Summary of the U.S. Markets Security Act of 1997, S. 1315
Introduced by Senator Lauch Faircloth (R-NC)

Section 1 - Short Title

"The U.S. Markets Security Act"

Section 2 - Establishment of Office

This section establishes an Office of National Security within the Securities and Exchange Commission (SEC).

Section 3 - Director

The Director of the new office shall be selected by the SEC in consultation with the relevant Conu-nittees of the Senate.

Section 4 - Functions of the Office of National Security

The Office of National Security at the SEC shall make quarterly reports to the Congress on securities offerings by foreign governments or foreign persons and entities that the office has reason to believe are directly or indirectly linked to a foreign government. The report shall provide information on the securities offerings made during the preceding quarter or planned in the coming quarters.

Section 5 - Required Reports from Federal Banking Regulators

Each of the Federal Banking agencies shall make an annual report regarding the number of foreign banks that the agency believes are controlled in whole or in part by a foreign government.

Section 6 - PBGC Report

The Pension Benefit Guaranty Corporation shall submit an annual report to Congress regarding the extent to which pension fund assets represent interests in any foreign government or entities that have offered securities described in Section 4.

Section 7 - Requirements for G-7 Negotiations

This section directs the Secretary of State and Treasury to negotiate similar reporting requirements among the G-7 countries.

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