,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #bicb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #af1 #bjag,ms4  
,de,lauro 7= h]self1 ,mr4 ,cony]s1 ,mr4 
,de,fazio1 ,mr4 ,grijalva1 ,mr4 ,pocan1 
& ,ms4 ,slaught]7 introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices1 & 9 addition to !   
,committees on ,=eign ,affairs1 & ,en]gy
 & ,comm]ce1 = a p]iod to be subsequ5tly
 det]m9$ by ! ,speak]1 9 ea* case =     
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to am5d ! ,def5se ,production 
,act ( #aiej to provide = a net b5efit  
review ( c]ta9 cov]$ transactions1 & =  
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,=eign ,inve/m5t &     
,economic ,security ,act ( #bjag4  #b4  
,review ( gre5field inve/m5ts ,section  
#gba7;a77#c7 ( ! ,def5se ,production    
,act ( #aiej 7#ej ,u4,s4,c4 ,app4       
#bagj7;a77#c77 is am5d$--  7#a7 by /rik+
 means any m]g] & ins]t+ ! foll[+3      
means-- 7,a7 any m]g]  2  7#b7 by /rik+ 

! p]iod & ins]t+ 2 &2 &  7#c7 by add+ at
 ! end ! foll[+3  7,b7 any con/ruction (
 a new facility 9 ! ,unit$ ,/ates by any
 =eign p]son4  4  #c4 ,net b5efit review
  7a7 ,9 g5]al ,section #gba ( ! ,def5se
 ,production ,act ( #aiej 7#ej ,u4,s4,c4
 ,app4 #bagj7 is am5d$-- 7#a7 9         
subsection 7b7--  7,a7 9 ! head+ = su*  
subsection1 by ins]t+ & net b5efit aft] 
,national ,security2  7,b7 9 p>agraph   
7#a7--  7i7 9 ! head+ = su* p>agraph1 by
 ins]t+ & net b5efit aft] ,national     
security2  7ii7 9 subp>agraph 7,a71 by  
/rik+ clauses 7i7 & 7ii7 & ins]t+ !     
foll[+3  7i7 %all-- 7,i7 review ! cov]$ 
transaction to det]m9e ! effects ( !    
transaction on ! national security ( !  
,unit$ ,/ates2 &  7,,ii7 consid] !      
factors specifi$ 9 subsection 7f7 = su* 
purpose1 z appropriate2 &  7ii7 %all    
review ! cov]$ transaction to det]m9e   
:e!r su* transaction is ( net b5efit to 
! ,unit$ ,/ates1 z provid$ "u subsection
 7o74  2 &  7iii7 by add+ at ! end !    
foll[+3  7,g7 ,m&atory net b5efit review

 = c]ta9 cov]$ transactions ,! ,presid5t
 & ! ,committee %all initiate a net     
b5efit review ( a cov]$ transaction "u  
subp>agraph 7,a77ii7 if su* transaction 
meets ! requirem5ts ( p>agraphs 7#a7 &  
7#b7 ( section #g;,a7a7 ( ! ,clayton    
,act 7#ae ,u4,s4,c4 #ah;a7a774  2 &     
7,c7 9 p>agraph 7#c77;,a71 by ins]t+    
national security be=e review ea* place 
x appe>s 9 ! head+ & text ( su*         
subp>agraph2 &  7#b7 by add+ at ! end ! 
foll[+3  7o7 ,p]=mance ( net b5efit     
det]m9ation  7#a7 ,factors to be        
consid]$ ,= purposes ( c>ry+ out ! net  
b5efit det]m9ation "u subsection        
7b77#a77;,a77ii71 ! ,presid5t1 act+     
?r\gh ! ,committee1 %all consid]--  7,a7
 ! effect on ! level ( economic activity
 9 ! ,unit$ ,/ates on-- 7i7 ! level &   
quality ( employm5t2  7ii7 res\rce      
process+2  7iii7 ! utilization ( p>ts & 
s]vices produc$ 9 ! ,unit$ ,/ates2  7iv7
 ! utilization ( products1 p>ts1 &      
s]vices import$ into ! ,unit$ ,/ates2 & 
7v7 exports f ! ,unit$ ,/ates2  7,b7 !  

effect ( ! propos$ or p5d+ transaction  
on productivity1 indu/rial effici5cy1   
te*nological developm5t1 te*nology      
transf]s1 & product innovation 9 !      
,unit$ ,/ates2  7,c7 ! effect ( !       
propos$ or p5d+ transaction on          
competition )9 any indu/ry 9 ! ,unit$   
,/ates or betwe5 ! ,unit$ ,/ates & o!r  
c\ntries2  7,d7 ! compatibility ( !     
propos$ or p5d+ transaction ) national  
indu/rial & economic policies2  7,e7 !  
effect on ! public heal?1 safety1 !     
environm5t1 & well-be+ ( ,unit$ ,/ates  
consum]s2  7,f7 9 ! case ( a cov]$      
transaction t is a =eign                
gov]nm5t-influ5c$ transaction-- 7i7 !   
gov]nance & comm]cial ori5tation ( !    
=eign p]son engag+ 9 su* transaction2   
7ii7 h[ & ! ext5t to :i* ! =eign p]son  
engag+ 9 su* transaction is own$ or     
controll$ by a =eign gov]nm5t or its    
conduct & op]ations are influ5c$ by a   
=eign gov]nm5t1 includ+ consid]+ ! /at$ 
gov]nm5t policies ( ! c\ntry ( orig9 ( !
 =eign p]son reg>d+ gov]nm5t support or 

policies relat+ to ! economic sector    
involv$ 9 su* transaction2  7iii7 :e!r !
 =eign p]son engag+ 9 su* transaction-- 
7,i7 adh]es to ,unit$ ,/ates /&>ds (    
corporate gov]nance 7includ+ commitm5ts 
to transp>5cy & disclosure1 indep5d5t   
memb]s ( ! bo>d ( directors1 indep5d5t  
audit committees1 & equitable treatm5t (
 %>ehold]s72  7,,ii7 adh]es to ,unit$   
,/ates laws & practices2 &  7,,iii7 is a
 =eign p]son ( a c\ntry ^: gov]nm5t has 
adequately engag$ ) ! ,securities &     
,ex*ange ,commission & ! ,public        
,company ,acc\nt+ ,ov]sight ,bo>d 9 ord]
 to promote & ensure adequate           
transp>5cy2 &  7iv7 :e!r ! =eign p]son  
engag+ 9 su* transaction w likely op]ate
 on a comm]cial basis if su* transaction
 is complet$1 includ+ ) reg>d to--  7,i7
 :]e to export2  7,,ii7 :]e to process2 
7,,iii7 ! p>ticipation ( ,unit$ ,/ates  
citiz5s 9 its op]ations 9 ! ,unit$      
,/ates & else:]e2  7,,iv7 ! impact ( !  
inve/m5t on productivity & indu/rial    
effici5cy 9 ! ,unit$ ,/ates2  7,v7      

support ( on-go+ innovation1 rese>*1 &  
developm5t 9 ! ,unit$ ,/ates2  7,,vi7   
s\rc+ patt]ns2 &  7,,vii7 ! appropriate 
level ( capital exp5ditures to ma9ta9 ! 
,unit$ ,/ates bus9ess 9 a globally      
competitive position2 &  7,g7 su* o!r   
factors z ! ,committee det]m9es         
appropriate4  7#b7 ,det]m9+ net b5efit  
,9 mak+ a net b5efit det]m9ation "u     
subsection 7b77#a77;,a77ii7--  7,a7     
judgm5ts w be made bo? 9 measur+ !      
effects ( a propos$ or p5d+ transaction 
9 relation to ! relevant individual     
factors "u p>agraph 7#a7 & 9 measur+ !  
aggregate net effect aft] (fsett+ !     
negative effects1 if any1 aga9/ !       
positive ones2 &  7,b7 a propos$ or p5d+
 transaction w be det]m9$ to be ( net   
b5efit to ! ,unit$ ,/ates :5 ! aggregate
 net effect is positive1 reg>dless ( its
 ext5t ov] ! %ort- & long-t]m4  7#c7 ,"r
 to appeal2 f9al det]m9ation  7,a7      
,appeal ( det]m9ation ,if ! ,committee  
makes a det]m9ation t ! cov]$           
transaction w n be ( net b5efit to !    

,unit$ ,/ates1 ! p>ties to ! cov]$      
transaction may1 )9 ! #cj-;day p]iod    
foll[+ su* det]m9ation1 submit          
additional in=mation to ! ,committee to 
demon/rate t ! transaction w be ( net   
b5efit to ! ,unit$ ,/ates4  7,b7 ,f9al  
det]m9ation ,! ,committee %all-- 7i7    
make a f9al det]m9ation ( :e!r ! cov]$  
transaction w be ( net b5efit to !      
,unit$ ,/ates be=e ! end ( ! #cj-;day   
p]iod beg9n+ on ! date t additional     
in=mation is submitt$ pursuant to       
subp>agraph 7,a72 &  7ii7 if su*        
det]m9ation is t ! cov]$ transaction w n
 be ( net b5efit to ! ,unit$ ,/ates1    
ref] su* det]m9ation to ! ,presid5t4    
7#d7 ,c]tifications to ,congress        
,not)/&+ subsection 7b77#c71 ^u a f9al  
det]m9ation by ! ,committee "u ?is      
subsection1 ! *airp]son & ! head ( !    
lead ag5cy %all make c]tifications to ! 
,congress on ! net b5efit det]m9ation t 
are z close z practicable to !          
c]tifications requir$ "u subsection     
7b77#c7 = ! national security review4   

7#e7 ,action by ,presid5t aft] net      
b5efit review  7,a7 ,9 g5]al ,if !      
,committee ref]s a det]m9ation to !     
,presid5t pursuant to p>agraph          
7#c77;ii71 ! ,presid5t %all1 )9 !       
#ae-;day p]iod beg9n+ on ! date ( su*   
ref]ral1 review su* det]m9ation &       
ann\nce :e!r ! ,presid5t det]m9es !     
cov]$ transaction is ( net b5efit to !  
,unit$ ,/ates4  7,b7 ,factors to be     
consid]$ ,= purposes ( mak+ a           
det]m9ation "u subp>agraph 7,a71 !      
,presid5t %all consid]1 among o!r       
factors ea* ( ! factors describ$ 9      
p>agraph 7#a71 z appropriate4  7,c7     
,prohibition ( c]ta9 transactions ,if ! 
,presid5t1 pursuant to subp>agraph 7,a71
 det]m9es t a cov]$ transaction is n (  
net b5efit to ! ,unit$ ,/ates1 su* cov]$
 transaction is prohibit$4  7,d7        
,en=cem5t ,! ,presid5t %all direct !    
,attorney ,g5]al ( ! ,unit$ ,/ates to   
seek appropriate relief1 includ+        
dive/m5t relief1 9 ! di/rict c\rts ( !  
,unit$ ,/ates1 9 ord] to implem5t &     

en=ce ?is p>agraph4  7,e7 ,det]m9ations 
nonreviewable ,a det]m9ation ( !        
,presid5t "u ?is p>agraph %all n be     
subject to judicial review4  7#f7       
,committee memb]%ip = purposes ( a net  
b5efit det]m9ation ,= purposes ( c>ry+  
out ! net b5efit det]m9ation "u         
subsection 7b77#a77;,a77ii7 & ?is       
subsection1 ! ,committee %all be compos$
 ( ! foll[+ memb]s or ! designee ( any  
su* memb]3  7,a7 ,! ,attorney ,g5]al ( !
 ,unit$ ,/ates4  7,b7 ,! ,secret>y (    
,comm]ce4  7,c7 ,! ,secret>y ( ,labor4  
7,d7 ,! ,secret>y ( ! ,treasury4  7,e7  
,! ,unit$ ,/ates ,trade ,repres5tative4 
7,f7 ,! ,secret>y ( ,en]gy4  7,g7 ,!    
,secret>y ( ,transportation4  7,h7 ,if !
 ,presid5t det]m9es t ! cov]$           
transaction may affect ! agricultural   
sector1 includ+ food safety1 ! ,secret>y
 ( ,agriculture4  7,i7 ,if ! ,presid5t  
det]m9es t ! cov]$ transaction may      
affect ! public heal?1 includ+ food     
safety1 ! ,secret>y ( ,heal? & ,human   
,s]vices4  7#g7 ,=eign gov]nm5t-influ5c$

 transaction def9$ ,= purposes ( ?is    
subsection1 ! t]m =eign                 
gov]nm5t-influ5c$ transaction means any 
cov]$ transaction :]e ! =eign p]son     
engag+ 9 su* transaction is own$1       
controll$1 or influ5c$1 directly or     
indirectly1 by a =eign gov]nm5t4  4  7b7
 ,rulemak+ ,n lat] ?an ! end ( !        
#ahj-;day p]iod beg9n+ on ! date ( !    
enactm5t ( ?is ,act1 ! ,presid5t %all   
issue regulations to c>ry out section   
#gba7o7 ( ! ,def5se ,production ,act (  
#aiej1 z add$ by subsection 7a74  #d4   
,additional revisions to def9itions     
,section #gba7;a7 ( ! ,def5se           
,production ,act ( #aiej 7#ej ,u4,s4,c4 
,app4 #bagj7;a77 is am5d$-- 7#a7 9      
p>agraph 7#d7--  7,a7 by /rik+ by a     
=eign gov]nm5t & ins]t+ ! foll[+3 by--  
7,a7 a =eign gov]nm5t  2  7,b7 by /rik+ 
! p]iod & ins]t+ 2 or2 &  7,c7 by add+  
at ! end ! foll[+3  7,b7 a p]son )      
access1 directly or indirectly1 to      
bel[-m>ket loans or o!r f9anc+ f a =eign
 gov]nm5t4  2 &  7#b7 9 p>agraph 7#f7-- 

7,a7 by /rik+ virtual1 s vital & ins]t+ 
! foll[+3  virtual-- 7,a7 s vital  2    
7,b7 by /rik+ ! p]iod & ins]t+ 2 or2 &  
7,c7 by add+ at ! end ! foll[+3  7,b7 9 
a critical infra/ructure sector1 z      
det]m9$ by ! ,secret>y ( ,homel&        
,security pursuant to ! ,presid5tial    
,policy ,director titl$ ,presid5tial    
,policy ,directive--,critical           
,infra/ructure ,security & ,resili5ce   
7,feb4 #ab1 #bjac74  4