H.R. 8636 — Introduced in House

I 118th CONGRESS 2d Session H. R. 8636 IN THE HOUSE OF REPRESENTATIVES June 5, 2024Mr. Moolenaar (for himself, Mr. Huizenga, and Mr. Nunn of Iowa) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To amend the Defense Production Act of 1950 to provide a process for a member agency of the Committee on Foreign Investment in the United States to request the Committee initiate a unilateral review of a transaction and to require congressional notice when such request is denied, and for other purposes. 1. Short title This Act may be cited as the Foreign Investment Transparency and Accountability Act. 2. Member agency request for review and report on transactions not reviewed Section 721(b)(1) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(1)) is amended by adding at the end the following: (I) Member agency request for review If a member agency of the Committee wishes the Committee to initiate a review of a transaction pursuant to subparagraph (D), the head of the agency shall notify the Committee of such request and certify to the Committee that the transaction is a covered transaction described under subparagraph (D). (J) Notification if no review is initiated (i) In general If the Committee considers a transaction (including a transaction described in a notice received under subparagraph (I)) and does not initiate a review of the transaction, the Committee shall issue a public notice to the appropriate congressional committees containing— (I) a description of the transaction, including whether the transaction was described in a notice received under subparagraph (I); (II) a statement that the Committee does not plan to initiate a review of the transaction; and (III) a statement of whether or not the Committee determined the transaction was a covered transaction described under subparagraph (D) and, if not, any legislative recommendations of the Committee to make the transaction a covered transaction, if the Committee determines such a change would improve national security. (ii) Classified annex The notice described under clause (i) shall contain a classified annex, which shall contain the names of the parties to the transaction, as well as any other classified or business confidential information related to the transaction. (iii) Appropriate congressional committees In this subparagraph, the term appropriate congressional committees means the Committee on Financial Services and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the Senate. .