Relating to the establishment of the Texas Committee on Foreign Investment to review certain transactions involving certain foreign entities; creating a civil penalty.
Impact
The bill introduces a framework for evaluating foreign transactions, which could lead to greater scrutiny of investments from foreign entities. By requiring a pre-transaction notification and review process, the bill aims to ensure that any potential threats can be mitigated before transactions are finalized. The potential impact of this legislation is significant, as it creates a dedicated structure for managing foreign investments, which could shape future economic policies and safeguard state assets.
Summary
House Bill 5007 establishes the Texas Committee on Foreign Investment, tasked with reviewing certain transactions involving foreign entities. This initiative is designed to address growing concerns over national security and foreign influence in critical sectors of the Texas economy. The committee's responsibility includes assessing foreign transactions that may pose risks to critical infrastructure, sensitive personal data of residents, and strategic industries identified by the governor.
Contention
While the bill has proponents who support the need for enhanced oversight of foreign investments, particularly in sensitive areas, there may be contention surrounding the balance between economic openness and security. Critics might argue that the bill could deter foreign investment, impacting the state’s economic growth. Additionally, there are concerns about the implications of such reviews on business operations, and how the regulations might be enforced, especially regarding confidentiality and civil penalties for non-compliance.
Identical
Relating to the establishment of the Texas Committee on Foreign Investment to review certain transactions involving certain foreign entities in coordination with the attorney general; creating a civil penalty.
Relating to requiring the attorney general to establish a process to identify and report certain foreign-related transactions in this state to the Committee on Foreign Investment in the United States.
Relating to authorized investments of public money by certain governmental entities and the confidentiality of certain information related to those investments.
Relating to the establishment of the Texas Committee on Foreign Investment to review certain transactions involving certain foreign entities in coordination with the attorney general; creating a civil penalty.
House Substitute for SB 172 by Committee on Commerce, Labor and Economic Development - Creating the Kansas land and military installation protection act to prohibit foreign principals from countries of concern from holding any interest in certain real property in this state.
Relating to the right of members of the legislature, the lieutenant governor, committees of the legislature, and legislative agencies to access certain governmental information for legislative purposes; creating a criminal offense.
Relating to the right of members of the legislature, the lieutenant governor, committees of the legislature, and legislative agencies to access certain governmental information for legislative purposes; creating a criminal offense.