The Law: Sheiks Bearing Gifts

The Arabs are coming! The Arabs are coming! Or are they? No great tide of petrodollars has rolled in yet, and American experts would actually welcome the balance of payments black ink and the economic stimulation such capital might bring (TIME ESSAY, Dec. 16). Nonetheless, at least six bills were introduced, unsuccessfully, during the last Congress in an effort to impede investment by foreign nationals.

Yet new restrictions could have unwanted side effects; for instance, other nations might retaliate by impeding U.S. investments abroad. In any event, a number of such laws and regulations are already in force. The safeguards vary. Some...

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