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Committee gives HB 358 a favorable report, a bill requiring disclosure by companies with specified foreign ownership
Summary
The committee moved HB 358 forward after a sponsor described a substitute that removes the word "hostile," acknowledges foreign-owned businesses managed by Alabamians, and would require registration for companies with 20% ownership by nationals of four specified countries to increase transparency.
The committee gave HB 358 a favorable report after lawmakers debated a substitute that changes the bill’s wording and clarifies its purpose. The substitute removes the term “hostile” from references to certain foreign-owned entities and adds a paragraph acknowledging that some companies operating in Alabama are owned or controlled by foreign principals while being managed by Alabama residents.
The sponsor said the measure…
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