American Business for American Companies Act of 2021
- Last Action
- 6/17/2021
Actions
- 2021-06-17Referred to the Committee on Oversight and Reform, and in addition to the Committee on Armed Services, 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.
- 2021-06-17Referred to the Committee on Oversight and Reform, and in addition to the Committee on Armed Services, 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.
- 2021-06-17Introduced in House
- 2021-06-17Introduced in House
CRS Summary
As of 2021-06-17 (00)
American Business for American Companies Act of 2021
This bill makes permanent and expands restrictions that prohibit federal agencies from awarding contracts to inverted domestic corporations. (Similar restrictions have historically been included in annual appropriations measures.)
Specifically, an agency may not award a contract for the procurement of property or services (including a defense contract) to (1) any foreign incorporated entity determined to be an inverted domestic corporation or any subsidiary of such entity, or (2) any joint venture more than 10% of which is held by such an entity or subsidiary.
An inverted domestic corporation is a company that was previously incorporated in the United States or was a partnership in the United States but is now incorporated in a foreign country despite (1) a majority of the company being owned by the owners of the former domestic entity, or (2) management of the company primarily occurring in the United States.
Subjects
- Administrative law and regulatory procedures
- Corporate finance and management
- Department of the Treasury
- Foreign and international corporations
- Military procurement, research, weapons development
- Public contracts and procurement
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.