Congress likely to seek foreign transaction veto

? Republicans and Democrats in Congress say they are all but certain to change the rules under which foreign companies can buy businesses in the United States as a result of the controversy over the sale of port terminal rights to a company controlled by the United Arab Emirates.

A growing number of lawmakers say they want to prohibit foreign government-owned companies from owning or operating any facilities that play a role in the nation’s security. Others say they’ll push legislation to give Congress the authority to reject foreign transactions with national security implications.

Either outcome would represent a fundamental change in U.S. policy; right now, only the president has the authority to approve foreign purchases of U.S. business operations.

The two tracks of legislation began to emerge this week as debate continued over the Bush administration’s decision to approve the sale of operating rights at U.S. ports to Dubai Ports World, a company founded by the emir of Dubai.