Foreign Investment Regulatory Commission Act

Foreign Investment Regulatory Commission Act - Sets forth the purposes of this Act.

Establishes the Foreign Investment Regulatory Commission.

Provides that except as the Commission shall by rule determine: (1) no foreign investor may acquire any interest in any American business if after such acquisition one or more foreign investors have a controlling interest in such business; (2) if on the date of enactment of this Act, one or more foreign investors have a controlling interest in an American business, the Commission may order one or more of such foreign investors to sell, to persons who are not foreign investors, a portion of their interest in such business sufficient to assure that foreign investors do not have controlling interest in such business; (3) no person who is a foreign investor may invest in any calendar year in one or more American businesses an amount which exceeds $100,000,000 in the aggregate; (4) the Commission may, by rule or order, prohibit any foreign investor from acquiring any interest in an American business or class of American business which it determines affects national security or the economic interest stability of the United States.

Authorizes the Commission to issue exemptions from the provisions specified above with respect to: (1) any foreign investors or class of American businesses, except that in no case may the Commission issue an exemption under this subsection with respect to any American business which it finds affects national security or the economic interest or stability of the United States and which has annual gross revenues in excess of $50,000,000.

Requires that not later than April 1 of each year, the Commission shall transmit to the President and to each House of Congress an annual report. States that such report shall contain a detailed statement of the activities of the Commission in the preceeding year, together with its recommendations for such legislation as it deems appropriate.