During the early 1970s, many Canadians were concerned about the degree of foreign ownership of Canadian businesses. The Trudeau government formed the Foreign Investment Review Agency (FIRA) in 1973 to screen the establishment of foreign-owned businesses and the foreign acquisitions of Canadian businesses. FIRA advised the government on the approval or rejection of applications. FIRA was criticized by economic nationalists for approving most applications, and by many business leaders for discouraging investment. Under Brian Mulroney, the agency's name and mandate changed. As Investment Canada, it promoted greater investment in Canada by Canadians, as well as foreigners.