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Committee approves bill giving secretary of state limited power to dissolve businesses tied to foreign adversaries
Summary
House Bill 459 passed committee after the sponsor said the change responds to federal identifications of shell companies tied to foreign adversaries; the measure uses Department of Commerce listings (15 CFR 791.4) as the definitional source for ‘foreign adversary.’
The committee advanced House Bill 459, a bill that would grant the Tennessee secretary of state limited authority to dissolve businesses owned or controlled by entities identified as foreign adversaries under a federal Commerce Department list (15 CFR 791.4).
Sponsor Representative (identified in the transcript as the bill’s sponsor) told the committee the measure responds to federal investigations that found shell companies operating inside U.S.…
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