,,ii #aae? ,,congress #a/ ,session ,s4 #bjih ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,novemb] #h1 #bjag,mr4 ,cornyn 7= himself1 ,mrs4 ,fe9/e91 ,mr4 ,burr1 ,mr4 ,pet]s1 ,mr4 ,rubio1 ,ms4 ,klobu*>1 ,mr4 ,scott1 ,mr4 ,b>rasso1 ,mr4 ,man*91 & ,mr4 ,lank=d7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to mod]nize & /r5g!n ! ,committee on ,=eign ,inve/m5t 9 ! ,unit$ ,/ates to m effectively gu>d aga9/ ! risk to ! national security ( ! ,unit$ ,/ates pos$ by c]ta9 types ( =eign inve/m5t1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,=eign ,inve/m5t ,risk ,review ,mod]nization ,act ( #bjag4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,sec4 #b4 ,s5se ( ,congress4 ,sec4 #c4 ,def9itions4 ,sec4 #d4 ,inclusion ( p>tn]%ip & side agreem5ts 9 notice4 ,sec4 #e4 ,decl>ations relat+ to c]ta9 cov]$ transactions4 ,sec4 #f4 ,/ipulations reg>d+ transactions4 ,sec4 #g4 ,au?ority = unilat]al initiation ( reviews4 ,sec4 #h4 ,tim+ = reviews & inve/igations4 ,sec4 #i4 ,monitor+ ( non-notifi$ & non-decl>$ transactions4 ,sec4 #aj4 ,submission ( c]tifications to ,congress4 ,sec4 #aa4 ,analysis by ,director ( ,national ,intellig5ce4 ,sec4 #ab4 ,in=mation %>+4 ,sec4 #ac4 ,action by ! ,presid5t4 ,sec4 #ad4 ,judicial review proc$ures4 ,sec4 #ae4 ,factors to be consid]$4 ,sec4 #af4 ,actions by ! ,committee to address national security risks4 ,sec4 #ag4 ,modification ( annual report4 ,sec4 #ah4 ,c]tification ( notices & in=mation4 ,sec4 #ai4 ,fund+4 ,sec4 #bj4 ,c5tralization ( c]ta9 ,committee functions4 ,sec4 #ba4 ,unifi$ budget reque/4 ,sec4 #bb4 ,special hir+ au?ority4 ,sec4 #bc4 ,con=m+ am5dm5ts4 ,sec4 #bd4 ,assessm5t ( ne$ = additional res\rces = ,committee4 ,sec4 #be4 ,au?orization = ,def5se ,advanc$ ,rese>* ,projects ,ag5cy to limit =eign access to te*nology ?r\gh contracts & grant agreem5ts4 ,sec4 #bf4 ,effective date4 ,sec4 #bg4 ,sev]ability4 #b4 ,s5se ( ,congress ,x is ! s5se ( ,congress t-- 7#a7 =eign inve/m5t provides sub/antial economic b5efits to ! ,unit$ ,/ates1 includ+ ! promotion ( economic gr[?1 productivity1 competitiv5ess1 & job creation1 & ! majority ( =eign inve/m5t transactions pose little or no risk to ! national security ( ! ,unit$ ,/ates1 especially :5 ^? inve/m5ts are truly passive 9 nature2 7#b7 ma9ta9+ ! commitm5t ( ! ,unit$ ,/ates to op5 & fair inve/m5t policy also enc\rages o!r c\ntries to reciprocate & helps op5 new =eign m>kets = ,unit$ ,/ates bus9esses & _! products2 7#c7 x %\ld cont9ue to be ! policy ( ! ,unit$ ,/ates to en?usia/ically welcome & support =eign inve/m5t1 consi/5t ) ! protection ( national security2 7#d7 at ! same "t1 ! national security l&scape has %ift$ 9 rec5t ye>s1 & s h ! nature ( ! inve/m5ts t pose ! greate/ pot5tial risk to national security1 :i* w>rants a mod]nization ( ! processes & au?orities ( ! ,committee on ,=eign ,inve/m5t 9 ! ,unit$ ,/ates2 7#e7 ! ,committee on ,=eign ,inve/m5t 9 ! ,unit$ ,/ates plays a critical role 9 protect+ ! national security ( ! ,unit$ ,/ates1 &1 !re=e1 x is ess5tial t ! memb] ag5cies ( ! ,committee are adequately res\rc$ & able to hire appropriately qualifi$ individuals 9 a timely mann]1 & t ^? individuals' security cle>ances are process$ z a high priority2 7#f7 ! ,presid5t %\ld conduct a m robu/ int]national outrea* ef=t to urge & help allies & p>tn]s ( ! ,unit$ ,/ates to e/abli% processes t p>allel ! ,committee on ,=eign ,inve/m5t 9 ! ,unit$ ,/ates to scre5 =eign inve/m5ts = national security risks & to facilitate coord9ation2 & 7#g7 ! ,presid5t %\ld lead a collaborative ef=t ) allies & p>tn]s ( ! ,unit$ ,/ates to develop a new1 /rong] multilat]al export control regime1 aim$ to address ! unprec$5t$ indu/rial policies ( c]ta9 c\ntries ( special conc]n1 includ+ aggressive ef=ts to acquire ,unit$ ,/ates te*nology1 & ! bl5d+ ( civil & milit>y programs4 #c4 ,def9itions ,section #gba7;a7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;a77 is am5d$ to read z foll[s3 7a7 ,def9itions ,9 ?is section3 7#a7 ,access ,! t]m access means ! ability & opportunity to obta9 in=mation1 subject to regulations prescrib$ by ! ,committee4 7#b7 ,committee2 *airp]son ,! t]ms ,committee & *airp]son mean ! ,committee on ,=eign ,inve/m5t 9 ! ,unit$ ,/ates & ! *airp]son !re(1 respectively4 7#c7 ,control ,! t]m control means ! p[] to det]m9e1 direct1 or decide important matt]s affect+ an entity1 subject to regulations prescrib$ by ! ,committee4 7#d7 ,c\ntry ( special conc]n 7,a7 ,9 g5]al ,! t]m c\ntry ( special conc]n means a c\ntry t poses a significant ?reat to ! national security int]e/s ( ! ,unit$ ,/ates4 7,b7 ,rule ( con/ruction ,?is p>agraph %all n be con/ru$ to require ! ,committee to ma9ta9 a li/ ( c\ntries ( special conc]n4 7#e7 ,cov]$ transaction 7,a7 ,9 g5]al ,except z o!rwise provid$1 ! t]m cov]$ transaction means any transaction describ$ 9 subp>agraph 7,b7 t is propos$1 p5d+1 or complet$ on or aft] ! date ( ! enactm5t ( ! ,=eign ,inve/m5t ,risk ,review ,mod]nization ,act ( #bjag4 7,b7 ,transactions describ$ ,a transaction describ$ 9 ?is subp>agraph is any ( ! foll[+3 7i7 ,any m]g]1 acquisition1 or takeov] t is propos$ or p5d+ aft] ,augu/ #bc1 #aihh1 by or ) any =eign p]son t c\ld result 9 =eign control ( any ,unit$ ,/ates bus9ess4 7ii7 ,! pur*ase or lease by a =eign p]son ( private or public real e/ate t-- 7,i7 is locat$ 9 ! ,unit$ ,/ates & is 9 close proximity to a ,unit$ ,/ates milit>y in/allation or to ano!r facility or prop]ty ( ! ,unit$ ,/ates ,gov]nm5t t is s5sitive = reasons relat+ to national security2 & 7,,ii7 meets su* o!r crit]ia z ! ,committee prescribes by regulation4 7iii7 ,any o!r inve/m5t 7o!r ?an passive inve/m5t7 by a =eign p]son 9 any ,unit$ ,/ates critical te*nology company or ,unit$ ,/ates critical infra/ructure company1 subject to regulations prescrib$ "u subp>agraph 7,c74 7iv7 ,any *ange 9 ! rights t a =eign p]son has ) respect to a ,unit$ ,/ates bus9ess 9 :i* ! =eign p]son has an inve/m5t1 if t *ange c\ld result 9-- 7,i7 =eign control ( ! ,unit$ ,/ates bus9ess2 or 7,,ii7 an inve/m5t describ$ 9 clause 7iii74 7v7 ,! contribution 7o!r ?an ?r\gh an ord9>y cu/om] relation%ip7 by a ,unit$ ,/ates critical te*nology company ( bo? intellectual prop]ty & associat$ support to a =eign p]son ?r\gh any type ( arrangem5t1 su* z a jo9t v5ture1 subject to regulations prescrib$ "u subp>agraph 7,c74 7vi7 ,any o!r transaction1 transf]1 agreem5t1 or arrangem5t ! /ructure ( :i* is design$ or int5d$ to evade or circumv5t ! application ( ?is section1 subject to regulations prescrib$ by ! ,committee4 7,c7 ,fur!r def9ition ?r\gh regulations 7i7 ,c]ta9 inve/m5ts & contributions ,! ,committee %all prescribe regulations fur!r def9+ cov]$ transactions describ$ 9 clauses 7iii7 & 7v7 ( subp>agraph 7,b7 by ref]5ce to ! te*nology1 sector1 subsector1 transaction type1 or o!r *>act]i/ics ( su* transactions4 7ii7 ,exemption = transactions f id5tifi$ c\ntries ,! ,committee may1 by regulation1 def9e circum/ances 9 :i* a transaction o!rwise describ$ 9 clause 7ii71 7iii71 or 7v7 ( subp>agraph 7,b7 is exclud$ f ! def9ition ( cov]$ transaction if ea* =eign p]son t is a p>ty to ! transaction is organiz$ "u ! laws (1 or o!rwise subject to ! jurisdiction (1 a c\ntry id5tifi$ by ! ,committee = purposes ( ?is clause bas$ on crit]ia su* z-- 7,i7 :e!r ! ,unit$ ,/ates has 9 effect ) t c\ntry a mutual def5se treaty2 7,,ii7 :e!r ! ,unit$ ,/ates has 9 effect ) t c\ntry a mutual arrangem5t to safegu>d national security z x p]ta9s to =eign inve/m5t2 7,,iii7 ! national security review process = =eign inve/m5t ( t c\ntry2 & 7,,iv7 any o!r crit]ia t ! ,committee det]m9es to be appropriate4 7iii7 ,exemption ( c]ta9 contributions ,! ,committee may1 by regulation1 def9e circum/ances 9 :i* contributions o!rwise describ$ 9 subp>agraph 7,b77v7 are exclud$ f ! t]m cov]$ transaction on ! basis ( a det]m9ation t o!r provisions ( law are adequate to id5tify & address any pot5tial national security risks pos$ by su* contributions4 7iv7 ,transf]s ( c]ta9 assets pursuant to bankruptcy proce$+s or o!r defaults ,! ,committee %all prescribe regulations to cl>ify t ! t]m cov]$ transaction includes any transaction describ$ 9 subp>agraph 7,b7 t arises pursuant to a bankruptcy proce$+ or o!r =m ( default on debt4 7,d7 ,passive inve/m5t def9$ 7i7 ,9 g5]al ,= purposes ( subp>agraph 7,b77iii71 ! t]m passive inve/m5t means an inve/m5t by a =eign p]son 9 a ,unit$ ,/ates bus9ess-- 7,i7 t is n describ$ 9 subp>agraph 7,b77i72 7,,ii7 t does n af=d ! =eign p]son-- 7aa7 access to any nonpublic te*nical in=mation 9 ! possession ( ! ,unit$ ,/ates bus9ess2 7bb7 access to any nonte*nical in=mation 9 ! possession ( ! ,unit$ ,/ates bus9ess t is n available to all inve/ors2 7cc7 memb]%ip or obs]v] rights on ! bo>d ( directors or equival5t gov]n+ body ( ! ,unit$ ,/ates bus9ess or ! "r to nom9ate an individual to su* a position2 or 7dd7 any involvem5t1 o!r ?an ?r\gh vot+ ( %>es1 9 sub/antive decisionmak+ p]ta9+ to any matt] involv+ ! ,unit$ ,/ates bus9ess2 7,,iii7 "u :i* ! =eign p]son & ! ,unit$ ,/ates bus9ess d n h a p>allel /rategic p>tn]%ip or o!r mat]ial f9ancial relation%ip1 z describ$ 9 regulations prescrib$ by ! ,committee2 & 7,,iv7 t meets su* o!r crit]ia z ! ,committee may prescribe by regulation4 7ii7 ,nonpublic te*nical in=mation def9$ ,= purposes ( clause 7i77,,ii77aa71 ! t]m nonpublic te*nical in=mation-- 7,i7 has ! mean+ giv5 t t]m 9 regulations prescrib$ by ! ,committee2 & 7,,ii7 includes in=mation 7ei!r by itself or 9 conjunction ) o!r in=mation to :i* a =eign p]son may h access7-- 7aa7 )\t :i* critical te*nologies _c be design$1 develop$1 te/$1 produc$1 or manufactur$2 & 7bb7 9 a quantity suffici5t to p]mit ! design1 developm5t1 te/+1 production1 or manufactur+ ( su* te*nologies4 7iii7 ,nonte*nical in=mation def9$ ,= purposes ( clause 7i77,,ii77bb71 ! t]m nonte*nical in=mation has ! mean+ giv5 t t]m 9 regulations prescrib$ by ! ,committee4 7iv7 ,effect ( level ( own]%ip int]e/ ,a det]m9ation ( :e!r an inve/m5t is a passive inve/m5t "u clause 7i7 %all be made )\t reg>d to h[ l[ ! level ( own]%ip int]e/ a =eign p]son w\ld hold or acquire 9 a ,unit$ ,/ates bus9ess w\ld be z a result ( ! inve/m5t4 ,! ,committee may prescribe regulations specify+ t any inve/m5t great] ?an a c]ta9 level or am\nt w\ld n be consid]$ a passive inve/m5t4 7v7 ,regulations ,! ,committee %all prescribe regulations provid+ guidance on ! types ( transactions t ! ,committee consid]s to be passive inve/m5t4 7,e7 ,associat$ support def9$ ,= purposes ( subp>agraph 7,b77v71 ! t]m associat$ support has ! mean+ giv5 t t]m 9 regulations prescrib$ by ! ,committee4 7,f7 ,unit$ ,/ates critical infra/ructure company def9$ ,= purposes ( subp>agraph 7,b71 ! t]m ,unit$ ,/ates critical infra/ructure company means a ,unit$ ,/ates bus9ess t is1 owns1 op]ates1 or prim>ily provides s]vices to1 an entity or entities t op]ate )9 a critical infra/ructure sector or subsector1 z def9$ by regulations prescrib$ by ! ,committee4 7,g7 ,unit$ ,/ates critical te*nology company ,= purposes ( subp>agraph 7,b71 ! t]m ,unit$ ,/ates critical te*nology company means a ,unit$ ,/ates bus9ess t produces1 trades 91 designs1 te/s1 manufactures1 s]vices1 or develops "o or m critical te*nologies1 or a subset ( su* te*nologies1 z def9$ by regulations prescrib$ by ! ,committee4 7#f7 ,critical infra/ructure ,! t]m critical infra/ructure means1 subject to regulations prescrib$ by ! ,committee1 sy/ems & assets1 :e!r physical or virtual1 s vital to ! ,unit$ ,/ates t ! incapacity or de/ruction ( su* sy/ems or assets w\ld h a debilitat+ impact on national security4 7#g7 ,critical mat]ials ,! t]m critical mat]ials means physical mat]ials ess5tial to national security1 subject to regulations prescrib$ by ! ,committee4 7#h7 ,critical te*nologies 7,a7 ,9 g5]al ,! t]m critical te*nologies means te*nology1 compon5ts1 or te*nology items t are ess5tial or c\ld be ess5tial to national security1 id5tifi$ = purposes ( ?is section pursuant to regulations prescrib$ by ! ,committee4 7,b7 ,inclusion ( c]ta9 items ,! t]m critical te*nologies includes ! foll[+3 7i7 ,def5se articles or def5se s]vices includ$ on ! ,unit$ ,/ates ,munitions ,li/ set =? 9 ! ,int]national ,traffic 9 ,arms ,regulations "u sub*apt] ,m ( *apt] ,i ( title #bb1 ,code ( ,f$]al ,regulations4 7ii7 ,items includ$ on ! ,comm]ce ,control ,li/ set =? 9 ,supplem5t ,no4 #a to "p #ggd ( ! ,export ,adm9i/ration ,regulations "u sub*apt] ,c ( *apt] ,,vii ( title #ae1 ,code ( ,f$]al ,regulations1 & controll$-- 7,i7 pursuant to multilat]al regimes1 includ+ = reasons relat+ to national security1 *emical & biological weapons prolif]ation1 nucle> nonprolif]ation1 or missile te*nology2 or 7,,ii7 = reasons relat+ to regional /ability or surreptiti\s li/5+4 7iii7 ,specially design$ & prep>$ nucle> equipm5t1 p>ts & compon5ts1 mat]ials1 s(tw>e1 & te*nology cov]$ by "p #haj ( title #aj1 ,code ( ,f$]al ,regulations 7relat+ to assi/ance to =eign atomic en]gy activities74 7iv7 ,nucle> facilities1 equipm5t1 & mat]ial cov]$ by "p #aaj ( title #aj1 ,code ( ,f$]al ,regulations 7relat+ to export & import ( nucle> equipm5t & mat]ial74 7v7 ,select ag5ts & tox9s cov]$ by "p #cca ( title #g1 ,code ( ,f$]al ,regulations1 "p #aba ( title #i ( su* ,code1 or "p #gc ( title #db ( su* ,code4 7vi7 ,o!r em]g+ te*nologies t c\ld be ess5tial = ma9ta9+ or increas+ ! te*nological advantage ( ! ,unit$ ,/ates ov] c\ntries ( special conc]n ) respect to national def5se1 intellig5ce1 or o!r areas ( national security1 or ga9+ su* an advantage ov] su* c\ntries 9 areas :]e su* an advantage may n curr5tly exi/4 7#i7 ,=eign gov]nm5t-controll$ transaction ,! t]m =eign gov]nm5t-controll$ transaction means any cov]$ transaction t c\ld result 9 ! control ( any ,unit$ ,/ates bus9ess by a =eign gov]nm5t or an entity controll$ by or act+ on behalf ( a =eign gov]nm5t4 7#aj7 ,intellectual prop]ty ,! t]m intellectual prop]ty has ! mean+ giv5 t t]m 9 regulations prescrib$ by ! ,committee4 7#aa7 ,intellig5ce community ,! t]m intellig5ce community has ! mean+ giv5 t t]m 9 section #c7d7 ( ! ,national ,security ,act ( #aidg 7#ej ,u4,s4,c4 #cjjc7d774 7#ab7 ,inve/m5t ,! t]m inve/m5t means ! acquisition ( equity int]e/1 includ+ cont+5t equity int]e/1 z fur!r def9$ 9 regulations prescrib$ by ! ,committee4 7#ac7 ,lead ag5cy ,! t]m lead ag5cy means ! ag5cy or ag5cies designat$ z ! lead ag5cy or ag5cies pursuant to subsection 7k77#e74 7#ad7 ,malici\s cyb]-enabl$ activities ,! t]m malici\s cyb]-enabl$ activities means any acts-- 7,a7 prim>ily accompli%$ ?r\gh or facilitat$ by comput]s or o!r electronic devices2 7,b7 t are reasonably likely to result 91 or mat]ially contribute to1 a significant ?reat to ! national security ( ! ,unit$ ,/ates2 & 7,c7 t h ! purpose or effect (-- 7i7 significantly compromis+ ! provision ( s]vices by "o or m entities 9 a critical infra/ructure sector2 7ii7 h>m+1 or o!rwise significantly compromis+ ! provision ( s]vices by1 a comput] or network ( comput]s t support "o or m su* entities2 7iii7 caus+ a significant disruption to ! availability ( a comput] or network ( comput]s2 or 7iv7 caus+ a significant misappropriation ( funds or economic res\rces1 trade secrets1 p]sonally id5tifiable in=mation1 or f9ancial in=mation4 7#ae7 ,national security ,! t]m national security %all be con/ru$ s z to include ^? issues relat+ to homel& security1 includ+ its application to critical infra/ructure4 7#af7 ,p>ty ,! t]m p>ty has ! mean+ giv5 t t]m 9 regulations prescrib$ by ! ,committee4 7#ag7 ,unit$ ,/ates ,! t]m ,unit$ ,/ates means ! sev]al ,/ates1 ! ,di/rict ( ,columbia1 & any t]ritory or possession ( ! ,unit$ ,/ates4 7#ah7 ,unit$ ,/ates bus9ess ,! t]m ,unit$ ,/ates bus9ess means a p]son engag$ 9 int]/ate comm]ce 9 ! ,unit$ ,/ates4 4 #d4 ,inclusion ( p>tn]%ip & side agreem5ts 9 notice ,section #gba7;b77#a77;,c7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;b77#a77;,c77 is am5d$ by add+ at ! end ! foll[+3 7iv7 ,inclusion ( p>tn]%ip & side agreem5ts ,a writt5 notice submitt$ "u clause 7i7 by a p>ty to a cov]$ transaction %all include a copy ( any p>tn]%ip agreem5ts1 integration agreem5ts1 or o!r side agreem5ts relat+ to ! transaction1 includ+ any su* agreem5ts relat+ to ! transf] ( intellectual prop]ty1 z specifi$ 9 regulations prescrib$ by ! ,committee4 4 #e4 ,decl>ations relat+ to c]ta9 cov]$ transactions ,section #gba7;b77#a77;,c7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;b77#a77;,c771 z am5d$ by section #d1 is fur!r am5d$ by add+ at ! end ! foll[+3 7v7 ,decl>ations relat+ to c]ta9 cov]$ transactions 7,i7 ,volunt>y decl>ations ,except z provid$ 9 ?is clause1 a p>ty to any cov]$ transaction may submit to ! ,committee a decl>ation ) basic in=mation reg>d+ ! transaction in/ead ( a writt5 notice "u clause 7i74 7,,ii7 ,m&atory decl>ations 7aa7 ,c]ta9 cov]$ transactions ) =eign gov]nm5t int]e/s ,! p>ties to a cov]$ transaction %all submit a decl>ation describ$ 9 subclause 7,i7 ) respect to ! transaction if ! transaction involves ! acquisition ( a vot+ int]e/ ( at lea/ #be p]c5t 9 a ,unit$ ,/ates bus9ess by a =eign p]son 9 :i* a =eign gov]nm5t owns1 directly or indirectly1 at lea/ a #be-p]c5t vot+ int]e/4 7bb7 ,o!r decl>ations requir$ by committee ,! ,committee %all require ! submission ( a decl>ation describ$ 9 subclause 7,i7 ) respect to any cov]$ transaction id5tifi$ "u regulations prescrib$ by ! ,committee = purposes ( ?is item1 at ! discretion ( ! ,committee & bas$ on appropriate factors1 su* z-- 7,,aa7 ! te*nology1 indu/ry1 economic sector1 or economic subsector 9 :i* ! ,unit$ ,/ates bus9ess t is a p>ty to ! transaction trades or ( :i* x is a "p2 7,,bb7 ! difficulty ( rem$y+ ! h>m to national security t may result f completion ( ! transaction2 & 7,,cc7 ! difficulty ( obta9+ in=mation on ! type ( cov]$ transaction ?r\gh o!r means4 7cc7 ,submission ( writt5 notice z an alt]native ,p>ties to a cov]$ transaction = :i* a decl>ation is requir$ "u ?is subclause may in/ead elect to submit a writt5 notice "u clause 7i74 7dd7 ,tim+ ( submission 7,,aa7 ,9 g5]al ,a decl>ation requir$ to be submitt$ ) respect to a cov]$ transaction by item 7aa7 or 7bb7 %all be submitt$ n lat] ?an #de days be=e ! completion ( ! transaction4 7,,bb7 ,writt5 notice ,if1 pursuant to item 7cc71 ! p>ties to a cov]$ transaction elect to submit a writt5 notice "u clause 7i7 in/ead ( a decl>ation "u ?is subclause1 ! writt5 notice %all be fil$ n lat] ?an #ij days be=e ! completion ( ! transaction4 7,,iii7 ,p5alties ,! ,committee may impose a p5alty pursuant to subsection 7h77#c7 ) respect to a p>ty t fails to comply ) ?is clause4 7,,iv7 ,committee response to decl>ation 7aa7 ,9 g5]al ,^u receiv+ a decl>ation "u ?is clause ) respect to a transaction1 ! ,committee may1 at its discretion-- 7,,aa7 reque/ t ! p>ties to ! transaction file a writt5 notice "u clause 7i72 7,,bb7 in=m ! p>ties to ! transaction t ! ,committee is n able to complete action "u ?is section ) respect to ! transaction on ! basis ( ! decl>ation & t ! p>ties may file a writt5 notice "u clause 7i7 to seek writt5 notification f ! ,committee t ! ,committee has complet$ all action "u ?is section ) respect to ! transaction2 7,,cc7 initiate a unilat]al review ( ! transaction "u subp>agraph 7,d72 or 7,,dd7 notify ! p>ties 9 writ+ t ! ,committee has complet$ all action "u ?is section ) respect to ! transaction4 7bb7 ,tim+ ,! ,committee %all endeavor to take action "u item 7aa7 )9 #cj days ( receiv+ a decl>ation "u ?is clause4 7cc7 ,rule ( con/ruction ,no?+ 9 ?is subclause 7o!r ?an item 7aa77,,cc77 %all be con/ru$ to affect ! au?ority ( ! ,presid5t or ! ,committee to take any action au?oriz$ by ?is section ) respect to a cov]$ transaction4 7,v7 ,regulations ,! ,committee %all prescribe regulations e/abli%+ requirem5ts = decl>ations submitt$ "u ?is clause4 ,9 prescrib+ su* regulations1 ! ,committee %all ensure t su* decl>ations are submitt$ z abbreviat$ notifications t w\ld n g5]ally exce$ #e pages 9 l5g?4 4 #f4 ,/ipulations reg>d+ transactions ,section #gba7;b77#a77;,c7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;b77#a77;,c771 z am5d$ by section #e1 is fur!r am5d$ by add+ at ! end ! foll[+3 7vi7 ,/ipulations reg>d+ transactions 7,i7 ,9 g5]al ,9 a writt5 notice submitt$ "u clause 7i7 or a decl>ation submitt$ "u clause 7v7 ) respect to a transaction1 a p>ty to ! transaction may-- 7aa7 /ipulate t ! transaction is a cov]$ transaction2 & 7bb7 if ! p>ty /ipulates t ! transaction is a cov]$ transaction "u item 7aa71 /ipulate t ! transaction is a =eign gov]nm5t-controll$ transaction4 7,,ii7 ,basis = /ipulation ,a writt5 notice submitt$ "u clause 7i7 or a decl>ation submitt$ "u clause 7v7 t includes a /ipulation "u subclause 7,i7 %all include a description ( ! basis = ! /ipulation4 4 #g4 ,au?ority = unilat]al initiation ( reviews ,section #gba7;b77#a7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;b77#a77 is am5d$-- 7#a7 by r$esignat+ subp>agraphs 7,e7 & 7,f7 z subp>agraphs 7,f7 & 7,g71 respectively2 7#b7 9 subp>agraph 7,d7-- 7,a7 9 clause 7i71 by ins]t+ 7o!r ?an a cov]$ transaction describ$ 9 subp>agraph 7,e77 aft] any cov]$ transaction2 7,b7 by /rik+ clause 7ii7 & ins]t+ ! foll[+3 7ii7 any cov]$ transaction describ$ 9 subp>agraph 7,e71 if any p>ty to ! transaction submitt$ false or mislead+ mat]ial in=mation to ! ,committee 9 connection ) ! ,committee's consid]ation ( ! transaction or omitt$ mat]ial in=mation1 includ+ mat]ial docum5ts1 f in=mation submitt$ to ! ,committee2 or 2 & 7,c7 9 clause 7iii7-- 7i7 9 ! matt] prec$+ subclause 7,i71 by /rik+ any cov]$ transaction t has previ\sly be5 review$ or inve/igat$ "u ?is section1 & ins]t+ any cov]$ transaction describ$ 9 subp>agraph 7,e712 7ii7 9 subclause 7,i71 by /rik+ int5tionally2 7iii7 9 subclause 7,,ii71 by /rik+ an int5tional & ins]t+ a2 & 7iv7 9 subclause 7,,iii71 by ins]t+ adequate & appropriate be=e rem$ies or en=cem5t tools2 & 7#c7 by ins]t+ aft] subp>agraph 7,d7 ! foll[+3 7,e7 ,cov]$ transactions describ$ ,a cov]$ transaction is describ$ 9 ?is subp>agraph if-- 7i7 ! ,committee has in=m$ ! p>ties to ! transaction 9 writ+ t ! ,committee has complet$ all action "u ?is section ) respect to ! transaction2 or 7ii7 ! ,presid5t has ann\nc$ a decision n to ex]cise ! ,presid5t's au?ority "u subsection 7d7 ) respect to ! transaction4 4 #h4 ,tim+ = reviews & inve/igations ,section #gba7;b7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;b771 z am5d$ by section #g1 is fur!r am5d$-- 7#a7 9 p>agraph 7#a77;,f71 by /rik+ #cj & ins]t+ #de2 7#b7 9 p>agraph 7#b71 by /rik+ subp>agraph 7,c7 & ins]t+ ! foll[+3 7,c7 ,tim+ 7i7 ,9 g5]al ,except z provid$ 9 clause 7ii71 any inve/igation "u subp>agraph 7,a7 %all be complet$ be=e ! end ( ! #de-;day p]iod beg9n+ on ! date on :i* ! inve/igation comm5c$4 7ii7 ,ext5sion = extraord9>y circum/ances 7,i7 ,9 g5]al ,9 extraord9>y circum/ances 7z def9$ by ! ,committee 9 regulations71 ! *airp]son may1 at ! reque/ ( ! head ( ! lead ag5cy1 ext5d an inve/igation "u subp>agraph 7,a7 = "o #cj-;day p]iod4 7,,ii7 ,nondelegation ,! au?ority ( ! *airp]son & ! head ( ! lead ag5cy ref]r$ to 9 subclause 7,i7 may n be delegat$ to any p]son o!r ?an ! ,deputy ,secret>y ( ! ,treasury or ! deputy head 7or equival5t !re(7 ( ! lead ag5cy1 z ! case may be4 7,,iii7 ,notification to p>ties ,if ! ,committee ext5ds ! deadl9e "u subclause 7,i7 ) respect to a cov]$ transaction1 ! ,committee %all notify ! p>ties to ! transaction ( ! ext5sion4 2 & 7#c7 by add+ at ! end ! foll[+3 7#h7 ,toll+ ( deadl9es dur+ lapse 9 appropriations ,any deadl9e or "t limitation "u ?is subsection %all be toll$ dur+ a lapse 9 appropriations4 4 #i4 ,monitor+ ( non-notifi$ & non-decl>$ transactions ,section #gba7;b77#a7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;b77#a771 z am5d$ by section #g1 is fur!r am5d$ by add+ at ! end ! foll[+3 7,h7 ,monitor+ ( non-notifi$ & non-decl>$ transactions ,! ,committee %all e/abli% a me*anism to id5tify cov]$ transactions = :i*-- 7i7 a notice "u clause 7i7 ( subp>agraph 7,c7 or a decl>ation "u clause 7v7 ( t subp>agraph is n submitt$ to ! ,committee2 & 7ii7 in=mation is reasonably available4 4 #aj4 ,submission ( c]tifications to ,congress ,section #gba7;b77#c77;,c7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;b77#c77;,c77 is am5d$-- 7#a7 9 clause 7iii7-- 7,a7 9 subclause 7,,ii71 by ins]t+ & ! ,select ,committee on ,intellig5ce aft] ,urban ,affairs2 & 7,b7 9 subclause 7,,iv71 by ins]t+ & ! ,p]man5t ,select ,committee on ,intellig5ce aft] ,f9ancial ,s]vices2 7#b7 9 clause 7iv71 by /rik+ subclause 7,,ii7 & ins]t+ ! foll[+3 7,,ii7 ,delegation ( c]tifications 7aa7 ,9 g5]al ,subject to item 7bb71 ! *airp]son1 9 consultation ) ! ,committee1 may det]m9e ! level ( (ficial to :om ! signature requirem5t "u subclause 7,i7 = ! *airp]son & ! head ( ! lead ag5cy may be delegat$4 ,! level ( (ficial to :om ! signature requirem5t may be delegat$ may diff] bas$ on any factor relat+ to a transaction t ! *airp]son1 9 consultation ) ! ,committee1 deems appropriate1 includ+ ! type or value ( ! transaction4 7bb7 ,limitations ,! signature requirem5t "u subclause 7,i7 may be delegat$-- 7,,aa7 9 ! case ( a cov]$ transaction assess$ by ! ,director ( ,national ,intellig5ce "u p>agraph 7#d7 z m likely ?an n to ?reat5 ! national security ( ! ,unit$ ,/ates1 n bel[ ! level ( ! ,assi/ant ,secret>y ( ! ,treasury or an equival5t (ficial ( ano!r ag5cy or dep>tm5t repres5t$ on ! ,committee2 & 7,,bb7 9 ! case ( any o!r cov]$ transaction1 n bel[ ! level ( a ,deputy ,assi/ant ,secret>y ( ! ,treasury or an equival5t (ficial ( ano!r ag5cy or dep>tm5t repres5t$ on ! ,committee4 2 & 7#c7 by add+ at ! foll[+3 7v7 ,au?ority to consolidate docum5ts ,in/ead ( transmitt+ a sep>ate c]tifi$ notice or c]tifi$ report "u subp>agraph 7,a7 or 7,b7 ) respect to ea* cov]$ transaction1 ! ,committee may1 on a mon?ly basis1 transmit su* notices & reports 9 a consolidat$ docum5t to ! ,memb]s ( ,congress specifi$ 9 clause 7iii74 4 #aa4 ,analysis by ,director ( ,national ,intellig5ce ,section #gba7;b77#d7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;b77#d77 is am5d$-- 7#a7 by /rik+ subp>agraph 7,a7 & ins]t+ ! foll[+3 7,a7 ,analysis requir$ 7i7 ,9 g5]al ,! ,director ( ,national ,intellig5ce %all exp$iti\sly c>ry out a ?or\gh analysis ( any ?reat to ! national security ( ! ,unit$ ,/ates pos$ by any cov]$ transaction1 :i* %all include ! id5tification ( any recogniz$ gaps 9 ! collection ( intellig5ce relevant to ! analysis4 7ii7 ,views ( intellig5ce ag5cies ,! ,director %all seek & incorporate into ! analysis requir$ by clause 7i7 ! views ( all affect$ or appropriate intellig5ce ag5cies ) respect to ! transaction4 7iii7 ,updates ,at ! reque/ ( ! lead ag5cy1 ! ,director %all update ! analysis conduct$ "u clause 7i7 ) respect to a cov]$ transaction ) respect to :i* an agreem5t 0 ent]$ into "u subsection 7l77#c77;,a74 7iv7 ,indep5d5ce & objectivity ,! ,committee %all ensure t its processes "u ?is section pres]ve ! ability ( ! ,director to conduct analysis "u clause 7i7 t is indep5d5t1 objective1 & consi/5t ) all applicable directives1 policies1 & analytic tradecraft /&>ds ( ! intellig5ce community4 2 7#b7 by r$esignat+ subp>agraphs 7,b71 7,c71 & 7,d7 z subp>agraphs 7,c71 7,d71 & 7,e71 respectively2 7#c7 by ins]t+ aft] subp>agraph 7,a7 ! foll[+3 7,b7 ,basic ?reat in=mation 7i7 ,9 g5]al ,! ,director ( ,national ,intellig5ce may provide ! ,committee ) basic in=mation reg>d+ any ?reat to ! national security ( ! ,unit$ ,/ates pos$ by a cov]$ transaction describ$ 9 clause 7ii7 in/ead ( conduct+ ! analysis requir$ by subp>agraph 7,a74 7ii7 ,cov]$ transaction describ$ ,a cov]$ transaction is describ$ 9 ?is clause if-- 7,i7 ! transaction is describ$ 9 subsection 7a77#e77;,b77ii72 7,,ii7 ! ,director ( ,national ,intellig5ce has complet$ an analysis pursuant to subp>agraph 7,a7 involv+ ea* =eign p]son t is a p>ty to ! transaction dur+ ! #ab mon?s prec$+ ! review or inve/igation ( ! transaction "u ?is section2 or 7,,iii7 ! transaction o!rwise meets crit]ia agre$ ^u by ! ,committee & ! ,director ( ,national ,intellig5ce = purposes ( ?is subp>agraph4 2 7#d7 9 subp>agraph 7,c71 z r$esignat$ by p>agraph 7#b71 by /rik+ #bj & ins]t+ #cj2 & 7#e7 by add+ at ! end ! foll[+3 7,f7 ,assessm5t ( op]ational impact ,! ,director may provide to ! ,committee an assessm5t1 sep>ate f ! analyses "u subp>agraphs 7,a7 & 7,b71 ( any op]ational impact ( a cov]$ transaction on ! intellig5ce community & a description ( any actions t h be5 or w be tak5 to mitigate any su* impact4 7,g7 ,submission to ,congress ,! ,committee %all submit ! analysis requir$ by subp>agraph 7,a7 ) respect to a cov]$ transaction to ! ,select ,committee on ,intellig5ce ( ! ,s5ate & ! ,p]man5t ,select ,committee on ,intellig5ce ( ! ,h\se ( ,repres5tatives ^u ! conclusion ( action "u ?is section 7o!r ?an compliance reviews "u subsection 7l77#f77 ) respect to ! transaction4 4 #ab4 ,in=mation %>+ ,section #gba7;c7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;c77 is am5d$-- 7#a7 by /rik+ ,any in=mation & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 any in=mation 2 7#b7 by /rik+ 1 except z may be relevant & all t foll[s & ins]t+ a p]iod2 & 7#c7 by add+ at ! end ! foll[+3 7#b7 ,exceptions ,p>agraph 7#a7 %all n prohibit ! disclosure ( ! foll[+3 7,a7 ,in=mation relevant to any adm9i/rative or judicial action or proce$+4 7,b7 ,in=mation to ei!r ,h\se ( ,congress or to any duly au?oriz$ committee or subcommittee ( ,congress4 7,c7 ,in=mation to any dome/ic or =eign gov]nm5tal entity1 "u ! direction ( ! *airp]son1 to ! ext5t necess>y = national security purposes & pursuant to appropriate confid5tiality & classification arrangem5ts4 7,d7 ,in=mation t ! p>ties h cons5t$ to be disclos$ to ?ird p>ties4 4 #ac4 ,action by ! ,presid5t 7a7 ,9 g5]al ,section #gba7;d7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;d77 is am5d$-- 7#a7 by /rik+ p>agraph 7#a7 & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,subject to p>agraph 7#d71 ! ,presid5t may1 ) respect to a cov]$ transaction t ?reat5s to impair ! national security ( ! ,unit$ ,/ates-- 7,a7 take su* action = su* "t z ! ,presid5t consid]s appropriate to susp5d or prohibit ! transaction or to require dive/m5t2 & 7,b7 9 conjunction ) tak+ any su* action1 take any additional action ! ,presid5t consid]s appropriate to address ! risk to ! national security ( ! ,unit$ ,/ates id5tifi$ dur+ ! review & inve/igation ( ! transaction "u ?is section4 2 & 7#b7 9 p>agraph 7#b71 by /rik+ n lat] ?an #ae days & all t foll[s & ins]t+ ! foll[+3 8) respect to a cov]$ transaction n lat] ?an #ae days aft] ! e>li] (-- 7,a7 ! date on :i* ! inve/igation ( ! transaction "u subsection 7b7 is complet$2 or 7,b7 ! date on :i* ! ,committee o!rwise ref]s ! transaction to ! ,presid5t "u subsection 7l77#b74 4 7b7 ,civil p5alties ,section #gba7;h77#c77;,a7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;h77#c77;,a77 is am5d$ by /rik+ includ+ any mitigation & all t foll[s ?r\gh subsection 7l7 & ins]t+ includ+ any mitigation agreem5t ent]$ into1 conditions impos$1 or ord] issu$ pursuant to ?is section4 #ad4 ,judicial review proc$ures ,section #gba7;e7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7 is am5d$ to read z foll[s3 7e7 ,actions & f9d+s nonreviewable 7#a7 ,actions & f9d+s ( ! ,presid5t ,! actions & f9d+s ( ! ,presid5t or ! ,presid5t's designee "u ?is section %all n be subject to judicial review1 includ+ claims "u *apt] #g ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,actions & f9d+s ( ! ,committee 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! actions & f9d+s ( ! ,committee "u subsection 7b7 or 7l71 & any assessm5t ( p5alties or use ( en=cem5t au?orities "u ?is section1 %all n be subject to judicial review1 includ+ claims "u *apt] #g ( title #e1 ,unit$ ,/ates ,code4 7,b7 ,petitions 7i7 ,def9ition ,9 ?is subp>agraph1 ! t]m classifi$ in=mation means any in=mation or mat]ial t has be5 det]m9$ by ! ,unit$ ,/ates ,gov]nm5t pursuant to an ,executive ord]1 /atute1 or regulation to require protection aga9/ unau?oriz$ disclosure = reasons ( national security & any re/rict$ data1 z def9$ 9 section #aa ( ! ,atomic ,en]gy ,act ( #aied 7#db ,u4,s4,c4 #bjad74 7ii7 ,petition 7,i7 ,9 g5]al ,except z provid$ 9 subclause 7,,ii71 n lat] ?an #fj days aft] ! date on :i* ! ,presid5t or ! ,committee takes an action ) respect to ! cov]$ transaction1 any p>ty to ! cov]$ transaction may file a petition "u ?is subp>agraph alleg+ t ! action ( ! ,committee is a violation ( a con/itutional "r1 p[]1 privilege1 or immunity4 7,,ii7 ,notification ,no p>ty to a cov]$ transaction %all be p]mitt$ to file a petition or any claim relat$ to a petition "u subclause 7,i7 unless-- 7aa7 ! p>ty initiat$ ! review ( ! transaction pursuant to a writt5 notice fil$ "u clause 7i7 ( subsection 7b77#a77;,c7 or a decl>ation fil$ "u clause 7v7 ( t subsection or ! ,committee det]m9es t su* a notice or decl>ation 0 n requir$2 & 7bb7 ! ,committee has complet$ all action "u ?is section ) respect to ! transaction4 7,,iii7 ,relat$ claims ,any claims relat$ to a petition fil$ "u ?is clause %all be fil$ be=e ! date describ$ 9 subclause 7,i74 7iii7 ,exclusive jurisdiction 7,i7 ,9 g5]al ,! ,unit$ ,/ates ,c\rt ( ,appeals = ! ,di/rict ( ,columbia ,circuit %all h exclusive jurisdiction ov] claims aris+ "u ?is subp>agraph1 subject to review by ! ,supreme ,c\rt ( ! ,unit$ ,/ates "u section #abed ( title #bh1 ,unit$ ,/ates ,code1 only-- 7aa7 to affirm ! action ( ! ,committee2 or 7bb7 to rem& ! case to ! ,committee = fur!r consid]ation4 7,,ii7 ,/&>d ( review ,! c\rt %all uphold an action *all5g$ "u ?is subp>agraph unless ! c\rt f9ds t ! action 0 contr>y to a con/itutional "r1 p[]1 privilege1 or immunity4 7iv7 ,scope ( review ,9 a claim "u ?is subp>agraph1 ! c\rt %all decide all relevant que/ions bas$ solely on any adm9i/rative record submitt$ by ! ,unit$ ,/ates "u clause 7v74 7v7 ,adm9i/rative record & proc$ures 7,i7 ,9 g5]al ,not)/&+ any o!r provision ( law1 ! proc$ures describ$ 9 ?is clause %all apply to ! review ( a petition "u ?is subp>agraph4 7,,ii7 ,adm9i/rative record 7aa7 ,fil+ ( record ,! ,unit$ ,/ates %all file ) ! c\rt an adm9i/rative record1 :i* %all consi/ ( ! in=mation t ! p>ties submitt$ to ! ,committee & t ! ,committee reli$ ^u 9 support ( ! action ( ! ,committee "u review4 7bb7 ,unclassifi$1 nonprivileg$ in=mation ,all unclassifi$ in=mation conta9$ 9 ! adm9i/rative record t is n o!rwise privileg$ or subject to /atutory protections %all be provid$ to ! petition] ) appropriate protections = any privileg$ or confid5tial trade secrets & comm]cial or f9ancial in=mation4 7cc7 ,discov]y b> ,o!r ?an ! provision ( in=mation 9 ! adm9i/rative record describ$ 9 subp>agraph 7,,ii77bb71 no discov]y %all be p]mitt$4 7dd7 ,9 cam]a & ex p>te ,! foll[+ in=mation may be includ$ 9 ! adm9i/rative record & %all be submitt$ only to ! c\rt ex p>te & 9 cam]a3 7,,aa7 ,unclassifi$ in=mation subject to privilege or /atutory protections4 7,,bb7 ,classifi$ in=mation4 7,,cc7 ,s5sitive security in=mation4 7,,dd7 ,s5sitive law en=cem5t in=mation4 7,,ee7 ,in=mation obta9$ or d]iv$ f any activity au?oriz$ "u ! ,=eign ,intellig5ce ,surveillance ,act ( #aigh 7#ej ,u4,s4,c4 #ahja et seq471 except t1 ) respect to su* in=mation1 subsections 7c71 7e71 7f71 7g71 & 7h7 ( section #ajf 7#ej ,u4,s4,c4 #ahjf71 subsections 7d71 7f71 7g71 7h71 & 7i7 ( section #cje 7#ej ,u4,s4,c4 #ahbe71 subsections 7c71 7e71 7f71 7g71 & 7h7 ( section #dje 7#ej ,u4,s4,c4 #ahde71 & section #gjf 7#ej ,u4,s4,c4 #ahha;e7 ( t ,act %all n apply4 7ee7 ,"u seal ,any classifi$ in=mation1 s5sitive security in=mation1 law en=cem5t s5sitive in=mation1 or in=mation t is o!rwise privileg$ or subject to /atutory protections1 t is "p ( ! adm9i/rative record fil$ ex p>te & 9 cam]a1 or cit$ by ! c\rt 9 any decision1 %all be treat$ by ! c\rt consi/5t ) ! provisions ( ?is subp>agraph1 & %all rema9 "u seal & pres]v$ 9 ! records ( ! c\rt to be made available 9 ! ev5t ( fur!r proce$+s4 ,9 no ev5t %all su* in=mation be releas$ to ! claimant or z "p ( ! public record4 7ff7 ,return ,aft] ! expiration ( ! "t to seek fur!r review1 or ! conclusion ( fur!r proce$+s1 ! c\rt %all return ! adm9i/rative record1 includ+ any & all copies1 to ! ,unit$ ,/ates4 7gg7 ,consid]ation ( claim )\t in=mation 9 adm9i/rative record ,if1 on motion or sua sponte1 ! c\rt det]m9es t ! claim may be consid]$ )\t any ( ! in=mation 9 ! adm9i/rative record1 ! c\rt %all require t only ! necess>y in=mation1 if any1 f ! record be provid$ to ! p>ties4 7vi7 ,exclusive rem$y ,a det]m9ation by ! c\rt "u ?is subp>agraph %all be ! exclusive judicial rem$y = any claim describ$ 9 ?is subp>agraph aga9/ ! ,unit$ ,/ates1 any ,unit$ ,/ates dep>tm5t or ag5cy1 or any compon5t or (ficial ( any su* dep>tm5t or ag5cy4 7vii7 ,rule ( con/ruction ,no?+ 9 ?is subp>agraph %all be con/ru$ z limit+1 sup]s$+1 or prev5t+ ! invocation (1 any privileges or def5ses t are o!rwise available at law or 9 equity to protect aga9/ ! disclosure ( in=mation4 4 #ae4 ,factors to be consid]$ ,section #gba7;f7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7;f77 is am5d$-- 7#a7 9 p>agraph 7#a71 by ins]t+ includ+ :e!r ! cov]$ transaction is likely to result 9 ! increas$ reliance by ! ,unit$ ,/ates on =eign suppli]s to meet national def5se requirem5ts2 aft] def5se requirem5ts12 7#b7 9 p>agraph 7#d71 by /rik+ propos$ or p5d+2 7#c7 by /rik+ p>agraph 7#e7 & ins]t ! foll[+3 7#e7 ! pot5tial effects ( ! cov]$ transaction on ,unit$ ,/ates int]national te*nological & indu/rial lead]%ip 9 areas affect+ ,unit$ ,/ates national security1 includ+ :e!r ! transaction is likely to r$uce ! te*nological & indu/rial advantage ( ! ,unit$ ,/ates relative to any c\ntry ( special conc]n2 2 7#d7 9 p>agraph 7#f71 by ins]t+ & transportation assets1 z def9$ 9 ,presid5tial ,policy ,directive #ba 7,febru>y #ab1 #bjac2 relat+ to critical infra/ructure security & resili5ce7 or any successor directive aft] en]gy assets2 7#e7 9 p>agraph 7#g71 by ins]t+ 1 includ+ :e!r ! cov]$ transaction is likely to contribute to ! loss ( or o!r adv]se effects on te*nologies t provide a /rategic national security advantage to ! ,unit$ ,/ates aft] critical te*nologies2 7#f7 9 p>agraph 7#aj71 by /rik+ 2 & & ins]t+ a semicolon2 7#g7 by r$esignat+ p>agraph 7#aa7 z p>agraph 7#bj72 & 7#h7 by ins]t+ aft] p>agraph 7#aj7 ! foll[+3 7#aa7 ! degree to :i* ! cov]$ transaction is likely to increase ! co/ to ! ,unit$ ,/ates ,gov]nm5t ( acquir+ or ma9ta9+ ! equipm5t & sy/ems t are necess>y = def5se1 intellig5ce1 or o!r national security functions2 7#ab7 ! pot5tial national security-relat$ effects ( ! cumulative m>ket %>e ( any "o type ( infra/ructure1 en]gy asset1 critical mat]ial1 or critical te*nology by =eign p]sons2 7#ac7 :e!r any =eign p]son t w\ld acquire an int]e/ 9 a ,unit$ ,/ates bus9ess or its assets z a result ( ! cov]$ transaction has a hi/ory (-- 7,a7 comply+ ) ,unit$ ,/ates laws & regulations1 includ+ laws & regulations p]ta9+ to exports1 ! protection ( intellectual prop]ty1 & immigration2 & 7,b7 adh]+ to contracts or o!r agreem5ts ) entities ( ! ,unit$ ,/ates ,gov]nm5t2 7#ad7 ! ext5t to :i* ! cov]$ transaction is likely to expose1 ei!r directly or indirectly1 p]sonally id5tifiable in=mation1 g5etic in=mation1 or o!r s5sitive data ( ,unit$ ,/ates citiz5s to access by a =eign gov]nm5t or =eign p]son t may exploit t in=mation 9 a mann] t ?reat5s national security2 7#ae7 :e!r ! cov]$ transaction is likely to h ! effect ( creat+ any new cyb]security vuln]abilities 9 ! ,unit$ ,/ates or exac]bat+ exi/+ cyb]security vuln]abilities2 7#af7 :e!r ! cov]$ transaction is likely to result 9 a =eign gov]nm5t ga9+ a significant new capability to engage 9 malici\s cyb]-enabl$ activities aga9/ ! ,unit$ ,/ates1 includ+ su* activities design$ to affect ! outcome ( any election = ,f$]al (fice2 7#ag7 :e!r ! cov]$ transaction involves a c\ntry ( special conc]n t has a demon/rat$ or decl>$ /rategic goal ( acquir+ a type ( critical te*nology t a ,unit$ ,/ates bus9ess t is a p>ty to ! transaction possesses2 7#ah7 :e!r ! cov]$ transaction is likely to facilitate crim9al or fraudul5t activity affect+ ! national security ( ! ,unit$ ,/ates2 7#ai7 :e!r ! cov]$ transaction is likely to expose any in=mation reg>d+ s5sitive national security matt]s or s5sitive proc$ures or op]ations ( a ,f$]al law en=cem5t ag5cy ) national security responsibilities to a =eign p]son n au?oriz$ to receive t in=mation2 & 4 #af4 ,actions by ! ,committee to address national security risks ,section #gba7l7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7l77 is am5d$-- 7#a7 9 ! subsection head+1 by /rik+ ,mitigation1 ,track+1 & ,po/consummation ,monitor+ & ,en=cem5t & ins]t+ ,actions by ! ,committee ,to address national security risks2 7#b7 by r$esignat+ p>agraphs 7#a71 7#b71 & 7#c7 z p>agraphs 7#c71 7#e71 & 7#f71 respectively2 7#c7 by ins]t+ be=e p>agraph 7#c71 z r$esignat$ by p>agraph 7#b71 ! foll[+3 7#a7 ,susp5sion ( transactions ,! ,committee1 act+ ?r\gh ! *airp]son1 may susp5d a propos$ or p5d+ cov]$ transaction t may pose a risk to ! national security ( ! ,unit$ ,/ates = su* "t z ! cov]$ transaction is "u review or inve/igation "u subsection 7b74 7#b7 ,ref]ral to ,presid5t ,! ,committee may1 at any "t dur+ ! review or inve/igation ( a cov]$ transaction "u subsection 7b71 complete ! action ( ! ,committee ) respect to ! transaction & ref] ! transaction to ! ,presid5t = action pursuant to subsection 7d74 2 7#d7 9 p>agraph 7#c71 z r$esignat$ by p>agraph 7#b7-- 7,a7 9 subp>agraph 7,a7-- 7i7 9 ! subp>agraph head+1 by /rik+ ,9 g5]al & ins]t+ ,agreem5ts & conditions2 7ii7 by /rik+ ,! ,committee & ins]t+ ! foll[+3 7i7 ,9 g5]al ,! ,committee 2 7iii7 by /rik+ ?reat & ins]t+ risk2 & 7iv7 by add+ at ! end ! foll[+3 7ii7 ,ab&onm5t ( transactions ,if a p>ty to a cov]$ transaction has volunt>ily *os5 to ab&on ! transaction1 ! ,committee or lead ag5cy1 z ! case may be1 may negotiate1 ent] into or impose1 & en=ce any agreem5t or condition ) any p>ty to ! cov]$ transaction = purposes ( effectuat+ su* ab&onm5t & mitigat+ any risk to ! national security ( ! ,unit$ ,/ates t arises z a result ( ! cov]$ transaction4 7iii7 ,agreem5ts & conditions relat+ to complet$ transactions ,! ,committee or lead ag5cy1 z ! case may be1 may negotiate1 ent] into or impose1 & en=ce any agreem5t or condition ) any p>ty to a complet$ cov]$ transaction 9 ord] to mitigate any int]im risk to ! national security ( ! ,unit$ ,/ates t may arise z a result ( ! cov]$ transaction until su* "t t ! ,committee has complet$ action pursuant to subsection 7b7 or ! ,presid5t has tak5 action pursuant to subsection 7d7 ) respect to ! transaction4 2 & 7,b7 by /rik+ subp>agraph 7,b7 & ins]t+ ! foll[+3 7,b7 ,limitations ,an agreem5t may n be ent]$ into or condition impos$ "u subp>agraph 7,a7 ) respect to a cov]$ transaction unless ! ,committee det]m9es t ! agreem5t or condition resolves ! national security conc]ns pos$ by ! transaction1 tak+ into consid]ation :e!r ! agreem5t or condition is reasonably calculat$ to-- 7i7 be effective2 7ii7 all[ = compliance ) ! t]ms ( ! agreem5t or condition 9 an appropriately v]ifiable way2 & 7iii7 enable effective monitor+ ( compliance ) & en=cem5t ( ! t]ms ( ! agreem5t or condition4 7,c7 ,jurisdiction ,! provisions ( section #gjf7;b7 %all apply to any mitigation agreem5t ent]$ into or condition impos$ "u subp>agraph 7,a74 2 7#e7 by ins]t+ aft] p>agraph 7#c71 z r$esignat$ by p>agraph 7#b71 ! foll[+3 7#d7 ,risk-bas$ analysis requir$ 7,a7 ,9 g5]al ,any det]m9ation ( ! ,committee to susp5d a cov]$ transaction "u p>agraph 7#a71 to ref] a cov]$ transaction to ! ,presid5t "u p>agraph 7#b71 or to negotiate1 ent] into or impose1 or en=ce any agreem5t or condition "u p>agraph 7#c77;,a7 ) respect to a cov]$ transaction1 %all be bas$ on a risk-bas$ analysis1 conduct$ by ! ,committee1 ( ! effects on ! national security ( ! ,unit$ ,/ates ( ! cov]$ transaction1 :i* %all include-- 7i7 an assessm5t (-- 7,i7 ! national security ?reat pos$ by ! transaction1 tak+ into acc\nt ! analysis conduct$ by ! ,director ( ,national ,intellig5ce "u subsection 7b77#d72 7,,ii7 any national security vuln]abilities relat$ to ! transaction2 & 7,,iii7 ! pot5tial national security consequ5ces ( ! transaction2 & 7ii7 an id5tification ( any ( ! factors describ$ 9 subsection 7f7 t ! transaction may sub/antially implicate4 7,b7 ,actions ( memb]s ( ! ,committee 7i7 ,9 g5]al ,any memb] ( ! ,committee :o concludes t a cov]$ transaction poses an unresolv$ national security conc]n %all recomm5d to ! ,committee t ! ,committee susp5d ! transaction "u p>agraph 7#a71 ref] ! transaction to ! ,presid5t "u p>agraph 7#b71 or negotiate1 ent] into or impose1 or en=ce any agreem5t or condition "u p>agraph 7#c77;,a7 ) respect to ! transaction4 ,9 mak+ t recomm5dation1 ! memb] %all propose ! risk-bas$ analysis requir$ by subp>agraph 7,a74 7ii7 ,failure to rea* cons5sus ,if ! ,committee fails to rea* cons5sus ) respect to a recomm5dation "u clause 7i7 reg>d+ a cov]$ transaction1 ! memb]s ( ! ,committee :o support an alt]native recomm5dation %all produce-- 7,i7 a writt5 /atem5t ju/ify+ ! alt]native recomm5dation2 & 7,,ii7 z appropriate1 a risk-bas$ analysis t supports ! alt]native recomm5dation4 2 7#f7 9 p>agraph 7#e71 z r$esignat$ by p>agraph 7#b71 by /rik+ 7z def9$ 9 ! ,national ,security ,act ( #aidg72 & 7#g7 9 p>agraph 7#f71 z r$esignat$ by p>agraph 7#b7-- 7,a7 9 subp>agraph 7,a7-- 7i7 by /rik+ p>agraph 7#a7 & ins]t+ p>agraph 7#c72 & 7ii7 by /rik+ ! second s5t5ce & ins]t+ ! foll[+3 ,! lead ag5cy may1 at its discretion1 seek & receive ! assi/ance ( o!r dep>tm5ts or ag5cies 9 c>ry+ out ! purposes ( ?is p>agraph42 7,b7 9 subp>agraph 7,b7-- 7i7 by /rik+ designat$ ag5cy & all t foll[s ?r\gh ,! lead ag5cy 9 connection & ins]t+ designat$ ag5cy4--,! lead ag5cy 9 connection2 7ii7 by /rik+ clause 7ii72 & 7iii7 by r$esignat+ subclauses 7,i7 & 7,,ii7 z clauses 7i7 & 7ii71 respectively1 & by mov+ su* clauses1 z s r$esignat$1 #b ems to ! left2 & 7,c7 by add+ at ! end ! foll[+3 7,c7 ,compliance plans 7i7 ,9 g5]al ,9 ! case ( a cov]$ transaction ) respect to :i* an agreem5t is ent]$ into "u p>agraph 7#c77;,a71 ! ,committee or lead ag5cy1 z ! case may be1 %all =mulate1 adh]e to1 & keep updat$ a plan = monitor+ compliance ) ! agreem5t4 7ii7 ,elem5ts ,ea* plan requir$ by clause 7i7 ) respect to an agreem5t ent]$ into "u p>agraph 7#c77;,a7 %all include an explanation (-- 7,i7 :i* memb] ( ! ,committee w h prim>y responsibility = monitor+ compliance ) ! agreem5t2 7,,ii7 h[ compliance ) ! agreem5t w be monitor$2 7,,iii7 h[ frequ5tly compliance reviews w be conduct$2 7,,iv7 :e!r an indep5d5t entity w be utiliz$ "u subp>agraph 7,e7 to conduct compliance reviews2 & 7,v7 :at actions w be tak5 if ! p>ties fail to coop]ate reg>d+ monitor+ compliance ) ! agreem5t4 7,d7 ,effect ( lack ( compliance ,if1 at any "t aft] a mitigation agreem5t or condition is ent]$ into or impos$ "u p>agraph 7#c77;,a71 ! ,committee or lead ag5cy1 z ! case may be1 det]m9es t a p>ty or p>ties to ! agreem5t or condition are n 9 compliance ) ! t]ms ( ! agreem5t or condition1 ! ,committee or lead ag5cy may1 9 addition to ! au?ority ( ! ,committee to impose p5alties pursuant to subsection 7h77#c7 & to unilat]ally initiate a review ( any cov]$ transaction "u subsection 7b77#a77;,d77iii77,i7-- 7i7 negotiate a plan ( action = ! p>ty or p>ties to rem$iate ! lack ( compliance1 ) failure to abide by ! plan or o!rwise rem$iate ! lack ( compliance s]v+ z ! basis = ! ,committee to f9d a mat]ial brea* ( ! agreem5t or condition2 7ii7 require t ! p>ty or p>ties submit any cov]$ transaction initiat$ aft] ! date ( ! det]m9ation ( noncompliance & be=e ! date t is #e ye>s aft] ! date ( ! det]m9ation to ! ,committee = review "u subsection 7b72 or 7iii7 seek injunctive relief4 7,e7 ,use ( indep5d5t entities to monitor compliance ,if ! p>ties to an agreem5t ent]$ into "u p>agraph 7#c77;,a7 ent] into a contract ) an indep5d5t entity f outside ! ,unit$ ,/ates ,gov]nm5t = ! purpose ( monitor+ compliance ) ! agreem5t1 ! ,committee %all take su* action z is necess>y to prev5t a conflict ( int]e/ f aris+ by ensur+ t ! indep5d5t entity owes no fiduci>y duty to ! p>ties4 7,f7 ,additional compliance measures ,subject to subp>agraphs 7,a7 ?r\gh 7,e71 ! ,committee %all develop & agree ^u me?ods = evaluat+ compliance ) any agreem5t ent]$ into or condition impos$ ) respect to a cov]$ transaction t w all[ ! ,committee to adequately ensure compliance )\t unnecess>ily div]t+ ,committee res\rces f assess+ any new cov]$ transaction = :i* a writt5 notice "u clause 7i7 ( subsection 7b77#a77;,c7 or decl>ation "u clause 7v7 ( t subsection has be5 fil$1 & if necess>y1 rea*+ a mitigation agreem5t ) or impos+ a condition on a p>ty to su* cov]$ transaction or any cov]$ transaction = :i* a review has be5 reop5$ = any reason4 4 #ag4 ,modification ( annual report ,section #gba7m7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7m77 is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ committee & all t foll[s ?r\gh ,repres5tatives1 & ins]t+ appropriate congressional committees2 7#b7 9 p>agraph 7#b7-- 7,a7 by am5d+ subp>agraph 7,a7 to read z foll[s3 7,a7 ,a li/ ( all notices fil$ & all reviews or inve/igations ( cov]$ transactions complet$ dur+ ! p]iod1 )-- 7i7 a description ( ! outcome ( ea* review or inve/igation1 includ+ :e!r an agreem5t 0 ent]$ into or condition 0 impos$ "u subsection 7l77#c77;,a7 ) respect to ! transaction be+ review$ or inve/igat$1 & :e!r ! ,presid5t took any action "u ?is section ) respect to t transaction2 7ii7 basic in=mation on ea* p>ty to ea* su* transaction2 7iii7 ! nature ( ! bus9ess activities or products ( ! ,unit$ ,/ates bus9ess ) :i* ! transaction 0 ent]$ into or int5d$ to be ent]$ into2 & 7iv7 in=mation ab\t any )drawal f ! process4 2 7,b7 by add+ at ! end ! foll[+3 7,g7 ,/ati/ics on compliance reviews conduct$ & actions tak5 by ! ,committee "u subsection 7l77#f71 includ+ subp>agraph 7,d7 ( t subsection1 dur+ t p]iod & a description ( any actions tak5 by ! ,committee to impose p5alties or initiate a unilat]al review pursuant to subsection 7b77#a77;,d77iii77,i74 2 7#c7 9 p>agraph 7#c7-- 7,a7 by /rik+ critical te*nologies & all t foll[s ?r\gh ,9 ord] to assi/ & ins]t+ critical te*nologies4--,9 ord] to assi/2 7,b7 by /rik+ subp>agraph 7,b72 & 7,c7 by r$esignat+ clauses 7i7 & 7ii7 z subp>agraphs 7,a7 & 7,b71 respectively1 & by mov+ su* subp>agraphs1 z s r$esignat$1 #b ems to ! left2 & 7#d7 by add+ at ! end ! foll[+3 7#d7 ,bi5nial intellig5ce community report 7,a7 ,9 g5]al ,! ,director ( ,national ,intellig5ce %all transmit to ! *airp]son1 = inclusion 9 a classifi$ portion ( ea* report requir$ to be submitt$ "u p>agraph 7#a7 dur+ cal5d> ye> #bjah & e ev5-numb]$ ye> !reaft]1 ! report ( ! int]ag5cy gr\p e/abli%$ "u subp>agraph 7,c74 7,b7 ,elem5ts ,! report ref]r$ to 9 subp>agraph 7,a7 %all include an id5tification1 analysis1 & explanation ( ! foll[+3 7i7 ,any curr5t or project$ major ?reats to ! national security ( ! ,unit$ ,/ates ) respect to =eign inve/m5t4 7ii7 ,any /rategies us$ by c\ntries ( special conc]n to utilize =eign inve/m5t to t>get ! acquisition ( critical te*nologies1 critical mat]ials1 or critical infra/ructure4 7iii7 ,any economic espionage ef=ts direct$ at ! ,unit$ ,/ates by a =eign c\ntry1 p>ticul>ly a c\ntry ( special conc]n4 7,c7 ,intellig5ce community int]ag5cy work+ gr\p ,! ,director ( ,national ,intellig5ce-- 7i7 %all e/abli% an int]ag5cy work+ gr\p1 compos$ ( repres5tatives ( elem5ts ( ! intellig5ce community1 to prep>e ! report requir$ "u ?is p>agraph2 7ii7 %all s]ve z ! *airp]son ( ! int]ag5cy work+ gr\p2 & 7iii7 may consult ) & seek input f any memb] ( ! ,committee1 z ! ,director consid]s necess>y4 7#e7 ,classification2 availability ( report 7,a7 ,classification ,all appropriate portions ( ! annual report requir$ by p>agraph 7#a7 may be classifi$4 7,b7 ,public availability ( unclassifi$ v]sion ,an unclassifi$ v]sion ( ! report requir$ by p>agraph 7#a71 z appropriate & consi/5t ) safegu>d+ national security & privacy1 %all be made available to ! public4 ,in=mation reg>d+ trade secrets or bus9ess confid5tial in=mation may be includ$ 9 ! classifi$ v]sion & may n be made available to ! public 9 ! unclassifi$ v]sion4 7,c7 ,exceptions to ,fre$om ( ,in=mation ,act ,! exceptions to subsection 7a7 ( section #eeb ( title #e1 ,unit$ ,/ates ,code1 provid$ = "u subsection 7b7 ( t section %all apply ) respect to ! report requir$ by p>agraph 7#a74 7#f7 ,appropriate congressional committees def9$ ,9 ?is subsection1 ! t]m appropriate congressional committees means-- 7,a7 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs1 ! ,select ,committee on ,intellig5ce1 ! ,committee on ,arm$ ,s]vices1 ! ,committee on ! ,judici>y1 & ! ,committee on ,homel& ,security & ,gov]nm5tal ,affairs ( ! ,s5ate2 & 7,b7 ! ,committee on ,f9ancial ,s]vices1 ! ,p]man5t ,select ,committee on ,intellig5ce1 ! ,committee on ,arm$ ,s]vices1 ! ,committee on ! ,judici>y1 & ! ,committee on ,homel& ,security ( ! ,h\se ( ,repres5tatives4 4 #ah4 ,c]tification ( notices & in=mation ,section #gba7n7 ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7n77 is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#a7 & 7#b7 z subp>agraphs 7,a7 & 7,b71 respectively1 & by mov+ su* subp>agraphs1 z s r$esignat$1 #b ems to ! "r2 7#b7 by /rik+ ,ea* notice & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,ea* notice 2 & 7#c7 by add+ at ! end ! foll[+3 7#b7 ,effect ( failure to submit ,! ,committee may n complete a review "u ?is section ( a cov]$ transaction & may recomm5d to ! ,presid5t t ! ,presid5t susp5d or prohibit ! transaction or require dive/m5t "u subsection 7d7 if ! ,committee det]m9es t a p>ty to ! transaction has-- 7,a7 fail$ to submit a /atem5t requir$ by p>agraph 7#a72 or 7,b7 includ$ false or mislead+ in=mation 9 a notice or in=mation describ$ 9 p>agraph 7#a7 or omitt$ mat]ial in=mation f su* notice or in=mation4 7#c7 ,applicability ( law on fraud & false /atem5ts ,! ,committee %all prescribe regulations expressly provid+ = ! application ( section #ajja ( title #ah1 ,unit$ ,/ates ,code1 to all in=mation provid$ to ! ,committee "u ?is section by any p>ty to a cov]$ transaction4 4 #ai4 ,fund+ ,section #gba ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe7 is am5d$ by add+ at ! end ! foll[+3 7o7 ,fund+ 7#a7 ,e/abli%m5t ( fund ,!re is e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates a fund1 to be kn[n z ! ,committee on ,=eign ,inve/m5t 9 ! ,unit$ ,/ates ,fund 79 ?is subsection ref]r$ to z ! ,fund74 7#b7 ,appropriation ( funds = ! committee ,!re are au?oriz$ to be appropriat$ to ! ,fund su* sums z may be necess>y to p]=m ! functions ( ! ,committee4 7#c7 ,fil+ fees 7,a7 ,9 g5]al ,! ,committee may assess & collect a fee 9 an am\nt det]m9$ by ! ,committee 9 regulations1 to ! ext5t provid$ 9 advance 9 appropriations ,acts1 )\t reg>d to section #igja ( title #ca1 ,unit$ ,/ates ,code1 & subject to subp>agraph 7,b71 ) respect to ea* cov]$ transaction = :i* a writt5 notice is submitt$ to ! ,committee "u subsection 7b77#a77;,c77i74 7,b7 ,limitation on am\nt ( fee ,! am\nt ( ! fee det]m9$ "u subp>agraph 7,a7 ) respect to a cov]$ transaction describ$ 9 t subp>agraph may n exce$ an am\nt equal to ! less] (-- 7i7 #a p]c5t ( ! value ( ! transaction2 or 7ii7 #cjj1jjj1 adju/$ annually = inflation pursuant to regulations prescrib$ by ! ,committee4 7,c7 ,deposit & availability ( fees ,not)/&+ section #ccjb ( title #ca1 ,unit$ ,/ates ,code1 fees collect$ "u subp>agraph 7,a7 %all-- 7i7 be deposit$ z (fsett+ collections into ! ,fund = use 9 c>ry+ out activities "u ?is section2 7ii7 to ! ext5t & 9 ! am\nts provid$ 9 advance 9 appropriations ,acts1 be available to ! *airp]son2 7iii7 rema9 available until exp5d$2 & 7iv7 be 9 addition to any appropriations made available to ! memb]s ( ! ,committee4 7#d7 ,transf] ( funds ,! *airp]son may transf] any am\nts 9 ! ,fund to any o!r dep>tm5t or ag5cy repres5t$ on ! ,committee = ! purpose ( address+ em]g+ ne$s 9 c>ry+ out activities "u ?is section4 ,am\nts s transf]r$ %all be 9 addition to any o!r am\nts available to t dep>tm5t or ag5cy = t purpose4 4 #bj4 ,c5tralization ( c]ta9 ,committee functions ,section #gba ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe71 z am5d$ by section #ai1 is fur!r am5d$ by add+ at ! end ! foll[+3 7p7 ,c5tralization ( c]ta9 committee functions 7#a7 ,9 g5]al ,! *airp]son1 9 consultation ) ! ,committee1 may c5tralize c]ta9 functions ( ! ,committee )9 ! ,dep>tm5t ( ! ,treasury = ! purpose ( enhanc+ int]ag5cy coord9ation & collaboration 9 c>ry+ out ! functions ( ! ,committee "u ?is section4 7#b7 ,functions ,functions t may be c5traliz$ "u p>agraph 7#a7 include monitor+ non-notifi$ & non-decl>$ transactions pursuant to subsection 7b77#a77;,h71 & o!r functions z det]m9$ by ! *airp]son & ! ,committee4 7#c7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ z limit+ ! au?ority ( any dep>tm5t or ag5cy repres5t$ on ! ,committee to repres5t its own int]e/s be=e ! ,committee4 4 #ba4 ,unifi$ budget reque/ ,section #gba ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe71 z am5d$ by sections #ai & #bj1 is fur!r am5d$ by add+ at ! end ! foll[+3 7q7 ,unifi$ budget reque/ 7#a7 ,9 g5]al ,! ,presid5t may include1 9 ! budget ( ! ,dep>tm5t ( ! ,treasury = a fiscal ye> 7z submitt$ to ,congress ) ! budget ( ! ,presid5t "u section #aaje7;a7 ( title #ca1 ,unit$ ,/ates ,code71 a unifi$ reque/ = fund+ ( all op]ations "u ?is section conduct$ by "s or all ( ! dep>tm5ts & ag5cies repres5t$ on ! ,committee4 7#b7 ,=m ( budget reque/ ,a unifi$ reque/ "u p>agraph 7#a7 %\ld be detail$ & include ! am\nts reque/$ = ea* dep>tm5t or ag5cy repres5t$ on ! ,committee to c>ry out ! functions ( t dep>tm5t or ag5cy "u ?is section4 4 #bb4 ,special hir+ au?ority ,section #gba ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe71 z am5d$ by sections #ai1 #bj1 & #ba1 is fur!r am5d$ by add+ at ! end ! foll[+3 7r7 ,special hir+ au?ority ,! heads ( ! dep>tm5ts & ag5cies repres5t$ on ! ,committee may appo9t1 )\t reg>d to ! provisions ( sections #ccji ?r\gh #ccah ( title #e1 ,unit$ ,/ates ,code1 c&idates directly to positions 9 ! competitive s]vice 7z def9$ 9 section #bajb ( t title7 9 _! respective dep>tm5ts & ag5cies to adm9i/] ?is section4 4 #bc4 ,con=m+ am5dm5ts ,section #gba ( ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #defe71 z am5d$ by ?is ,act1 is fur!r am5d$-- 7#a7 9 subsection 7b77#b77;,b77i77,i71 by /rik+ t ?reat & ins]t+ ! risk2 & 7#b7 9 subsection 7d77#d77;,a71 by /rik+ ! =eign int]e/ ex]cis+ control & ins]t+ a =eign p]son t w\ld acquire an int]e/ 9 a ,unit$ ,/ates bus9ess or its assets z a result ( ! cov]$ transaction4 #bd4 ,assessm5t ( ne$ = additional res\rces = ,committee ,! ,presid5t %all-- 7#a7 det]m9e :e!r & to :at ext5t ! expansion ( ! responsibilities ( ! ,committee on ,=eign ,inve/m5t 9 ! ,unit$ ,/ates pursuant to ! am5dm5ts made by ?is ,act necessitates additional res\rces = ! ,committee & memb]s ( ! ,committee to p]=m _! functions "u section #gba ( ! ,def5se ,production ,act ( #aiej1 z am5d$ by ?is ,act2 & 7#b7 if ! ,presid5t det]m9es t additional res\rces are necess>y1 include 9 ! budget ( ! ,presid5t = fiscal ye> #bjai submitt$ to ,congress "u section #aaje7;a7 ( title #ca1 ,unit$ ,/ates ,code1 a reque/ = su* additional res\rces4 #be4 ,au?orization = ,def5se ,advanc$ ,rese>* ,projects ,ag5cy to limit =eign access to te*nology ?r\gh contracts & grant agreem5ts 7a7 ,9 g5]al ,! ,director ( ! ,def5se ,advanc$ ,rese>* ,projects ,ag5cy1 or a designee ( ! ,director1 may include 9 any contract or grant agreem5t t ! ,director ent]s into ) a p]son1 & t is fund$ by t ,ag5cy1 a provision t-- 7#a7 limits access by any =eign p]son to te*nology t is ! subject ( ! contract or grant agreem5t "u t]ms def9$ by ! ,director1 includ+ by limit+ su* access to specific p]iods ( "t2 & 7#b7 9 a case 9 :i* ! p]son violates ! prohibition describ$ 9 p>agraph 7#a71 requires ! p]son to return all am\nts t ! p]son receiv$ f ! ,ag5cy "u ! contract or grant agreem5t4 7b7 ,treatm5t ( return$ funds ,any am\nts return$ to ! ,def5se ,advanc$ ,rese>* ,projects ,ag5cy "u subsection 7a77#b7 %all be cr$it$ to ! same appropriations acc\nt f :i* paym5t ( su* am\nts 0 orig9ally made "u ! contract or grant agreem5t describ$ 9 subsection 7a74 7c7 ,ex]cise ( au?ority ,! ,director1 or ! designee ( ! ,director1 may ex]cise ! au?ority provid$ by ?is section )\t ! ne$ = fur!r approval by1 or regulatory implem5tation )91 ! ,dep>tm5t ( ,def5se4 #bf4 ,effective date 7a7 ,imm$iate applicability ( c]ta9 provisions ,! foll[+ %all take effect on ! date ( ! enactm5t ( ?is ,act & apply ) respect to any cov]$ transaction ! review or inve/igation ( :i* is initiat$ "u section #gba ( ! ,def5se ,production ,act ( #aiej on or aft] su* date ( enactm5t3 7#a7 ,sections #d1 #f1 #h1 #ab1 #ac1 #ad1 #ae1 #ah1 #bj1 #ba1 #bb1 #bd1 & #be & ! am5dm5ts made by ^? sections4 7#b7 ,section #aa & ! am5dm5ts made by t section 7except = clause 7iii7 ( section #gba7;b77#d77;,a7 ( ! ,def5se ,production ,act ( #aiej1 z add$ by section #aa74 7#c7 ,p>agraphs 7#e77;,c77iv71 7#g71 & 7#ad7 ( subsection 7a7 ( section #gba ( ! ,def5se ,production ,act ( #aiej1 z am5d$ by section #c4 7#d7 ,section #gba7m77#d7 ( ! ,def5se ,production ,act ( #aiej1 z am5d$ by section #ag4 7b7 ,delay$ applicability ( c]ta9 provisions 7#a7 ,9 g5]al ,any provision ( or am5dm5t made by ?is ,act n specifi$ 9 subsection 7a7 %all-- 7,a7 take effect on ! date t is #cj days aft] publication 9 ! ,f$]al ,regi/] ( a det]m9ation by ! *airp]son ( ! ,committee on ,=eign ,inve/m5t 9 ! ,unit$ ,/ates t ! regulations1 organizational /ructure1 p]sonnel1 & o!r res\rces necess>y to adm9i/] ! new provisions are 9 place2 & 7,b7 apply ) respect to any cov]$ transaction ! review or inve/igation ( :i* is initiat$ "u section #gba ( ! ,def5se ,production ,act ( #aiej on or aft] ! date describ$ 9 subp>agraph 7,a74 7#b7 ,nondelegation ( det]m9ation ,! det]m9ation ( ! *airp]son ( ! ,committee on ,=eign ,inve/m5t 9 ! ,unit$ ,/ates "u p>agraph 7#a77;,a7 may n be delegat$4 7c7 ,au?orization = pilot programs 7#a7 ,9 g5]al ,beg9n+ on ! date ( ! enactm5t ( ?is ,act & end+ on ! date describ$ 9 subsection 7b77#a77;,a71 ! ,committee on ,=eign ,inve/m5t 9 ! ,unit$ ,/ates may1 at its discretion1 conduct "o or m pilot programs to implem5t any au?ority provid$ pursuant to any provision ( or am5dm5t made by ?is ,act n specifi$ 9 subsection 7a74 7#b7 ,publication 9 ,f$]al ,regi/] ,a pilot program may n comm5ce until ! date t is #cj days aft] publication 9 ! ,f$]al ,regi/] ( a det]m9ation by ! *airp]son ( ! ,committee ( ! scope ( & proc$ures = ! pilot program4 ,t det]m9ation may n be delegat$4 #bg4 ,sev]ability ,if any provision ( ?is ,act or an am5dm5t made by ?is ,act1 or ! application ( su* a provision or am5dm5t to any p]son or circum/ance1 is held to be invalid1 ! application ( t provision or am5dm5t to o!r p]sons or circum/ances & ! rema9d] ( ! provisions ( ?is ,act & ! am5dm5ts made by ?is ,act1 %all n be affect$ !reby4