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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 y prepared remarks. Messrs. Levenson, Bodolus and I would be happy to respond to any questions you

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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:]

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Summary of Rules
and Regulations
Established Pursuant
to the Federal
Securities Laws With
Regard to the
Reporting of
Ownership of
Securities.

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Index

Page

Introduction

i

Section I

General Discussion of the Reporting of Ownership
of Securities to the Securities and Exchange Commission

1

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C. Compliance with Existing Laws Restricting Foreign

Investment in the U.S.

13

Section II

Supplement to "Reporting Requirements and Dissemination
of Information of Corporate Ownership and Structure",
A Report From the General Accounting Office
("GAO Study")

14

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C. Reporting Securities Ownership not covered in A and B

27

List of Attachments

29

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