,,ii  #aah? ,,congress  #a/ ,session    
,s4 #bfgh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bg1 #bjbc,mr4   
,cornyn 7= himself & ,mr4 ,casey7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to provide = an inve/m5t scre5+
 me*anism relat+ to cov]$ sectors4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,outb\nd ,inve/m5t ,transp>5cy ,act (   
#bjbc4  #b4 ,protection ( cov]$ sectors 
,! ,def5se ,production ,act ( #aiej 7#ej
 ,u4,s4,c4 #deja et seq47 is am5d$ by   
add+ at ! end ! foll[+3  ,,viii         
,protection ( cov]$ sectors  #hja4      
,def9itions ,9 ?is title3 7#a7          
,appropriate congressional committees ,!
 t]m appropriate congressional          
committees means-- 7,a7 ! ,committee on 
,arm$ ,s]vices1 ! ,committee on ,f9ance1
 ! ,committee on ,bank+1 ,h\s+1 & ,urban
 ,affairs1 ! ,select ,committee on      
,intellig5ce1 & ! ,committee on ,=eign  
,relations ( ! ,s5ate2 &  7,b7 !        

,committee on ,arm$ ,s]vices1 !         
,committee on ,ways & ,means1 !         
,committee on ,f9ancial ,s]vices1 !     
,p]man5t ,select ,committee on          
,intellig5ce1 & ! ,committee on ,=eign  
,affairs ( ! ,h\se ( ,repres5tatives4   
7#b7 ,c\ntry ( conc]n ,! t]m c\ntry (   
conc]n means1 subject to su* regulations
 z may be prescrib$ 9 accordance )      
section #hjf1 a c\ntry specifi$ 9       
section #dhgb7;d77#b7 ( title #aj1      
,unit$ ,/ates ,code4  7#c7 ,cov]$       
activity  7,a7 ,9 g5]al ,subject to su* 
regulations z may be prescrib$ 9        
accordance ) section #hjf1 & except z   
provid$ 9 subp>agraph 7,b71 ! t]m cov]$ 
activity means any activity engag$ 9 by 
a ,unit$ ,/ates p]son 9 a relat$ to a   
cov]$ sector t involves-- 7i7 an        
acquisition by su* ,unit$ ,/ates p]son (
 an equity int]e/ or cont+5t equity     
int]e/1 or monet>y capital contribution1
 9 a cov]$ =eign entity1 directly or    
indirectly1 by contractual commitm5t or 
o!rwise1 ) ! goal ( g5]at+ income or    

ga92  7ii7 an arrangem5t = an int]e/    
held by su* ,unit$ ,/ates p]son 9 !     
%ort- or long-t]m debt obligations ( a  
cov]$ =eign entity t includes gov]nance 
rights t are *>act]i/ic ( an equity     
inve/m5t1 managem5t1 or o!r important   
rights1 z def9$ 9 regulations prescrib$ 
9 accordance ) section #hjf2  7iii7 !   
e/abli%m5t ( a :olly own$ subsidi>y 9 a 
c\ntry ( conc]n1 su* z a gre5field      
inve/m5t1 = ! purpose ( production1     
design1 te/+1 manufactur+1 fabrication1 
or developm5t relat$ to "o or m cov]$   
sectors2  7iv7 ! e/abli%m5t by su*      
,unit$ ,/ates p]son ( a jo9t v5ture 9 a 
c\ntry ( conc]n or ) a cov]$ =eign      
entity = ! purpose ( production1 design1
 te/+1 manufactur+1 fabrication1 or     
rese>* involv+ "o or m cov]$ sectors1 or
 o!r contractual or o!r commitm5ts      
involv+ a cov]$ =eign entity to jo9tly  
rese>* & develop new innovation1 includ+
 ?r\gh ! transf] ( capital or           
intellectual prop]ty or o!r bus9ess     
propriet>y in=mation2 or  7v7 !         

acquisition by a ,unit$ ,/ates p]son ) a
 cov]$ =eign entity (-- 7,i7 op]ational 
coop]ation1 su* z ?r\gh supply or       
support arrangem5ts2  7,,ii7 ! "r to    
bo>d repres5tation 7z an obs]v]1 ev5 if 
limit$1 or z a memb]7 or an executive   
role 7z may be def9$ ?r\gh regulation7 9
 a cov]$ =eign entity2  7,,iii7 !       
ability to direct or influ5ce su*       
op]ational decisions z may be def9$     
?r\gh su* regulations2  7,,iv7 =mal     
gov]nance repres5tation 9 any op]at+    
affiliate1 l a portfolio company1 ( a   
cov]$ =eign entity2 or  7,v7 a new      
relation%ip to %>e or provide bus9ess   
s]vices1 su* z b n limit$ to f9ancial   
s]vices1 m>ket+ s]vices1 ma9t5ance1 or  
assembly functions1 relat$ to a cov]$   
sectors4  7,b7 ,exceptions ,! t]m cov]$ 
activity does n include-- 7i7 any       
transaction ! value ( :i* ! ,secret>y ( 
! ,treasury det]m9es is de m9imis1 z    
def9$ 9 regulations prescrib$ 9         
accordance ) section #hjf2  7ii7 any    
category ( transactions t ! ,secret>y   

det]m9es is 9 ! national int]e/ ( !     
,unit$ ,/ates1 z may be def9$ 9         
regulations prescrib$ 9 accordance )    
section #hjf2 or  7iii7 any ord9>y or   
adm9i/rative bus9ess transaction z may  
be def9$ 9 su* regulations4  7#d7 ,cov]$
 =eign entity  7,a7 ,9 g5]al ,subject to
 regulations prescrib$ 9 accordance )   
section #hjf1 & except z provid$ 9      
subp>agraph 7,b71 ! t]m cov]$ =eign     
entity means-- 7i7 any entity t is      
incorporat$ 91 has a pr9cipal place (   
bus9ess 91 or is organiz$ "u ! laws ( a 
c\ntry ( conc]n2  7ii7 any entity !     
equity securities ( :i* are prim>ily    
trad$ 9 ! ord9>y c\rse ( bus9ess on "o  
or m ex*anges 9 a c\ntry ( conc]n2      
7iii7 any entity 9 :i* any entity       
describ$ 9 subclause 7i7 or 7ii7 holds1 
individually or 9 ! aggregate1 directly 
or indirectly1 an own]%ip int]e/ (      
great] ?an #ej p]c5t2 or  7iv7 any o!r  
entity t is n a ,unit$ ,/ates p]son & t 
meets su* crit]ia z may be specifi$ by !
 ,secret>y ( ! ,treasury 9 su*          

regulations4  7,b7 ,exception ,! t]m    
cov]$ =eign entity does n include any   
entity describ$ 9 subp>agraph 7,a7 t c  
demon/rate t a majority ( ! equity      
int]e/ 9 ! entity is ultimately own$    
by-- 7i7 nationals ( ! ,unit$ ,/ates2 or
  7ii7 nationals ( su* c\ntries 7o!r ?an
 c\ntries ( conc]n7 z are id5tifi$ =    
purposes ( ?is subp>agraph pursuant to  
regulations prescrib$ 9 accordance )    
section #hjf4  7#e7 cov]$ sectors       
,subject to regulations prescrib$ 9     
accordance ) section #hjf1 ! t]m cov]$  
sectors includes sectors )9 ! foll[+    
areas1 z specifi$ 9 su* regulations3    
7,a7 ,advanc$ semiconductors &          
microelectronics4  7,b7 ,artificial     
intellig5ce4  7,c7 ,quantum in=mation   
sci5ce & te*nology4  7,d7 ,hyp]sonics4  
7,e7 ,satellite-bas$ communications4    
7,f7 ,network$ las] scann+ sy/ems )     
dual-use applications4  7#f7 ,p>ty ,!   
t]m p>ty1 ) respect to an activity1 has 
! mean+ giv5 t t]m 9 regulations        
prescrib$ 9 accordance ) section #hjf4  

7#g7 ,unit$ ,/ates ,! t]m ,unit$ ,/ates 
means ! sev]al ,/ates1 ! ,di/rict (     
,columbia1 & any t]ritory or possession 
( ! ,unit$ ,/ates4  7#h7 ,unit$ ,/ates  
p]son ,! t]m ,unit$ ,/ates p]son means--
 7,a7 an individual :o is a citiz5 or   
national ( ! ,unit$ ,/ates or an ali5   
lawfully admitt$ = p]man5t resid5ce 9 ! 
,unit$ ,/ates2 &  7,b7 any corporation1 
p>tn]%ip1 or o!r entity organiz$ "u !   
laws ( ! ,unit$ ,/ates or ! laws ( any  
jurisdiction )9 ! ,unit$ ,/ates4  #hjb4 
,adm9i/ration ( ,unit$ ,/ates inve/m5t  
notification  7a7 ,9 g5]al ,! ,presid5t 
%all delegate ! au?orities & functions  
"u ?is title to ! ,secret>y ( !         
,treasury4  7b7 ,coord9ation ,9 c>ry+   
out ! duties ( ! ,secret>y "u ?is title1
 ! ,secret>y %all-- 7#a7 coord9ate ) !  
,secret>y ( ,comm]ce2 &  7#b7 consult ) 
! ,unit$ ,/ates ,trade ,repres5tative1 !
 ,secret>y ( ,def5se1 ! ,secret>y (     
,/ate1 & ! ,director ( ,national        
,intellig5ce4  #hjc4 ,m&atory           
notification ( cov]$ activities  7a7    

,m&atory notification  7#a7 ,9 g5]al    
,subject to regulations prescrib$ 9     
accordance ) section #hjf1 beg9n+ on !  
date t is #ij days aft] su* regulations 
take effect1 a ,unit$ ,/ates p]son t    
plans to engage 9 a cov]$ activity      
%all-- 7,a7 if su* cov]$ activity is n a
 secur$ transaction1 submit to !        
,secret>y ( ! ,treasury a complete      
writt5 notification ( ! activity n lat] 
?an #ad days be=e ! anticipat$          
completion date ( ! activity2 &  7,b7 if
 su* cov]$ activity is a secur$         
transaction1 submit to ! ,secret>y ( !  
,treasury a complete writt5 notification
 ( ! activity n lat] ?an #ad days aft] !
 completion date ( ! activity4  7#b7    
,circulation ( notification  7,a7 ,9    
g5]al ,! ,secret>y %all1 ^u receipt ( a 
notification "u p>agraph 7#a71 promptly 
inspect ! notification = complet5ess4   
7,b7 ,incomplete notifications ,if a    
notification submitt$ "u p>agraph 7#a7  
is incomplete1 ! ,secret>y %all promptly
 in=m ! ,unit$ ,/ates p]son t submits ! 

notification t ! notification is n      
complete & provide an explanation (     
relevant mat]ial respects 9 :i* !       
notification is n complete4  7#c7       
,id5tification ( non-notifi$ activity ,!
 ,secret>y %all e/abli% a process to    
id5tify cov]$ activity = :i*-- 7,a7 a   
notification is n submitt$ to !         
,secret>y "u p>agraph 7#a72 &  7,b7     
in=mation is reasonably available4  7b7 
,confid5tiality ( in=mation  7#a7 ,9    
g5]al ,except z provid$ 9 p>agraph 7#b71
 any in=mation or docum5t>y mat]ial fil$
 ) ! ,secret>y ( ! ,treasury pursuant to
 ?is section %all be exempt f disclosure
 "u section #eeb ( title #e1 ,unit$     
,/ates ,code1 & no su* in=mation or     
docum5t>y mat]ial may be made public by 
any gov]nm5t ag5cy or ,memb] (          
,congress4  7#b7 ,exceptions ,!         
exemption f disclosure provid$ by       
p>agraph 7#a7 %all n prev5t ! disclosure
 ( ! foll[+3 7,a7 ,in=mation relevant to
 any adm9i/rative or judicial action or 
proce$+4  7,b7 ,in=mation provid$ to    

,congress or any ( ! appropriate        
congressional committees4  7,c7         
,in=mation important to ! national      
security analysis or actions ( !        
,presid5t to any dome/ic gov]nm5tal     
entity1 or to any =eign gov]nm5tal      
entity ( an ally or p>tn] ( ! ,unit$    
,/ates1 "u ! direction & au?orization ( 
! ,presid5t or ! ,secret>y1 only to !   
ext5t necess>y = national security      
purposes1 & subject to appropriate      
confid5tiality & classification         
requirem5ts4  7,d7 ,in=mation t ! p>ties
 h cons5t$ to be disclos$ to ?ird       
p>ties4  #hjd4 ,report+ requirem5ts  7a7
 ,9 g5]al ,n lat] ?an #cfj days aft] !  
date on :i* ! regulations prescrib$ "u  
section #hjf take effect1 & n less      
frequ5tly ?an annually !reaft]1 !       
,secret>y ( ! ,treasury %all submit to !
 appropriate congressional committees a 
report t-- 7#a7 li/s all notifications  
submitt$ "u section #hjc7;a7 dur+ ! ye> 
prec$+ submission ( ! report & includes1
 ) respect to ea* su* notification--    

7,a7 basic in=mation on ea* p>ty to !   
cov]$ activity ) respect to :i* !       
notification 0 submitt$2 &  7,b7 !      
nature ( ! cov]$ activity t 0 ! subject 
to ! notification1 includ+ ! elem5ts ( !
 cov]$ activity t necessitat$ a         
notification2  7#b7 includes a summ>y ( 
^? notifications1 disaggregat$ by       
sector1 by cov]$ activity1 & by c\ntry (
 conc]n2  7#c7 provides additional      
context & in=mation reg>d+ tr5ds 9 !    
sectors1 ! types ( cov]$ activities1 & !
 c\ntries involv$ 9 ^? notifications2   
7#d7 includes a description ( ! national
 security risks associat$ )-- 7,a7 !    
cov]$ activities ) respect to :i* ^?    
notifications 7 submitt$2 or  7,b7      
categories ( su* activities2 &  7#e7    
assesses ! ov]all impact ( ^?           
notifications1 includ+ recomm5dations   
=-- 7,a7 exp&+ exi/+ ,f$]al programs to 
support ! production or supply ( cov]$  
sectors 9 ! ,unit$ ,/ates1 includ+ !    
pot5tial ( exi/+ au?orities to address  
any relat$ national security conc]ns2   

7,b7 inve/m5ts ne$$ to enhance cov]$    
sectors & r$uce dep5d5ce on c\ntries (  
conc]n reg>d+ ^? sectors2 &  7,c7 !     
cont9uation1 expansion1 or modification 
( ! implem5tation & adm9i/ration ( ?is  
title1 includ+ recomm5dations ) respect 
to :e!r ! def9ition ( c\ntry ( conc]n "u
 section #hja7b7 %\ld be am5d$ to add or
 remove c\ntries4  7b7 ,=m ( report ,ea*
 report requir$ by ?is section %all be  
submitt$ 9 unclassifi$ =m1 b may include
 a classifi$ annex4  7c7 ,te/imony      
requir$ ,n lat] ?an "o ye> aft] ! date (
 enactm5t ( ?is title1 & annually       
!reaft]1 ! ,secret>y ( ! ,treasury & !  
,secret>y ( ,comm]ce %all ea* provide to
 ! ,committee on ,bank+1 ,h\s+1 & ,urban
 ,affairs ( ! ,s5ate & ! ,committee on  
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives te/imony ) respect to ! 
national security ?reats relat+ to      
inve/m5ts by ! ,unit$ ,/ates p]sons 9   
c\ntries ( conc]n & broad] int]national 
capital fl[s4  #hje4 ,p5alties &        
en=cem5t  7a7 ,p5alties ) respect to    

unlawful acts ,subject to regulations   
prescrib$ 9 accordance ) section #hjf1 x
 %all be unlawful-- 7#a7 to fail to     
submit a notification "u subsection 7a7 
( section #hjc ) respect to a cov]$     
activity or to submit o!r in=mation z   
requir$ by ! ,secret>y ( ! ,treasury2 or
  7#b7 to make a mat]ial mis/atem5t or  
to omit a mat]ial fact 9 any in=mation  
submitt$ to ! ,secret>y "u ?is title4   
7b7 ,en=cem5t ,! ,presid5t may direct ! 
,attorney ,g5]al to seek appropriate    
relief 9 ! di/rict c\rts ( ! ,unit$     
,/ates1 9 ord] to implem5t & en=ce ?is  
title4  #hjf4 ,requirem5t = regulations 
7a7 ,9 g5]al ,n lat] ?an #cfj days aft] 
! date ( ! enactm5t ( ?is title1 !      
,secret>y ( ! ,treasury %all f9alize    
regulations to c>ry out ?is title4  7b7 
,elem5ts ,regulations prescrib$ to c>ry 
out ?is title %all include specific     
examples ( ! types (-- 7#a7 activities t
 w be consid]$ to be cov]$ activities2 &
  7#b7 ! specific sectors & subsectors t
 may be consid]$ to be cov]$ sectors4   

7c7 ,requirem5ts = c]ta9 regulations ,! 
,secret>y ( ! ,treasury %all prescribe  
regulations fur!r def9+ ! t]ms us$ 9 ?is
 title1 includ+ cov]$ activity1 cov]$   
=eign entity1 & p>ty1 9 accordance )    
sub*apt] ,,ii ( *apt] #e & *apt] #g (   
title #e 7commonly kn[n z !             
,adm9i/rative ,proc$ure ,act74  7d7     
,public p>ticipation 9 rulemak+ ,!      
provisions ( section #gji %all apply to 
any regulations issu$ "u ?is title4  7e7
 ,l[-,burd5 regulations ,9 prescrib+    
regulations "u ?is section1 ! ,secret>y 
( ! ,treasury %all /ructure !           
regulations-- 7#a7 to m9imize ! co/ &   
complexity ( compliance = affect$       
p>ties2  7#b7 to ensure ! b5efits ( !   
regulations outweigh _! co/s2  7#c7 to  
adopt ! lea/ burd5some alt]native t     
a*ieves regulatory objectives2  7#d7 to 
prioritize transp>5cy & /akehold]       
involvem5t 9 ! process ( prescrib+ !    
regulations2 &  7#e7 to regul>ly review 
& /reaml9e exi/+ regulations to r$uce   
r$undancy & complexity4  #hjg4          

,multilat]al engagem5t & coord9ation    
7a7 ,9 g5]al ,! ,presid5t %all delegate 
! au?orities & functions "u ?is section 
to ! ,secret>y ( ,/ate4  7b7 ,au?orities
 ,! ,secret>y ( ,/ate1 9 coord9ation ) !
 ,secret>y ( ! ,treasury1 ! ,secret>y ( 
,comm]ce1 ! ,unit$ ,/ates ,trade        
,repres5tative1 & ! ,director (         
,national ,intellig5ce1 %all-- 7#a7     
conduct bilat]al & multilat]al engagem5t
 ) ! gov]nm5ts ( c\ntries t are allies &
 p>tn]s ( ! ,unit$ ,/ates to ensure     
coord9ation ( protocols & proc$ures )   
respect to cov]$ activities ) c\ntries (
 conc]n & cov]$ =eign entities2 &  7#b7 
^u adoption ( protocols & proc$ures     
describ$ 9 p>agraph 7#a71 "w ) ^?       
gov]nm5ts to e/abli% me*anisms = %>+    
in=mation1 includ+ tr5ds1 ) respect to  
su* activities4  7c7 ,/rategy =         
developm5t ( outb\nd inve/m5t scre5+    
me*anisms ,! ,secret>y ( ,/ate1 9       
coord9ation ) ! ,secret>y ( ! ,treasury 
& 9 consultation ) ! ,attorney ,g5]al1  
%all-- 7#a7 develop a /rategy to "w )   

c\ntries t are allies & p>tn]s ( !      
,unit$ ,/ates to develop me*anisms      
comp>able to ?is title = ! notification 
( cov]$ activities2 &  7#b7 provide     
te*nical assi/ance to ^? c\ntries )     
respect to ! developm5t ( ^? me*anisms4 
7d7 ,report ,n lat] ?an #ij days aft] ! 
developm5t ( ! /rategy requir$ by       
subsection 7b71 & annually !reaft] = a  
p]iod ( #e ye>s1 ! ,secret>y ( ,/ate    
%all submit to ! appropriate            
congressional committees a report t     
includes ! /rategy1 ! /atus ( implem5t+ 
! /rategy1 & a description ( any        
imp$im5ts to ! e/abli%m5t ( me*anisms   
comp>able to ?is title by allies &      
p>tn]s4  #hjh4 ,au?orization (          
appropriations  7a7 ,9 g5]al ,!re are   
au?oriz$ to be appropriat$ su* sums z   
may be necess>y to c>ry out ?is title1  
includ+ to provide outrea* to indu/ry & 
p]sons affect$ by ?is title4  7b7 ,hir+ 
au?ority ,! head ( any ag5cy designat$ z
 a lead ag5cy "u section #hjb7;b7 may   
appo9t1 )\t reg>d to ! provisions (     

sections #ccji ?r\gh #ccah ( title #e1  
,unit$ ,/ates ,code1 n m ?an #be        
c&idates directly to positions 9 !      
competitive s]vice 7z def9$ 9 section   
#bajb ( t title7 9 t ag5cy4 ,! prim>y   
responsibility ( individuals 9 positions
 au?oriz$ "u ! prec$+ s5t5ce %all be to 
adm9i/] ?is title4  #hji4 ,rule (       
con/ruction ) respect to free & fair    
comm]ce ,no?+ 9 ?is title may be con/ru$
 to re/ra9 or det] =eign inve/m5t 9 !   
,unit$ ,/ates1 ,unit$ ,/ates inve/m5t   
abroad1 or trade 9 goods or s]vices1 if 
su* inve/m5t & trade d n pose a risk to 
! national security ( ! ,unit$ ,/ates4  
4