,,ii  #aahth ,,congress  #b;d ,session  
,s4 #cidh  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #ad1    
#bjbd,ms4 ,stabenow 7for herself and    
,mr4 ,peters7 introduced the following  
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
amend the ,defense ,production ,act of  
#aiej to better address certain         
transactions by foreign entities of     
concern1 and for other purposes4  #a4   
,short title ,this ,act may be cited as 
the ,protecting ,against ,foreign       
,adversary ,investments ,act of #bjbd4  
#b4 ,authority of ,committee on ,foreign
 ,investment in the ,united ,states to  
review certain real estate purchases by 
foreign entities of concern  7a7 ,in    
general ,section #gba7;a77#d7 of the    
,defense ,production ,act of #aiej 7#ej 
,u4,s4,c4 #defe7;a77#d77 is amended--   
7#a7 in subparagraph 7,a7-- 7,a7 in     
clause 7i71 by striking 2 and and       
inserting a semicolon2  7,b7 in clause  

7ii71 by striking the period at the end 
and inserting 2 and2 and  7,c7 by adding
 at the end the following new clause3   
7iii7 any transaction described in      
subparagraph 7,b77vi7 proposed or       
pending on or after the date of the     
enactment of this clause4  2  7#b7 in   
subparagraph 7,b71 by adding at the end 
the following new clause3  7vi7 ,subject
 to subparagraph 7,c71 the purchase or  
lease by1 or a concession to1 a foreign 
entity of concern of private or public  
real estate in the ,united ,states if-- 
7,i7 the value or fair market value of  
such purchase1 lease1 or concession     
exceeds #a1jjj1jjj2  7,,ii7 the real    
estate exceeds #ajj acres2  7,,iii7 the 
aggregate value or fair market value of 
such purchase1 lease1 or concession1 in 
combination with the value or fair      
market value of other purchases or      
leases by1 or concessions to1 such      
foreign entity during the #c-year period
 preceding the date of such purchase1   
lease1 or concession1 exceeds           

#a1jjj1jjj2  7,,iv7 the aggregate       
acreage of such purchase1 lease1 or     
concession1 in combination with the     
aggregate acreage of other purchases or 
leases by1 or concessions to1 such      
foreign entity during the #c-year period
 preceding the date of such purchase1   
lease1 or concession1 exceeds #ajj      
acres2 or  7,v7 the structure of such   
purchase1 lease1 or concession is       
designed or intended to evade or        
circumvent the application of this      
clause1 as determined by the ,committee4
  2 and  7#c7 in subparagraph 7,c77i71  
by striking subparagraph 7,b77ii7 and   
inserting clause 7ii7 or 7iv7 of        
subparagraph 7,b74  7b7 ,definition of  
foreign entities of concern ,section    
#gba7;a7 of the ,defense ,production    
,act of #aiej 7#ej ,u4,s4,c4 #defe7;a77 
is amended-- 7#a7 by redesignating      
paragraphs 7#g7 through 7#ac7 as        
paragraphs 7#h7 through 7#ad71          
respectively2 and  7#b7 by inserting    
after paragraph 7#f7 the following new  

paragraph3  7#g7 ,foreign entity of     
concern ,the term foreign entity of     
concern has the meaning given that term 
in section #iija of the ,william ,m4    
7,mac7 ,thornberry ,national ,defense   
,authorization ,act for ,fiscal ,year   
#bjba 7#ae ,u4,s4,c4 #dfea74  4  7c7    
,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 by redesignating      
paragraphs 7#h7 through 7#aa7 as        
paragraphs 7#aj7 through 7#ac71         
respectively2 and  7#b7 by inserting    
after paragraph 7#g7 the following new  
paragraphs3  7#h7 the potential effects 
of a proposed or pending transaction on 
the national security of the ,united    
,states as a result of the impact of the
 transaction on the economic security of
 the ,united ,states2  7#i7 the factors 
described in section #c of ,executive   
,order #adjhc 7#ej ,u4,s4,c4 #defe note2
 relating to consideration of evolving  
national security risks by the          

,committee on ,foreign ,investment in   
the ,united ,states71 as in effect on   
,january #a1 #bjbd2  4  7d7 ,mandatory  
declarations ,section                   
#gba7;b77#a77;,c77v77,,iv7 of the       
,defense ,production ,act of #aiej 7#ej 
,u4,s4,c4 #defe7;b77#a77;,c77v77,,iv77  
is amended by adding at the end the     
following3  7hh7 ,required declarations 
for certain real estate transactions    
,notwithstanding item 7dd71 the parties 
to a real estate transaction described  
in subsection 7a77#d77;,b77vi7 shall    
submit a declaration described in       
subclause 7,i7 with respect to the      
transaction4  4  7e7 ,reports required  
7#a7 ,retroactive applicability ,not    
later than #ahj days after the date of  
the enactment of this ,act1 the         
,secretary of the ,treasury1 in         
coordination with ,secretary of ,state  
and the ,secretary of ,homeland         
,security1 shall submit to ,congress a  
report that includes an assessment of   
the feasibility of requiring retroactive

 mitigation measures or divestment of   
real estate described in clause 7vi7 of 
section #gba7;a77#d77;,b7 of the        
,defense ,production ,act of #aiej1 as  
added by this section1 that is owned by 
a foreign entity of concern 7as defined 
in paragraph 7#g7 of section #gba7;a7 of
 such ,act1 as amended by this section7 
that presents a threat to national      
security 7as determined by the          
,committee on ,foreign ,investment in   
the ,united ,states74  7#b7 ,additional 
resources ,not later than #ahj after the
 date of the enactment of this ,act1 the
 ,secretary of the ,treasury and the    
,committee on ,foreign ,investment in   
the ,united ,states shall submit to     
,congress a report describing any       
statutory or regulatory changes         
necessary to carry out this section and 
the amendments made by this section4    
7f7 ,effective date ,the amendments made
 by this section 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          
enactment4  #c4 ,report on public or    
private real estate purchasing          
activities in the ,united ,states by    
foreign entities of concern  7a7        
,reports  7#a7 ,in general ,not later   
than #ahj days after the date of the    
enactment of this ,act1 and annually    
thereafter1 the ,director1 in           
coordination with the ,secretary of     
,homeland ,security and the head of any 
other appropriate ,federal agency1 shall
 submit to the appropriate congressional
 committees a report containing a       
description of the national security    
risks of the purchase1 ownership1 or    
lease of public or private real estate  
by a foreign entity of concern4  7#b7   
,contents ,each report submitted under  
paragraph 7#a7 shall include1 with      
respect to the year covered by the      
report1 the following3 7,a7 ,a list of  

all real estate in the ,united ,states  
described in clause 7vi7 of section     
#gba7;a77#d77;,b7 of the ,defense       
,production ,act of #aiej1 as added by  
this ,act4  7,b7 ,an analysis of the    
potential use of real estate for        
industrial espionage or intellectual    
property transfer by a foreign entity of
 concern4  7,c7 ,an analysis of the     
potential use by a foreign entity of    
concern of real estate in close         
proximity to manufacturing facilities1  
water sources1 and other critical       
infrastructure to monitor1 interrupt1 or
 disrupt activities critical to the     
national and economic security of the   
,united ,states4  7,d7 ,an analysis of  
other threats to the economic security  
or national security of the ,united     
,states due to the ownership1 including 
ownership in the aggregate1 of real     
estate by a foreign entity of concern4  
7#c7 ,unclassified form ,each report    
submitted under this subsection shall-- 
7,a7 be submitted in unclassified form1 

but may include a classified annex2 and 
7,b7 be consistent with the protection  
of intelligence sources and methods4    
7#d7 ,publicly available ,upon          
submitting a report under paragraph     
7#a71 the ,director shall make publicly 
available the information included in   
such report under paragraph 7#b77;,a74  
7b7 ,definitions ,in this section3 7#a7 
,appropriate congressional committees   
,the term appropriate congressional     
committees means-- 7,a7 the ,committee  
on ,energy and ,commerce1 the ,committee
 on ,homeland ,security1 and the        
,permanent ,select ,committee on        
,intelligence of the ,house of          
,representatives2 and  7,b7 the         
,committee on ,environment and ,public  
,works1 the ,committee on ,homeland     
,security and ,governmental ,affairs1   
and the ,select ,committee on           
,intelligence of the ,senate4  7#b7     
,foreign entity of concern ,the term    
foreign entity of concern has the       
meaning given that term in section #iija

 of the ,william ,m4 7,mac7 ,thornberry 
,national ,defense ,authorization ,act  
for ,fiscal ,year #bjba 7#ae ,u4,s4,c4  
#dfea74  7#c7 ,director ,the term       
,director means the ,director of        
,national ,intelligence4  7#d7 ,state   
,the term ,state has the meaning given  
such term in section #aja of the        
,comprehensive ,environmental ,response1
 ,compensation1 and ,liability ,act of  
#aihj 7#db ,u4,s4,c4 #ifja74  #d4 ,best 
practices for ,state and local officials
 relating to potential transactions with
 foreign entities of concern  7a7 ,in   
general ,not later than #ahj days after 
the date of the enactment of this ,act1 
the ,director of ,national              
,intelligence1 in coordination with the 
,secretary of ,homeland ,security1 the  
,secretary of ,commerce1 and the heads  
of any other ,federal department or     
agencies determined relevant by the     
,director of ,national ,intelligence1   
shall develop and make publicly         
available best practices for use by     

,state and local officials with respect 
to engaging in a potential transaction  
with a foreign entity of concern4 ,such 
best practices shall including an       
identification of-- 7#a7 common risks   
associated with engaging a foreign      
entity of concern with respect to such a
 potential transaction2 and  7#b7       
,federal resources available to assist  
such officials in determining the       
specific national security risks1 if    
any1 of such a potential transaction4   
7b7 ,foreign entity of concern defined  
,in this section1 the term foreign      
entity of concern has the meaning given 
that term in section #iija of the       
,william ,m4 7,mac7 ,thornberry         
,national ,defense ,authorization ,act  
for ,fiscal ,year #bjba 7#ae ,u4,s4,c4  
#dfea74