To establish an Office of National Security within the Securities and Exchange Commission, provide for the monitoring of the extent of foreign involvement in United States securities markets, financial institutions, and pension funds, and for other purposes.
U.S. Market Security Act of 1997 - Establishes the Office of National Security within the Securities and Exchange Commission (SEC) to review and monitor securities offerings by foreign governments and by any entity the Office believes to be controlled by a foreign governmental unit.
Requires: (1) the Office to report quarterly to certain congressional committees on the amount of securities offerings by foreign entities; (2) the Director of the Office to notify the SEC Chairman of any violation by such foreign entities; and (3) each Federal banking agency to report annually to certain congressional committees on the number of foreign banks operating in the United States that are believed to be controlled by a foreign governmental unit.
Instructs the Pension Benefit Guaranty Corporation to report annually to the appropriate congressional committees regarding the extent of U.S. pension fund assets that represent interests in any foreign person or governmental entity.
Directs the Secretaries of State and of the Treasury to: (1) negotiate agreements with U.S. allies to institute in them reporting requirements similar to those imposed by this Act; and (2) report to the Congress on such negotiations.
Subcommittee on Financial Institutions/Regulations. Hearings held. Hearings printed: S.Hrg. 105-430.
Introduced in House
Introduced in House
Referred to House Commerce
Referred to the Committee on Commerce, and in addition to the Committees on International Relations, Banking and Financial Services, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House International Relations
Referred to House Banking and Financial Services
Referred to House Education and the Workforce
Referred to the Subcommittee on Finance and Hazardous Materials.
Referred to the Subcommittee on Capital Markets, Securities and Government Sponsored Enterprises.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Referred to the Subcommittee on Employer-Employee Relations.
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