Foreign Investment Study Act of 1974

(LATEST SUMMARY) Foreign Investment Study Act - Directs the Secretary of the Treasury and the Secretary of Commerce to conduct a comprehensive, overall study of foreign direct and portfolio investments in the United States. Authorizes the Secretary of Commerce to carry out that part of the study relating to foreign direct investment, and to specifically: (1) investigate and review the nature, scope, magnitude, and rate of foreign direct investment activities in the United States; (2) survey the reasons foreign firms are undertaking direct investment in the United States; and (3) identify the processes and mechanisms through which foreign direct investment flows into the United States, the financing methods used by foreign direct investors, and the effects of such financing on American financial markets. Authorizes the Secretary of the Treasury to carry out that part of the study relating to foreign portfolio investment, and to specifically: (1) investigate and review the nature, scope, and magnitude of foreign portfolio investment activities in the United States; (2) survey the reasons for foreign portfolio investment in the United States; and (3) identify the processes and mechanisms through which foreign portfolio investment is made in the United States, the financing methods used, and the effects of foreign portfolio investment on American financial markets. Authorizes the Secretary of Commerce and the Secretary of the Treasury to establish whatever rules each deems necessary to carry out each of his functions under this Act. Authorizes each Secretary to require any person subject to the jurisdiction of the United States to maintain a complete record of any information which such Secretary determines is germane to his functions in the foreign direct investment and foreign portfolio investment studies to be conducted pursuant to this Act; and to furnish under oath any report containing whatever information such Secretary determines is necessary to carry out his functions in such studies. Authorizes the Secretary of Commerce and the Secretary of the Treasury to use the available services, equipment, personnel, and facilities of any agency or instrumentality of the Federal Government in conjunction with the study authorized in this Act. Requires the Secretaries to make a full and complete report to Congress of the findings made under the study authorized by this Act, together with such recommendations as they may think appropriate. Authorizes appropriations of up to $3,000,000 to carry out the purposes of this Act.

Authorizes the Secretary of Commerce to: (1) collect information with respect to foreign direct and foreign portfolio investment activities in the United States; (2) conduct a program to determine the impact of foreign investment in the United States; (3) compare the policies of other nations relative to foreign direct investment; (4) study current Federal and State activities relative to foreign direct investment; and (5) evaluate the costs and benefits of alternative courses of action regarding foreign investment policies which may be feasible for the United States. Directs the Secretary to submit to the Congress an interim report one year after the enactment of the Act, and within two years, a complete report of the findings made under the program authorized by this Act, together with recommendations. Authorizes to be appropriated $1,000,000 for fiscal year 1974, and $1,000,000 for fiscal year 1975, to carry out the purposes of this Act.