22 U.S.C. § 3103 — Presidential authority and duties

Page 1307 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 3103 1 So in original. Probably should be followed by a comma. Editorial Notes REFERENCES IN TEXT For definition of Canal Zone, referred to in par. (1), see section 3602(b) of this title. § 3103. Presidential authority and duties (a) Data collection program; studies and surveys; periodic report to Congressional committees; statistical information publication The President shall, to the extent he deems necessary and feasible— (1) conduct a regular data collection pro- gram to secure current information on inter- national capital flows and other information related to international investment and trade in services, including (but not limited to) such information as may be necessary for com- puting and analyzing the United States bal- ance of payments, the employment and taxes of United States parents and affiliates, and the international investment and trade in services position of the United States; (2) conduct such studies and surveys as may be necessary to prepare reports in a timely manner on specific aspects of international in- vestment and trade in services which may have significant implications for the economic welfare and national security of the United States; (3) study the adequacy of information, dis- closure, and reporting requirements and proce- dures relating to international investment and trade in services; recommend necessary im- provements in information recording, collec- tion, and retrieval and in statistical analysis and presentation; and report periodically to the Committees on Finance 1 Foreign Rela- tions 1 and Commerce of the Senate and the Committees on Ways and Means, Energy and Commerce, and Foreign Affairs of the House of Representatives on national and international developments with respect to laws and regula- tions affecting international investment and trade in services; (4) conduct (not more frequently than once every five years and in addition to any other surveys conducted pursuant to paragraphs (1) and (2)) benchmark surveys with respect to trade in services between unaffiliated United States persons and foreign persons; and (5) publish for the use of the general public and United States Government agencies peri- odic, regular, and comprehensive statistical information collected pursuant to this sub- section and to the benchmark surveys con- ducted pursuant to subsections (b) and (c), in- cluding, with respect to foreign direct invest- ment in the United States, information on ownership by foreign governments of United States affiliates by country, and tables, on an aggregated basis, of business enterprises the ownership or control of which by foreign per- sons is more than 50 percent of the voting se- curities or other evidences of ownership of such enterprises, and business enterprises the ownership or control of which by foreign per- sons is 50 percent or less of the voting securi- ties or other evidences of ownership of such enterprises. (b) Benchmark survey of United States direct in- vestment abroad and foreign direct invest- ment in United States With respect to foreign direct investment in the United States, the President shall conduct a benchmark survey covering year 1980, a bench- mark survey covering year 1987, and benchmark surveys covering every fifth year thereafter. With respect to United States direct investment abroad, the President shall conduct a bench- mark survey covering year 1982, a benchmark survey covering year 1989, and benchmark sur- veys covering every fifth year thereafter. In con- ducting surveys pursuant to this subsection, the President shall, among other things and to the extent he determines necessary and feasible— (1) identify the location, nature, and mag- nitude of, and changes in total investment by any parent in each of its affiliates and the fi- nancial transactions between any parent and each of its affiliates; (2) obtain (A) information on the balance sheet of parents and affiliates and related fi- nancial data, (B) income statements, including the gross sales by primary line of business (with as much product line detail as is nec- essary and feasible) of parents and affiliates in each country in which they have significant operations, and (C) related information re- garding trade (including trade in both goods and services) between a parent and each of its affiliates and between each parent or affiliate and any other person; (3) collect employment data showing both the number of United States and foreign em- ployees of each parent and affiliate and the levels of compensation, by country, industry, and skill level; (4) obtain information on tax payments by parents and affiliates by country; and (5) determine, by industry and country, the total dollar amount of research and develop- ment expenditures by each parent and affil- iate, payments or other compensation for the transfer of technology between parents and their affiliates, and payments or other com- pensation received by parents or affiliates from the transfer of technology to other per- sons. (c) Benchmark survey of foreign portfolio invest- ment in United States and United States portfolio investment abroad; report to Con- gress (1) The President shall conduct a comprehen- sive benchmark survey of foreign portfolio in- vestment in the United States at least once every five years and, for such purposes, shall (among other things and to the extent he deter- mines necessary and feasible) determine the magnitude and aggregate value of portfolio in- vestment, form of investments, types of inves- tors, nationality of investors and recorded resi- dence of foreign private holders, diversification of holdings by economic sector, and holders of record. (2) In addition to the benchmark surveys con- ducted pursuant to paragraph (1), the President shall annually compile currently available data on United States portfolio investment abroad including items such as data on the magnitude Page 1308 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 3103 and aggregate value of portfolio investment, form of investments, types of investors, nation- ality of investors and recorded residence of pri- vate holders, diversification of holdings by eco- nomic sector, and holders of record. The Presi- dent shall submit an analysis of such data to the Congress not later than the first day of July of each year. (d) Foreign agricultural and real property in- vestment and land data system: study; sub- mittal of findings and conclusions to Con- gress The President shall conduct a study of the fea- sibility of establishing a system to monitor for- eign direct investment in agricultural, rural, and urban real property, including the feasi- bility of establishing a nationwide multipurpose land data system, and shall submit his findings and conclusions to the Congress not later than two years after October 11, 1976. (e) Report on cost of monitoring and compiling data on legislation enacted by foreign na- tions regulating and restricting foreign in- ward investment The Secretary of Commerce shall prepare a re- port on the estimated cost of monitoring and compiling data on legislation enacted by the major trading partners of the United States, and such other foreign nations as the Secretary deems appropriate, which regulates or restricts foreign inward investment in such foreign na- tions. (f) Reporting, recordkeeping, and documentation Activities shall be conducted so that informa- tion obtained pursuant to this chapter shall be timely and useful in the development of policy with respect to international investment and trade in services. Reporting and recordkeeping requirements imposed under this chapter shall be designed in order to minimize costs to the ex- tent feasible, consistent with effective enforce- ment and the compilation of information re- quired by this chapter. Reporting, record- keeping, and documentation requirements shall be periodically reviewed and revised in the light of developments in the field of information tech- nology. (g) Costs for collecting information In collecting information under this chapter, the President shall give due regard to the costs incurred by persons supplying such information, as well as to the costs incurred by the Govern- ment, and shall insure that the information col- lected is only in such detail as is necessary to fulfill the stated purposes for which the infor- mation is being gathered. (h) Bureau of Economic Analysis report (1) The President, or the designee of the Presi- dent responsible for monitoring the impact of foreign investment in the United States, coordi- nating implementation of United States policy on investment, and investigating foreign acqui- sitions under section 4565 of title 50, may re- quest a report from the Bureau of Economic Analysis of the Department of Commerce. When such request is made in connection with an in- vestigation under such section 4565, the report shall be provided within 14 days after the re- quest is made. When such request is not made in connection with an investigation under such section 4565, the report shall be provided within 60 days after the request. (2) A report requested under paragraph (1) shall contain the best available information on the extent of foreign direct investment in a given industry, including a breakdown of total investment in the industry, and any foreign gov- ernment investment in the industry, by country of the foreign owner, and any other information that the Bureau of Economic Analysis or such designee of the President considers relevant. The industry information provided shall be at the most detailed level available of Standard In- dustrial Classification, subject to the require- ments of section 3104 of this title. (Pub. L. 94–472, § 4, Oct. 11, 1976, 90 Stat. 2060; Pub. L. 95–381, § 2, Sept. 22, 1978, 92 Stat. 726; H. Res. 89, Feb. 5, 1979; Pub. L. 97–33, §§ 1–3, Aug. 7, 1981, 95 Stat. 170; Pub. L. 97–70, Oct. 26, 1981, 95 Stat. 1045; Pub. L. 98–573, title III, § 306(b)(3), (4), Oct. 30, 1984, 98 Stat. 3010; Pub. L. 101–533, § 6(b), (c), Nov. 7, 1990, 104 Stat. 2348.) Editorial Notes AMENDMENTS 1990—Subsec. (a)(5). Pub. L. 101–533, § 6(b), inserted be- fore period at end ‘‘, including, with respect to foreign direct investment in the United States, information on ownership by foreign governments of United States af- filiates by country, and tables, on an aggregated basis, of business enterprises the ownership or control of which by foreign persons is more than 50 percent of the voting securities or other evidences of ownership of such enterprises, and business enterprises the owner- ship or control of which by foreign persons is 50 percent or less of the voting securities or other evidences of ownership of such enterprises’’. Subsec. (h). Pub. L. 101–533, § 6(c), added subsec. (h). 1984—Subsec. (a)(1), (2). Pub. L. 98–573, § 306(b)(4)(A)(ii), inserted ‘‘and trade in services’’ after ‘‘international investment’’ wherever appearing. Subsec. (a)(3). Pub. L. 98–573, § 306(b)(3), (4)(A)(i)–(iii), inserted reference to the Committee on Finance of the Senate and the Committees on Ways and Means and Energy and Commerce of the House of Representatives, and substituted ‘‘presentation’’ for ‘‘presentation relat- ing to international investment’’, inserted ‘‘and trade in services’’ after ‘‘international investment’’ in two places, and struck out ‘‘and’’ at end. Subsec. (a)(4), (5). Pub. L. 98–573, § 306(b)(4)(A)(iv), (v), added par. (4) and redesignated former par. (4) as (5). Subsec. (b)(2)(C). Pub. L. 98–573, § 306(b)(4)(B), inserted ‘‘(including trade in both goods and services)’’ after ‘‘regarding trade’’. Subsec. (f). Pub. L. 98–573, § 306(b)(4)(C), inserted ‘‘and trade in services’’ after ‘‘international investment’’. 1981—Subsec. (b). Pub. L. 97–70 substituted ‘‘year’’ for ‘‘calendar year’’ in five places in provisions preceding par. (1). Pub. L. 97–33, § 1, substituted ‘‘With respect to foreign direct investment in the United States, the President shall conduct a benchmark survey covering calendar year 1980, a benchmark survey covering calendar year 1987, and benchmark surveys covering every fifth cal- endar year thereafter. With respect to United States di- rect investment abroad, the President shall conduct a benchmark survey covering calendar year 1982, a bench- mark survey covering calendar year 1989, and bench- mark surveys covering every fifth year thereafter. In conducting surveys pursuant to this subsection, the President shall,’’ for ‘‘With respect to the United States direct investment abroad and foreign direct in- vestment in the United States, the President shall con- Page 1309 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 3104 duct a comprehensive benchmark survey at least once every five years and, for such purpose, shall,’’ in provi- sions preceding par (1). Subsec. (c)(2). Pub. L. 97–33, § 2, substituted ‘‘the President shall annually compile currently available data on United States portfolio investment abroad in- cluding items such as data on the magnitude and aggre- gate value of portfolio investment, form of invest- ments, types of investors, nationality of investors and recorded residence of private holders, diversification of holdings by economic sector, and holders of record. The President shall submit an analysis of such data to the Congress not later than the first day of July of each year’’ for ‘‘the President shall conduct a benchmark survey of United States portfolio investment abroad and, for such purpose, shall (among other things and to the extent he determines necessary and feasible) deter- mine the magnitude and aggregate value of portfolio investment, form of investments, types of investors, nationality of investors and recorded residence of pri- vate holders, diversification of holdings by economic sector, and holders of record. The President shall com- plete such survey not later than the end of the five- year period beginning on October 11, 1976. After comple- tion of such survey, the President shall report to the Congress on the feasibility and desirability of con- ducting, on a periodic basis, additional benchmark sur- veys of United States portfolio investment abroad. If he determines that such additional benchmark surveys are feasible and desirable, he may conduct such surveys’’. Subsecs. (e) to (g). Pub. L. 97–33, § 3, added subsec. (e) and redesignated subsecs. (e) and (f) as (f) and (g), re- spectively. 1979—Subsec. (a)(3). H. Res. 89 changed name of Com- mittee on International Relations of the House of Rep- resentatives to Committee on Foreign Affairs. 1978—Subsec. (d). Pub. L. 95–381 substituted provi- sions setting forth requirements respecting interim and final reports to Congress, for provisions requiring sub- mission of findings and conclusions to Congress not later than two years after Oct. 11, 1976. Statutory Notes and Related Subsidiaries CHANGE OF NAME Committee on Energy and Commerce of House of Representatives treated as referring to Committee on Commerce of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Commerce of House of Representatives changed to Committee on En- ergy and Commerce of House of Representatives, and jurisdiction over matters relating to securities and ex- changes and insurance generally transferred to Com- mittee on Financial Services of House of Representa- tives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001. TERMINATION OF REPORTING REQUIREMENTS For termination, effective May 15, 2000, of provisions in subsec. (c)(2) of this section relating to submitting an analysis of compiled data to Congress each year, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and page 30 of House Document No. 103–7. § 3104. Rules and regulations (a) Authorization The authorities and responsibilities under this chapter may be exercised through such rules and regulations as may be necessary to carry out the purposes of this chapter. (b) Recordkeeping and reports Rules or regulations issued pursuant to this chapter may require any person subject to the jurisdiction of the United States— (1) to maintain a complete record of any in- formation (including journals or other books of original entry, minute books, stock transfer records, lists of shareholders, or financial statements) which is essential to carrying out the surveys and studies to be conducted under this chapter; and (2) to furnish, under oath, any report con- taining information which is determined to be necessary to carry out the surveys and studies conducted under this chapter. When a report under paragraph (2) is furnished under oath, such oath shall be by the officer of such person who is directly responsible for the maintenance and compilation of such informa- tion, and shall certify that the report was pre- pared in accordance with this chapter, is com- plete, and is to such officer’s best knowledge and belief, substantially accurate, except in a case in which, in accordance with rules and regula- tions issued under this chapter, estimates have been provided because data are not available from customary accounting records or precise data could not be obtained without undue bur- den, and the data subject to such estimates has been noted in the report. (c) Access to information; limitation Access to information obtained under sub- section (b)(2) of this section shall be available only to officials or employees designated to per- form functions under this chapter, including consultants and persons working on contracts awarded pursuant to this chapter. Subject to the limitation of paragraph (1) of this subsection, the President may authorize the exchange be- tween agencies or officials designated by him of information furnished by any person under this chapter as he deems necessary to carry out the purposes of this chapter. Nothing in this section shall be construed to require any Federal agency to disclose to any official exercising authority under this chapter any information or report collected under legal authority other than this chapter where disclosure is prohibited by law. Information collected pursuant to subsection (b)(2) may be used only— (1) for analytical or statistical purposes within the United States Government; or (2) for the purpose of a proceeding under sub- section (e) of this section or under section 3105(b) or (c) of this title. No official or employee designated to perform functions under this chapter, including consult- ants and persons working on contracts awarded pursuant to this chapter, may publish or make available to any other person any information collected pursuant to subsection (b)(2) in a man- ner that the person who furnished the informa- tion can be specifically identified except as pro- vided in this section. No person can compel the submission or disclosure of any report or con- stituent part thereof collected pursuant to this chapter, or any copy of such report or con- stituent part thereof, without the prior written consent of the person who maintained or fur- nished such report under subsection (b) and without prior written consent of the customer, where the person who maintained or furnished such report included information identifiable as being derived from the records of such customer.