The panel has to reject it for bush to get involved.
Bush has no role under the law in this.
None of the above is true.
US Treasury-Committee on Foreign Investments in the United States (CFIUS)
The intent of Exon-Florio is not to discourage FDI generally, but to provide a mechanism to review and, if the President finds necessary, to restrict FDI that threatens the national security.
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This order also provides for CFIUS to submit a report and recommendation to the President at the conclusion of an investigation.
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The President retains full authority to protect the national security with respect to any acquisition covered by this statute, regardless of whether the parties file a notification.
From what I have heard the committee has to reject it for the president then to get involved.