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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
United States | Publication | November 4, 2021
Led by US Senator Mike Braun of Indiana, 41 Republican senators announced on November 3 that they are acting to formally disapprove President Biden’s September 2021 Executive Order mandating an OSHA Emergency Temporary Standard (ETS) requiring employees at private businesses with 100 workers or more to receive COVID vaccines. The senators are proceeding under the Congressional Review Act, which provides a process for Congress to eliminate an executive branch rule. Sen. Braun is the ranking member of the Senate Subcommittee on Employment and Workplace Safety, which has jurisdiction over OSHA.
Simultaneously, Rep. Fred Keller, the ranking member of the House Subcommittee on Workforce Protections, is also formally moving to disapprove the mandate.
The Congressional Review Act permits Congress to overturn certain federal agency regulations and actions through a joint resolution of disapproval. If such a joint resolution is approved by both houses of Congress and signed by the President, or if Congress overrides a presidential veto, the rule at issue is invalidated.
During the 20-day period following OSHA’s publication of the ETS in the Federal Register, the disapproval will be analyzed by the Senate Health, Education, Labor and Pensions Committee. At the end of the 20 days, the formal disapproval will proceed to a vote in the full Senate. This is expected to occur in December, and will compel all senators to go on the record as to their position concerning the mandate. A similar process and vote is expected in the House.
This latest action follows the multiple threats of constitutional and procedural challenges to be filed by state Attorneys General once the ETS is published. Among other arguments is that the ETS is void on its face because OSHA cannot satisfy the statutory prerequisites for its issuance.
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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