addition to lifesaving medical supplies, oxygen, diagnostics, therapeutics, and personal protective equipment (PPE) to low and middle income developing countries."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2021-06-17
