American Business for American Companies Act of 2019
About This Bill
Committee
Latest Action · July 17, 2019
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.
American Business for American Companies Act of 2019
This bill prohibits an executive agency from awarding 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.
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