,,ii  #aae? ,,congress  #a/ ,session    
,s4 #aihc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #ah1 #bjag ,mr4
 ,br[n 7= himself & ,mr4 ,grassley7     
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to e/abli% a       
process to review =eign inve/m5t to     
det]m9e ! economic effect ( ! inve/m5t  
on ! ,unit$ ,/ates1 & = o!r purposes4   
#a4 ,%ort title  ,?is ,act may be cit$ z
 ! ,unit$ ,/ates ,=eign ,inve/m5t       
,review ,act ( #bjag4  #b4 ,au?ority to 
review transactions = economic effect on
 ! ,unit$ ,/ates  7a7 ,9 g5]al ,! ,trade
 ,act ( #aigd 7#ai ,u4,s4,c4 #bajb et   
seq47 is am5d$ by add+ at ! end !       
foll[+3  ,x ,au?ority to review         
transactions = economic effect on !     
,unit$ ,/ates  #ajja4 ,def9itions ,9 ?is
 title3  7#a7 ,control ,! t]m control   
means ! p[]1 :e!r direct or indirect &  
:e!r or n ex]cis$1 ?r\gh ! own]%ip ( a  
majority or a dom9ant m9ority ( ! total 
out/&+ vot+ int]e/ 9 an entity1         

repres5tation on ! bo>d ( directors ( an
 entity1 proxy vot+ on ! bo>d (         
directors ( an entity1 a special %>e 9 !
 entity1 a contractual arrangem5t ) !   
entity1 a =mal or in=mal arrangem5t to  
act 9 conc]t ) an entity1 or any o!r    
means1 to det]m9e1 direct1 make         
decisions1 or cause decisions to be     
made1 ) respect to important matt]s     
affect+ ! entity4  7#b7 ,cov]$          
transaction ,! t]m cov]$ transaction    
means any m]g]1 acquisition1 takeov]1 or
 inve/m5t1 or ! e/abli%m5t ( a new      
entity1 by or ) any p]son1 t--  7,a7 is 
propos$ or p5d+ aft] ! date ( ! enactm5t
 ( ! ,unit$ ,/ates ,=eign ,inve/m5t     
,review ,act ( #bjag2 &  7,b7 c\ld      
result 9 =eign control ( any p]son t--  
7i7 is engag$ 9 int]/ate comm]ce 9 !    
,unit$ ,/ates2 &  7ii7 7,i7 9 ! case ( a
 transaction involv+ a /ate-own$        
ent]prise1 is valu$ at #ej1jjj1jjj or m2
 &  7,,ii7 9 ! case ( any o!r           
transaction1 is valu$ at #a1jjj1jjj1jjj 
or m4  7#c7 ,p]son ,! t]m p]son means an

 individual or entity4  7#d7 ,secret>y  
,! t]m ,secret>y means ! ,secret>y (    
,comm]ce4  7#e7 ,/ate-own$ ent]prise ,! 
t]m /ate-own$ ent]prise means--  7,a7 an
 entity t is own$ by1 controll$ by1 or  
"u ! influ5ce (1 a national1 prov9cial1 
or local gov]nm5t 9 a =eign c\ntry or an
 ag5cy ( su* a gov]nm5t2 or  7,b7 an    
individual act+ "u ! direction or !     
influ5ce ( a gov]nm5t or ag5cy describ$ 
9 subp>agraph 7,a74  #ajjb4 ,au?ority to
 review transactions = economic effect  
on ! ,unit$ ,/ates  7a7 ,m&atory        
notification by p>ties ,ea* p>ty to a   
cov]$ transaction %all submit a writt5  
notification ( ! transaction to !       
,secret>y4  7b7 ,review  7#a7 ,9 g5]al  
,^u receiv+ writt5 notification ( a     
cov]$ transaction "u subsection 7a71 !  
,secret>y %all--  7,a7 review !         
transaction to det]m9e ! economic effect
 ( ! transaction on ! ,unit$ ,/ates1    
bas$ on ! factors describ$ 9 subsection 
7d72 &  7,b7 bas$ on ! results ( !      
review1 take appropriate action "u      

subsection 7c7 ) respect to !           
transaction4  7#b7 ,unilat]al initiation
 ( review ,! ,secret>y may initiate a   
review "u p>agraph 7#a7 ( a cov]$       
transaction = :i* writt5 notification is
 n submitt$ "u subsection 7a74  7#c7    
,initiation ( review by reque/ f        
,congress ,! ,secret>y %all initiate a  
review "u p>agraph 7#a7 ( a cov]$       
transaction 7det]m9$ )\t reg>d to !     
value ( ! transaction "u section        
#ajja7b77;,b77ii77 if ! *airp]son & !   
rank+ memb] ( ! ,committee on ,f9ance ( 
! ,s5ate or ! ,committee on ,ways &     
,means ( ! ,h\se ( ,repres5tatives      
reque/s ! ,secret>y to review !         
transaction4  7#d7 ,notification to     
,unit$ ,/ates ,trade ,repres5tative ,^u 
receiv+ a writt5 notification ( a       
transaction "u subsection 7a7 or        
initiat+ a review ( a transaction "u    
p>agraph 7#b7 or 7#c71 z ! case may be1 
! ,secret>y %all notify ! ,unit$ ,/ates 
,trade ,repres5tative4  7c7 ,action     
7#a7 ,action aft] initial review ,n lat]

 ?an #ae days aft] receiv+ a writt5     
notification ( a transaction "u         
subsection 7a7 or initiat+ a review ( a 
transaction "u p>agraph 7#b7 or 7#c7 (  
subsection 7b71 z ! case may be1 !      
,secret>y %all--  7,a7 approve !        
transaction2 or  7,b7 in=m ! p>ties to !
 transaction t ! ,secret>y requires     
additional "t to conduct a m ?or\gh     
review ( ! transaction4  7#b7 ,action   
aft] ext5d$ review  7,a7 ,9 g5]al       
,subject to subp>agraph 7,b71 if !      
,secret>y in=ms ! p>ties to a           
transaction "u p>agraph 7#a77;,b7 t !   
,secret>y requires additional "t to     
conduct a m ?or\gh review1 ! ,secret>y  
%all1 n lat] ?an #de days aft] receiv+ !
 writt5 notification ( ! transaction "u 
subsection 7a7 or initiat+ a review ( ! 
transaction "u p>agraph 7#b7 or 7#c7 (  
subsection 7b71 z ! case may be--  7i7  
complete t review2 &  7ii7 approve !    
transaction1 prohibit ! transaction1 or 
require ! p>ties to ! transaction to    
modify ! transaction & resubmit !       

modifi$ transaction to ! ,secret>y =    
review "u ?is section4  7,b7 ,ext5sion (
 deadl9e ,! ,secret>y may ext5d !       
deadl9e "u subp>agraph 7,a7 ) respect to
 ! review ( a transaction by n m ?an #ae
 days4  7#c7 ,cases ( inaccurate or     
inadequate in=mation ,! ,secret>y may   
prohibit a transaction "u ?is subsection
 if ! ,secret>y det]m9es t any p>ty to !
 transaction provides to ! ,secret>y    
inaccurate or inadequate in=mation 9    
response to inquiries ( ! ,secret>y z "p
 ( a review ( ! transaction "u          
subsection 7b74  7#d7 ,public           
availability ( decision ,ea* decision "u
 ?is subsection to approve1 prohibit1 or
 all[ = modification ( a transaction1 & 
a ju/ification = ea* su* decision1 %all 
be made available to ! public4  7d7     
,factors ,to be consid]$ ,9 tak+ action 
) respect to a transaction "u subsection
 7c71 ! ,secret>y %all consid] any      
economic factors ! ,secret>y consid]s   
relevant1 includ+--  7#a7 ! long-t]m    
/rategic economic int]e/s ( ! ,unit$    

,/ates2  7#b7 ! hi/ory ( di/ortive trade
 practices 9 ea* c\ntry 9 :i* a =eign   
p>ty to ! transaction is domicil$1 z    
in=m$ by ! report ( ! ,unit$ ,/ates     
,trade ,repres5tative requir$ by        
subsection 7h72  7#c7 control & own]%ip 
( ea* =eign p]son t is a p>ty to !      
transaction2  7#d7 impact on ! dome/ic  
indu/ry1 tak+ into consid]ation any     
patt]n ( =eign inve/m5t 9 ! dome/ic     
indu/ry2 &  7#e7 any o!r factors !      
,secret>y consid]s appropriate4  7e7    
,public comm5ts ,! ,secret>y %all--     
7#a7 make available to ! public ea*     
writt5 notification ( a cov]$           
transaction submitt$ "u subsection 7a7 &
 notify ! public if ! ,secret>y         
initiates a review "u p>agraph 7#b7 or  
7#c7 ( subsection 7b7 ) respect to a    
transaction2 &  7#b7 9 ! case ( a       
transaction t ! ,secret>y det]m9es "u   
subsection 7c77#a77;,b7 requires        
additional "t = review1 provide a p]iod 
= public comm5t on ! transaction ( n m  
?an #aj days4  7f7 ,consultations ,!    

,secret>y %all consult ) ! heads ( su*  
o!r ,f$]al ag5cies 7or ! designees ( su*
 heads7 9 any review "u ?is section z ! 
,secret>y det]m9es to be appropriate1 on
 ! basis ( ! facts & circum/ances ( !   
transaction "u review4  7g7 ,reque/ =   
assi/ance f int]national trade          
commission ,! ,secret>y may reque/      
assi/ance f ! ,unit$ ,/ates             
,int]national ,trade ,commission )      
respect to any ( ! analysis ne$$ to     
conduct a review ( a transaction "u ?is 
section4  7h7 ,report by ,unit$ ,/ates  
,trade ,repres5tative ,n lat] ?an #aj   
days aft] ! ,secret>y receives a writt5 
notification ( a transaction "u         
subsection 7a7 or initiates a review ( a
 transaction "u p>agraph 7#b7 or 7#c7 ( 
subsection 7b71 z ! case may be1 !      
,unit$ ,/ates ,trade ,repres5tative %all
 submit to ! ,secret>y a report )       
respect to ! transaction t includes1 )  
respect to any c\ntry 9 :i* a p>ty to ! 
transaction is domicil$--  7#a7 a       
description ( ! hi/ory ( & curr5t issues

 affect+ ! trad+ relation%ip betwe5 !   
,unit$ ,/ates & t c\ntry2  7#b7 an      
assessm5t ( ! ext5t to :i* t trad+      
relation%ip is reciprocal2 &  7#c7      
in=mation relevant to t c\ntry f annual 
reports ( ! ,(fice ( ! ,unit$ ,/ates    
,trade ,repres5tative1 includ+--  7,a7 !
 ,national ,trade ,e/imate "u section   
#aha7;b72  7,b7 ! report requir$ by     
section #ahb 7commonly ref]r$ to z !    
,special #cja ,report72 &  7,c7 ! report
 on trade en=cem5t priorities requir$ by
 section #caj4  7i7 ,coord9ation )      
,committee on ,=eign ,inve/m5t 9 !      
,unit$ ,/ates  7#a7 ,9 g5]al ,9 ! case (
 a transaction und]go+ review "u ?is    
section & section #gba ( ! ,def5se      
,production ,act ( #aiej 7#ej ,u4,s4,c4 
#defe71 ! ,secret>y %all coord9ate ) !  
,secret>y ( ! ,treasury ) respect to ^? 
reviews4  7#b7 ,review ( national       
security conc]ns ,review ( any ?reat    
pos$ by a transaction to ! national     
security ( ! ,unit$ ,/ates %all be      
conduct$ by ! ,committee on ,=eign      

,inve/m5t 9 ! ,unit$ ,/ates "u section  
#gba ( ! ,def5se ,production ,act (     
#aiej & n "u ?is section4  #ajjc4       
,annual report on transactions review$  
,n lat] ?an "o ye> aft] ! date ( !      
enactm5t ( ! ,unit$ ,/ates ,=eign       
,inve/m5t ,review ,act ( #bjag1 &       
annually !reaft]1 ! ,secret>y %all      
submit to ,congress a report on         
transactions review$ "u section #ajjb t 
includes--  7#a7 a summ>y ( ! results ( 
! transactions review$ by ! ,secret>y1  
includ+-- 7,a7 h[ _m ( su* reviews 7    
complet$ 9 ! #ae-;day p]iod provid$ = "u
 section #ajjb7;c77#a7 & h[ _m ( su*    
reviews requir$ long] to complete2 &    
7,b7 h[ _m ( su* transactions 7         
prohibit$2 &  7#b7 an analysis ( =eign  
direct inve/m5t by indu/rial sectors1 by
 c\ntry ( inve/or1 & by type (          
transaction4  #ajjd4 ,prohibition on use
 ( taxpay] doll>s to enc\rage inve/m5t 9
 ! ,unit$ ,/ates by c]ta9 /ate-own$     
ent]prises ,no funds may be obligat$ or 
exp5d$ 9 any fiscal ye> by ! head ( any 

,f$]al ag5cy to enc\rage inve/m5t 9 !   
,unit$ ,/ates by any /ate-own$ ent]prise
 t does n op]ate accord+ to m>ket       
consid]ations4  #ajje4 ,consi/5cy )     
obligations "u int]national agreem5ts   
,?is title %all be appli$ 9 a mann]     
consi/5t ) ! obligations ( ! ,unit$     
,/ates "u int]national agreem5ts4       
#ajjf4 ,regulations ,n lat] ?an #bgj    
days aft] ! date ( ! enactm5t ( ! ,unit$
 ,/ates ,=eign ,inve/m5t ,review ,act ( 
#bjag1 ! ,secret>y ( ,comm]ce %all issue
 regulations to c>ry out ?is title4  4  
7b7 ,cl]ical am5dm5t ,! table ( cont5ts 
= ! ,trade ,act ( #aigd is am5d$ by add+
 at ! end ! foll[+3  ,,title            
,x--,au?ority to review transactions =  
economic effect on ! ,unit$ ,/ates ,sec4
 #ajja4 ,def9itions4 ,sec4 #ajjb4       
,au?ority to review transactions =      
economic effect on ! ,unit$ ,/ates4     
,sec4 #ajjc4 ,annual report on          
transactions review$4 ,sec4 #ajjd4      
,prohibition on use ( taxpay] doll>s to 
enc\rage inve/m5t 9 ! ,unit$ ,/ates by  

c]ta9 /ate-own$ ent]prises4 ,sec4 #ajje4
 ,consi/5cy ) obligations "u            
int]national agreem5ts4 ,sec4 #ajjf4    
,regulations4  4