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1520502
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FG 65-2: Committee on Foreign Investment in the United States
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1520502
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document
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FG 65-2: Committee on Foreign Investment in the United States
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Kenneth A. Lazarus Files (Ford Administration)
Kenneth Lazarus's Subject Files
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Investments, Foreign
Independent regulatory commissions
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1520502
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1975-05-31
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5
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1975
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1975-05-01
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5
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1975
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The original documents are located in Box 11, folder "FG 65-2: Committee on Foreign
Investment in the United States" of the Kenneth A. Lazarus Files at the Gerald R. Ford
Presidential Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald R. Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
FG 65-2
May 7, 1975
MEMORANDUM FOR:
ROD HILLS
FROM:
DUDLEY CHAPMAN
SUBJECT:
Foreign Acquisition of Washington
Gas Company Bonds and Stock
Under Executive Order 11858, signed by the President today, a
Committee on Foreign Investment in the United States was
established under the Chairmanship of the Secretary of the Treasury.
The Under Secretary for Monetary Affairs, Jack Bennett, will be
acting for the Secretary in this capacity. James Griffen, in his
office, suggested that we refer the request to Bennett.
I would recommend to Buckles that the Domestic Council refer
Stratton's request to Jack Bennett, Attention: James Griffen,
Room 5100, at the Treasury Department.
A copy of the Executive Order is attached.
& FORD
GERALD
THE WHITE HOUSE
WASHINGTON
May 6, 1975
MEMORANDUM FOR
BILL SEIDMAN
ROD HILLS
PAUL O'NEILL
NSC
FROM
ANDRE BUCKLES
f
SUBJECT
Foreign acquisition of Washington Gas
Company Bonds and stock
Mr. William Stratton, Commissioner of the Public
Service Commission of the District of Columbia,
has written to the Domestic Council (attached)
asking advice as to the Administration's views on
the proposed acquisition of Washington Gas Company
stock by a Near Eastern country.
As Mr. Stratton advises that there is little time left
to act, I am asking for your comments and recommendations
by close of business Thursday, May 8.
Many thanks.
RFORD
GERALD
PUBLIC SERVICE COMMISSION
OF THE DISTRICT OF COLUMBIA
1625 I Street, Northwest
STAFF
WASHINGTON, D.C. 20006
COMMISSIONERS
(202) 727-1000
Donald E. Crotsley
Executive Secretary
COMMISSION DISTRICT
Norman B. Belt
Ruth Hankins-Nesbitt, Chairman
H. Mason Neely, Vice Chairman
Chief Engineer
William R. Stratton
SERVICE
OF
James F. Whitescarver, Jr.
PUBLIC
COLUMEIA
Director of Securities
Seymour Manheimer
Chief Accountant
1913
C. Francis Murphy
General Counsel
April 29, 1975
Mr. James Cannon
Executive Director, Domestic Council
The White House
Washington, D. C.
Dear Mr. Cannon:
We have been advised by its president that the
Washington Gas Company may seek private placement of con-
templated issues of first mortgage bonds and preferred
stock with a foreign (near-Eastern) source.
This Commission has approval authority over any
long term debt and stock issues of utilities under our
jurisdiction. We would appreciate learning the Adminis-
tration's views of the appropriateness of such an invest-
ment in a utility serving the capital.
I will supply detailed facts and any other assistance
to the person who will staff-out this matter, including
arranging a meeting with Gas Company management if desired.
Very truly yours,
Withallon
William R. Stratton
Commissioner
P.S. There is only about a 10-day, Two-week FORD
Threshold Time on this,
TO
Lignary
was
GERALD
11858
EXECUTIVE ORDER
FOREIGN INVESTMENT IN THE UNITED STATES
By virtue of the authority vested in me by the
Constitution and statutes of the United States of
America, including the Act of February 14, 1903, as
amended (15 U.S.C. 1501 et seq.), section 10 of the
Gold Reserve Act of 1934, as amended (31 U.S.C. 822a),
and section 301 of title 3 of the United States Code,
and as President of the United States of America, it is
hereby ordered as follows:
Section 1. (a) There is hereby established the
Committee on Foreign Investment in the United States
(hereinafter referred to as the Committee). The Committee
shall be composed of a representative, whose status is not
below that of an Assistant Secretary, designated by each
of the following:
(1) The Secretary of State.
(2) The Secretary of the Treasury.
(3) The Secretary of Defense.
(4) The Secretary of Commerce.
(5) The Assistant to the President for Economic Affairs.
(6) The Executive Director of the Council on
International Economic Policy.
The representative of the Secretary of the Treasury
shall be the chairman of the Committee. The chairman, as
he deems appropriate, may invite representatives of other
departments and agencies to participate from time to time
in activities of the Committee.
(b) The Committee shall have primary continuing
responsibility within the Executive Branch for monitoring
the impact of foreign investment in the United States,
both direct and portfolio, and for coordinating the
ARARY
GERALD
2
implementation of United States policy on such investment.
In fulfillment of this responsibility, the Committee shall:
(1) arrange for the preparation of analyses of
trends and significant developments in foreign invest-
ments in the United States;
(2) provide guidance on arrangements with foreign
governments for advance consultations on prospective major
foreign governmental investments in the United States;
(3) review investments in the United States which,
in the judgment of the Committee, might have major impli-
cations for United States national interests; and
(4) consider proposals for new legislation or
regulations relating to foreign investment as may appear
necessary.
(c) As the need arises, the Committee shall submit
recommendations and analyses to the National Security
Council and to the Economic Policy Board. It shall also
arrange for the preparation and publication of periodic
reports.
Sec. 2. The Secretary of Commerce, with respect to
the collection and use of data on foreign investment in
the United States, shall provide, in particular, for the
performance of the following activities:
(a) The obtainment, consolidation, and analysis of
information on foreign investment in the United States;
(b) the improvement of procedures for the collection
and dissemination of information on such foreign investment;
(c) the close observation of foreign investment in
the United States;
(d) the preparation of reports and analyses of trends
and of significant developments in appropriate categories
of such investment;
FORD
ET
GERALD
3
(e) the compilation of data and preparation of
evaluations of significant investment transactions; and
(f) the submission to the Committee of appropriate
reports, analyses, data and recommendations relating to
foreign investment in the United States, including recom-
mendations as to how information on foreign investment
can be kept current.
Sec. 3. The Secretary of the Treasury is authorized,
without further approval of the President, to make reasonable
use of the resources of the Exchange Stabilization Fund,
in accordance with section 10 of the Gold Reserve Act of
1934, as amended (31 U.S.C. 822a), to pay any of the expenses
directly incurred by the Secretary of Commerce in the per-
formance of the functions and activities provided by this
order. This authority shall be in effect for one year,
unless revoked prior thereto.
Sec. 4. All departments and agencies are directed to
provide, to the extent permitted by law, such information
and assistance as may be requested by the Committee or the
Secretary of Commerce in carrying out their functions and
activities under this order.
Sec. 5. Information which has been submitted or
received in confidence shall not be publicly disclosed,
except to the extent required by law; and such information
shall be used by the Committee only for the purpose of
carrying out the functions and activities prescribed by
this order.
Sec. 6. Nothing in this order shall affect the
data-gathering, regulatory, or enforcement authority of
any existing department or agency over foreign investment,
GERALD A FORD LIBRARY
4
and the review of individual investments provided by
this order shall not in any way supersede or prejudice
any other process provided by law.
Herald R. Ford
THE WHITE HOUSE,
MAY 7- 1975
GERALD R FORD