http://www.treasury.gov/offices/international-affairs/exon-florio/
Committee on Foreign Investments in the United States (CFIUS)
U.S. DEPARTMENT OF TREASURY
OFFICE OF THE ASSISTANT SECRETARY INTERNATIONAL AFFAIRS
OFFICE OF INTERNATIONAL INVESTMENT
EXON-FLORIO PROVISION
From an October article about the Senate hearings on CFIUS The Hill News
Bruce Josten, the Chamber’s top lobbyist, objected to the many suggested alterations, including the removal of CFIUS from Treasury’s purview and a proposed amendment by Shelby and Sen. James Inhofe (R-Okla.) that would allow Congress to reject CFIUS approvals. “It would be a politicization of the process by individual members of Congress who are not going to look at the entirety of the impacts on U.S. capital markets,” Josten said.
Can't find any reference stating that the amendment was passed.
This paper provides insight into the CFIUS process:
CFIUS is an interagency body staffed by midlevel officials and chaired by the Treasury Department. The Departments of Defense, State, Justice, and Commerce are among the agencies that participate in the CFIUS process. Representatives from the Federal Bureau of Investigation (“FBI”) and the intelligence community are also involved, sometimes in an advisory capacity. President Bush made the Department of Homeland Security (“DHS”) a member of CFIUS in February 2003.
Further down on the same page:
Most foreign purchasers are not required to file with CFIUS, but if they do not and CFIUS later decides that it objects to the purchase, the United States can force the new foreign owner to divest itself of the acquisition. Many companies decide it is safer to notify theTreasury Department.