,,ii #aaith ,,congress #ast ,session ,s4 #bchd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #bb1 #bjbe,mr4 ,scott of ,florida introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to monitor ,united ,states investments in entities that are controlled by foreign adversaries1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,american ,investment ,accountability ,act4 #b4 ,reporting requirements 7a7 ,definitions ,in this section3 7#a7 ,appropriate congressional committees ,the term appropriate congressional committees means-- 7,a7 the ,committee on ,armed ,services of the ,senate2 7,b7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,c7 the ,committee on ,finance of the ,senate2 7,d7 the ,committee on ,foreign ,relations of the ,senate2 7,e7 the ,select ,committee on ,intelligence of the ,senate2 7,f7 the ,committee on ,armed ,services of the ,house of ,representatives2 7,g7 the ,committee on ,financial ,services of the ,house of ,representatives2 7,h7 the ,committee on ,foreign ,affairs of the ,house of ,representatives2 7,i7 the ,permanent ,select ,committee on ,intelligence of the ,house of ,representatives2 and 7,j7 the ,committee on ,ways and ,means of the ,house of ,representatives4 7#b7 ,country of concern ,the term country of concern-- 7,a7 means a country the government of which is a foreign adversary1 as defined in section #h7;c77#b7 of the ,secure and ,trusted ,communications ,networks ,act of #bjai 7#dg ,u4,s4,c4 #afjg7;c77#b772 and 7,b7 includes-- 7i7 the ,people's ,republic of ,china 7including the ,special ,administrative ,regions of the ,people's ,republic of ,china1 including ,hong ,kong and ,macau72 7ii7 the ,russian ,federation2 7iii7 ,iran2 7iv7 ,north ,korea2 7v7 ,cuba2 and 7vi7 ,venezuela4 7#c7 ,covered ,united ,states business ,the term covered ,united ,states business means any entity that-- 7,a7 is-- 7i7 a corporation1 partnership1 or other association organized under the laws of the ,united ,states or of any ,state1 the ,district of ,columbia1 or any commonwealth1 territory1 or possession of the ,united ,states2 or 7ii7 a foreign corporation1 partnership1 or other association1 not less than #be percent of the ownership interest in which is held by ,united ,states citizens or entities described in clause 7i72 and 7,b7 is not a small business concern 7as defined in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb774 7#d7 ,covered entity ,the term covered entity means any entity-- 7,a7 that-- 7i7 has its headquarters or principal place of business in a country of concern2 7ii7 is organized under the laws of1 or otherwise subject to the jurisdiction of1 a country of concern2 7iii7 is owned by the government of a country of concern2 7iv7 is under the direct or indirect control of such a government2 7v7 is subject to the influence of such a government2 or 7vi7 is subject to intimidation by a public official of such a government2 7,b7 not less than #be percent of the ownership interest in which is held1 in the aggregate1 directly or indirectly1 by not less than #a entity-- 7i7 included on a sanctions list2 or 7ii7 owned or controlled by the government of a country of concern2 7,c7 that has a subsidiary or parent organization that-- 7i7 has its headquarters or principal place of business in a country of concern2 or 7ii7 is organized under the laws of1 or otherwise subject to the jurisdiction of1 a country of concern2 or 7,d7 that the ,secretary of the ,treasury considers to have an interest in property or interests in property of an entity in which not less than #be percent of the ownership interest is held1 in the aggregate1 directly or indirectly1 by not less than #a entity included on a sanctions list4 7#e7 ,direct investment ,the term direct investment has the meaning given that term in section #c of the ,international ,investment and ,trade in ,services ,survey ,act 7#bb ,u4,s4,c4 #cajb74 7#f7 ,offshore financial center ,the term offshore financial center means any country1 special administrative region1 territory1 or jurisdiction outside the ,united ,states that acts as an intermediary for investments originating in the ,united ,states and destined for countries of concern1 through which1 on an annual basis-- 7,a7 more than #ajj1jjj1jjj in direct investments in countries of concern or covered entities are made2 or 7,b7 more than #ejj1jjj1jjj in portfolio investments in countries of concern or covered entities are made4 7#g7 ,portfolio investment ,the term portfolio investment has the meaning given that term in section #c of the ,international ,investment and ,trade in ,services ,survey ,act 7#bb ,u4,s4,c4 #cajb74 7#h7 ,sanctions list ,the term sanctions list means-- 7,a7 the ,entity ,list maintained by the ,bureau of ,industry and ,security of the ,department of ,commerce and set forth in ,supplement ,no4 #d to part #gdd of title #ae1 ,code of ,federal ,regulations2 7,b7 the list of specially designated nationals and blocked persons maintained by the ,office of ,foreign ,assets ,control of the ,department of the ,treasury 7commonly known as the ,,sdn list72 7,c7 the list of foreign financial institutions subject to correspondent account or payable-through account sanctions maintained by the ,office of ,foreign ,assets ,control 7commonly known as the ,,capta ,list72 7,d7 the list of persons operating in sectors of the ,russian economy identified by the ,secretary of the ,treasury pursuant to ,executive ,order #acffb 7commonly known as the ,sectoral ,sanctions ,identifications ,list72 or 7,e7 the ,non-,,sdn ,chinese ,military ,industrial ,complex ,list maintained by the ,office of ,foreign ,assets ,control4 7#i7 ,united ,states ,the term ,united ,states means the #ej ,states1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 ,guam1 the ,virgin ,islands1 ,american ,samoa1 ,wake ,island1 ,midway ,islands1 ,kingman ,reef1 ,johnston ,atoll1 the ,northern ,mariana ,islands1 and any other territory or possession of the ,united ,states4 7#aj7 ,united ,states person ,the term ,united ,states person has the meaning given that term in section #c of the ,international ,investment and ,trade in ,services ,survey ,act 7#bb ,u4,s4,c4 #cajb74 7b7 ,report by ,secretary of ,commerce ,not later than #a year after the date of the enactment of this ,act1 and every #ij days thereafter1 the ,secretary of ,commerce shall submit to the appropriate congressional committees a report that identifies1 for the period specified in subsection 7e7-- 7#a7 the value of direct investments by ,united ,states persons in countries of concern1 which shall-- 7,a7 be disaggregated by sector and by the ,state in which the investment originated2 and 7,b7 account for investment occurring through offshore financial centers2 7#b7 the value of direct investments by ,united ,states persons in covered entities1 which shall-- 7,a7 be disaggregated by sector2 and 7,b7 account for investment occurring through offshore financial centers2 and 7#c7 the number of direct investments by ,united ,states persons in countries of concern in excess of-- 7,a7 #e1jjj1jjj in a single transaction2 or 7,b7 #aj1jjj1jjj in the aggregate4 7c7 ,report by ,secretary of the ,treasury ,not later than #a year after the date of the enactment of this ,act1 and every #ij days thereafter1 the ,secretary of the ,treasury shall submit to the appropriate congressional committees a report that identifies1 for the period specified in subsection 7e7-- 7#a7 the value of portfolio investments by ,united ,states persons in countries of concern1 which shall-- 7,a7 be disaggregated by sector and by the ,state in which the investment originated2 and 7,b7 account for investment occurring through offshore financial centers2 7#b7 the value of portfolio investments by ,united ,states persons in covered entities1 which shall-- 7,a7 be disaggregated by sector2 and 7,b7 account for investment occurring through offshore financial centers2 7#c7 the number of portfolio investments by ,united ,states persons in countries of concern in excess of-- 7,a7 #aj1jjj1jjj in a single transaction2 or 7,b7 #be1jjj1jjj in the aggregate2 and 7#d7 the value of portfolio investments by ,united ,states persons in initial offerings for sale to the public of common equity securities of covered entities and secondary market trading in such securities4 7d7 ,report by ,securities and ,exchange ,commission ,not later than #a year after the date of the enactment of this ,act1 and every #ij days thereafter1 the ,securities and ,exchange ,commission shall submit to the appropriate congressional committees a report that1 for the period specified in subsection 7e71 identifies the following3 7#a7 ,each instance in which a covered ,united ,states business spun off a separate entity that subsequently operated in a country of concern4 7#b7 ,each joint venture entered into between a covered ,united ,states business and a covered entity4 7#c7 ,each instance in which a covered ,united ,states business merged with1 acquired1 or was acquired by a covered entity4 7#d7 ,each instance in which the value of expanded operations of a covered ,united ,states business in a country of concern exceeds-- 7,a7 #e1jjj1jjj in a single transaction2 or 7,b7 #aj1jjj1jjj in the aggregate4 7#e7 ,each instance in which a covered ,united ,states business made a direct investment in a country of concern4 7e7 ,period specified ,the period specified in this subsection is-- 7#a7 in the case of the first report required by subsection 7b71 7c71 or 7d71 the #a-year period preceding submission of the report2 and 7#b7 in the case of any subsequent report required by any such subsection1 the #ij-;day period preceding submission of the report4