H.R. 3987

Referred to Committee

American Business for American Companies Act of 2021

Introduced 6/17/2021•117th Congress•House

Latest Action

Referred 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.

6/17/2021 • House

Summary

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.

Introduced in House • 6/17/2021

Enter your district to see how this bill affects your community

Topics & Subjects

Policy Area: Government Operations and Politics

Administrative law and regulatory proceduresCorporate finance and managementDepartment of the TreasuryForeign and international corporationsMilitary procurement, research, weapons developmentPublic contracts and procurement