Well, seems we have a committee to do just that. But, it appears to focus on military acquisitions, or more precisely, acquisitions of companies and technologies that might compromise our ability to fight a war.
And, they only make recommedations to you, Barry Obama. You make the final decision as to whether to sell a company or technology to a company in another country.
The current case is Huwei, which bought some technology that our CFIUS folks think is a bad idea to sell. I hope you'll deny the technology transfer.
HUAWEI UPDATE - 2.19.11
Seems Huawei has dropped the deal and is withdrawing the challenge. Read it here: http://www.pcworld.com/businesscenter/article/220183/chinas_huawei_to_reverse_controversial_deal_for_3leaf.html
On a broader note, Barry, you need to expand the committee so that it examines technologies and companies which will create lots of jobs in the future regardless of military applications.
That's the best way to secure our national economic future.
Once again, it's up to you Barry.
Keep your eye on the ball and trust your hands [instincts].
Our committee to "check that merger and acquisition deals struck by foreign firms ...do not endanger "national security" can be read about here: the Committee on Foreign Investment in the US
[http://www.fas.org/sgp/crs/homesec/RS22863.pdf]. It has the same goal as the Chinese. And, it's been around for years.
Good on us.