,,ii #aaith ,,congress #b;d ,session ,s4 #dgdh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #aa1 #bjbf,ms4 ,baldwin introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to establish the ,foreign ,investment ,review ,authority to determine whether foreign countries that have made investment commitments to the ,united ,states have complied with those commitments1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,foreign ,investment ,review ,monitoring and ,commitment ,tracking ,oversight ,board ,act or the ,,firm ,commitment ,tracking ,oversight ,board ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,definitions4,sec4 #c4 ,foreign ,investment ,review ,authority4,sec4 #d4 ,identification of covered foreign investment commitments4,sec4 #e4 ,notice requirements4,sec4 #f4 ,review of investments4,sec4 #g4 ,mediation and prohibition authority4,sec4 #h4 ,application of ,federal ethics and transparency laws4,sec4 #i4 ,fulfillment of covered foreign investment commitments4,sec4 #aj4 ,reporting requirements4 #b4 ,definitions ,in this ,act3 7#a7 ,covered foreign investment commitment ,the term covered foreign investment commitment means a commitment by a foreign country to invest in the ,united ,states made-- 7,a7 as part of a trade agreement2 7,b7 in response to tariffs1 embargoes1 or other punitive trade measures imposed or having the potential to be imposed pursuant to-- 7i7 section #abb1 #bja1 #bcb1 #cja1 or #djf of the ,trade ,act of #aigd2 or 7ii7 any other trade or economic authority of the ,united ,states2 or 7,c7 as a result of negotiations or solicitations with representatives of the executive branch or any individual acting on behalf of or at the behest of the executive branch1 including any persons affiliated with the executive branch4 7#b7 ,covered investment ,the term covered investment means an investment intended by the person making the investment1 the government of the country in which such person is located1 or the ,united ,states ,government to count towards a covered foreign investment commitment4 7#c7 ,family member ,with respect to an individual1 the term family member has the meaning given that term in section #ihcb7;d7 of the ,internal ,revenue ,code of #aihf4 7#d7 ,,fira ,the term ,,fira means the ,foreign ,investment ,review ,authority4 7#e7 ,net economic benefit ,with respect to an investment1 the investment provides a net economic benefit to the ,united ,states if the investment-- 7,a7 promotes domestic growth and production2 7,b7 creates and retains quality jobs in the ,united ,states2 7,c7 creates and retains jobs that are accessible to workers without a college degree1 such as through a registered apprenticeship program or other workforce training program2 7,d7 does not contribute to creating greater global or domestic excess capacity in the applicable sector of the economy2 7,e7 does not undermine existing businesses in the ,united ,states1 including by undermining such businesses' ability to compete domestically or internationally2 and 7,f7 creates integrated demand for domestically sourced materials and does not primarily promote the creation or continuance of an assembly facility utilizing foreign-produced components4 7#f7 ,obligation date ,with respect to a covered foreign investment commitment1 the obligation date is the date on which the commitment is made4 7#g7 ,person ,the term person-- 7,a7 has the meaning given that term in section #a of title #a1 ,united ,states ,code2 and 7,b7 includes an entity or government4 7#h7 ,qualified investment ,the term qualified investment means an investment that qualifies to count towards a covered foreign investment commitment1 as determined by ,,fira under section #f4 7#i7 ,quality job ,with respect to an investment1 the term quality job means a job-- 7,a7 that provides at least #cj hours of work per week2 7,b7 that is a job with compensation that-- 7i7 is equal to or exceeds the compensation of existing similarly situated jobs in the ,united ,states2 7ii7 except with respect to a managerial job1 includes a wage that is higher than the median wage of the ,state in which the job is located 7or1 if not located in a ,state1 the nearest ,state72 and 7iii7 includes comprehensive health care1 defined benefit pension1 and other family-sustaining benefits2 and 7,c7 located at a facility in the ,united ,states where the employer-- 7i7 ensures neutrality in any union organizing drive2 and 7ii7 with respect to an investment where the investing person has a union or employees works council at any facility in the home country of the person1 provides similar opportunities to employees located at such ,united ,states facility as are provided at the facility in the home country4 7#aj7 ,registered apprenticeship program ,the term registered apprenticeship program means an apprenticeship registered under the ,act of ,august #af1 #aicg 7commonly known as the ,national ,apprenticeship ,act2 #ej ,stat4 #ffd1 chapter #ffc2 #bi ,u4,s4,c4 #ej et seq47 that meets the standards of subpart ,a of part #bi and part #cj of title #bi1 ,code of ,federal ,regulations4 7#aa7 ,state ,the term ,state means each of the several ,states1 the ,district of ,columbia1 and each territory of the ,united ,states4 #c4 ,foreign ,investment ,review ,authority 7a7 ,establishment ,there is established the ,foreign ,investment ,review ,authority4 7b7 ,board of directors 7#a7 ,members ,the head of ,,fira shall be a board of directors consisting of the following3 7,a7 ,the ,chair1 who shall be appointed by the ,president1 by and with the advice and consent of the ,senate4 7,b7 ,a designee of the ,secretary of ,commerce4 7,c7 ,a designee of the ,attorney ,general4 7,d7 ,a designee of the ,secretary of ,labor4 7,e7 ,four members appointed by the ,president1 by and with the advice and consent of the ,senate1 from among individuals who are not of the same political party as the ,president4 7#b7 ,term ,each member of the board of directors of ,,fira shall serve a #d-year term4 7c7 ,conflicts of interest ,,fira shall establish conflict of interest requirements applicable to the members of the board of directors and the employees of ,,fira that ensure there are no conflicts of interest regarding the review of investments by ,,fira4 7d7 ,office of the ,chief ,ethics ,officer 7#a7 ,in general ,there is established within ,,fira the ,office of the ,chief ,ethics ,officer1 which shall be headed by the ,chief ,ethics ,officer4 7#b7 ,appointment ,the ,chief ,ethics ,officer shall be appointed by ,,fira1 subject to the advice and consent of the ,senate4 7#c7 ,term ,the ,chief ,ethics ,officer shall serve a #f-year term4 7#d7 ,removal authority ,the ,chief ,ethics ,officer may only be removed for gross misconduct4 7e7 ,public ,oversight ,board 7#a7 ,establishment ,there is established within the ,office of the ,chief ,ethics ,officer a ,public ,oversight ,board4 7#b7 ,members ,the ,public ,oversight ,board shall consist of the following3 7,a7 ,one member appointed by the ,speaker of the ,house of ,representatives4 7,b7 ,one member appointed by the ,minority ,leader of the ,house of ,representatives4 7,c7 ,one member appointed by the ,majority ,leader of the ,senate4 7,d7 ,one member appointed by the ,minority ,leader of the ,senate4 7,e7 ,one member representing organized labor organizations1 appointed by the members appointed under subparagraphs 7,a7 through 7,d74 7#c7 ,term ,the term of a member of the ,public ,oversight ,board shall be #c years1 and an individual may not serve as a member of the ,public ,oversight ,board for more than one term in any #aj-year period4 7f7 ,complaint process 7#a7 ,in general ,the ,chief ,ethics ,officer shall establish a method for persons to submit complaints to the ,chief ,ethics ,officer or ,public ,oversight ,board4 ,both the ,officer and the ,board shall create mechanisms for such complaints to be received by identified persons or anonymous persons4 7#b7 ,deadline for response ,the ,chief ,ethics ,officer and the ,public ,oversight ,board shall respond to each complaint received under this subsection within the #cj-;day period beginning on the date the complaint was received1 and such response shall include a substantive adjudication as to the merits of the complaint4 7g7 ,rulemaking authority ,,fira may issue such rules as may be necessary to carry out this ,act4 #d4 ,identification of covered foreign investment commitments 7a7 ,in general ,,fira shall identify all covered foreign investment commitments and make available to the public on a website-- 7#a7 a list of such commitments1 including the name of the investing person 7including any beneficial owners thereof71 the name of the person receiving the investment 7including any beneficial owners thereof71 and the location of the commitment2 7#b7 the amount of each such commitment2 7#c7 the obligation date of each such commitment2 7#d7 activities performed under any qualified investments with respect to each such commitment2 7#e7 any potential or actual conflicts of interests examined or identified in the context of-- 7,a7 each such commitment2 and 7,b7 any qualified investment with respect to each such commitment2 and 7#f7 any other relevant information specified by the board of directors of ,,fira4 7b7 ,initial covered foreign investment commitments ,on the date of enactment of this ,act1 the following covered foreign investment commitments shall be deemed to exist3 7#a7 ,a covered foreign investment commitment by the ,people's ,republic of ,china by the ,u4,s4-,china ,board of ,trade or ,board of ,investment or any comparable institution1 whether formal or informal in nature1 in an amount and with an obligation date as determined by ,,fira4 7#b7 ,a covered foreign investment commitment by ,japan in the amount of #eej1jjj1jjj1jjj1 with the obligation date of the date of enactment of this ,act4 7#c7 ,a covered foreign investment commitment by ,south ,korea in the amount of #cej1jjj1jjj1jjj1 with the obligation date of the date of enactment of this ,act4 7#d7 ,a covered foreign investment commitment by ,taiwan in the amount of #ejj1jjj1jjj1jjj with the obligation date of the date of enactment of this ,act4 #e4 ,notice requirements 7a7 ,investor notice requirement 7#a7 ,in general ,each person making an investment that the person believes is a covered investment shall-- 7,a7 at the beginning of the investment-- 7i7 notify ,,fira in writing of the investment2 7ii7 notify ,,fira in writing of the covered foreign investment commitment to which the covered investment relates2 and 7iii7 provide ,,fira in writing with-- 7,i7 a list of the owners of the person making the investment1 including beneficial owners thereof2 7,,ii7 a list of the owners of the person receiving the investment1 including beneficial owners thereof2 7,,iii7 a list of any financial advisers involved in making the investment2 7,,iv7 a list of any persons participating in the financing or underwriting of the investment2 and 7,v7 a list of any other interested parties to the investment2 and 7,b7 provide ,,fira with written quarterly updates on the investment until the investment is complete4 7#b7 ,requirement applicable to all covered investments ,any person making an investment that ,,fira determines is a covered investment shall be subject to the requirements under paragraph 7#a7 regardless of whether the person believes the investment is a covered investment4 7#c7 ,exception for certain unavailable information ,if a person is required to provide information under paragraph 7#a77;,a77iii7 that the person does not have at the time the person is required to provide the information1 the person may instead provide ,,fira with such information not later than #e days after the information becomes known to such person4 7#d7 ,attestation requirement ,with respect to each notice and update required under this subsection1 both a senior official of the person making the investment and a senior official of the recipient of the investment shall file a signed attestation stating whether-- 7,a7 the investment provides a net economic benefit to the ,united ,states2 7,b7 with respect to each element of the net economic benefit definition described in subparagraphs 7,a7 through 7,f7 of section #b7e71 the investment meets such element2 and 7,c7 the persons making1 receiving1 or negotiating the investment have complied with any applicable ethics and transparency rules issued under section #h4 7b7 ,disclosures by senior ,government officials ,the ,president1 ,vice ,president1 and each cabinet level official shall file a disclosure with ,,fira if they determine or have reason to believe that they or any family member is a beneficiary of any covered investment or any investment that they believe is a covered investment4 7c7 ,distribution of notices ,,fira shall ensure that the ,chief ,ethics ,officer and the ,public ,oversight ,board have real-time access to all notices1 updates1 attestations1 and disclosures made under this section4 7d7 ,civil penalty ,in addition to such other penalties that may be available1 including section #ajja of title #ah1 ,united ,states ,code1 any person that fails to make a notice1 update1 or attestation1 required under this section1 or who knowingly fails to file a disclosure required under this section1 or commits a material misstatement or omission in connection with the foregoing1 shall be subject to-- 7#a7 in the case of a notice1 update1 or attestation required under this section1 a fine in an amount not to exceed #aj percent of the value of the investment2 or 7#b7 in the case of a disclosure required under this section1 a fine in an amount not to exceed #aj percent of the value of the undisclosed interest4 #f4 ,review of investments 7a7 ,in general 7#a7 ,in general ,in accordance with this section1 ,,fira shall review investments to determine-- 7,a7 which investments are covered investments2 and 7,b7 which investments qualify as a qualified investment4 7#b7 ,review 7,a7 ,required review of certain investments ,if a person making or receiving an investment1 a foreign government1 the ,president1 or the head of a ,federal agency notifies ,,fira that an investment is a covered investment1 ,,fira shall determine-- 7i7 whether such investment is a covered investment2 and 7ii7 whether such investment is a qualified investment4 7,b7 ,identification of other investments 7i7 ,by ,,fira ,,fira may review any investment that ,,fira identifies as possibly being a covered investment or qualified investment4 7ii7 ,petition process ,,fira shall establish a petition process under which interested parties may petition ,,fira to review a specific investment4 7iii7 ,standard of review for undeclared investments ,with respect to an investment for which ,,fira was not provided notice under section #e and that ,,fira has determined is a covered investment1 the parties to the investment may provide evidence to ,,fira that the investment is not a covered investment and ,,fira shall revoke the determination if the parties prove by clear and convincing evidence that the investment is not a covered investment4 7b7 ,qualified investment determination 7#a7 ,in general ,,fira may only determine that a covered investment is a qualified investment if-- 7,a7 the ,chief ,ethics ,officer determines that the parties to the investment have complied with any applicable ethics and transparency rules issued under section #h or otherwise required under this ,act2 7,b7 ,,fira determines that the investment provides a net economic benefit to the ,united ,states2 and 7,c7 the investment is not prohibited from being a qualified investment under paragraph 7#c74 7#b7 ,heightened review of certain investments ,,fira shall provide heightened review for a investment if the person making or receiving the investment is located in a covered nation1 as such term is defined in section #dhgb7;f7 of title #aj1 ,united ,states ,code4 7#c7 ,prohibition on certain investments ,an investment is not a qualified investment if-- 7,a7 the person making or receiving the investment is itself1 is a subsidiary or parent company of1 or is otherwise directly or indirectly controlled by-- 7i7 an entity listed on the ,,uflpa ,entity ,list maintained by the ,department of ,homeland ,security pursuant to the ,uyghur ,forced ,labor ,prevention ,act2 7ii7 an entity subject to an active1 modified1 or partially modified ,withhold ,release ,order issued by the ,u4,s4 ,customs and ,border ,protection2 or 7iii7 a person or entity with respect to which an entity described in clause 7i7 or 7ii7 holds a stake of fifteen percent or greater2 7,b7 the investment violates or could reasonably lead to a violation of a ,federal ethics law1 including section #bjh of title #ah1 ,united ,states ,code2 7,c7 ,,fira determines that the investment more likely than not was entered into based on a foreign government's or foreign government official's desire to confer a personal financial benefit on a government official in the ,united ,states2 or 7,d7 the investment allows for subsequent investments using all or part of the original investment and delegates the decision-making authority for such subsequent investments to another person1 unless such other person executes a binding agreement to comply with the same requirements of this ,act with respect to such subsequent investments as are applicable to a qualified investment4 7#d7 ,exception for certain investments ,,fira may determine that an investment is a qualified investment under paragraph 7#a7 without determining that the investment provides a net economic benefit to the ,united ,states if it is an investment in-- 7,a7 bonds issued by the ,federal ,government1 a ,state1 or any subdivision of a ,state2 or 7,b7 a diversified fund of publicly traded securities that tracks a major market index4 7#e7 ,investors subject to certain orders 7,a7 ,in general ,notwithstanding paragraph 7#a71 if ,,fira determines that the person making an investment or the person receiving an investment is subject to a ,federal antidumping duty order1 countervailing duty order1 or court order in connection with the violation of ,federal intellectual property laws-- 7i7 ,,fira may not determine that such investment is a qualified investment unless ,,fira enters into a mitigation agreement with the person subject to such order2 and 7ii7 ,,fira shall revoke such a determination if ,,fira determines that-- 7,i7 the person has failed to comply with the mitigation agreement2 or 7,,ii7 the person is continuing the violation with respect to which the order was issued4 7,b7 ,mitigation agreement terms ,in entering into any mitigation agreement under this paragraph1 ,,fira shall ensure the agreement includes an appropriate penalty clause1 which may require the payment of a penalty1 the divestment of property related to the investment1 or the unwinding of the investment4 7,c7 ,review of mitigation agreements ,,fira shall review any mitigation agreement entered into under this paragraph not less often than quarterly4 7c7 ,treatment of charitable donations ,a charitable donation to an organization described in section #eja7;c77#c7 of the ,internal ,revenue ,code of #aihf and exempt from tax under section #eja7;a7 of such ,code is not a covered investment or a qualified investment4 7d7 ,right ,to appeal determinations and mitigation agreements 7#a7 ,appeal with ,,fira 7,a7 ,in general ,a person receiving an investment may appeal a determination under this section that the investment is or is not a qualified investment or the terms of a mitigation agreement proposed by ,,fira by filing an appeal with ,,fira4 7,b7 ,limitation ,notwithstanding subparagraph 7,a71 a determination by ,,fira that an investment is not a qualified investment may only be appealed based on a claim of a factual error or a procedural or due process violation4 7,c7 ,supermajority decision required ,in an appeal made pursuant to subparagraph 7,a71 ,,fira may only overturn the determination or terms of the mitigation agreement by a vote of at least #f members of the board of directors4 7#b7 ,appeal of determinations with ,united ,states district court ,a determination by ,,fira under this section that an investment is or is not a qualified investment1 including with respect to the reasonableness of ,,fira's determination with respect to factors such as net economic benefit or the creation of quality jobs or ,,fira's compliance or noncompliance with procedural safeguards under this ,act1 may be challenged in a ,united ,states district court of competent jurisdiction by-- 7,a7 the person receiving the investment2 7,b7 the ,chief ,ethics ,officer2 7,c7 a member of the ,public ,oversight ,board2 and 7,d7 any person harmed by the investment or who faces a tangible risk of being harmed by the investment4 7e7 ,petition for redetermination ,a person making a covered investment that ,,fira has determined is not a qualified investment may1 if the investor makes material changes to the investment proposal1 petition ,,fira for a redetermination of whether the covered investment is a qualified investment4 7f7 ,review period for qualified investments ,,fira shall continue to review a qualified investment for a #cj-;day period beginning on the date that ,,fira determines the investment is a qualified investment in order to assess the net economic benefit to the ,united ,states provided by the qualified investment1 including jobs created by the qualified investment4 7g7 ,public notice ,,fira shall maintain a public website with a list of all investments that ,,fira has reviewed and1 with respect to each investment1 stating whether ,,fira has determined it is a covered investment1 a qualified investment1 both1 or neither4 7h7 ,interagency consultations ,in carrying out this section-- 7#a7 ,,fira may consult with any ,federal agency2 and 7#b7 a ,federal agency shall reasonably cooperate with ,,fira with any information requested by ,,fira to assist in ,,fira's duties prescribed under this section1 subject to such safeguards as may be necessary to protect classified or law enforcement information4 #g4 ,mediation and prohibition authority 7a7 ,mandatory mediation authority ,with respect to each covered investment that ,,fira determines is not a qualified investment1 ,,fira may require mediation between ,,fira and the person making the covered investment in order to agree on new terms for the investment that would allow ,,fira to determine that the investment is a qualified investment4 7b7 ,prohibition authority ,,fira may suspend or prohibit any covered investment that is not a qualified investment4 #h4 ,application of ,federal ethics and transparency laws 7a7 ,application to parties to covered investments ,,fira shall issue rules to apply the ,federal ethics and transparency laws to any person 7including a ,federal agency or foreign government7 making1 receiving1 or negotiating a covered investment or an investment that the person believes is a covered investment1 but only to the extent such person is taking actions in connection with such investment4 7b7 ,specific laws ,the ,federal ethics and transparency laws described in subsection 7a7 shall1 at a minimum1 include the following3 7#a7 ,chapter #aca of title #e1 ,united ,states ,code4 7#b7 ,subchapter ,,iii of chapter #gc of title #e1 ,united ,states ,code4 7#c7 ,sections #bja1 #bjc1 #bje1 #bjg1 #bjh1 and #bji of title #ah1 ,united ,states ,code4 7#d7 ,section #bfce4ejb of title #e1 ,code of ,federal ,regulations4 7#e7 ,sections #eeb and #eeb;b of title #e1 ,united ,states ,code4 #i4 ,fulfillment of covered foreign investment commitments 7a7 ,public notice ,,fira shall maintain1 and regularly update1 on the website described in section #d7;a71 a calculation of the amount of all qualified investments related to a covered foreign investment commitment4 7b7 ,failure ,to fulfill covered foreign investment commitments ,if1 after the end of the #d-year period beginning on the obligation date of a covered foreign investment commitment1 the amount of qualified investments related to such covered foreign investment commitment is less than the covered foreign investment commitment amount1 the ,president shall enter into negotiations with the country that made the covered foreign investment commitment to address the deficit4 #aj4 ,reporting requirements 7a7 ,annual report to ,congress 7#a7 ,in general ,,fira shall issue an annual report to the ,congress containing-- 7,a7 information on the investments reviewed by ,,fira2 and 7,b7 any trends or risks identified by ,,fira4 7#b7 ,classification ,each report required under paragraph 7#a7 shall be in unclassified form1 but may include a classified annex4 7b7 ,semiannual report to the public ,,fira shall issue a semiannual public report containing the following3 7#a7 ,the progress made in implementing this ,act and identifying qualified investments4 7#b7 ,an identification of the jobs created by qualified investments1 including1 for each such investment-- 7,a7 the compensation provided by such jobs2 7,b7 unionization information related to such jobs2 and 7,c7 whether foreign employees have been brought into the ,united ,states to work directly at a facility funded by the investment or through a contractor4 7#c7 ,an identification of the inputs used in any production facility resulting from a qualified investment and the origination of such inputs4 7#d7 ,with respect to mitigation agreements entered into by ,,fira-- 7,a7 the compliance of the other parties to the mitigation agreement with the terms of the agreement2 and 7,b7 any actions taken by ,,fira to enforce the terms of a mitigation agreement4 7c7 ,quarterly report by the ,chief ,ethics ,office ,the ,chief ,ethics ,officer shall issue a quarterly report to ,congress1 and make such report available to the public online1 containing a list of all complaints received by the ,chief ,ethics ,office of ,public ,oversight ,board and the resolution of each such complaint4