,,ii #aaeth ,,congress #ast ,session ,s4 #bjih ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,november #h1 #bjag,mr4 ,cornyn 7for himself1 ,mrs4 ,feinstein1 ,mr4 ,burr1 ,mr4 ,peters1 ,mr4 ,rubio1 ,ms4 ,klobuchar1 ,mr4 ,scott1 ,mr4 ,barrasso1 ,mr4 ,manchin1 and ,mr4 ,lankford7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to modernize and strengthen the ,committee on ,foreign ,investment in the ,united ,states to more effectively guard against the risk to the national security of the ,united ,states posed by certain types of foreign investment1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,foreign ,investment ,risk ,review ,modernization ,act of #bjag4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,sense of ,congress4 ,sec4 #c4 ,definitions4 ,sec4 #d4 ,inclusion of partnership and side agreements in notice4 ,sec4 #e4 ,declarations relating to certain covered transactions4 ,sec4 #f4 ,stipulations regarding transactions4 ,sec4 #g4 ,authority for unilateral initiation of reviews4 ,sec4 #h4 ,timing for reviews and investigations4 ,sec4 #i4 ,monitoring of non-notified and non-declared transactions4 ,sec4 #aj4 ,submission of certifications to ,congress4 ,sec4 #aa4 ,analysis by ,director of ,national ,intelligence4 ,sec4 #ab4 ,information sharing4 ,sec4 #ac4 ,action by the ,president4 ,sec4 #ad4 ,judicial review procedures4 ,sec4 #ae4 ,factors to be considered4 ,sec4 #af4 ,actions by the ,committee to address national security risks4 ,sec4 #ag4 ,modification of annual report4 ,sec4 #ah4 ,certification of notices and information4 ,sec4 #ai4 ,funding4 ,sec4 #bj4 ,centralization of certain ,committee functions4 ,sec4 #ba4 ,unified budget request4 ,sec4 #bb4 ,special hiring authority4 ,sec4 #bc4 ,conforming amendments4 ,sec4 #bd4 ,assessment of need for additional resources for ,committee4 ,sec4 #be4 ,authorization for ,defense ,advanced ,research ,projects ,agency to limit foreign access to technology through contracts and grant agreements4 ,sec4 #bf4 ,effective date4 ,sec4 #bg4 ,severability4 #b4 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 foreign investment provides substantial economic benefits to the ,united ,states1 including the promotion of economic growth1 productivity1 competitiveness1 and job creation1 and the majority of foreign investment transactions pose little or no risk to the national security of the ,united ,states1 especially when those investments are truly passive in nature2 7#b7 maintaining the commitment of the ,united ,states to open and fair investment policy also encourages other countries to reciprocate and helps open new foreign markets for ,united ,states businesses and their products2 7#c7 it should continue to be the policy of the ,united ,states to enthusiastically welcome and support foreign investment1 consistent with the protection of national security2 7#d7 at the same time1 the national security landscape has shifted in recent years1 and so have the nature of the investments that pose the greatest potential risk to national security1 which warrants a modernization of the processes and authorities of the ,committee on ,foreign ,investment in the ,united ,states2 7#e7 the ,committee on ,foreign ,investment in the ,united ,states plays a critical role in protecting the national security of the ,united ,states1 and1 therefore1 it is essential that the member agencies of the ,committee are adequately resourced and able to hire appropriately qualified individuals in a timely manner1 and that those individuals' security clearances are processed as a high priority2 7#f7 the ,president should conduct a more robust international outreach effort to urge and help allies and partners of the ,united ,states to establish processes that parallel the ,committee on ,foreign ,investment in the ,united ,states to screen foreign investments for national security risks and to facilitate coordination2 and 7#g7 the ,president should lead a collaborative effort with allies and partners of the ,united ,states to develop a new1 stronger multilateral export control regime1 aimed to address the unprecedented industrial policies of certain countries of special concern1 including aggressive efforts to acquire ,united ,states technology1 and the blending of civil and military programs4 #c4 ,definitions ,section #gba7;a7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;a77 is amended to read as follows3 7a7 ,definitions ,in this section3 7#a7 ,access ,the term access means the ability and opportunity to obtain information1 subject to regulations prescribed by the ,committee4 7#b7 ,committee2 chairperson ,the terms ,committee and chairperson mean the ,committee on ,foreign ,investment in the ,united ,states and the chairperson thereof1 respectively4 7#c7 ,control ,the term control means the power to determine1 direct1 or decide important matters affecting an entity1 subject to regulations prescribed by the ,committee4 7#d7 ,country of special concern 7,a7 ,in general ,the term country of special concern means a country that poses a significant threat to the national security interests of the ,united ,states4 7,b7 ,rule of construction ,this paragraph shall not be construed to require the ,committee to maintain a list of countries of special concern4 7#e7 ,covered transaction 7,a7 ,in general ,except as otherwise provided1 the term covered transaction means any transaction described in subparagraph 7,b7 that is proposed1 pending1 or completed on or after the date of the enactment of the ,foreign ,investment ,risk ,review ,modernization ,act of #bjag4 7,b7 ,transactions described ,a transaction described in this subparagraph is any of the following3 7i7 ,any merger1 acquisition1 or takeover that is proposed or pending after ,august #bc1 #aihh1 by or with any foreign person that could result in foreign control of any ,united ,states business4 7ii7 ,the purchase or lease by a foreign person of private or public real estate that-- 7,i7 is located in the ,united ,states and is in close proximity to a ,united ,states military installation or to another facility or property of the ,united ,states ,government that is sensitive for reasons relating to national security2 and 7,,ii7 meets such other criteria as the ,committee prescribes by regulation4 7iii7 ,any other investment 7other than passive investment7 by a foreign person in any ,united ,states critical technology company or ,united ,states critical infrastructure company1 subject to regulations prescribed under subparagraph 7,c74 7iv7 ,any change in the rights that a foreign person has with respect to a ,united ,states business in which the foreign person has an investment1 if that change could result in-- 7,i7 foreign control of the ,united ,states business2 or 7,,ii7 an investment described in clause 7iii74 7v7 ,the contribution 7other than through an ordinary customer relationship7 by a ,united ,states critical technology company of both intellectual property and associated support to a foreign person through any type of arrangement1 such as a joint venture1 subject to regulations prescribed under subparagraph 7,c74 7vi7 ,any other transaction1 transfer1 agreement1 or arrangement the structure of which is designed or intended to evade or circumvent the application of this section1 subject to regulations prescribed by the ,committee4 7,c7 ,further definition through regulations 7i7 ,certain investments and contributions ,the ,committee shall prescribe regulations further defining covered transactions described in clauses 7iii7 and 7v7 of subparagraph 7,b7 by reference to the technology1 sector1 subsector1 transaction type1 or other characteristics of such transactions4 7ii7 ,exemption for transactions from identified countries ,the ,committee may1 by regulation1 define circumstances in which a transaction otherwise described in clause 7ii71 7iii71 or 7v7 of subparagraph 7,b7 is excluded from the definition of covered transaction if each foreign person that is a party to the transaction is organized under the laws of1 or otherwise subject to the jurisdiction of1 a country identified by the ,committee for purposes of this clause based on criteria such as-- 7,i7 whether the ,united ,states has in effect with that country a mutual defense treaty2 7,,ii7 whether the ,united ,states has in effect with that country a mutual arrangement to safeguard national security as it pertains to foreign investment2 7,,iii7 the national security review process for foreign investment of that country2 and 7,,iv7 any other criteria that the ,committee determines to be appropriate4 7iii7 ,exemption of certain contributions ,the ,committee may1 by regulation1 define circumstances in which contributions otherwise described in subparagraph 7,b77v7 are excluded from the term covered transaction on the basis of a determination that other provisions of law are adequate to identify and address any potential national security risks posed by such contributions4 7iv7 ,transfers of certain assets pursuant to bankruptcy proceedings or other defaults ,the ,committee shall prescribe regulations to clarify that the term covered transaction includes any transaction described in subparagraph 7,b7 that arises pursuant to a bankruptcy proceeding or other form of default on debt4 7,d7 ,passive investment defined 7i7 ,in general ,for purposes of subparagraph 7,b77iii71 the term passive investment means an investment by a foreign person in a ,united ,states business-- 7,i7 that is not described in subparagraph 7,b77i72 7,,ii7 that does not afford the foreign person-- 7aa7 access to any nonpublic technical information in the possession of the ,united ,states business2 7bb7 access to any nontechnical information in the possession of the ,united ,states business that is not available to all investors2 7cc7 membership or observer rights on the board of directors or equivalent governing body of the ,united ,states business or the right to nominate an individual to such a position2 or 7dd7 any involvement1 other than through voting of shares1 in substantive decisionmaking pertaining to any matter involving the ,united ,states business2 7,,iii7 under which the foreign person and the ,united ,states business do not have a parallel strategic partnership or other material financial relationship1 as described in regulations prescribed by the ,committee2 and 7,,iv7 that meets such other criteria as the ,committee may prescribe by regulation4 7ii7 ,nonpublic technical information defined ,for purposes of clause 7i77,,ii77aa71 the term nonpublic technical information-- 7,i7 has the meaning given that term in regulations prescribed by the ,committee2 and 7,,ii7 includes information 7either by itself or in conjunction with other information to which a foreign person may have access7-- 7aa7 without which critical technologies cannot be designed1 developed1 tested1 produced1 or manufactured2 and 7bb7 in a quantity sufficient to permit the design1 development1 testing1 production1 or manufacturing of such technologies4 7iii7 ,nontechnical information defined ,for purposes of clause 7i77,,ii77bb71 the term nontechnical information has the meaning given that term in regulations prescribed by the ,committee4 7iv7 ,effect of level of ownership interest ,a determination of whether an investment is a passive investment under clause 7i7 shall be made without regard to how low the level of ownership interest a foreign person would hold or acquire in a ,united ,states business would be as a result of the investment4 ,the ,committee may prescribe regulations specifying that any investment greater than a certain level or amount would not be considered a passive investment4 7v7 ,regulations ,the ,committee shall prescribe regulations providing guidance on the types of transactions that the ,committee considers to be passive investment4 7,e7 ,associated support defined ,for purposes of subparagraph 7,b77v71 the term associated support has the meaning given that term in regulations prescribed by the ,committee4 7,f7 ,united ,states critical infrastructure company defined ,for purposes of subparagraph 7,b71 the term ,united ,states critical infrastructure company means a ,united ,states business that is1 owns1 operates1 or primarily provides services to1 an entity or entities that operate within a critical infrastructure sector or subsector1 as defined by regulations prescribed by the ,committee4 7,g7 ,united ,states critical technology company ,for purposes of subparagraph 7,b71 the term ,united ,states critical technology company means a ,united ,states business that produces1 trades in1 designs1 tests1 manufactures1 services1 or develops one or more critical technologies1 or a subset of such technologies1 as defined by regulations prescribed by the ,committee4 7#f7 ,critical infrastructure ,the term critical infrastructure means1 subject to regulations prescribed by the ,committee1 systems and assets1 whether physical or virtual1 so vital to the ,united ,states that the incapacity or destruction of such systems or assets would have a debilitating impact on national security4 7#g7 ,critical materials ,the term critical materials means physical materials essential to national security1 subject to regulations prescribed by the ,committee4 7#h7 ,critical technologies 7,a7 ,in general ,the term critical technologies means technology1 components1 or technology items that are essential or could be essential to national security1 identified for purposes of this section pursuant to regulations prescribed by the ,committee4 7,b7 ,inclusion of certain items ,the term critical technologies includes the following3 7i7 ,defense articles or defense services included on the ,united ,states ,munitions ,list set forth in the ,international ,traffic in ,arms ,regulations under subchapter ,m of chapter ,i of title #bb1 ,code of ,federal ,regulations4 7ii7 ,items included on the ,commerce ,control ,list set forth in ,supplement ,no4 #a to part #ggd of the ,export ,administration ,regulations under subchapter ,c of chapter ,,vii of title #ae1 ,code of ,federal ,regulations1 and controlled-- 7,i7 pursuant to multilateral regimes1 including for reasons relating to national security1 chemical and biological weapons proliferation1 nuclear nonproliferation1 or missile technology2 or 7,,ii7 for reasons relating to regional stability or surreptitious listening4 7iii7 ,specially designed and prepared nuclear equipment1 parts and components1 materials1 software1 and technology covered by part #haj of title #aj1 ,code of ,federal ,regulations 7relating to assistance to foreign atomic energy activities74 7iv7 ,nuclear facilities1 equipment1 and material covered by part #aaj of title #aj1 ,code of ,federal ,regulations 7relating to export and import of nuclear equipment and material74 7v7 ,select agents and toxins covered by part #cca of title #g1 ,code of ,federal ,regulations1 part #aba of title #i of such ,code1 or part #gc of title #db of such ,code4 7vi7 ,other emerging technologies that could be essential for maintaining or increasing the technological advantage of the ,united ,states over countries of special concern with respect to national defense1 intelligence1 or other areas of national security1 or gaining such an advantage over such countries in areas where such an advantage may not currently exist4 7#i7 ,foreign government-controlled transaction ,the term foreign government-controlled transaction means any covered transaction that could result in the control of any ,united ,states business by a foreign government or an entity controlled by or acting on behalf of a foreign government4 7#aj7 ,intellectual property ,the term intellectual property has the meaning given that term in regulations prescribed by the ,committee4 7#aa7 ,intelligence community ,the term intelligence community has the meaning given that term in section #c7d7 of the ,national ,security ,act of #aidg 7#ej ,u4,s4,c4 #cjjc7d774 7#ab7 ,investment ,the term investment means the acquisition of equity interest1 including contingent equity interest1 as further defined in regulations prescribed by the ,committee4 7#ac7 ,lead agency ,the term lead agency means the agency or agencies designated as the lead agency or agencies pursuant to subsection 7k77#e74 7#ad7 ,malicious cyber-enabled activities ,the term malicious cyber-enabled activities means any acts-- 7,a7 primarily accomplished through or facilitated by computers or other electronic devices2 7,b7 that are reasonably likely to result in1 or materially contribute to1 a significant threat to the national security of the ,united ,states2 and 7,c7 that have the purpose or effect of-- 7i7 significantly compromising the provision of services by one or more entities in a critical infrastructure sector2 7ii7 harming1 or otherwise significantly compromising the provision of services by1 a computer or network of computers that support one or more such entities2 7iii7 causing a significant disruption to the availability of a computer or network of computers2 or 7iv7 causing a significant misappropriation of funds or economic resources1 trade secrets1 personally identifiable information1 or financial information4 7#ae7 ,national security ,the term national security shall be construed so as to include those issues relating to homeland security1 including its application to critical infrastructure4 7#af7 ,party ,the term party has the meaning given that term in regulations prescribed by the ,committee4 7#ag7 ,united ,states ,the term ,united ,states means the several ,states1 the ,district of ,columbia1 and any territory or possession of the ,united ,states4 7#ah7 ,united ,states business ,the term ,united ,states business means a person engaged in interstate commerce in the ,united ,states4 4 #d4 ,inclusion of partnership and side agreements in notice ,section #gba7;b77#a77;,c7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;b77#a77;,c77 is amended by adding at the end the following3 7iv7 ,inclusion of partnership and side agreements ,a written notice submitted under clause 7i7 by a party to a covered transaction shall include a copy of any partnership agreements1 integration agreements1 or other side agreements relating to the transaction1 including any such agreements relating to the transfer of intellectual property1 as specified in regulations prescribed by the ,committee4 4 #e4 ,declarations relating to certain covered transactions ,section #gba7;b77#a77;,c7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;b77#a77;,c771 as amended by section #d1 is further amended by adding at the end the following3 7v7 ,declarations relating to certain covered transactions 7,i7 ,voluntary declarations ,except as provided in this clause1 a party to any covered transaction may submit to the ,committee a declaration with basic information regarding the transaction instead of a written notice under clause 7i74 7,,ii7 ,mandatory declarations 7aa7 ,certain covered transactions with foreign government interests ,the parties to a covered transaction shall submit a declaration described in subclause 7,i7 with respect to the transaction if the transaction involves the acquisition of a voting interest of at least #be percent in a ,united ,states business by a foreign person in which a foreign government owns1 directly or indirectly1 at least a #be-percent voting interest4 7bb7 ,other declarations required by committee ,the ,committee shall require the submission of a declaration described in subclause 7,i7 with respect to any covered transaction identified under regulations prescribed by the ,committee for purposes of this item1 at the discretion of the ,committee and based on appropriate factors1 such as-- 7,,aa7 the technology1 industry1 economic sector1 or economic subsector in which the ,united ,states business that is a party to the transaction trades or of which it is a part2 7,,bb7 the difficulty of remedying the harm to national security that may result from completion of the transaction2 and 7,,cc7 the difficulty of obtaining information on the type of covered transaction through other means4 7cc7 ,submission of written notice as an alternative ,parties to a covered transaction for which a declaration is required under this subclause may instead elect to submit a written notice under clause 7i74 7dd7 ,timing of submission 7,,aa7 ,in general ,a declaration required to be submitted with respect to a covered transaction by item 7aa7 or 7bb7 shall be submitted not later than #de days before the completion of the transaction4 7,,bb7 ,written notice ,if1 pursuant to item 7cc71 the parties to a covered transaction elect to submit a written notice under clause 7i7 instead of a declaration under this subclause1 the written notice shall be filed not later than #ij days before the completion of the transaction4 7,,iii7 ,penalties ,the ,committee may impose a penalty pursuant to subsection 7h77#c7 with respect to a party that fails to comply with this clause4 7,,iv7 ,committee response to declaration 7aa7 ,in general ,upon receiving a declaration under this clause with respect to a transaction1 the ,committee may1 at its discretion-- 7,,aa7 request that the parties to the transaction file a written notice under clause 7i72 7,,bb7 inform the parties to the transaction that the ,committee is not able to complete action under this section with respect to the transaction on the basis of the declaration and that the parties may file a written notice under clause 7i7 to seek written notification from the ,committee that the ,committee has completed all action under this section with respect to the transaction2 7,,cc7 initiate a unilateral review of the transaction under subparagraph 7,d72 or 7,,dd7 notify the parties in writing that the ,committee has completed all action under this section with respect to the transaction4 7bb7 ,timing ,the ,committee shall endeavor to take action under item 7aa7 within #cj days of receiving a declaration under this clause4 7cc7 ,rule of construction ,nothing in this subclause 7other than item 7aa77,,cc77 shall be construed to affect the authority of the ,president or the ,committee to take any action authorized by this section with respect to a covered transaction4 7,v7 ,regulations ,the ,committee shall prescribe regulations establishing requirements for declarations submitted under this clause4 ,in prescribing such regulations1 the ,committee shall ensure that such declarations are submitted as abbreviated notifications that would not generally exceed #e pages in length4 4 #f4 ,stipulations regarding transactions ,section #gba7;b77#a77;,c7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;b77#a77;,c771 as amended by section #e1 is further amended by adding at the end the following3 7vi7 ,stipulations regarding transactions 7,i7 ,in general ,in a written notice submitted under clause 7i7 or a declaration submitted under clause 7v7 with respect to a transaction1 a party to the transaction may-- 7aa7 stipulate that the transaction is a covered transaction2 and 7bb7 if the party stipulates that the transaction is a covered transaction under item 7aa71 stipulate that the transaction is a foreign government-controlled transaction4 7,,ii7 ,basis for stipulation ,a written notice submitted under clause 7i7 or a declaration submitted under clause 7v7 that includes a stipulation under subclause 7,i7 shall include a description of the basis for the stipulation4 4 #g4 ,authority for unilateral initiation of reviews ,section #gba7;b77#a7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;b77#a77 is amended-- 7#a7 by redesignating subparagraphs 7,e7 and 7,f7 as subparagraphs 7,f7 and 7,g71 respectively2 7#b7 in subparagraph 7,d7-- 7,a7 in clause 7i71 by inserting 7other than a covered transaction described in subparagraph 7,e77 after any covered transaction2 7,b7 by striking clause 7ii7 and inserting the following3 7ii7 any covered transaction described in subparagraph 7,e71 if any party to the transaction submitted false or misleading material information to the ,committee in connection with the ,committee's consideration of the transaction or omitted material information1 including material documents1 from information submitted to the ,committee2 or 2 and 7,c7 in clause 7iii7-- 7i7 in the matter preceding subclause 7,i71 by striking any covered transaction that has previously been reviewed or investigated under this section1 and inserting any covered transaction described in subparagraph 7,e712 7ii7 in subclause 7,i71 by striking intentionally2 7iii7 in subclause 7,,ii71 by striking an intentional and inserting a2 and 7iv7 in subclause 7,,iii71 by inserting adequate and appropriate before remedies or enforcement tools2 and 7#c7 by inserting after subparagraph 7,d7 the following3 7,e7 ,covered transactions described ,a covered transaction is described in this subparagraph if-- 7i7 the ,committee has informed the parties to the transaction in writing that the ,committee has completed all action under this section with respect to the transaction2 or 7ii7 the ,president has announced a decision not to exercise the ,president's authority under subsection 7d7 with respect to the transaction4 4 #h4 ,timing for reviews and investigations ,section #gba7;b7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;b771 as amended by section #g1 is further amended-- 7#a7 in paragraph 7#a77;,f71 by striking #cj and inserting #de2 7#b7 in paragraph 7#b71 by striking subparagraph 7,c7 and inserting the following3 7,c7 ,timing 7i7 ,in general ,except as provided in clause 7ii71 any investigation under subparagraph 7,a7 shall be completed before the end of the #de-;day period beginning on the date on which the investigation commenced4 7ii7 ,extension for extraordinary circumstances 7,i7 ,in general ,in extraordinary circumstances 7as defined by the ,committee in regulations71 the chairperson may1 at the request of the head of the lead agency1 extend an investigation under subparagraph 7,a7 for one #cj-;day period4 7,,ii7 ,nondelegation ,the authority of the chairperson and the head of the lead agency referred to in subclause 7,i7 may not be delegated to any person other than the ,deputy ,secretary of the ,treasury or the deputy head 7or equivalent thereof7 of the lead agency1 as the case may be4 7,,iii7 ,notification to parties ,if the ,committee extends the deadline under subclause 7,i7 with respect to a covered transaction1 the ,committee shall notify the parties to the transaction of the extension4 2 and 7#c7 by adding at the end the following3 7#h7 ,tolling of deadlines during lapse in appropriations ,any deadline or time limitation under this subsection shall be tolled during a lapse in appropriations4 4 #i4 ,monitoring of non-notified and non-declared transactions ,section #gba7;b77#a7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;b77#a771 as amended by section #g1 is further amended by adding at the end the following3 7,h7 ,monitoring of non-notified and non-declared transactions ,the ,committee shall establish a mechanism to identify covered transactions for which-- 7i7 a notice under clause 7i7 of subparagraph 7,c7 or a declaration under clause 7v7 of that subparagraph is not submitted to the ,committee2 and 7ii7 information is reasonably available4 4 #aj4 ,submission of certifications to ,congress ,section #gba7;b77#c77;,c7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;b77#c77;,c77 is amended-- 7#a7 in clause 7iii7-- 7,a7 in subclause 7,,ii71 by inserting and the ,select ,committee on ,intelligence after ,urban ,affairs2 and 7,b7 in subclause 7,,iv71 by inserting and the ,permanent ,select ,committee on ,intelligence after ,financial ,services2 7#b7 in clause 7iv71 by striking subclause 7,,ii7 and inserting the following3 7,,ii7 ,delegation of certifications 7aa7 ,in general ,subject to item 7bb71 the chairperson1 in consultation with the ,committee1 may determine the level of official to whom the signature requirement under subclause 7,i7 for the chairperson and the head of the lead agency may be delegated4 ,the level of official to whom the signature requirement may be delegated may differ based on any factor relating to a transaction that the chairperson1 in consultation with the ,committee1 deems appropriate1 including the type or value of the transaction4 7bb7 ,limitations ,the signature requirement under subclause 7,i7 may be delegated-- 7,,aa7 in the case of a covered transaction assessed by the ,director of ,national ,intelligence under paragraph 7#d7 as more likely than not to threaten the national security of the ,united ,states1 not below the level of the ,assistant ,secretary of the ,treasury or an equivalent official of another agency or department represented on the ,committee2 and 7,,bb7 in the case of any other covered transaction1 not below the level of a ,deputy ,assistant ,secretary of the ,treasury or an equivalent official of another agency or department represented on the ,committee4 2 and 7#c7 by adding at the following3 7v7 ,authority to consolidate documents ,instead of transmitting a separate certified notice or certified report under subparagraph 7,a7 or 7,b7 with respect to each covered transaction1 the ,committee may1 on a monthly basis1 transmit such notices and reports in a consolidated document to the ,members of ,congress specified in clause 7iii74 4 #aa4 ,analysis by ,director of ,national ,intelligence ,section #gba7;b77#d7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;b77#d77 is amended-- 7#a7 by striking subparagraph 7,a7 and inserting the following3 7,a7 ,analysis required 7i7 ,in general ,the ,director of ,national ,intelligence shall expeditiously carry out a thorough analysis of any threat to the national security of the ,united ,states posed by any covered transaction1 which shall include the identification of any recognized gaps in the collection of intelligence relevant to the analysis4 7ii7 ,views of intelligence agencies ,the ,director shall seek and incorporate into the analysis required by clause 7i7 the views of all affected or appropriate intelligence agencies with respect to the transaction4 7iii7 ,updates ,at the request of the lead agency1 the ,director shall update the analysis conducted under clause 7i7 with respect to a covered transaction with respect to which an agreement was entered into under subsection 7l77#c77;,a74 7iv7 ,independence and objectivity ,the ,committee shall ensure that its processes under this section preserve the ability of the ,director to conduct analysis under clause 7i7 that is independent1 objective1 and consistent with all applicable directives1 policies1 and analytic tradecraft standards of the intelligence community4 2 7#b7 by redesignating subparagraphs 7,b71 7,c71 and 7,d7 as subparagraphs 7,c71 7,d71 and 7,e71 respectively2 7#c7 by inserting after subparagraph 7,a7 the following3 7,b7 ,basic threat information 7i7 ,in general ,the ,director of ,national ,intelligence may provide the ,committee with basic information regarding any threat to the national security of the ,united ,states posed by a covered transaction described in clause 7ii7 instead of conducting the analysis required by subparagraph 7,a74 7ii7 ,covered transaction described ,a covered transaction is described in this clause if-- 7,i7 the transaction is described in subsection 7a77#e77;,b77ii72 7,,ii7 the ,director of ,national ,intelligence has completed an analysis pursuant to subparagraph 7,a7 involving each foreign person that is a party to the transaction during the #ab months preceding the review or investigation of the transaction under this section2 or 7,,iii7 the transaction otherwise meets criteria agreed upon by the ,committee and the ,director of ,national ,intelligence for purposes of this subparagraph4 2 7#d7 in subparagraph 7,c71 as redesignated by paragraph 7#b71 by striking #bj and inserting #cj2 and 7#e7 by adding at the end the following3 7,f7 ,assessment of operational impact ,the ,director may provide to the ,committee an assessment1 separate from the analyses under subparagraphs 7,a7 and 7,b71 of any operational impact of a covered transaction on the intelligence community and a description of any actions that have been or will be taken to mitigate any such impact4 7,g7 ,submission to ,congress ,the ,committee shall submit the analysis required by subparagraph 7,a7 with respect to a covered transaction to the ,select ,committee on ,intelligence of the ,senate and the ,permanent ,select ,committee on ,intelligence of the ,house of ,representatives upon the conclusion of action under this section 7other than compliance reviews under subsection 7l77#f77 with respect to the transaction4 4 #ab4 ,information sharing ,section #gba7;c7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;c77 is amended-- 7#a7 by striking ,any information and inserting the following3 7#a7 ,in general ,except as provided in paragraph 7#b71 any information 2 7#b7 by striking 1 except as may be relevant and all that follows and inserting a period2 and 7#c7 by adding at the end the following3 7#b7 ,exceptions ,paragraph 7#a7 shall not prohibit the disclosure of the following3 7,a7 ,information relevant to any administrative or judicial action or proceeding4 7,b7 ,information to either ,house of ,congress or to any duly authorized committee or subcommittee of ,congress4 7,c7 ,information to any domestic or foreign governmental entity1 under the direction of the chairperson1 to the extent necessary for national security purposes and pursuant to appropriate confidentiality and classification arrangements4 7,d7 ,information that the parties have consented to be disclosed to third parties4 4 #ac4 ,action by the ,president 7a7 ,in general ,section #gba7;d7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;d77 is amended-- 7#a7 by striking paragraph 7#a7 and inserting the following3 7#a7 ,in general ,subject to paragraph 7#d71 the ,president may1 with respect to a covered transaction that threatens to impair the national security of the ,united ,states-- 7,a7 take such action for such time as the ,president considers appropriate to suspend or prohibit the transaction or to require divestment2 and 7,b7 in conjunction with taking any such action1 take any additional action the ,president considers appropriate to address the risk to the national security of the ,united ,states identified during the review and investigation of the transaction under this section4 2 and 7#b7 in paragraph 7#b71 by striking not later than #ae days and all that follows and inserting the following3 8with respect to a covered transaction not later than #ae days after the earlier of-- 7,a7 the date on which the investigation of the transaction under subsection 7b7 is completed2 or 7,b7 the date on which the ,committee otherwise refers the transaction to the ,president under subsection 7l77#b74 4 7b7 ,civil penalties ,section #gba7;h77#c77;,a7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;h77#c77;,a77 is amended by striking including any mitigation and all that follows through subsection 7l7 and inserting including any mitigation agreement entered into1 conditions imposed1 or order issued pursuant to this section4 #ad4 ,judicial review procedures ,section #gba7;e7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7 is amended to read as follows3 7e7 ,actions and findings nonreviewable 7#a7 ,actions and findings of the ,president ,the actions and findings of the ,president or the ,president's designee under this section shall not be subject to judicial review1 including claims under chapter #g of title #e1 ,united ,states ,code4 7#b7 ,actions and findings of the ,committee 7,a7 ,in general ,except as provided in subparagraph 7,b71 the actions and findings of the ,committee under subsection 7b7 or 7l71 and any assessment of penalties or use of enforcement authorities under this section1 shall not be subject to judicial review1 including claims under chapter #g of title #e1 ,united ,states ,code4 7,b7 ,petitions 7i7 ,definition ,in this subparagraph1 the term classified information means any information or material that has been determined by the ,united ,states ,government pursuant to an ,executive order1 statute1 or regulation to require protection against unauthorized disclosure for reasons of national security and any restricted data1 as defined in section #aa of the ,atomic ,energy ,act of #aied 7#db ,u4,s4,c4 #bjad74 7ii7 ,petition 7,i7 ,in general ,except as provided in subclause 7,,ii71 not later than #fj days after the date on which the ,president or the ,committee takes an action with respect to the covered transaction1 any party to the covered transaction may file a petition under this subparagraph alleging that the action of the ,committee is a violation of a constitutional right1 power1 privilege1 or immunity4 7,,ii7 ,notification ,no party to a covered transaction shall be permitted to file a petition or any claim related to a petition under subclause 7,i7 unless-- 7aa7 the party initiated the review of the transaction pursuant to a written notice filed under clause 7i7 of subsection 7b77#a77;,c7 or a declaration filed under clause 7v7 of that subsection or the ,committee determines that such a notice or declaration was not required2 and 7bb7 the ,committee has completed all action under this section with respect to the transaction4 7,,iii7 ,related claims ,any claims related to a petition filed under this clause shall be filed before the date described in subclause 7,i74 7iii7 ,exclusive jurisdiction 7,i7 ,in general ,the ,united ,states ,court of ,appeals for the ,district of ,columbia ,circuit shall have exclusive jurisdiction over claims arising under this subparagraph1 subject to review by the ,supreme ,court of the ,united ,states under section #abed of title #bh1 ,united ,states ,code1 only-- 7aa7 to affirm the action of the ,committee2 or 7bb7 to remand the case to the ,committee for further consideration4 7,,ii7 ,standard of review ,the court shall uphold an action challenged under this subparagraph unless the court finds that the action was contrary to a constitutional right1 power1 privilege1 or immunity4 7iv7 ,scope of review ,in a claim under this subparagraph1 the court shall decide all relevant questions based solely on any administrative record submitted by the ,united ,states under clause 7v74 7v7 ,administrative record and procedures 7,i7 ,in general ,notwithstanding any other provision of law1 the procedures described in this clause shall apply to the review of a petition under this subparagraph4 7,,ii7 ,administrative record 7aa7 ,filing of record ,the ,united ,states shall file with the court an administrative record1 which shall consist of the information that the parties submitted to the ,committee and that the ,committee relied upon in support of the action of the ,committee under review4 7bb7 ,unclassified1 nonprivileged information ,all unclassified information contained in the administrative record that is not otherwise privileged or subject to statutory protections shall be provided to the petitioner with appropriate protections for any privileged or confidential trade secrets and commercial or financial information4 7cc7 ,discovery bar ,other than the provision of information in the administrative record described in subparagraph 7,,ii77bb71 no discovery shall be permitted4 7dd7 ,in camera and ex parte ,the following information may be included in the administrative record and shall be submitted only to the court ex parte and in camera3 7,,aa7 ,unclassified information subject to privilege or statutory protections4 7,,bb7 ,classified information4 7,,cc7 ,sensitive security information4 7,,dd7 ,sensitive law enforcement information4 7,,ee7 ,information obtained or derived from any activity authorized under the ,foreign ,intelligence ,surveillance ,act of #aigh 7#ej ,u4,s4,c4 #ahja et seq471 except that1 with respect to such information1 subsections 7c71 7e71 7f71 7g71 and 7h7 of section #ajf 7#ej ,u4,s4,c4 #ahjf71 subsections 7d71 7f71 7g71 7h71 and 7i7 of section #cje 7#ej ,u4,s4,c4 #ahbe71 subsections 7c71 7e71 7f71 7g71 and 7h7 of section #dje 7#ej ,u4,s4,c4 #ahde71 and section #gjf 7#ej ,u4,s4,c4 #ahha;e7 of that ,act shall not apply4 7ee7 ,under seal ,any classified information1 sensitive security information1 law enforcement sensitive information1 or information that is otherwise privileged or subject to statutory protections1 that is part of the administrative record filed ex parte and in camera1 or cited by the court in any decision1 shall be treated by the court consistent with the provisions of this subparagraph1 and shall remain under seal and preserved in the records of the court to be made available in the event of further proceedings4 ,in no event shall such information be released to the claimant or as part of the public record4 7ff7 ,return ,after the expiration of the time to seek further review1 or the conclusion of further proceedings1 the court shall return the administrative record1 including any and all copies1 to the ,united ,states4 7gg7 ,consideration of claim without information in administrative record ,if1 on motion or sua sponte1 the court determines that the claim may be considered without any of the information in the administrative record1 the court shall require that only the necessary information1 if any1 from the record be provided to the parties4 7vi7 ,exclusive remedy ,a determination by the court under this subparagraph shall be the exclusive judicial remedy for any claim described in this subparagraph against the ,united ,states1 any ,united ,states department or agency1 or any component or official of any such department or agency4 7vii7 ,rule of construction ,nothing in this subparagraph shall be construed as limiting1 superseding1 or preventing the invocation of1 any privileges or defenses that are otherwise available at law or in equity to protect against the disclosure of information4 4 #ae4 ,factors to be considered ,section #gba7;f7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;f77 is amended-- 7#a7 in paragraph 7#a71 by inserting including whether the covered transaction is likely to result in the increased reliance by the ,united ,states on foreign suppliers to meet national defense requirements2 after defense requirements12 7#b7 in paragraph 7#d71 by striking proposed or pending2 7#c7 by striking paragraph 7#e7 and insert the following3 7#e7 the potential effects of the covered transaction on ,united ,states international technological and industrial leadership in areas affecting ,united ,states national security1 including whether the transaction is likely to reduce the technological and industrial advantage of the ,united ,states relative to any country of special concern2 2 7#d7 in paragraph 7#f71 by inserting and transportation assets1 as defined in ,presidential ,policy ,directive #ba 7,february #ab1 #bjac2 relating to critical infrastructure security and resilience7 or any successor directive after energy assets2 7#e7 in paragraph 7#g71 by inserting 1 including whether the covered transaction is likely to contribute to the loss of or other adverse effects on technologies that provide a strategic national security advantage to the ,united ,states after critical technologies2 7#f7 in paragraph 7#aj71 by striking 2 and and inserting a semicolon2 7#g7 by redesignating paragraph 7#aa7 as paragraph 7#bj72 and 7#h7 by inserting after paragraph 7#aj7 the following3 7#aa7 the degree to which the covered transaction is likely to increase the cost to the ,united ,states ,government of acquiring or maintaining the equipment and systems that are necessary for defense1 intelligence1 or other national security functions2 7#ab7 the potential national security-related effects of the cumulative market share of any one type of infrastructure1 energy asset1 critical material1 or critical technology by foreign persons2 7#ac7 whether any foreign person that would acquire an interest in a ,united ,states business or its assets as a result of the covered transaction has a history of-- 7,a7 complying with ,united ,states laws and regulations1 including laws and regulations pertaining to exports1 the protection of intellectual property1 and immigration2 and 7,b7 adhering to contracts or other agreements with entities of the ,united ,states ,government2 7#ad7 the extent to which the covered transaction is likely to expose1 either directly or indirectly1 personally identifiable information1 genetic information1 or other sensitive data of ,united ,states citizens to access by a foreign government or foreign person that may exploit that information in a manner that threatens national security2 7#ae7 whether the covered transaction is likely to have the effect of creating any new cybersecurity vulnerabilities in the ,united ,states or exacerbating existing cybersecurity vulnerabilities2 7#af7 whether the covered transaction is likely to result in a foreign government gaining a significant new capability to engage in malicious cyber-enabled activities against the ,united ,states1 including such activities designed to affect the outcome of any election for ,federal office2 7#ag7 whether the covered transaction involves a country of special concern that has a demonstrated or declared strategic goal of acquiring a type of critical technology that a ,united ,states business that is a party to the transaction possesses2 7#ah7 whether the covered transaction is likely to facilitate criminal or fraudulent activity affecting the national security of the ,united ,states2 7#ai7 whether the covered transaction is likely to expose any information regarding sensitive national security matters or sensitive procedures or operations of a ,federal law enforcement agency with national security responsibilities to a foreign person not authorized to receive that information2 and 4 #af4 ,actions by the ,committee to address national security risks ,section #gba7l7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7l77 is amended-- 7#a7 in the subsection heading1 by striking ,mitigation1 ,tracking1 and ,postconsummation ,monitoring and ,enforcement and inserting ,actions by the ,committee ,to address national security risks2 7#b7 by redesignating paragraphs 7#a71 7#b71 and 7#c7 as paragraphs 7#c71 7#e71 and 7#f71 respectively2 7#c7 by inserting before paragraph 7#c71 as redesignated by paragraph 7#b71 the following3 7#a7 ,suspension of transactions ,the ,committee1 acting through the chairperson1 may suspend a proposed or pending covered transaction that may pose a risk to the national security of the ,united ,states for such time as the covered transaction is under review or investigation under subsection 7b74 7#b7 ,referral to ,president ,the ,committee may1 at any time during the review or investigation of a covered transaction under subsection 7b71 complete the action of the ,committee with respect to the transaction and refer the transaction to the ,president for action pursuant to subsection 7d74 2 7#d7 in paragraph 7#c71 as redesignated by paragraph 7#b7-- 7,a7 in subparagraph 7,a7-- 7i7 in the subparagraph heading1 by striking ,in general and inserting ,agreements and conditions2 7ii7 by striking ,the ,committee and inserting the following3 7i7 ,in general ,the ,committee 2 7iii7 by striking threat and inserting risk2 and 7iv7 by adding at the end the following3 7ii7 ,abandonment of transactions ,if a party to a covered transaction has voluntarily chosen to abandon the transaction1 the ,committee or lead agency1 as the case may be1 may negotiate1 enter into or impose1 and enforce any agreement or condition with any party to the covered transaction for purposes of effectuating such abandonment and mitigating any risk to the national security of the ,united ,states that arises as a result of the covered transaction4 7iii7 ,agreements and conditions relating to completed transactions ,the ,committee or lead agency1 as the case may be1 may negotiate1 enter into or impose1 and enforce any agreement or condition with any party to a completed covered transaction in order to mitigate any interim risk to the national security of the ,united ,states that may arise as a result of the covered transaction until such time that the ,committee has completed action pursuant to subsection 7b7 or the ,president has taken action pursuant to subsection 7d7 with respect to the transaction4 2 and 7,b7 by striking subparagraph 7,b7 and inserting the following3 7,b7 ,limitations ,an agreement may not be entered into or condition imposed under subparagraph 7,a7 with respect to a covered transaction unless the ,committee determines that the agreement or condition resolves the national security concerns posed by the transaction1 taking into consideration whether the agreement or condition is reasonably calculated to-- 7i7 be effective2 7ii7 allow for compliance with the terms of the agreement or condition in an appropriately verifiable way2 and 7iii7 enable effective monitoring of compliance with and enforcement of the terms of the agreement or condition4 7,c7 ,jurisdiction ,the provisions of section #gjf7;b7 shall apply to any mitigation agreement entered into or condition imposed under subparagraph 7,a74 2 7#e7 by inserting after paragraph 7#c71 as redesignated by paragraph 7#b71 the following3 7#d7 ,risk-based analysis required 7,a7 ,in general ,any determination of the ,committee to suspend a covered transaction under paragraph 7#a71 to refer a covered transaction to the ,president under paragraph 7#b71 or to negotiate1 enter into or impose1 or enforce any agreement or condition under paragraph 7#c77;,a7 with respect to a covered transaction1 shall be based on a risk-based analysis1 conducted by the ,committee1 of the effects on the national security of the ,united ,states of the covered transaction1 which shall include-- 7i7 an assessment of-- 7,i7 the national security threat posed by the transaction1 taking into account the analysis conducted by the ,director of ,national ,intelligence under subsection 7b77#d72 7,,ii7 any national security vulnerabilities related to the transaction2 and 7,,iii7 the potential national security consequences of the transaction2 and 7ii7 an identification of any of the factors described in subsection 7f7 that the transaction may substantially implicate4 7,b7 ,actions of members of the ,committee 7i7 ,in general ,any member of the ,committee who concludes that a covered transaction poses an unresolved national security concern shall recommend to the ,committee that the ,committee suspend the transaction under paragraph 7#a71 refer the transaction to the ,president under paragraph 7#b71 or negotiate1 enter into or impose1 or enforce any agreement or condition under paragraph 7#c77;,a7 with respect to the transaction4 ,in making that recommendation1 the member shall propose the risk-based analysis required by subparagraph 7,a74 7ii7 ,failure to reach consensus ,if the ,committee fails to reach consensus with respect to a recommendation under clause 7i7 regarding a covered transaction1 the members of the ,committee who support an alternative recommendation shall produce-- 7,i7 a written statement justifying the alternative recommendation2 and 7,,ii7 as appropriate1 a risk-based analysis that supports the alternative recommendation4 2 7#f7 in paragraph 7#e71 as redesignated by paragraph 7#b71 by striking 7as defined in the ,national ,security ,act of #aidg72 and 7#g7 in paragraph 7#f71 as redesignated by paragraph 7#b7-- 7,a7 in subparagraph 7,a7-- 7i7 by striking paragraph 7#a7 and inserting paragraph 7#c72 and 7ii7 by striking the second sentence and inserting the following3 ,the lead agency may1 at its discretion1 seek and receive the assistance of other departments or agencies in carrying out the purposes of this paragraph42 7,b7 in subparagraph 7,b7-- 7i7 by striking designated agency and all that follows through ,the lead agency in connection and inserting designated agency4--,the lead agency in connection2 7ii7 by striking clause 7ii72 and 7iii7 by redesignating subclauses 7,i7 and 7,,ii7 as clauses 7i7 and 7ii71 respectively1 and by moving such clauses1 as so redesignated1 #b ems to the left2 and 7,c7 by adding at the end the following3 7,c7 ,compliance plans 7i7 ,in general ,in the case of a covered transaction with respect to which an agreement is entered into under paragraph 7#c77;,a71 the ,committee or lead agency1 as the case may be1 shall formulate1 adhere to1 and keep updated a plan for monitoring compliance with the agreement4 7ii7 ,elements ,each plan required by clause 7i7 with respect to an agreement entered into under paragraph 7#c77;,a7 shall include an explanation of-- 7,i7 which member of the ,committee will have primary responsibility for monitoring compliance with the agreement2 7,,ii7 how compliance with the agreement will be monitored2 7,,iii7 how frequently compliance reviews will be conducted2 7,,iv7 whether an independent entity will be utilized under subparagraph 7,e7 to conduct compliance reviews2 and 7,v7 what actions will be taken if the parties fail to cooperate regarding monitoring compliance with the agreement4 7,d7 ,effect of lack of compliance ,if1 at any time after a mitigation agreement or condition is entered into or imposed under paragraph 7#c77;,a71 the ,committee or lead agency1 as the case may be1 determines that a party or parties to the agreement or condition are not in compliance with the terms of the agreement or condition1 the ,committee or lead agency may1 in addition to the authority of the ,committee to impose penalties pursuant to subsection 7h77#c7 and to unilaterally initiate a review of any covered transaction under subsection 7b77#a77;,d77iii77,i7-- 7i7 negotiate a plan of action for the party or parties to remediate the lack of compliance1 with failure to abide by the plan or otherwise remediate the lack of compliance serving as the basis for the ,committee to find a material breach of the agreement or condition2 7ii7 require that the party or parties submit any covered transaction initiated after the date of the determination of noncompliance and before the date that is #e years after the date of the determination to the ,committee for review under subsection 7b72 or 7iii7 seek injunctive relief4 7,e7 ,use of independent entities to monitor compliance ,if the parties to an agreement entered into under paragraph 7#c77;,a7 enter into a contract with an independent entity from outside the ,united ,states ,government for the purpose of monitoring compliance with the agreement1 the ,committee shall take such action as is necessary to prevent a conflict of interest from arising by ensuring that the independent entity owes no fiduciary duty to the parties4 7,f7 ,additional compliance measures ,subject to subparagraphs 7,a7 through 7,e71 the ,committee shall develop and agree upon methods for evaluating compliance with any agreement entered into or condition imposed with respect to a covered transaction that will allow the ,committee to adequately ensure compliance without unnecessarily diverting ,committee resources from assessing any new covered transaction for which a written notice under clause 7i7 of subsection 7b77#a77;,c7 or declaration under clause 7v7 of that subsection has been filed1 and if necessary1 reaching a mitigation agreement with or imposing a condition on a party to such covered transaction or any covered transaction for which a review has been reopened for any reason4 4 #ag4 ,modification of annual report ,section #gba7m7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7m77 is amended-- 7#a7 in paragraph 7#a71 by striking committee and all that follows through ,representatives1 and inserting appropriate congressional committees2 7#b7 in paragraph 7#b7-- 7,a7 by amending subparagraph 7,a7 to read as follows3 7,a7 ,a list of all notices filed and all reviews or investigations of covered transactions completed during the period1 with-- 7i7 a description of the outcome of each review or investigation1 including whether an agreement was entered into or condition was imposed under subsection 7l77#c77;,a7 with respect to the transaction being reviewed or investigated1 and whether the ,president took any action under this section with respect to that transaction2 7ii7 basic information on each party to each such transaction2 7iii7 the nature of the business activities or products of the ,united ,states business with which the transaction was entered into or intended to be entered into2 and 7iv7 information about any withdrawal from the process4 2 7,b7 by adding at the end the following3 7,g7 ,statistics on compliance reviews conducted and actions taken by the ,committee under subsection 7l77#f71 including subparagraph 7,d7 of that subsection1 during that period and a description of any actions taken by the ,committee to impose penalties or initiate a unilateral review pursuant to subsection 7b77#a77;,d77iii77,i74 2 7#c7 in paragraph 7#c7-- 7,a7 by striking critical technologies and all that follows through ,in order to assist and inserting critical technologies4--,in order to assist2 7,b7 by striking subparagraph 7,b72 and 7,c7 by redesignating clauses 7i7 and 7ii7 as subparagraphs 7,a7 and 7,b71 respectively1 and by moving such subparagraphs1 as so redesignated1 #b ems to the left2 and 7#d7 by adding at the end the following3 7#d7 ,biennial intelligence community report 7,a7 ,in general ,the ,director of ,national ,intelligence shall transmit to the chairperson1 for inclusion in a classified portion of each report required to be submitted under paragraph 7#a7 during calendar year #bjah and every even-numbered year thereafter1 the report of the interagency group established under subparagraph 7,c74 7,b7 ,elements ,the report referred to in subparagraph 7,a7 shall include an identification1 analysis1 and explanation of the following3 7i7 ,any current or projected major threats to the national security of the ,united ,states with respect to foreign investment4 7ii7 ,any strategies used by countries of special concern to utilize foreign investment to target the acquisition of critical technologies1 critical materials1 or critical infrastructure4 7iii7 ,any economic espionage efforts directed at the ,united ,states by a foreign country1 particularly a country of special concern4 7,c7 ,intelligence community interagency working group ,the ,director of ,national ,intelligence-- 7i7 shall establish an interagency working group1 composed of representatives of elements of the intelligence community1 to prepare the report required under this paragraph2 7ii7 shall serve as the chairperson of the interagency working group2 and 7iii7 may consult with and seek input from any member of the ,committee1 as the ,director considers necessary4 7#e7 ,classification2 availability of report 7,a7 ,classification ,all appropriate portions of the annual report required by paragraph 7#a7 may be classified4 7,b7 ,public availability of unclassified version ,an unclassified version of the report required by paragraph 7#a71 as appropriate and consistent with safeguarding national security and privacy1 shall be made available to the public4 ,information regarding trade secrets or business confidential information may be included in the classified version and may not be made available to the public in the unclassified version4 7,c7 ,exceptions to ,freedom of ,information ,act ,the exceptions to subsection 7a7 of section #eeb of title #e1 ,united ,states ,code1 provided for under subsection 7b7 of that section shall apply with respect to the report required by paragraph 7#a74 7#f7 ,appropriate congressional committees defined ,in this subsection1 the term appropriate congressional committees means-- 7,a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 the ,select ,committee on ,intelligence1 the ,committee on ,armed ,services1 the ,committee on the ,judiciary1 and the ,committee on ,homeland ,security and ,governmental ,affairs of the ,senate2 and 7,b7 the ,committee on ,financial ,services1 the ,permanent ,select ,committee on ,intelligence1 the ,committee on ,armed ,services1 the ,committee on the ,judiciary1 and the ,committee on ,homeland ,security of the ,house of ,representatives4 4 #ah4 ,certification of notices and information ,section #gba7n7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7n77 is amended-- 7#a7 by redesignating paragraphs 7#a7 and 7#b7 as subparagraphs 7,a7 and 7,b71 respectively1 and by moving such subparagraphs1 as so redesignated1 #b ems to the right2 7#b7 by striking ,each notice and inserting the following3 7#a7 ,in general ,each notice 2 and 7#c7 by adding at the end the following3 7#b7 ,effect of failure to submit ,the ,committee may not complete a review under this section of a covered transaction and may recommend to the ,president that the ,president suspend or prohibit the transaction or require divestment under subsection 7d7 if the ,committee determines that a party to the transaction has-- 7,a7 failed to submit a statement required by paragraph 7#a72 or 7,b7 included false or misleading information in a notice or information described in paragraph 7#a7 or omitted material information from such notice or information4 7#c7 ,applicability of law on fraud and false statements ,the ,committee shall prescribe regulations expressly providing for the application of section #ajja of title #ah1 ,united ,states ,code1 to all information provided to the ,committee under this section by any party to a covered transaction4 4 #ai4 ,funding ,section #gba of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7 is amended by adding at the end the following3 7o7 ,funding 7#a7 ,establishment of fund ,there is established in the ,treasury of the ,united ,states a fund1 to be known as the ,committee on ,foreign ,investment in the ,united ,states ,fund 7in this subsection referred to as the ,fund74 7#b7 ,appropriation of funds for the committee ,there are authorized to be appropriated to the ,fund such sums as may be necessary to perform the functions of the ,committee4 7#c7 ,filing fees 7,a7 ,in general ,the ,committee may assess and collect a fee in an amount determined by the ,committee in regulations1 to the extent provided in advance in appropriations ,acts1 without regard to section #igja of title #ca1 ,united ,states ,code1 and subject to subparagraph 7,b71 with respect to each covered transaction for which a written notice is submitted to the ,committee under subsection 7b77#a77;,c77i74 7,b7 ,limitation on amount of fee ,the amount of the fee determined under subparagraph 7,a7 with respect to a covered transaction described in that subparagraph may not exceed an amount equal to the lesser of-- 7i7 #a percent of the value of the transaction2 or 7ii7 #cjj1jjj1 adjusted annually for inflation pursuant to regulations prescribed by the ,committee4 7,c7 ,deposit and availability of fees ,notwithstanding section #ccjb of title #ca1 ,united ,states ,code1 fees collected under subparagraph 7,a7 shall-- 7i7 be deposited as offsetting collections into the ,fund for use in carrying out activities under this section2 7ii7 to the extent and in the amounts provided in advance in appropriations ,acts1 be available to the chairperson2 7iii7 remain available until expended2 and 7iv7 be in addition to any appropriations made available to the members of the ,committee4 7#d7 ,transfer of funds ,the chairperson may transfer any amounts in the ,fund to any other department or agency represented on the ,committee for the purpose of addressing emerging needs in carrying out activities under this section4 ,amounts so transferred shall be in addition to any other amounts available to that department or agency for that purpose4 4 #bj4 ,centralization of certain ,committee functions ,section #gba of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe71 as amended by section #ai1 is further amended by adding at the end the following3 7p7 ,centralization of certain committee functions 7#a7 ,in general ,the chairperson1 in consultation with the ,committee1 may centralize certain functions of the ,committee within the ,department of the ,treasury for the purpose of enhancing interagency coordination and collaboration in carrying out the functions of the ,committee under this section4 7#b7 ,functions ,functions that may be centralized under paragraph 7#a7 include monitoring non-notified and non-declared transactions pursuant to subsection 7b77#a77;,h71 and other functions as determined by the chairperson and the ,committee4 7#c7 ,rule of construction ,nothing in this section shall be construed as limiting the authority of any department or agency represented on the ,committee to represent its own interests before the ,committee4 4 #ba4 ,unified budget request ,section #gba of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe71 as amended by sections #ai and #bj1 is further amended by adding at the end the following3 7q7 ,unified budget request 7#a7 ,in general ,the ,president may include1 in the budget of the ,department of the ,treasury for a fiscal year 7as submitted to ,congress with the budget of the ,president under section #aaje7;a7 of title #ca1 ,united ,states ,code71 a unified request for funding of all operations under this section conducted by some or all of the departments and agencies represented on the ,committee4 7#b7 ,form of budget request ,a unified request under paragraph 7#a7 should be detailed and include the amounts requested for each department or agency represented on the ,committee to carry out the functions of that department or agency under this section4 4 #bb4 ,special hiring authority ,section #gba of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe71 as amended by sections #ai1 #bj1 and #ba1 is further amended by adding at the end the following3 7r7 ,special hiring authority ,the heads of the departments and agencies represented on the ,committee may appoint1 without regard to the provisions of sections #ccji through #ccah of title #e1 ,united ,states ,code1 candidates directly to positions in the competitive service 7as defined in section #bajb of that title7 in their respective departments and agencies to administer this section4 4 #bc4 ,conforming amendments ,section #gba of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe71 as amended by this ,act1 is further amended-- 7#a7 in subsection 7b77#b77;,b77i77,i71 by striking that threat and inserting the risk2 and 7#b7 in subsection 7d77#d77;,a71 by striking the foreign interest exercising control and inserting a foreign person that would acquire an interest in a ,united ,states business or its assets as a result of the covered transaction4 #bd4 ,assessment of need for additional resources for ,committee ,the ,president shall-- 7#a7 determine whether and to what extent the expansion of the responsibilities of the ,committee on ,foreign ,investment in the ,united ,states pursuant to the amendments made by this ,act necessitates additional resources for the ,committee and members of the ,committee to perform their functions under section #gba of the ,defense ,production ,act of #aiej1 as amended by this ,act2 and 7#b7 if the ,president determines that additional resources are necessary1 include in the budget of the ,president for fiscal year #bjai submitted to ,congress under section #aaje7;a7 of title #ca1 ,united ,states ,code1 a request for such additional resources4 #be4 ,authorization for ,defense ,advanced ,research ,projects ,agency to limit foreign access to technology through contracts and grant agreements 7a7 ,in general ,the ,director of the ,defense ,advanced ,research ,projects ,agency1 or a designee of the ,director1 may include in any contract or grant agreement that the ,director enters into with a person1 and that is funded by that ,agency1 a provision that-- 7#a7 limits access by any foreign person to technology that is the subject of the contract or grant agreement under terms defined by the ,director1 including by limiting such access to specific periods of time2 and 7#b7 in a case in which the person violates the prohibition described in paragraph 7#a71 requires the person to return all amounts that the person received from the ,agency under the contract or grant agreement4 7b7 ,treatment of returned funds ,any amounts returned to the ,defense ,advanced ,research ,projects ,agency under subsection 7a77#b7 shall be credited to the same appropriations account from which payment of such amounts was originally made under the contract or grant agreement described in subsection 7a74 7c7 ,exercise of authority ,the ,director1 or the designee of the ,director1 may exercise the authority provided by this section without the need for further approval by1 or regulatory implementation within1 the ,department of ,defense4 #bf4 ,effective date 7a7 ,immediate applicability of certain provisions ,the following shall take effect on the date of the enactment of this ,act and apply with respect to any covered transaction the review or investigation of which is initiated under section #gba of the ,defense ,production ,act of #aiej on or after such date of enactment3 7#a7 ,sections #d1 #f1 #h1 #ab1 #ac1 #ad1 #ae1 #ah1 #bj1 #ba1 #bb1 #bd1 and #be and the amendments made by those sections4 7#b7 ,section #aa and the amendments made by that section 7except for clause 7iii7 of section #gba7;b77#d77;,a7 of the ,defense ,production ,act of #aiej1 as added by section #aa74 7#c7 ,paragraphs 7#e77;,c77iv71 7#g71 and 7#ad7 of subsection 7a7 of section #gba of the ,defense ,production ,act of #aiej1 as amended by section #c4 7#d7 ,section #gba7m77#d7 of the ,defense ,production ,act of #aiej1 as amended by section #ag4 7b7 ,delayed applicability of certain provisions 7#a7 ,in general ,any provision of or amendment made by this ,act not specified in subsection 7a7 shall-- 7,a7 take effect on the date that is #cj days after publication in the ,federal ,register of a determination by the chairperson of the ,committee on ,foreign ,investment in the ,united ,states that the regulations1 organizational structure1 personnel1 and other resources necessary to administer the new provisions are in place2 and 7,b7 apply with respect to any covered transaction the review or investigation of which is initiated under section #gba of the ,defense ,production ,act of #aiej on or after the date described in subparagraph 7,a74 7#b7 ,nondelegation of determination ,the determination of the chairperson of the ,committee on ,foreign ,investment in the ,united ,states under paragraph 7#a77;,a7 may not be delegated4 7c7 ,authorization for pilot programs 7#a7 ,in general ,beginning on the date of the enactment of this ,act and ending on the date described in subsection 7b77#a77;,a71 the ,committee on ,foreign ,investment in the ,united ,states may1 at its discretion1 conduct one or more pilot programs to implement any authority provided pursuant to any provision of or amendment made by this ,act not specified in subsection 7a74 7#b7 ,publication in ,federal ,register ,a pilot program may not commence until the date that is #cj days after publication in the ,federal ,register of a determination by the chairperson of the ,committee of the scope of and procedures for the pilot program4 ,that determination may not be delegated4 #bg4 ,severability ,if any provision of this ,act or an amendment made by this ,act1 or the application of such a provision or amendment to any person or circumstance1 is held to be invalid1 the application of that provision or amendment to other persons or circumstances and the remainder of the provisions of this ,act and the amendments made by this ,act1 shall not be affected thereby4