Oil Cartel Domestic Investment Limitation Act of 1979
Latest action. Referred to House Committee on Interstate and Foreign Commerce.
Oil Cartel Domestic Investment Limitation Act of 1979 - Title I: Prohibition Against Ownership - Prohibits any oil cartel person from acquiring or holding after 18 months from enactment of this Act any interest in United States agricultural land or in an energy concern. Requires such person to report such holdings to the Secretary of Agriculture, in the case of agricultural land, and to the Secretary of Energy, in the case of an energy concern. Directs the Secretaries to acquire the interest by eminent domain of such persons who hold their interest after 18 months from enactment of this Act. Authorizes the Attorney General to seek an injunction or restraining order if any oil cartel person seeks to acquire any interest in agricultural land or an energy concern. Establishes civil penalties for violations of this Act or conspiracies to violate this Act. Directs the Secretaries acquiring interests pursuant to this Act to sell such interests at a public auction. Defines "oil cartel nation." Sets forth a procedure for nations to be added or deleted from such definition. Gives Congress the right to disapprove such addition or deletion within 90 days. Title II: Amendment to the Mineral Lands Leasing Act - Amends the Mineral Lands Leasing Act to prohibit oil cartel persons from owning any interest in a mineral lease from the United States. Title III: Amendments to the Securities Exchange Act of 1934 - Amends the Securities Exchange Act of 1934 to limit the ownership of any equity security, which is required to be registered, by oil cartel persons to no more than ten percent of equity securities of such class. Requires oil cartel persons, who are beneficial owners of more than one percent of such class, to file specified additional information with the security issuer, the exchange where the security is traded, and the Securities and Exchange Commission. Sets forth penalties for a failure to file a statement or for acquiring a beneficial ownership in violation of this title.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on December 13, 1979. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on December 13, 1979: Referred to House Committee on Interstate and Foreign Commerce.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
JIM LEACH (R-IA) introduced it on December 13, 1979. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on December 13, 1979, 17073 days ago. The most recent recorded action was 17073 days ago, on December 13, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers