Sen. David McCormick (R-Pa.) said Tuesday the U.S. government will have a golden share in Nippon Steel’s acquisition of US Steel, giving it power over some of the decision-making. “It’s a

U.S. Sen. David McCormick says an arrangement for Japan-based Nippon Steel to invest in U.S. Steel will guarantee an American CEO, a majority of U.S. board members and U.S. government approval over certain corporate functions.

Nippon Steel declined to comment. US Steel and the White House could not be immediately reached for comment. Nikkei reported earlier in the day that a golden share was under consideration. US Steel shares were trading at $53, up 2%, their highest point since the deal was announced, as investors bet it would close soon.