The Senate passed its version of legislation to reform the process the U.S. uses to review the security implications of foreign direct investments. The House passed similar legislation earlier this year. These reviews are centered in the inter-agency Committee on Foreign Investment in the U.S. (CFIUS).
Here's the story in the Congressional Quarterly: Senate Votes to Overhaul Security Reviews of Foreign Investments (June 29):
The Senate passed the bill (
HR 556) after substituting the text of its own version ( S 1610) — essentially the measure approved May 16 by the Banking, Housing and Urban Affairs Committee, plus a technical amendment.
It is not clear that a formal House-Senate conference will be necessary, given the the similarities between the two versions and the strong bipartisan support the legislation commands....
The Senate bill has broader congressional reporting requirements than the House version and also focuses more on threats to critical infrastructure than its House counterpart.
Graham and Marchick, US National Security and Foreign Direct Investment (readable online) provide the background to this issue. I posted on the House bill earlier this year: CFIUS Reform: We Might Get Lucky (February 19); House passes CFIUS reform legislation (March 1).