,,ii ,calendar ,no4 #dbf #aaeth ,,congress #b;d ,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 ,mr4 ,lankford1 ,ms4 ,collins1 ,ms4 ,baldwin1 and ,mr4 ,sullivan7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,may #bb1 #bjah,reported by ,mr4 ,crapo1 with an amendment and an amendment to the title,strike out all after the enacting clause and insert the part printed in italic ,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 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,foreign ,investment ,risk ,review ,modernization ,act of #bjah4 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 ,acceptance of written notices4,sec4 #e4 ,inclusion of partnership and side agreements in notice4,sec4 #f4 ,declarations for certain covered transactions4,sec4 #g4 ,stipulations regarding transactions4,sec4 #h4 ,authority for unilateral initiation of reviews4,sec4 #i4 ,timing for reviews and investigations4,sec4 #aj4 ,monitoring of non-notified and non-declared transactions4,sec4 #aa4 ,submission of certifications to ,congress4,sec4 #ab4 ,analysis by ,director of ,national ,intelligence4,sec4 #ac4 ,information sharing4,sec4 #ad4 ,action by the ,president4,sec4 #ae4 ,judicial review4,sec4 #af4 ,membership and staff of ,committee4,sec4 #ag4 ,actions by the ,committee to address national security risks4,sec4 #ah4 ,modification of annual report and other reporting requirements4,sec4 #ai4 ,certification of notices and information4,sec4 #bj4 ,implementation plans4,sec4 #ba4 ,assessment of need for additional resources for ,committee4,sec4 #bb4 ,funding4,sec4 #bc4 ,centralization of certain ,committee functions4,sec4 #bd4 ,conforming amendments4,sec4 #be4 ,requirements to identify and control the export of emerging and foundational technologies4,sec4 #bf4 ,export control enforcement authority4,sec4 #bg4 ,prohibition on modification of civil penalties under export control and sanctions laws4,sec4 #bh4 ,under ,secretary of ,commerce for ,industry and ,security4,sec4 #bi4 ,limitation on cancellation of designation of ,secretary of the ,air ,force as ,department of ,defense ,executive ,agent for a certain ,defense ,production ,act program4,sec4 #cj4 ,review of and report on certain defense technologies critical to the ,united ,states maintaining superior military capabilities4,sec4 #ca4 ,briefing on information from transactions reviewed by ,committee on ,foreign ,investment in the ,united ,states relating to foreign efforts to influence democratic institutions and processes4,sec4 #cb4 ,effective date4,sec4 #cc4 ,severability4 #b4 ,sense of ,congress 7a7 ,in general ,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 has 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 ,states and of the ,united ,states export control system2 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 7#g7 the ,president should lead a collaborative effort with allies and partners of the ,united ,states to strengthen the multilateral export control regime to more effectively 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 programs2 7#h7 any penalties imposed by the ,united ,states ,government with respect to an individual or entity pursuant to a determination that the individual or entity has violated sanctions imposed by the ,united ,states or the export control laws of the ,united ,states should not be reversed for reasons unrelated to the national security of the ,united ,states2 and 7#i7 the ,committee on ,foreign ,investment in the ,united ,states should continue to review transactions for the purpose of protecting national security and should not consider issues of national interest absent a national security nexus4 7b7 ,sense of ,congress on consideration of covered transactions ,it is the sense of ,congress that1 when considering national security risks1 the ,committee on ,foreign ,investment in the ,united ,states may consider-- 7#a7 whether a transaction involves a country of special concern that has a demonstrated or declared strategic goal of acquiring a type of critical technology or critical infrastructure that would affect ,united ,states technological and industrial leadership in areas related to national security2 7#b7 the potential national security-related effects of the cumulative market share of or a pattern of recent transactions in any one type of infrastructure1 energy asset1 critical material1 or critical technology by foreign persons2 7#c7 whether any foreign person that would acquire an interest in a ,united ,states business or its assets as a result of a transaction has a history of complying with ,united ,states laws and regulations2 7#d7 the extent to which a 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 and 7#e7 whether a transaction is likely to have the effect of exacerbating or creating new cybersecurity vulnerabilities in the ,united ,states or 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 office4 #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-- 7i7 any transaction described in subparagraph 7,b77i72 and 7ii7 any transaction described in clauses 7ii7 through 7v7 of subparagraph 7,b7 that is proposed1 pending1 or completed on or after the effective date specified in section #cb7;b77#a77;,a7 of the ,foreign ,investment ,risk ,review ,modernization ,act of #bjah4 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 ,subject to subparagraph 7,c71 the purchase or lease by a foreign person of1 or a concession offered to a foreign person with respect to1 private or public real estate that-- 7,i7 is located in the ,united ,states2 7,,ii7 7aa7 is1 is located at1 or will function as part of1 a land1 air1 or maritime port2 or 7bb7 7,,aa7 is in close proximity to a ,united ,states military installation or another facility or property of the ,united ,states ,government that is sensitive for reasons relating to national security2 7,,bb7 could reasonably provide the foreign person the ability to collect information on activities being conducted at such an installation1 facility1 or property2 or 7,,cc7 could otherwise expose national security activities at such an installation1 facility1 or property to the risk of foreign surveillance2 and 7,,iii7 meets such other criteria as the ,committee prescribes by regulation1 as long as such criteria do not expand the categories of real estate to which this clause applies beyond the categories described in subclause 7,,ii74 7iii7 ,any other investment 7other than a passive investment7 by a foreign person in any ,united ,states critical technology company or ,united ,states critical infrastructure company that is unaffiliated with the foreign person1 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 ,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 ,exception for certain real estate transactions ,a real estate purchase or lease described in subparagraph 7,b77ii7 does not include a lease or purchase of-- 7,i7 a single housing unit1 as defined by the ,census ,bureau2 or 7,,ii7 real estate in urbanized areas1 as defined by the ,census ,bureau in the most recent census1 except as otherwise prescribed by the ,committee in regulations in consultation with the ,secretary of ,defense4 7ii7 ,certain other investment ,the ,committee shall prescribe regulations further defining covered transactions described in subparagraph 7,b77iii7 by reference to the technology1 sector1 subsector1 transaction type1 or other characteristics of such transactions4 7iii7 ,exemption for transactions from identified countries 7,i7 ,in general ,the ,committee shall1 by regulation1 define circumstances and procedures under which a transaction otherwise described in clause 7ii7 or 7iii7 of subparagraph 7,b7 is excluded from the definition of covered transaction if each foreign person that is a party to the transaction1 and each foreign person with ownership or control over a party to the transaction1 is from 7as determined by the ,committee pursuant to regulations prescribed by the ,committee71 a country or part of a country identified by the ,committee for purposes of this clause based on factors established by the ,committee1 such as-- 7aa7 whether1 in the sole judgment of the ,committee1 the process of the country for reviewing the national security effects of foreign investment and associated international cooperation effectively safeguards national security interests the country shares with the ,united ,states2 7bb7 whether the country is a member country of the ,north ,atlantic ,treaty ,organization or is designated as a major non-,,nato ally pursuant to section #eag of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #bcbak72 7cc7 whether the country adheres to nonproliferation control regimes1 including treaties and multilateral supply guidelines1 which shall be informed by sources such as the annual report on ,adherence to and ,compliance with ,arms ,control1 ,nonproliferation and ,disarmament ,agreements and ,commitments required by section #djc of the ,arms ,control and ,disarmament ,act 7#bb ,u4,s4,c4 #beic;a72 7dd7 whether excluding transactions by foreign persons from the country advances the national security objectives of the ,united ,states2 and 7ee7 any other factors that the ,committee determines to be appropriate4 7,,ii7 ,recurring assessment of identified countries ,the ,committee shall reconsider on a regular basis the identification of countries and parts of countries under subclause 7,i74 7iv7 ,exception for air carriers ,for purposes of subparagraph 7,b77iii71 the term other investment does not include an investment involving an air carrier1 as defined in section #djajb7;a77#b7 of title #di1 ,united ,states ,code1 that holds a certificate issued under section #daajb of that title4 7v7 ,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 investment1 direct or indirect1 by a foreign person in a ,united ,states critical infrastructure company or ,united ,states critical technology company that meets the following criteria3 7,i7 ,the investment is not described in subparagraph 7,b77i74 7,,ii7 ,the investment does not afford the foreign person-- 7aa7 access to any material nonpublic technical information in the possession of the ,united ,states critical infrastructure company or ,united ,states critical technology company2 7bb7 membership or observer rights on the board of directors or equivalent governing body of the ,united ,states critical infrastructure company or ,united ,states critical technology company or the right to nominate an individual to a position on the board of directors or equivalent governing body2 or 7cc7 any involvement1 other than through voting of shares1 in substantive decisionmaking relating to the management1 governance1 or operation of the ,united ,states critical infrastructure company or ,united ,states critical technology company4 7,,iii7 ,the foreign person does not have a material parallel strategic partnership or other material financial relationship1 as described in regulations prescribed by the ,committee1 with the ,united ,states critical infrastructure company or ,united ,states critical technology company4 7,,iv7 ,such other criteria as the ,committee may prescribe by regulation1 which shall be consistent with the criteria specified in subclauses 7,i71 7,,ii71 and 7,,iii74 7ii7 ,material nonpublic technical information defined ,for purposes of clause 7i77,,ii77aa71 the term material nonpublic technical information has the meaning given that term in regulations prescribed by the ,committee1 except that the term does not include financial information regarding the performance of a ,united ,states critical infrastructure company or ,united ,states critical technology company4 7iii7 ,effect of level of ownership interest 7,i7 ,in general ,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 critical infrastructure company or ,united ,states critical technology company would be as a result of the investment4 7,,ii7 ,regulations 7aa7 ,in general ,the ,committee may prescribe regulations specifying that any investment 7other than an investment described in item 7bb77 greater than a certain level or amount shall not be considered a passive investment under clause 7i74 7bb7 ,investment described ,an investment described in this item is an investment-- 7,,aa7 by a foreign person in a ,united ,states critical infrastructure company or ,united ,states critical technology company through an investment fund2 7,,bb7 that does not result in the foreign person's control of the ,united ,states critical technology or ,united ,states critical infrastructure company2 and 7,,cc7 that otherwise meets the requirements of clauses 7i7 and 7iv71 as applicable4 7iv7 ,specific clarification for investment funds 7,i7 ,treatment of certain investments as passive investments ,notwithstanding clause 7i77,,ii77bb7 and subject to regulations prescribed by the ,committee1 an indirect investment by a foreign person in a ,united ,states critical infrastructure company or ,united ,states critical technology company through an investment fund that affords the foreign person 7or a designee of the foreign person7 membership as a limited partner on an advisory board or a committee of the fund shall be considered a passive investment if-- 7aa7 the fund is managed exclusively by a general partner1 a managing member1 or an equivalent2 7bb7 the general partner1 managing member1 or equivalent is not a foreign person2 7cc7 the advisory board or committee does not have the ability to approve1 disapprove1 or otherwise control-- 7,,aa7 investment decisions of the fund2 or 7,,bb7 decisions made by the general partner1 managing member1 or equivalent related to entities in which the fund is invested2 7dd7 the foreign person does not otherwise have the ability to control the fund1 including the authority-- 7,,aa7 to approve1 disapprove1 or otherwise control investment decisions of the fund2 7,,bb7 to approve1 disapprove1 or otherwise control decisions made by the general partner1 managing member1 or equivalent related to entities in which the fund is invested2 or 7,,cc7 to unilaterally dismiss1 prevent the dismissal of1 select1 or determine the compensation of the general partner1 managing member1 or equivalent2 and 7ee7 the investment otherwise meets the requirements of this subparagraph4 7,,ii7 ,treatment of certain waivers 7aa7 ,in general ,for the purposes of items 7cc7 and 7dd7 of subclause 7,i7 and except as provided in item 7bb71 a waiver of a potential conflict of interest1 a waiver of an allocation limitation1 or a similar activity1 applicable to a transaction pursuant to the terms of an agreement governing an investment fund shall not be considered to constitute control of investment decisions of the fund or decisions relating to entities in which the fund is invested4 7bb7 ,exception ,the ,committee may prescribe regulations providing for exceptions to item 7aa7 for extraordinary circumstances4 7v7 ,regulations ,the ,committee shall prescribe regulations providing guidance on the types of transactions that the ,committee considers to be passive investment4 7,e7 ,united ,states critical infrastructure company defined ,for purposes of this paragraph1 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,f7 ,united ,states critical technology company defined ,for purposes of this paragraph1 the term ,united ,states critical technology company means a ,united ,states business that produces1 designs1 tests1 manufactures1 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 ,emerging and foundational technologies identified pursuant to section #be7;a7 of the ,foreign ,investment ,risk ,review ,modernization ,act of #bjah4 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 ,foreign person 7,a7 ,in general ,the term foreign person means-- 7i7 any foreign national1 foreign government1 or foreign entity2 or 7ii7 any entity over which control is exercised or exercisable by a foreign national1 foreign government1 or foreign entity4 7,b7 ,foreign entity defined 7i7 ,in general ,for purposes of subparagraph 7,a7 and except as provided in clause 7ii71 the term foreign entity means any branch1 partnership1 group or subgroup1 association1 estate1 trust1 corporation or division of a corporation1 or organization organized under the laws of a foreign country if-- 7,i7 the principal place of business of the entity is outside the ,united ,states2 or 7,,ii7 the equity securities of the entity are primarily traded on one or more foreign exchanges4 7ii7 ,exception ,for purposes of subparagraph 7,a71 the term foreign entity does not include an entity that demonstrates to the ,committee that a majority of the equity interest in the entity is ultimately owned by ,united ,states nationals4 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 ,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#ae7 ,party ,the term party has the meaning given that term in regulations prescribed by the ,committee4 7#af7 ,united ,states ,the term ,united ,states means the several ,states1 the ,district of ,columbia1 and any territory or possession of the ,united ,states4 7#ag7 ,united ,states business ,the term ,united ,states business means a person engaged in interstate commerce in the ,united ,states4 4 #d4 ,acceptance of written notices ,section #gba7;b77#a77;,c77i7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;b77#a77;,c77i77 is amended-- 7#a7 by striking ,any party and inserting the following3 7,i7 ,in general ,any party 2 and 7#b7 by adding at the end the following3 7,,ii7 ,comments and acceptance 7aa7 ,in general ,subject to item 7cc71 the ,committee shall provide comments on a draft or final written notice or accept a final written notice submitted under subclause 7,i7 with respect to a covered transaction not later than the date that is #aj business days after the date of submission of the draft or final notice4 7bb7 ,completeness ,if the ,committee determines that a draft or final written notice described in item 7aa7 is not complete1 the ,committee shall notify the party or parties to the transaction in writing that the notice is not complete and provide an explanation of all material respects in which the notice is incomplete4 7cc7 ,stipulations required ,the timing requirement under item 7aa7 shall apply only in a case in which the parties stipulate under clause 7vi7 that the transaction is a covered transaction4 4 #e4 ,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 #f4 ,declarations for 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 #e1 is further amended by adding at the end the following3 7v7 ,declarations for certain covered transactions 7,i7 ,in general ,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 ,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 7,,iii7 ,committee response to declaration 7aa7 ,in general ,upon receiving a declaration under this clause with respect to a covered transaction1 the ,committee may1 at the discretion of the ,committee-- 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 take action under item 7aa7 not later than #cj days after 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,,iv7 ,mandatory declarations 7aa7 ,regulations ,the ,committee shall prescribe regulations specifying the types of covered transactions for which the ,committee requires a declaration under this subclause4 7bb7 ,certain covered transactions with foreign government interests 7,,aa7 ,in general ,except as provided in subitem 7,,bb71 the parties to a covered transaction shall submit a declaration described in subclause 7,i7 with respect to the transaction if the transaction involves an investment that results in the acquisition1 directly or indirectly1 of a substantial interest in a ,united ,states critical infrastructure company or ,united ,states critical technology company by a foreign person in which a foreign government has1 directly or indirectly1 a substantial interest4 7,,bb7 ,exception ,the submission of a declaration described in subclause 7,i7 shall not be required with respect to a transaction described in subitem 7,,aa7 if each foreign person that is a party to the transaction1 and each foreign person with ownership or control over a party to the transaction1 is from a country or part of a country identified by the ,committee under subsection 7a77#e77;,c77iii74 7,,cc7 ,substantial interest defined ,in this item1 the term substantial interest has the meaning given that term in regulations which the ,committee shall prescribe4 ,in developing those regulations1 the ,committee shall consider the means by which a foreign government could influence the actions of a foreign person1 including through board membership1 ownership interest1 or shareholder rights4 ,an interest that is a passive investment 7as defined in subsection 7a77#e77;,d77 or that is less than a #aj percent voting interest shall not be considered a substantial interest4 7cc7 ,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 7,,cc7 the difficulty of obtaining information on the type of covered transaction through other means2 and 7,,dd7 the difficulty of obtaining information on the ultimate ownership of the foreign person that is a party to the transaction4 7dd7 ,exception ,the submission of a declaration described in subclause 7,i7 shall not be required pursuant to this subclause with respect to an investment by an investment fund if-- 7,,aa7 the fund is managed exclusively by a general partner1 a managing member1 or an equivalent2 7,,bb7 the general partner1 managing member1 or equivalent is not a foreign person2 and 7,,cc7 the investment fund satisfies1 with respect to any foreign person with membership as a limited partner on an advisory board or a committee of the fund1 the criteria specified in items 7cc7 and 7dd7 of subsection 7a77#e77;,d77iv74 7ee7 ,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 7ff7 ,timing of submission 7,,aa7 ,in general ,a declaration required to be submitted with respect to a covered transaction by this subclause shall be submitted not later than #de days before the completion of the transaction4 7,,bb7 ,written notice ,if1 pursuant to item 7ee71 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 7gg7 ,penalties ,the ,committee may impose a penalty pursuant to subsection 7h77#c7 with respect to a party that fails to comply with this subclause4 4 #g4 ,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 #f1 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 #h4 ,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 the matter preceding clause 7i71 by striking subparagraph 7,f7 and inserting subparagraph 7,g72 7,b7 in clause 7i71 by inserting 7other than a covered transaction described in subparagraph 7,e77 after any covered transaction2 7,c7 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,d7 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 #i4 ,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 #h1 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 #aj4 ,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 sections #h and #i1 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 #aa4 ,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 ,limitation on delegation with respect to certain transactions ,the signature requirement under subclause 7,i7 may be delegated not below the level of the ,assistant ,secretary of the ,treasury or an equivalent official of the lead agency in the case of a covered transaction-- 7,,aa7 assessed by the ,director of ,national ,intelligence under paragraph 7#d7 as more likely than not to threaten the national security of the ,united ,states2 7,,bb7 with respect to which the ,committee conducts an investigation under paragraph 7#b72 or 7,,cc7 with respect to which a request is made by an official at the ,deputy ,assistant ,secretary or ,assistant ,secretary level of an agency or department represented on the ,committee1 or an equivalent thereof1 that the transaction be reviewed by the ,assistant ,secretary of the ,treasury and an equivalent official of the lead agency4 7cc7 ,limitation on delegation with respect to other transactions ,in the case of any covered transaction not described in item 7bb71 the signature requirement under subclause 7,i7 may be delegated not below the level of a ,deputy ,assistant ,secretary of the ,treasury or an equivalent official of the lead agency4 2 and 7#c7 by adding at the end 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 #ab4 ,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 ,except as provided in subparagraph 7,b71 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 community ,the ,director shall seek and incorporate into the analysis required by clause 7i7 the views of all affected or appropriate agencies of the intelligence community 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 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 plans under subsection 7l77#f77 with respect to the transaction4 4 #ac4 ,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 ,congress or 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 7#c7 ,cooperation with allies and partners 7,a7 ,in general ,the chairperson1 in consultation with other members of the ,committee1 should establish a formal process for the exchange of information under paragraph 7#b77;,c7 with governments of countries that are allies or partners of the ,united ,states1 in the discretion of the chairperson1 to protect the national security of the ,united ,states and those countries4 7,b7 ,requirements ,the process established under subparagraph 7,a7 should1 in the discretion of the chairperson-- 7i7 be designed to facilitate the harmonization of action with respect to trends in investment and technology that could pose risks to the national security of the ,united ,states and countries that are allies or partners of the ,united ,states2 7ii7 provide for the sharing of information with respect to specific technologies and entities acquiring such technologies as appropriate to ensure national security2 and 7iii7 include consultations and meetings with representatives of the governments of such countries on a recurring basis4 4 #ad4 ,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 ,states1 take such action for such time as the ,president considers appropriate to suspend or prohibit the transaction or to require divestment4 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 #ae4 ,judicial review ,section #gba7;e7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;e77 is amended-- 7#a7 by striking ,the actions and inserting the following3 7#a7 ,in general ,the actions 2 and 7#b7 by adding at the end the following3 7#b7 ,civil actions ,a civil action challenging an action or finding of the ,committee under this section may be brought only in the ,united ,states ,court of ,appeals for the ,district of ,columbia ,circuit4 7#c7 ,procedures for review of privileged information ,if a civil action challenging an action or finding of the ,committee under this section is brought1 and the court determines that protected information in the administrative record1 including classified1 sensitive law enforcement1 sensitive security1 or other information subject to privilege or protections under any provision of law1 is necessary to resolve the challenge1 that information shall be submitted ex parte and in camera to the court and the court shall maintain that information under seal4 7#d7 ,applicability of use of information provisions ,the use of information provisions of sections #ajf1 #cje1 #dje1 and #gjf of the ,foreign ,intelligence ,surveillance ,act of #aigh 7#ej ,u4,s4,c4 #ahjf1 #ahbe1 #ahde1 and #ahha;e7 shall not apply in a civil action brought under this subsection4 4 #af4 ,membership and staff of ,committee 7a7 ,hiring authority ,section #gba7k7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7k77 is amended by striking paragraph 7#d7 and inserting the following3 7#d7 ,hiring authority 7,a7 ,senior officials 7i7 ,in general ,each member of the ,committee shall designate an ,assistant ,secretary1 or an equivalent official1 who is appointed by the ,president1 by and with the advice and consent of the ,senate1 to carry out such duties related to the ,committee as the member of the ,committee may delegate4 7ii7 ,department of the ,treasury ,in addition to officials of the ,department of the ,treasury authorized under section #cja of title #ca1 ,united ,states ,code1 or any other provision of law1 there are authorized at the ,department of the ,treasury1 to carry out such duties related to the ,committee as the ,secretary of the ,treasury may delegate1 consistent with this section and reflecting the expanded authorities of the ,committee and the role of the ,department of the ,treasury in implementing those authorities under the amendments made by the ,foreign ,investment ,risk ,review ,modernization ,act of #bjah1 the following3 7,i7 ,one official1 who is appointed by the ,president1 by and with the advice and consent of the ,senate1 who shall be compensated at a rate not to exceed the rate of basic pay payable for level ,,iii of the ,executive ,schedule under section #ecad of title #e1 ,united ,states ,code4 7,,ii7 ,one official1 who is appointed by the ,president1 by and with the advice and consent of the ,senate1 who shall be compensated at a rate not to exceed the rate of basic pay payable for level ,,iv of the ,executive ,schedule under section #ecae of title #e1 ,united ,states ,code4 7,b7 ,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 7b7 ,procedures for recusal of members of ,committee for conflicts of interest ,not later than #ij days after the date of the enactment of this ,act1 the ,committee on ,foreign ,investment in the ,united ,states shall-- 7#a7 establish procedures for the recusal of any member of the ,committee that has a conflict of interest with respect to a covered transaction 7as defined in section #gba of the ,defense ,production ,act of #aiej1 as amended by section #c72 7#b7 submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report describing those procedures2 and 7#c7 brief the committees specified in paragraph 7#a7 on the report required by paragraph 7#b74 #ag4 ,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 an assessment of the threat1 vulnerabilities1 and consequences to national security related to the transaction4 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 or contribute to 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 7,c7 ,definitions ,for purposes of subparagraph 7,a71 the terms threat1 vulnerabilities1 and consequences to national security shall have the meanings given those terms by the ,committee by regulation4 2 7#f7 in paragraph 7#e77;,b71 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;,d77iii7-- 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 a written notice under clause 7i7 of subsection 7b77#a77;,c7 or a declaration under clause 7v7 of that subsection with respect to a 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 to initiate a review of the transaction 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 ,successors and assigns ,any agreement or condition entered into or imposed under paragraph 7#c77;,a7 shall be considered binding on all successors and assigns unless and until the agreement or condition terminates on its own terms or is otherwise terminated by the ,committee in its sole discretion4 7,g7 ,additional compliance measures ,subject to subparagraphs 7,a7 through 7,f71 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 #ah4 ,modification of annual report and other reporting requirements 7a7 ,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#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 and 7,b7 by adding at the end the following3 7,g7 ,statistics on compliance plans conducted and actions taken by the ,committee under subsection 7l77#f71 including subparagraph 7,d7 of that subsection1 during that period1 a general assessment of the compliance of parties with agreements entered into and conditions imposed under subsection 7l77#c77;,a7 that are in effect during that period1 including a description of any actions taken by the ,committee to impose penalties or initiate a unilateral review pursuant to subsection 7b77#a77;,d77iii71 and any recommendations for improving the enforcement of such agreements and conditions4 7,h7 ,cumulative and1 as appropriate1 trend information on the number of declarations filed under subsection 7b77#a77;,c77v71 the actions taken by the ,committee in response to those declarations1 the business sectors involved in those declarations1 and the countries involved in those declarations4 7,i7 ,a description of-- 7i7 the methods used by the ,committee to monitor non-notified and non-declared transactions under subsection 7b77#a77;,h72 7ii7 potential methods to improve such monitoring and the resources required to do so2 and 7iii7 the number of transactions identified through the mechanism established under that subsection during the reporting period and the number of such transactions flagged for further review4 2 7#b7 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#c7 by adding at the end the following3 7#d7 ,form of report 7,a7 ,in general ,all appropriate portions of the annual report under paragraph 7#a7 may be classified4 ,an unclassified version of the report1 as appropriate1 consistent with safeguarding national security and privacy1 shall be made available to the public4 7,b7 ,inclusions in unclassified version ,the unclassified version of the report required under paragraph 7#a7 shall include1 with respect to covered transactions for the reporting period-- 7i7 the number of notices submitted under subsection 7b77#a77;,c77i72 7ii7 the number of declarations submitted under subsection 7b77#a77;,c77v7 and the number of such declarations that were required under subclause 7,,iv7 of that subsection2 7iii7 the number of declarations submitted under subsection 7b77#a77;,c77v7 for which the ,committee required resubmission as notices under subsection 7b77#a77;,c77i72 7iv7 the average number of days that elapsed between submission of a declaration under subsection 7b77#a77;,c77v7 and the acceptance of the declaration by the ,committee2 7v7 information on the time it took the ,committee to provide comments on1 or to accept1 notices submitted under subsection 7b77#a77;,c77i71 including-- 7,i7 the average number of business days that elapsed between the date of submission of a draft notice and the date on which the ,committee provided written comments on the draft notice2 7,,ii7 the average number of business days that elapsed between the date of submission of a final notice and the date on which the ,committee accepted or provided written comments on the final notice2 and 7,,iii7 if the average number of business days for a response by the ,committee reported under subclause 7,i7 or 7,,ii7 exceeded #aj business days-- 7aa7 an explanation of the causes of such delays1 including whether such delays are caused by resource shortages1 unusual fluctuations in the volume of notices1 transaction characteristics1 or other factors2 and 7bb7 an explanation of the steps that the ,committee anticipates taking to mitigate the causes of such delays and otherwise to improve the ability of the ,committee to provide comments on1 or to accept1 notices within #aj business days2 7vi7 the number of reviews or investigations conducted under subsection 7b72 7vii7 the number of investigations that were subject to an extension under subsection 7b77#b77;,c77ii72 7viii7 information on the duration of those reviews and investigations1 including the average number of days required to complete those reviews and investigations2 7ix7 the number of notices submitted under subsection 7b77#a77;,c77i7 and declarations submitted under subsection 7b77#a77;,c77v7 that were rejected by the ,committee2 7x7 the number of such notices and declarations that were withdrawn by a party to the covered transaction2 7xi7 the number of such withdrawals that were followed by the submission of a subsequent such notice or declaration relating to a substantially similar covered transaction2 and 7xii7 such other specific1 cumulative1 or trend information that the ,committee determines is advisable to provide for an assessment of the time required for reviews and investigations of covered transactions under this section4 4 7b7 ,report on ,chinese investment 7#a7 ,in general ,not later than #b years after the date of the enactment of this ,act1 and every #b years thereafter through #bjbf1 the ,secretary of ,commerce shall submit to ,congress and the ,committee on ,foreign ,investment in the ,united ,states a report on foreign direct investment transactions made by entities of the ,people's ,republic of ,china in the ,united ,states4 7#b7 ,elements ,each report required by paragraph 7#a7 shall include the following3 7,a7 ,total foreign direct investment from the ,people's ,republic of ,china in the ,united ,states1 including total foreign direct investment disaggregated by ultimate beneficial owner4 7,b7 ,a breakdown of investments from the ,people's ,republic of ,china in the ,united ,states by value using the following categories3 7i7 ,less than #ej1jjj1jjj4 7ii7 ,greater than or equal to #ej1jjj1jjj and less than #ajj1jjj1jjj4 7iii7 ,greater than or equal to #ajj1jjj1jjj and less than #a1jjj1jjj1jjj4 7iv7 ,greater than or equal to #a1jjj1jjj1jjj and less than #b1jjj1jjj1jjj4 7v7 ,greater than or equal to #b1jjj1jjj1jjj and less than #e1jjj1jjj1jjj4 7vi7 ,greater than or equal to #e1jjj1jjj1jjj4 7,c7 ,a breakdown of investments from the ,people's ,republic of ,china in the ,united ,states by #b-;digit ,north ,american ,industry ,classification ,system code4 7,d7 ,a breakdown of investments from the ,people's ,republic of ,china in the ,united ,states by investment type1 using the following categories3 7i7 ,businesses established4 7ii7 ,businesses acquired4 7,e7 ,a breakdown of investments from the ,people's ,republic of ,china in the ,united ,states by government and non-government investments1 including volume1 sector1 and type of investment within each category4 7,f7 ,a list of companies incorporated in the ,united ,states purchased through government investment by the ,people's ,republic of ,china4 7,g7 ,the number of ,united ,states affiliates of entities under the jurisdiction of the ,people's ,republic of ,china1 the total employees at those affiliates1 and the valuation for any publicly traded ,united ,states affiliate of such an entity4 7,h7 ,an analysis of patterns in the investments described in subparagraphs 7,a7 through 7,f71 including in volume1 type1 and sector1 and the extent to which those patterns of investments align with the objectives outlined by the ,government of the ,people's ,republic of ,china in its ,made in ,china #bjbe plan1 including a comparative analysis of investments from the ,people's ,republic of ,china in the ,united ,states and all foreign direct investment in the ,united ,states4 7,i7 ,an identification of any limitations on the ability of the ,secretary of ,commerce to collect comprehensive information that is reasonably and lawfully available about foreign investment in the ,united ,states from the ,people's ,republic of ,china on a timeline necessary to complete reports every #b years as required by paragraph 7#a71 including-- 7i7 an identification of any discrepancies between government and private sector estimates of investments from the ,people's ,republic of ,china in the ,united ,states2 7ii7 a description of the different methodologies or data collection methods1 including by private sector entities1 used to measure foreign investment that may result in different estimates2 and 7iii7 recommendations for enhancing the ability of the ,secretary of ,commerce to improve data collection of information about foreign investment in the ,united ,states from the ,people's ,republic of ,china4 7#c7 ,extension of deadline ,if1 as a result of a limitation identified under paragraph 7#b77;,i71 the ,secretary of ,commerce determines that the ,secretary will be unable to submit a report at the time required by paragraph 7#a71 the ,secretary may request additional time to complete the report4 7c7 ,report on certain investments by state-owned or state-controlled entities 7#a7 ,in general ,not later than one year after the date of the enactment of this ,act1 an appropriate member or members of the ,committee on ,foreign ,investment in the ,united ,states shall1 in coordination with the chairperson of the ,committee1 submit to ,congress a report assessing-- 7,a7 national security threats related to investments in the ,united ,states by state-owned or state-controlled entities in the manufacture or assembly of rolling stock or other assets for use in freight rail1 public transportation1 or intercity passenger rail systems1 including the construction of new facilities2 7,b7 how the number and types of such investments could affect any such threats2 and 7,c7 the authority and ability of the ,committee to respond to such threats4 7#b7 ,consultation ,the member or members of the ,committee on ,foreign ,investment in the ,united ,states preparing the report required by paragraph 7#a7 shall consult with the ,secretary of ,transportation and the head of any agency that is not represented on the ,committee that has significant technical expertise related to the assessments required by paragraph 7#a74 #ai4 ,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 7#c7 by striking paragraph 7#c77;,b7 and inserting paragraph 7#f77;,b72 7#d7 by striking paragraph 7#a77;,a7 and inserting paragraph 7#c77;,a72 7#e7 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 #bj4 ,implementation plans 7a7 ,in general ,not later than #ahj days after the date of the enactment of this ,act1 the chairperson of the ,committee on ,foreign ,investment in the ,united ,states and the ,secretary of ,commerce shall1 in consultation with the appropriate members of the ,committee-- 7#a7 develop plans to implement this ,act2 and 7#b7 submit to the appropriate congressional committees a report on the plans developed under paragraph 7#a71 which shall include a description of-- 7,a7 the timeline and process to implement the provisions of1 and amendments made by1 this ,act2 7,b7 any additional staff necessary to implement the plans2 and 7,c7 the resources required to effectively implement the plans4 7b7 ,appropriate congressional committees defined ,in this section1 the term appropriate congressional committees means-- 7#a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs and the ,committee on ,appropriations of the ,senate2 and 7#b7 the ,committee on ,financial ,services and the ,committee on ,appropriations of the ,house of ,representatives4 #ba4 ,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 the departments and agencies represented on 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 and each fiscal year thereafter submitted to ,congress under section #aaje7;a7 of title #ca1 ,united ,states ,code1 a request for such additional resources4 #bb4 ,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 ,fund71 to be administered by the chairperson4 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 ,the total amount of fees collected under this paragraph may not exceed the costs of administering this section4 7,b7 ,determination of amount of fee 7i7 ,in general ,in determining the amount of the fee to be assessed under subparagraph 7,a7 with respect to a covered transaction1 the ,committee shall base the amount of the fee on the value of the transaction1 taking into consideration-- 7,i7 the effect of the fee on small business concerns 7as defined in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb772 7,,ii7 the expenses of the ,committee associated with conducting activities under this section2 7,,iii7 the effect of the fee on foreign investment2 and 7,,iv7 such other matters as the ,committee considers appropriate4 7ii7 ,prioritization fee ,the ,committee may establish a fee or fee scale to prioritize the timing of the response of the ,committee to a draft or final written notice during the period before the ,committee accepts the final written notice under subsection 7b77#a77;,c77i71 in the event that the ,committee is unable to respond during the time required by subclause 7,,ii7 of that subsection because of an unusually large influx of notices1 or for other reasons4 7iii7 ,updates ,the ,committee shall periodically reconsider and adjust the amount of the fee to be assessed under subparagraph 7,a7 with respect to a covered transaction to ensure that the amount of the fee does not exceed the costs of administering this section and otherwise remains appropriate4 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 into the ,fund solely 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 ,to the extent provided in advance in appropriations ,acts1 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 #bc4 ,centralization of certain ,committee functions ,section #gba of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe71 as amended by section #bb1 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 #bd4 ,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 7b7-- 7,a7 in paragraph 7#a77;,d77iii77,i71 by striking subsection 7l77#a77;,a7 and inserting subsection 7l77#c77;,a72 and 7,b7 in paragraph 7#b77;,b77i77,i71 by striking that threat and inserting the risk2 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 transaction2 and 7#c7 in subsection 7j71 by striking merger1 acquisition1 or takeover and inserting transaction4 #be4 ,requirements to identify and control the export of emerging and foundational technologies 7a7 ,identification of technologies 7#a7 ,in general ,the ,president shall establish and1 in coordination with the ,secretary of ,commerce1 the ,secretary of ,defense1 the ,secretary of ,energy1 the ,secretary of ,state1 and the heads of other ,federal agencies as appropriate1 lead1 a regular1 ongoing interagency process to identify emerging and foundational technologies that-- 7,a7 are essential to the national security of the ,united ,states2 and 7,b7 are not critical technologies described in clauses 7i7 through 7v7 of section #gba7;a77#h77;,b7 of the ,defense ,production ,act of #aiej1 as amended by section #c4 7#b7 ,process ,the interagency process established under subsection 7a7 shall-- 7,a7 be informed by multiple sources of information1 including-- 7i7 publicly available information2 7ii7 classified information1 including relevant information provided by the ,director of ,national ,intelligence2 7iii7 information relating to reviews and investigations of transactions by the ,committee on ,foreign ,investment in the ,united ,states under section #gba of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe72 and 7iv7 information provided by the advisory committees established by the ,secretary of ,commerce to advise the ,under ,secretary of ,commerce for ,industry and ,security on controls under the ,export ,administration ,regulations1 including the ,emerging ,technology and ,research ,advisory ,committee2 7,b7 take into account-- 7i7 the development of emerging and foundational technologies in foreign countries2 7ii7 the effect export controls imposed pursuant to this section may have on the development of such technologies in the ,united ,states2 and 7iii7 the effectiveness of export controls imposed pursuant to this section on limiting the proliferation of emerging and foundational technologies to foreign countries2 and 7,c7 include a notice and comment period4 7b7 ,commerce controls 7#a7 ,in general ,the ,secretary of ,commerce shall establish appropriate controls under the ,export ,administration ,regulations on the export1 reexport1 or in-country transfer of technology identified pursuant to subsection 7a71 including by prescribing additional regulations4 7#b7 ,levels of control 7,a7 ,in general ,the ,secretary of ,commerce may1 in coordination with the ,secretary of ,defense1 the ,secretary of ,state1 and the heads of other ,federal agencies1 as appropriate1 specify the level of control to apply under paragraph 7#a7 with respect to the export of technology described in that paragraph1 including a requirement for a license or other authorization for the export1 reexport1 or in-country transfer of that technology4 7,b7 ,considerations ,in determining under subparagraph 7,a7 the level of control appropriate for technology described in paragraph 7#a71 the ,secretary of ,commerce shall take into account-- 7i7 lists of countries to which exports from the ,united ,states are restricted2 and 7ii7 the potential end uses and end users of the technology4 7,c7 ,minimum requirements ,at a minimum1 except as provided by paragraph 7#d71 the ,secretary of ,commerce shall require a license for the export1 reexport1 or in-country transfer of technology described in paragraph 7#a7 to or in a country subject to an embargo1 including an arms embargo1 imposed by the ,united ,states4 7#c7 ,review of license applications 7,a7 ,procedures ,the procedures set forth in ,executive ,order #abiha 7#ej ,u4,s4,c4 #dfjc note2 relating to administration of export controls7 or a successor order shall apply to the review of an application for a license or other authorization for the export1 reexport1 or in-country transfer of technology described in paragraph 7#a74 7,b7 ,consideration of information relating to national security ,in reviewing an application for a license or other authorization for the export1 reexport1 or in-country transfer of technology described in paragraph 7#a71 the ,secretary of ,commerce shall take into account information provided by the ,director of ,national ,intelligence regarding any threat to the national security of the ,united ,states posed by the proposed export1 reexport1 or transfer4 ,the ,director of ,national ,intelligence shall provide such information on the request of the ,secretary of ,commerce4 7,c7 ,disclosures relating to collaborative arrangements ,in the case of an application for a license or other authorization for the export1 reexport1 or in-country transfer of technology described in paragraph 7#a7 submitted by or on behalf of a joint venture1 joint development agreement1 or similar collaborative arrangement1 the ,secretary of ,commerce may require the applicant to identify1 in addition to any foreign person participating in the arrangement1 any foreign person with significant ownership interest in a foreign person participating in the arrangement4 7#d7 ,exceptions 7,a7 ,mandatory exceptions ,the ,secretary of ,commerce may not control under this subsection the export of any technology-- 7i7 described in section #bjc7;b7 of the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agjb7;b772 or 7ii7 if the regulation of the export of that technology is prohibited under any other provision of law4 7,b7 ,regulatory exceptions ,in prescribing regulations under paragraph 7#a71 the ,secretary of ,commerce may include regulatory exceptions to the requirements of that paragraph4 7,c7 ,additional exceptions ,the ,secretary of ,commerce shall not be required to impose under paragraph 7#a7 a requirement for a license or other authorization with respect to the export1 reexport1 or in-country transfer of technology described in paragraph 7#a7 pursuant to any of the following transactions3 7i7 ,the sale or license of a finished item and the provision of associated technology if the ,united ,states person that is a party to the transaction generally makes the finished item and associated technology available to its customers1 distributors1 or resellers4 7ii7 ,the sale or license to a customer of a product and the provision of integration services or similar services if the ,united ,states person that is a party to the transaction generally makes such services available to its customers4 7iii7 ,the transfer of equipment and the provision of associated technology to operate the equipment if the transfer could not result in the foreign person using the equipment to produce critical technologies 7as defined in section #gba7;a7 of the ,defense ,production ,act of #aiej1 as amended by section #c74 7iv7 ,the procurement by the ,united ,states person that is a party to the transaction of goods or services1 including manufacturing services1 from a foreign person that is a party to the transaction1 if the foreign person has no rights to exploit any technology contributed by the ,united ,states person other than to supply the procured goods or services4 7v7 ,any contribution and associated support by a ,united ,states person that is a party to the transaction to an industry organization related to a standard or specification1 whether in development or declared1 including any license of or commitment to license intellectual property in compliance with the rules of any standards organization 7as defined by the ,secretary by regulation74 7c7 ,multilateral controls 7#a7 ,in general ,the ,secretary of ,state1 in consultation with the ,secretary of ,commerce and the ,secretary of ,defense1 and the heads of other ,federal agencies1 as appropriate1 may propose that any technology identified pursuant to subsection 7a7 be added to the list of technologies controlled by the relevant multilateral export control regimes4 7#b7 ,items on ,commerce ,control ,list or ,united ,states ,munitions ,list 7,a7 ,in general ,if the ,secretary of ,state proposes to a multilateral export control regime under paragraph 7#a7 to add a technology identified pursuant to subsection 7a7 to the control list of that regime and that regime does not add that technology to the control list during the #c-year period beginning on the date of the proposal1 the applicable agency head may determine whether national security concerns warrant the continuation of unilateral export controls with respect to that technology4 7,b7 ,applicable agency head defined ,in this paragraph1 the term applicable agency head means-- 7i7 in the case of technology listed on the ,commerce ,control ,list set forth in ,supplement ,no4 #a to part #ggd of the ,export ,administration ,regulations1 the ,secretary of ,commerce1 in consultation with the ,secretary of ,defense and the ,secretary of ,state2 and 7ii7 in the case of technology listed on the ,united ,states ,munitions ,list set forth in part #aba of title #bb1 ,code of ,federal ,regulations1 the ,secretary of ,state1 in consultation with the ,secretary of ,defense and the heads of other ,federal agencies1 as appropriate4 7d7 ,report to ,committee on ,foreign ,investment in the ,united ,states ,not less frequently than every #ahj days1 the ,secretary of ,commerce1 in coordination with the ,secretary of ,defense1 the ,secretary of ,state1 and the heads of other ,federal agencies1 as appropriate1 shall submit to the ,committee on ,foreign ,investment in the ,united ,states a report on the results of actions taken pursuant to this section4 7e7 ,report to ,congress ,not less frequently than every #ahj days1 the ,secretary of ,commerce1 in coordination with the ,secretary of ,defense1 the ,secretary of ,state1 and the heads of other ,federal agencies1 as appropriate1 shall submit a report on the results of actions taken pursuant to this section1 including actions taken pursuant to subsections 7a71 7b71 and 7c71 to-- 7#a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 the ,committee on ,foreign ,relations1 the ,committee on ,armed ,services1 and the ,select ,committee on ,intelligence of the ,senate2 and 7#b7 the ,committee on ,financial ,services1 the ,committee on ,foreign ,affairs1 the ,committee on ,armed ,services1 and the ,permanent ,select ,committee on ,intelligence of the ,house of ,representatives4 7f7 ,modifications to ,emerging ,technology and ,research ,advisory ,committee 7#a7 ,in general ,the ,secretary of ,commerce shall revise the objectives of the ,emerging ,technology and ,research ,advisory ,committee1 established by the ,secretary under the ,export ,administration ,regulations1 to include advising the interagency process established under subsection 7a7 with respect to emerging and foundational technologies4 7#b7 ,duties ,the ,secretary-- 7,a7 shall revise the duties of the ,emerging ,technology and ,research ,advisory ,committee to include identifying emerging and foundational technologies that may be developed over a period of #e years or #aj years2 and 7,b7 may revise the duties of the ,advisory ,committee to include identifying trends in-- 7i7 the ownership by foreign persons and foreign governments of such technologies2 7ii7 the types of transactions related to such technologies engaged in by foreign persons and foreign governments2 7iii7 the blending of private and government investment in such technologies2 and 7iv7 efforts to obfuscate ownership of such technologies or to otherwise circumvent the controls established under this section4 7#c7 ,meetings 7,a7 ,frequency ,the ,emerging ,technology and ,research ,advisory ,committee should meet not less frequently than every #abj days4 7,b7 ,attendance ,a representative from each agency participating in the interagency process established under subsection 7a7 should be in attendance at each meeting of the ,emerging ,technology and ,research ,advisory ,committee4 7#d7 ,classified information ,not fewer than half of the members of the ,emerging ,technology and ,research ,advisory ,committee should hold sufficient security clearances such that classified information1 including classified information described in clauses 7ii7 and 7iii7 of subsection 7a77#b77;,a71 from the interagency process established under subsection 7a7 can be shared with those members to inform the advice provided by the ,advisory ,committee4 7#e7 ,applicability of ,federal ,advisory ,committee ,act ,subsections 7a77#a71 7a77#c71 and 7b7 of section #aj and sections #aa1 #ac1 and #ad of the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 shall not apply to the ,emerging ,technology and ,research ,advisory ,committee4 7#f7 ,report ,the ,emerging ,technology and ,research ,advisory ,committee shall include the findings of the ,advisory ,committee under this subsection in the annual report to ,congress required by section #ad of the ,export ,administration ,act of #aigi 7#ej ,u4,s4,c4 #dfaf7 7as continued in effect pursuant to the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq4774 7g7 ,rule of construction ,nothing in this section shall be construed to alter or limit-- 7#a7 the authority of the ,president or the ,secretary of ,state to designate items as defense articles and defense services for the purposes of the ,arms ,export ,control ,act 7#bb ,u4,s4,c4 #bgea et seq47 or to otherwise regulate such items2 or 7#b7 the authority of the ,president under the ,atomic ,energy ,act of #aied 7#db ,u4,s4,c4 #bjaa et seq471 the ,nuclear ,non-,proliferation ,act of #aigh 7#bb ,u4,s4,c4 #cbja et seq471 the ,energy ,reorganization ,act of #aigd 7#db ,u4,s4,c4 #ehja et seq471 or the ,export ,administration ,act of #aigi 7#ej ,u4,s4,c4 #dfja et seq47 7as continued in effect pursuant to the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq477 or any other provision of law relating to the control of exports4 7h7 ,definitions ,in this section3 7#a7 ,export ,administration ,regulations ,the term ,export ,administration ,regulations means subchapter ,c of chapter ,,vii of title #ae1 ,code of ,federal ,regulations4 7#b7 ,in-country transfer ,the term in-country transfer has the meaning given to the term in the ,export ,administration ,regulations4 7#c7 ,reexport ,the term reexport has the meaning given to the term in the ,export ,administration ,regulations4 7#d7 ,united ,states person ,the term ,united ,states person means any person subject to the jurisdiction of the ,united ,states4 #bf4 ,export control enforcement authority 7a7 ,authorities ,in order to enforce the provisions of the ,export ,administration ,regulations under subchapter ,c of chapter ,,vii of title #ae1 ,code of ,federal ,regulations1 issued under the authority of the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq47 7pursuant to which the ,president has continued in effect authorities granted under the ,export ,administration ,act of #aigi 7#ej ,u4,s4,c4 #dfja et seq4771 the ,president shall delegate to the ,secretary of ,commerce1 in addition to existing authorities1 the authority to authorize any law enforcement officer of the ,department of ,commerce to conduct investigations 7including undercover investigations7 in the ,united ,states and in other countries when permitted under such countries' laws using all applicable laws of the ,united ,states4 7b7 ,best practice guidelines ,the ,secretary of ,commerce1 in consultation with the heads of appropriate ,federal agencies1 may publish and update best practices guidelines to assist persons in developing and implementing1 on a voluntary basis1 effective export control programs in compliance with the ,export ,administration ,regulations4 7c7 ,confidentiality of information 7#a7 ,exemptions from disclosure 7,a7 ,in general ,information obtained under the ,export ,administration ,act of #aigi 7#ej ,u4,s4,c4 #bfja et seq47 7as continued in effect pursuant to the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq477 may be withheld from disclosure only to the extent permitted by statute1 except that information described in subparagraph 7,b7 shall be withheld from public disclosure and shall not be subject to disclosure under section #eeb7;b77#c7 of title #e1 ,united ,states ,code1 unless the release of such information is determined by the ,secretary to be in the national interest4 7,b7 ,information described ,information described in this subparagraph is information submitted or obtained in connection with an application for a license or other authorization to export1 reexport1 or transfer items or engage in other activities1 a recordkeeping or reporting requirement1 enforcement activity1 or other operations under the ,export ,administration ,act of #aigi1 including-- 7i7 the license application1 license1 or other authorization itself2 7ii7 classification or advisory opinion requests1 and any response to such a request2 7iii7 license determinations and information pertaining to such determinations2 7iv7 information or evidence obtained in the course of any investigation2 and 7v7 information obtained or furnished in connection with any international agreement1 treaty1 or other obligation4 7#b7 ,information to congress and gao 7,a7 ,in general ,nothing in this section shall be construed as authorizing the withholding of information from ,congress or the ,comptroller ,general of the ,united ,states4 7,b7 ,availability to congress 7i7 ,in general ,information obtained at any time under any provision of the ,export ,administration ,act of #aigi or the ,export ,administration ,regulations1 including reports or license applications required under any such provision1 shall be made available to a committee or subcommittee of ,congress of appropriate jurisdiction1 upon the request of the chairman or ranking member of the committee or subcommittee4 7ii7 ,prohibition on further disclosure ,no committee or subcommittee referred to in clause 7i71 or member thereof1 may disclose any information made available under clause 7i7 that is submitted on a confidential basis unless the full committee determines that the withholding of that information is contrary to the national interest4 7,c7 ,availability to gao 7i7 ,in general ,information described in subparagraph 7,b77i7 shall be subject to the limitations contained in section #gaf of title #ca1 ,united ,states ,code4 7ii7 ,prohibition on further disclosure ,an officer or employee of the ,government ,accountability ,office may not disclose1 except to ,congress in accordance with this paragraph1 any information described in subparagraph 7,b77i7 that is submitted on a confidential basis or from which any individual can be identified4 7#c7 ,information sharing 7,a7 ,exchange of information ,the heads of departments1 agencies1 and offices with enforcement authorities under the ,export ,administration ,act of #aigi1 consistent with protection of law enforcement and its sources and methods1 shall exchange any licensing and enforcement information with one another that is necessary to facilitate enforcement efforts under this section1 and shall consult on a regular basis with one another and with the heads of other departments1 agencies1 and offices that obtain information subject to this paragraph1 in order to facilitate the exchange of such information4 7,b7 ,provision of information by ,federal officials ,any ,federal official who obtains information that is relevant to the enforcement of the ,export ,administration ,act of #aigi1 including information pertaining to any investigation1 shall furnish such information to each appropriate department1 agency1 or office with enforcement responsibilities under this section to the extent consistent with the protection of intelligence1 counterintelligence1 and law enforcement sources1 methods1 and activities4 7,c7 ,exceptions ,the provisions of this paragraph shall not apply to information subject to the restrictions set forth in section #i of title #ac1 ,united ,states ,code4 ,return information1 as defined in section #fajc7;b7 of the ,internal ,revenue ,code of #aihf1 may be disclosed only as authorized by that section4 7,d7 ,information sharing with federal agencies ,licensing or enforcement information obtained under the ,export ,administration ,act of #aigi may be shared with heads of departments1 agencies1 and offices that do not have enforcement authorities under that ,act on a case-by-case basis1 at the discretion of the ,secretary of ,commerce4 ,such information may be shared only when the ,secretary makes a determination that the sharing of the information is in the national interest4 #bg4 ,prohibition on modification of civil penalties under export control and sanctions laws 7a7 ,in general ,notwithstanding any other provision of law1 the ,executive ,office of the ,president may not modify any civil penalty1 including a denial order1 implemented by the ,government of the ,united ,states with respect to a ,chinese telecommunications company pursuant to a determination that the company has violated an export control or sanctions law of the ,united ,states until the date that is #cj days after the ,president certifies to the appropriate congressional committees that the company-- 7#a7 has not1 for a period of one year1 conducted activities in violation of the laws of the ,united ,states2 and 7#b7 is fully cooperating with investigations into the activities of the company conducted by the ,government of the ,united ,states1 if any4 7b7 ,appropriate congressional committees defined ,in this section1 the term appropriate congressional committees means-- 7#a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs and the ,committee on ,foreign ,relations of the ,senate2 and 7#b7 the ,committee on ,financial ,services and the ,committee on ,foreign ,affairs of the ,house of ,representatives4 #bh4 ,under ,secretary of ,commerce for ,industry and ,security 7a7 ,in general ,on and after the date of the enactment of this ,act1 any reference in the ,export ,administration ,act of #aigi 7#ej ,u4,s4,c4 #dfja et seq47 or any other law or regulation to the ,under ,secretary of ,commerce for ,export ,administration shall be deemed to be a reference to the ,under ,secretary of ,commerce for ,industry and ,security4 7b7 ,title #e ,section #ecad of title #e1 ,united ,states ,code1 is amended by striking ,under ,secretary of ,commerce for ,export ,administration and inserting ,under ,secretary of ,commerce for ,industry and ,security4 7c7 ,continuation in office ,the individual serving as ,under ,secretary of ,commerce for ,export ,administration on the day before the date of the enactment of this ,act may serve as the ,under ,secretary of ,commerce for ,industry and ,security on and after that date without the need for renomination or reappointment4 #bi4 ,limitation on cancellation of designation of ,secretary of the ,air ,force as ,department of ,defense ,executive ,agent for a certain ,defense ,production ,act program 7a7 ,limitation on cancellation of designation ,the ,secretary of ,defense may not implement the decision1 issued on ,july #a1 #bjag1 to cancel the designation1 under ,department of ,defense ,directive #ddjj4ja;,e1 entitled ,defense ,production ,act ,programs and dated ,october #ab1 #bjja1 of the ,secretary of the ,air ,force as the ,department of ,defense ,executive ,agent for the program carried out under title ,,iii of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #deca et seq47 until the date specified in subsection 7c74 7b7 ,designation ,the ,secretary of the ,air ,force shall continue to serve as the sole and exclusive ,department of ,defense ,executive ,agent for the program described in subsection 7a7 until the date specified in subsection 7c74 7c7 ,date specified ,the date specified in this subsection is the date of the enactment of a joint resolution or an ,act approving the implementation of the decision described in subsection 7a74 #cj4 ,review of and report on certain defense technologies critical to the ,united ,states maintaining superior military capabilities 7a7 ,review required ,not later than #ahj days after the date of the enactment of this ,act1 the ,secretary of ,defense and the ,director of ,national ,intelligence1 in consultation with the ,air ,force ,research ,laboratory1 the ,defense ,advanced ,projects ,research ,agency1 and such other appropriate research entities as the ,secretary and the ,director may identify1 shall-- 7#a7 jointly carry out and complete a review of key national security technology capability advantages1 competitions1 and gaps between the ,united ,states and near peer nations2 7#b7 develop a definition of near peer nation for purposes of paragraph 7#a72 and 7#c7 submit to the appropriate congressional committees a report on the findings of the ,secretary and the ,director with respect to the review conducted under paragraph 7#a74 7b7 ,elements ,the review conducted under paragraph 7#a7 of subsection 7a71 and the report required by paragraph 7#c7 of that subsection1 shall identify1 at a minimum1 the following3 7#a7 ,key ,united ,states industries and research and development activities expected to be critical to maintaining a national security technology capability if1 during the #e-year period beginning on the date of the enactment of this ,act1 the ,secretary and the ,director anticipate that-- 7,a7 a ,united ,states industrial base shortfall will exist2 and 7,b7 ,united ,states industry will be unable to or otherwise will not provide the needed capacity in a timely manner without financial assistance from the ,united ,states ,government through existing statutory authorities specifically intended for that purpose1 including assistance provided under title ,,iii of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #deca et seq47 and other appropriate authorities4 7#b7 ,key areas in which the ,united ,states currently enjoys a technological advantage4 7#c7 ,key areas in which the ,united ,states no longer enjoys a technological advantage4 7#d7 ,sectors of the defense industrial base in which the ,united ,states lacks adequate productive capacity to meet critical national defense needs4 7#e7 ,priority areas for which appropriate statutory industrial base incentives should be applied as the most cost-effective1 expedient1 and practical alternative for meeting the technology or defense industrial base needs identified under this subsection1 including-- 7,a7 sustainment of critical production and supply chain capabilities2 7,b7 commercialization of research and development investments2 7,c7 scaling of emerging technologies2 and 7,d7 other areas as determined by the ,secretary and the ,director4 7#f7 ,priority funding recommendations with respect to key areas that the ,secretary1 in consultation with the ,director1 determines are-- 7,a7 critical to the ,united ,states maintaining superior military capabilities1 especially with respect to potential peer and near peer military or economic competitors1 during the #e-year period beginning on the date of the enactment of this ,act2 and 7,b7 suitable for long-term investment from funds made available under title ,,iii of the ,defense ,production ,act of #aiej and other appropriate statutory authorities4 7c7 ,form of report ,the report required by subsection 7a77#c7 shall be submitted in unclassified form1 but may include a classified annex4 7d7 ,appropriate congressional committees defined ,in this section1 the term appropriate congressional committees means-- 7#a7 the ,committee on ,banking1 ,housing and ,urban ,affairs1 the ,committee on ,armed ,services1 and the ,select ,committee on ,intelligence of the ,senate2 and 7#b7 the ,committee on ,financial ,services1 the ,committee on ,armed ,services1 and the ,permanent ,select ,committee on ,intelligence of the ,house of ,representatives4 #ca4 ,briefing on information from transactions reviewed by ,committee on ,foreign ,investment in the ,united ,states relating to foreign efforts to influence democratic institutions and processes ,not later than #fj days after the date of the enactment of this ,act1 the ,secretary of the ,treasury 7or a designee of the ,secretary7 shall provide a briefing to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives on-- 7#a7 transactions reviewed by the ,committee on ,foreign ,investment in the ,united ,states during the #e-year period preceding the briefing that the ,committee determined would have allowed foreign persons to inappropriately influence democratic institutions and processes within the ,united ,states and in other countries2 and 7#b7 the disposition of such reviews1 including any steps taken by the ,committee to address the risk of allowing foreign persons to influence such institutions and processes4 #cb4 ,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 #e1 #g1 #h1 #i1 #aj1 #ac1 #ad1 #ae1 #af1 #ag1 #ai1 #bj1 #ba1 #bb1 #bc1 #bd1 #be1 #bf1 #bg1 #bh1 and #bi and the amendments made by those sections4 7#b7 ,section #ab 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 #ab74 7#c7 ,paragraphs 7#a71 7#b71 7#c71 7#d71 7#e77;,a77i71 7#e77;,b77i71 7#e77;,b77iv77,i71 7#e77;,b77v71 7#e77;,c77v71 7#f71 7#g71 7#h71 7#i71 7#aj71 7#aa71 7#ab71 7#ac71 7#ad71 7#ae71 7#af71 and 7#ag7 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 #ah 7except for clauses 7ii71 7iii71 7iv71 and 7v7 of subparagraph 7,b7 of that section74 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 #cc4 ,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 ,amend the title so as to read3 ,a bill to modernize and strengthen the ,committee on ,foreign ,investment in the ,united ,states and the ,united ,states export control system 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 purposes44 ,may #bb1 #bjah,reported with an amendment and an amendment to the title