Foreign Investment National Security Review Act of 2006

H.R. 4929, the Foreign Investment National Security Review Act of 2006, would have significantly strengthened the government's oversight of foreign companies attempting to buy or merge with American businesses. The bill required the President, through a multi-agency committee, to investigate every such transaction to ensure it did not pose a threat to U.S. national security, specifically regarding domestic production and national defense.

For everyday citizens, this legislation aimed to protect the country's critical infrastructure and sensitive technologies from foreign control by mandating a 75-day security review for these business deals. Additionally, it would have given Congress the power to overturn a President's decision to approve a foreign acquisition and required regular reports to the public and lawmakers on foreign ownership of vital U.S. industries.