Memorandum on Mergers, Acquisitions, and Takeovers

 

October 26, 1988

 

Memorandum for the Secretary of the Treasury

 

Subject: Interim Directive Regarding Disposition of Certain Mergers, Acquisitions, and Takeovers

 

By virtue of the authority vested in me by the Constitution and statutes of the United States, including without limitation Section 301 of Title 3 of the United States Code, the Defense Production Act of 1950, as amended (50 U.S.C. App. 2061 et seq.), and the Omnibus Trade and Competitiveness Act of 1988 (Pub. L. 100 - 418, August 23, 1988) (the ``Act''), it is ordered as follows:

 

Pending the issuance of an Executive order to implement the Act, the Secretary of the Treasury is hereby designated and empowered to perform the following-described functions of the President: The authority vested in the President by Section 721 of the Defense Production Act of 1950, as amended, relative to mergers, acquisitions, and takeovers proposed or pending on or after the date of enactment of the Act by or with foreign persons which could result in foreign control of persons engaged in interstate commerce in the United States.

 

The Secretary of the Treasury shall consult with the Committee on Foreign Investment in the United States, established pursuant to Executive Order No. 11858 and chaired by the representative of the Secretary of the Treasury, to take such actions or make such recommendations as requested by the Secretary of the Treasury.

 

The delegation provided herein shall terminate, and this interim directive shall be without any further effect, except as may be provided in the Executive order implementing the Act, upon the effective date of such order.

 

This interim directive shall be published in the Federal Register.

 

Ronald Reagan