,,ii  #aai? ,,congress  #b;d ,session   
,s4 #dgdh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #aa1 #bjbf,ms4   
,baldw9 introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to e/abli% ! ,=eign
 ,inve/m5t ,review ,au?ority to det]m9e 
:e!r =eign c\ntries t h made inve/m5t   
commitm5ts to ! ,unit$ ,/ates h compli$ 
) ^? commitm5ts1 & = o!r purposes4  #a4 
,%ort title2 table ( cont5ts  7a7 ,%ort 
title ,?is ,act may be cit$ z ! ,=eign  
,inve/m5t ,review ,monitor+ & ,commitm5t
 ,track+ ,ov]sight ,bo>d ,act or !      
,,firm ,commitm5t ,track+ ,ov]sight     
,bo>d ,act4  7b7 ,table ( cont5ts ,!    
table ( cont5ts = ?is ,act is z foll[s3 
,sec4 #a4 ,%ort title2 table (          
cont5ts4,sec4 #b4 ,def9itions4,sec4 #c4 
,=eign ,inve/m5t ,review ,au?ority4,sec4
 #d4 ,id5tification ( cov]$ =eign       
inve/m5t commitm5ts4,sec4 #e4 ,notice   
requirem5ts4,sec4 #f4 ,review (         
inve/m5ts4,sec4 #g4 ,m$iation &         
prohibition au?ority4,sec4 #h4          

,application ( ,f$]al e?ics & transp>5cy
 laws4,sec4 #i4 ,fulfillm5t ( cov]$     
=eign inve/m5t commitm5ts4,sec4 #aj4    
,report+ requirem5ts4  #b4 ,def9itions  
,9 ?is ,act3 7#a7 ,cov]$ =eign inve/m5t 
commitm5t ,! t]m cov]$ =eign inve/m5t   
commitm5t means a commitm5t by a =eign  
c\ntry to inve/ 9 ! ,unit$ ,/ates made--
 7,a7 z "p ( a trade agreem5t2  7,b7 9  
response to t>iffs1 emb>goes1 or o!r    
punitive trade measures impos$ or hav+ !
 pot5tial to be impos$ pursuant to-- 7i7
 section #abb1 #bja1 #bcb1 #cja1 or #djf
 ( ! ,trade ,act ( #aigd2 or  7ii7 any  
o!r trade or economic au?ority ( !      
,unit$ ,/ates2 or  7,c7 z a result (    
negotiations or solicitations )         
repres5tatives ( ! executive bran* or   
any individual act+ on behalf ( or at ! 
behe/ ( ! executive bran*1 includ+ any  
p]sons affiliat$ ) ! executive bran*4   
7#b7 ,cov]$ inve/m5t ,! t]m cov]$       
inve/m5t means an inve/m5t int5d$ by !  
p]son mak+ ! inve/m5t1 ! gov]nm5t ( !   
c\ntry 9 :i* su* p]son is locat$1 or !  

,unit$ ,/ates ,gov]nm5t to c\nt t[>ds a 
cov]$ =eign inve/m5t commitm5t4  7#c7   
,family memb] ,) respect to an          
individual1 ! t]m family memb] has !    
mean+ giv5 t t]m 9 section #ihcb7;d7 ( !
 ,int]nal ,rev5ue ,code ( #aihf4  7#d7  
,,fira ,! t]m ,,fira means ! ,=eign     
,inve/m5t ,review ,au?ority4  7#e7 ,net 
economic b5efit ,) respect to an        
inve/m5t1 ! inve/m5t provides a net     
economic b5efit to ! ,unit$ ,/ates if ! 
inve/m5t-- 7,a7 promotes dome/ic gr[? & 
production2  7,b7 creates & reta9s      
quality jobs 9 ! ,unit$ ,/ates2  7,c7   
creates & reta9s jobs t are accessible  
to work]s )\t a college degree1 su* z   
?r\gh a regi/]$ appr5tice%ip program or 
o!r work=ce tra9+ program2  7,d7 does n 
contribute to creat+ great] global or   
dome/ic excess capacity 9 ! applicable  
sector ( ! economy2  7,e7 does n und]m9e
 exi/+ bus9esses 9 ! ,unit$ ,/ates1     
includ+ by und]m9+ su* bus9esses'       
ability to compete dome/ically or       
int]nationally2 &  7,f7 creates         

integrat$ dem& = dome/ically s\rc$      
mat]ials & does n prim>ily promote !    
creation or cont9uance ( an assembly    
facility utiliz+ =eign-produc$          
compon5ts4  7#f7 ,obligation date ,)    
respect to a cov]$ =eign inve/m5t       
commitm5t1 ! obligation date is ! date  
on :i* ! commitm5t is made4  7#g7 ,p]son
 ,! t]m p]son-- 7,a7 has ! mean+ giv5 t 
t]m 9 section #a ( title #a1 ,unit$     
,/ates ,code2 &  7,b7 includes an entity
 or gov]nm5t4  7#h7 ,qualifi$ inve/m5t  
,! t]m qualifi$ inve/m5t means an       
inve/m5t t qualifies to c\nt t[>ds a    
cov]$ =eign inve/m5t commitm5t1 z       
det]m9$ by ,,fira "u section #f4  7#i7  
,quality job ,) respect to an inve/m5t1 
! t]m quality job means a job-- 7,a7 t  
provides at lea/ #cj h\rs ( "w p] week2 
7,b7 t is a job ) comp5sation t-- 7i7 is
 equal to or exce$s ! comp5sation (     
exi/+ simil>ly situat$ jobs 9 ! ,unit$  
,/ates2  7ii7 except ) respect to a     
manag]ial job1 includes a wage t is     
high] ?an ! m$ian wage ( ! ,/ate 9 :i* !

 job is locat$ 7or1 if n locat$ 9 a     
,/ate1 ! ne>e/ ,/ate72 &  7iii7 includes
 compreh5sive heal? c>e1 def9$ b5efit   
p5sion1 & o!r family-su/a9+ b5efits2 &  
7,c7 locat$ at a facility 9 ! ,unit$    
,/ates :]e ! employ]-- 7i7 ensures      
neutrality 9 any union organiz+ drive2 &
  7ii7 ) respect to an inve/m5t :]e !   
inve/+ p]son has a union or employees   
works c\ncil at any facility 9 ! home   
c\ntry ( ! p]son1 provides simil>       
opportunities to employees locat$ at su*
 ,unit$ ,/ates facility z are provid$ at
 ! facility 9 ! home c\ntry4  7#aj7     
,regi/]$ appr5tice%ip program ,! t]m    
regi/]$ appr5tice%ip program means an   
appr5tice%ip regi/]$ "u ! ,act ( ,augu/ 
#af1 #aicg 7commonly kn[n z ! ,national 
,appr5tice%ip ,act2 #ej ,/at4 #ffd1     
*apt] #ffc2 #bi ,u4,s4,c4 #ej et seq47 t
 meets ! /&>ds ( subp>t ,a ( "p #bi & "p
 #cj ( title #bi1 ,code ( ,f$]al        
,regulations4  7#aa7 ,/ate ,! t]m ,/ate 
means ea* ( ! sev]al ,/ates1 ! ,di/rict 
( ,columbia1 & ea* t]ritory ( ! ,unit$  

,/ates4  #c4 ,=eign ,inve/m5t ,review   
,au?ority  7a7 ,e/abli%m5t ,!re is      
e/abli%$ ! ,=eign ,inve/m5t ,review     
,au?ority4  7b7 ,bo>d ( directors  7#a7 
,memb]s ,! head ( ,,fira %all be a bo>d 
( directors consi/+ ( ! foll[+3 7,a7 ,! 
,*air1 :o %all be appo9t$ by !          
,presid5t1 by & ) ! advice & cons5t ( ! 
,s5ate4  7,b7 ,a designee ( ! ,secret>y 
( ,comm]ce4  7,c7 ,a designee ( !       
,attorney ,g5]al4  7,d7 ,a designee ( ! 
,secret>y ( ,labor4  7,e7 ,f\r memb]s   
appo9t$ by ! ,presid5t1 by & ) ! advice 
& cons5t ( ! ,s5ate1 f among individuals
 :o are n ( ! same political p>ty z !   
,presid5t4  7#b7 ,t]m ,ea* memb] ( !    
bo>d ( directors ( ,,fira %all s]ve a   
#d-ye> t]m4  7c7 ,conflicts ( int]e/    
,,fira %all e/abli% conflict ( int]e/   
requirem5ts applicable to ! memb]s ( !  
bo>d ( directors & ! employees ( ,,fira 
t ensure !re are no conflicts ( int]e/  
reg>d+ ! review ( inve/m5ts by ,,fira4  
7d7 ,(fice ( ! ,*ief ,e?ics ,(fic]  7#a7
 ,9 g5]al ,!re is e/abli%$ )9 ,,fira !  

,(fice ( ! ,*ief ,e?ics ,(fic]1 :i* %all
 be head$ by ! ,*ief ,e?ics ,(fic]4     
7#b7 ,appo9tm5t ,! ,*ief ,e?ics ,(fic]  
%all be appo9t$ by ,,fira1 subject to ! 
advice & cons5t ( ! ,s5ate4  7#c7 ,t]m  
,! ,*ief ,e?ics ,(fic] %all s]ve a      
#f-ye> t]m4  7#d7 ,removal au?ority ,!  
,*ief ,e?ics ,(fic] may only be remov$ =
 gross misconduct4  7e7 ,public         
,ov]sight ,bo>d  7#a7 ,e/abli%m5t ,!re  
is e/abli%$ )9 ! ,(fice ( ! ,*ief ,e?ics
 ,(fic] a ,public ,ov]sight ,bo>d4  7#b7
 ,memb]s ,! ,public ,ov]sight ,bo>d %all
 consi/ ( ! foll[+3 7,a7 ,"o memb]      
appo9t$ by ! ,speak] ( ! ,h\se (        
,repres5tatives4  7,b7 ,"o memb] appo9t$
 by ! ,m9ority ,lead] ( ! ,h\se (       
,repres5tatives4  7,c7 ,"o memb] appo9t$
 by ! ,majority ,lead] ( ! ,s5ate4  7,d7
 ,"o memb] appo9t$ by ! ,m9ority ,lead] 
( ! ,s5ate4  7,e7 ,"o memb] repres5t+   
organiz$ labor organizations1 appo9t$ by
 ! memb]s appo9t$ "u subp>agraphs 7,a7  
?r\gh 7,d74  7#c7 ,t]m ,! t]m ( a memb] 
( ! ,public ,ov]sight ,bo>d %all be #c  

ye>s1 & an individual may n s]ve z a    
memb] ( ! ,public ,ov]sight ,bo>d = m   
?an "o t]m 9 any #aj-ye> p]iod4  7f7    
,compla9t process  7#a7 ,9 g5]al ,!     
,*ief ,e?ics ,(fic] %all e/abli% a me?od
 = p]sons to submit compla9ts to ! ,*ief
 ,e?ics ,(fic] or ,public ,ov]sight     
,bo>d4 ,bo? ! ,(fic] & ! ,bo>d %all     
create me*anisms = su* compla9ts to be  
receiv$ by id5tifi$ p]sons or anonym\s  
p]sons4  7#b7 ,deadl9e = response ,!    
,*ief ,e?ics ,(fic] & ! ,public         
,ov]sight ,bo>d %all respond to ea*     
compla9t receiv$ "u ?is subsection )9 ! 
#cj-;day p]iod beg9n+ on ! date !       
compla9t 0 receiv$1 & su* response %all 
include a sub/antive adjudication z to !
 m]its ( ! compla9t4  7g7 ,rulemak+     
au?ority ,,fira may issue su* rules z   
may be necess>y to c>ry out ?is ,act4   
#d4 ,id5tification ( cov]$ =eign        
inve/m5t commitm5ts  7a7 ,9 g5]al ,,fira
 %all id5tify all cov]$ =eign inve/m5t  
commitm5ts & make available to ! public 
on a website-- 7#a7 a li/ ( su*         

commitm5ts1 includ+ ! "n ( ! inve/+     
p]son 7includ+ any b5eficial own]s      
!re(71 ! "n ( ! p]son receiv+ ! inve/m5t
 7includ+ any b5eficial own]s !re(71 & !
 location ( ! commitm5t2  7#b7 ! am\nt (
 ea* su* commitm5t2  7#c7 ! obligation  
date ( ea* su* commitm5t2  7#d7         
activities p]=m$ "u any qualifi$        
inve/m5ts ) respect to ea* su*          
commitm5t2  7#e7 any pot5tial or actual 
conflicts ( int]e/s exam9$ or id5tifi$ 9
 ! context (-- 7,a7 ea* su* commitm5t2 &
  7,b7 any qualifi$ inve/m5t ) respect  
to ea* su* commitm5t2 &  7#f7 any o!r   
relevant in=mation specifi$ by ! bo>d ( 
directors ( ,,fira4  7b7 ,initial cov]$ 
=eign inve/m5t commitm5ts ,on ! date (  
enactm5t ( ?is ,act1 ! foll[+ cov]$     
=eign inve/m5t commitm5ts %all be deem$ 
to exi/3 7#a7 ,a cov]$ =eign inve/m5t   
commitm5t by ! ,p's ,republic ( ,*9a by 
! ,u4,s4-,*9a ,bo>d ( ,trade or ,bo>d ( 
,inve/m5t or any comp>able in/itution1  
:e!r =mal or in=mal 9 nature1 9 an am\nt
 & ) an obligation date z det]m9$ by    

,,fira4  7#b7 ,a cov]$ =eign inve/m5t   
commitm5t by ,japan 9 ! am\nt (         
#eej1jjj1jjj1jjj1 ) ! obligation date ( 
! date ( enactm5t ( ?is ,act4  7#c7 ,a  
cov]$ =eign inve/m5t commitm5t by ,s\?  
,korea 9 ! am\nt ( #cej1jjj1jjj1jjj1 ) !
 obligation date ( ! date ( enactm5t (  
?is ,act4  7#d7 ,a cov]$ =eign inve/m5t 
commitm5t by ,taiwan 9 ! am\nt (        
#ejj1jjj1jjj1jjj ) ! obligation date ( !
 date ( enactm5t ( ?is ,act4  #e4       
,notice requirem5ts  7a7 ,inve/or notice
 requirem5t  7#a7 ,9 g5]al ,ea* p]son   
mak+ an inve/m5t t ! p]son believes is a
 cov]$ inve/m5t %all-- 7,a7 at ! beg9n+ 
( ! inve/m5t-- 7i7 notify ,,fira 9 writ+
 ( ! inve/m5t2  7ii7 notify ,,fira 9    
writ+ ( ! cov]$ =eign inve/m5t commitm5t
 to :i* ! cov]$ inve/m5t relates2 &     
7iii7 provide ,,fira 9 writ+ )-- 7,i7 a 
li/ ( ! own]s ( ! p]son mak+ ! inve/m5t1
 includ+ b5eficial own]s !re(2  7,,ii7 a
 li/ ( ! own]s ( ! p]son receiv+ !      
inve/m5t1 includ+ b5eficial own]s !re(2 
7,,iii7 a li/ ( any f9ancial advis]s    

involv$ 9 mak+ ! inve/m5t2  7,,iv7 a li/
 ( any p]sons p>ticipat+ 9 ! f9anc+ or  
und]writ+ ( ! inve/m5t2 &  7,v7 a li/ ( 
any o!r int]e/$ p>ties to ! inve/m5t2 & 
7,b7 provide ,,fira ) writt5 qu>t]ly    
updates on ! inve/m5t until ! inve/m5t  
is complete4  7#b7 ,requirem5t          
applicable to all cov]$ inve/m5ts ,any  
p]son mak+ an inve/m5t t ,,fira det]m9es
 is a cov]$ inve/m5t %all be subject to 
! requirem5ts "u p>agraph 7#a7 reg>dless
 ( :e!r ! p]son believes ! inve/m5t is a
 cov]$ inve/m5t4  7#c7 ,exception =     
c]ta9 unavailable in=mation ,if a p]son 
is requir$ to provide in=mation "u      
p>agraph 7#a77;,a77iii7 t ! p]son does n
 h at ! "t ! p]son is requir$ to provide
 ! in=mation1 ! p]son may in/ead provide
 ,,fira ) su* in=mation n lat] ?an #e   
days aft] ! in=mation becomes kn[n to   
su* p]son4  7#d7 ,atte/ation requirem5t 
,) respect to ea* notice & update       
requir$ "u ?is subsection1 bo? a s5ior  
(ficial ( ! p]son mak+ ! inve/m5t & a   
s5ior (ficial ( ! recipi5t ( ! inve/m5t 

%all file a sign$ atte/ation /at+ :e!r--
 7,a7 ! inve/m5t provides a net economic
 b5efit to ! ,unit$ ,/ates2  7,b7 )     
respect to ea* elem5t ( ! net economic  
b5efit def9ition describ$ 9 subp>agraphs
 7,a7 ?r\gh 7,f7 ( section #b7e71 !     
inve/m5t meets su* elem5t2 &  7,c7 !    
p]sons mak+1 receiv+1 or negotiat+ !    
inve/m5t h compli$ ) any applicable     
e?ics & transp>5cy rules issu$ "u       
section #h4  7b7 ,disclosures by s5ior  
,gov]nm5t (ficials ,! ,presid5t1 ,vice  
,presid5t1 & ea* cab9et level (ficial   
%all file a disclosure ) ,,fira if !y   
det]m9e or h reason to believe t !y or  
any family memb] is a b5efici>y ( any   
cov]$ inve/m5t or any inve/m5t t !y     
believe is a cov]$ inve/m5t4  7c7       
,di/ribution ( notices ,,fira %all      
ensure t ! ,*ief ,e?ics ,(fic] & !      
,public ,ov]sight ,bo>d h real-"t access
 to all notices1 updates1 atte/ations1 &
 disclosures made "u ?is section4  7d7  
,civil p5alty ,9 addition to su* o!r    
p5alties t may be available1 includ+    

section #ajja ( title #ah1 ,unit$ ,/ates
 ,code1 any p]son t fails to make a     
notice1 update1 or atte/ation1 requir$  
"u ?is section1 or :o kn[+ly fails to   
file a disclosure requir$ "u ?is        
section1 or commits a mat]ial mis/atem5t
 or omission 9 connection ) ! =ego+1    
%all be subject to-- 7#a7 9 ! case ( a  
notice1 update1 or atte/ation requir$ "u
 ?is section1 a f9e 9 an am\nt n to     
exce$ #aj p]c5t ( ! value ( ! inve/m5t2 
or  7#b7 9 ! case ( a disclosure requir$
 "u ?is section1 a f9e 9 an am\nt n to  
exce$ #aj p]c5t ( ! value ( ! undisclos$
 int]e/4  #f4 ,review ( inve/m5ts  7a7  
,9 g5]al  7#a7 ,9 g5]al ,9 accordance ) 
?is section1 ,,fira %all review         
inve/m5ts to det]m9e-- 7,a7 :i*         
inve/m5ts are cov]$ inve/m5ts2 &  7,b7  
:i* inve/m5ts qualify z a qualifi$      
inve/m5t4  7#b7 ,review  7,a7 ,requir$  
review ( c]ta9 inve/m5ts ,if a p]son    
mak+ or receiv+ an inve/m5t1 a =eign    
gov]nm5t1 ! ,presid5t1 or ! head ( a    
,f$]al ag5cy notifies ,,fira t an       

inve/m5t is a cov]$ inve/m5t1 ,,fira    
%all det]m9e-- 7i7 :e!r su* inve/m5t is 
a cov]$ inve/m5t2 &  7ii7 :e!r su*      
inve/m5t is a qualifi$ inve/m5t4  7,b7  
,id5tification ( o!r inve/m5ts  7i7 ,by 
,,fira ,,fira may review any inve/m5t t 
,,fira id5tifies z possibly be+ a cov]$ 
inve/m5t or qualifi$ inve/m5t4  7ii7    
,petition process ,,fira %all e/abli% a 
petition process "u :i* int]e/$ p>ties  
may petition ,,fira to review a specific
 inve/m5t4  7iii7 ,/&>d ( review =      
undecl>$ inve/m5ts ,) respect to an     
inve/m5t = :i* ,,fira 0 n provid$ notice
 "u section #e & t ,,fira has det]m9$ is
 a cov]$ inve/m5t1 ! p>ties to !        
inve/m5t may provide evid5ce to ,,fira t
 ! inve/m5t is n a cov]$ inve/m5t &     
,,fira %all revoke ! det]m9ation if !   
p>ties prove by cle> & conv9c+ evid5ce t
 ! inve/m5t is n a cov]$ inve/m5t4  7b7 
,qualifi$ inve/m5t det]m9ation  7#a7 ,9 
g5]al ,,fira may only det]m9e t a cov]$ 
inve/m5t is a qualifi$ inve/m5t if--    
7,a7 ! ,*ief ,e?ics ,(fic] det]m9es t ! 

p>ties to ! inve/m5t h compli$ ) any    
applicable e?ics & transp>5cy rules     
issu$ "u section #h or o!rwise requir$  
"u ?is ,act2  7,b7 ,,fira det]m9es t !  
inve/m5t provides a net economic b5efit 
to ! ,unit$ ,/ates2 &  7,c7 ! inve/m5t  
is n prohibit$ f be+ a qualifi$ inve/m5t
 "u p>agraph 7#c74  7#b7 ,height5$      
review ( c]ta9 inve/m5ts ,,fira %all    
provide height5$ review = a inve/m5t if 
! p]son mak+ or receiv+ ! inve/m5t is   
locat$ 9 a cov]$ nation1 z su* t]m is   
def9$ 9 section #dhgb7;f7 ( title #aj1  
,unit$ ,/ates ,code4  7#c7 ,prohibition 
on c]ta9 inve/m5ts ,an inve/m5t is n a  
qualifi$ inve/m5t if-- 7,a7 ! p]son mak+
 or receiv+ ! inve/m5t is itself1 is a  
subsidi>y or p>5t company (1 or is      
o!rwise directly or indirectly controll$
 by-- 7i7 an entity li/$ on ! ,,uflpa   
,entity ,li/ ma9ta9$ by ! ,dep>tm5t (   
,homel& ,security pursuant to ! ,uyghur 
,=c$ ,labor ,prev5tion ,act2  7ii7 an   
entity subject to an active1 modifi$1 or
 p>tially modifi$ ,)hold ,release ,ord] 

issu$ by ! ,u4,s4 ,cu/oms & ,bord]      
,protection2 or  7iii7 a p]son or entity
 ) respect to :i* an entity describ$ 9  
clause 7i7 or 7ii7 holds a /ake ( fifte5
 p]c5t or great]2  7,b7 ! inve/m5t      
violates or c\ld reasonably lead to a   
violation ( a ,f$]al e?ics law1 includ+ 
section #bjh ( title #ah1 ,unit$ ,/ates 
,code2  7,c7 ,,fira det]m9es t !        
inve/m5t m likely ?an n 0 ent]$ into    
bas$ on a =eign gov]nm5t's or =eign     
gov]nm5t (ficial's desire to conf] a    
p]sonal f9ancial b5efit on a gov]nm5t   
(ficial 9 ! ,unit$ ,/ates2 or  7,d7 !   
inve/m5t all[s = subsequ5t inve/m5ts us+
 all or "p ( ! orig9al inve/m5t &       
delegates ! decision-mak+ au?ority = su*
 subsequ5t inve/m5ts to ano!r p]son1    
unless su* o!r p]son executes a b9d+    
agreem5t to comply ) ! same requirem5ts 
( ?is ,act ) respect to su* subsequ5t   
inve/m5ts z are applicable to a qualifi$
 inve/m5t4  7#d7 ,exception = c]ta9     
inve/m5ts ,,fira may det]m9e t an       
inve/m5t is a qualifi$ inve/m5t "u      

p>agraph 7#a7 )\t det]m9+ t ! inve/m5t  
provides a net economic b5efit to !     
,unit$ ,/ates if x is an inve/m5t 9--   
7,a7 bonds issu$ by ! ,f$]al ,gov]nm5t1 
a ,/ate1 or any subdivision ( a ,/ate2  
or  7,b7 a div]sifi$ fund ( publicly    
trad$ securities t tracks a major m>ket 
index4  7#e7 ,inve/ors subject to c]ta9 
ord]s  7,a7 ,9 g5]al ,not)/&+ p>agraph  
7#a71 if ,,fira det]m9es t ! p]son mak+ 
an inve/m5t or ! p]son receiv+ an       
inve/m5t is subject to a ,f$]al         
antidump+ duty ord]1 c\nt]vail+ duty    
ord]1 or c\rt ord] 9 connection ) !     
violation ( ,f$]al intellectual prop]ty 
laws-- 7i7 ,,fira may n det]m9e t su*   
inve/m5t is a qualifi$ inve/m5t unless  
,,fira ent]s into a mitigation agreem5t 
) ! p]son subject to su* ord]2 &  7ii7  
,,fira %all revoke su* a det]m9ation if 
,,fira det]m9es t-- 7,i7 ! p]son has    
fail$ to comply ) ! mitigation agreem5t2
 or  7,,ii7 ! p]son is cont9u+ !        
violation ) respect to :i* ! ord] 0     
issu$4  7,b7 ,mitigation agreem5t t]ms  

,9 ent]+ into any mitigation agreem5t "u
 ?is p>agraph1 ,,fira %all ensure !     
agreem5t includes an appropriate p5alty 
clause1 :i* may require ! paym5t ( a    
p5alty1 ! dive/m5t ( prop]ty relat$ to !
 inve/m5t1 or ! unw9d+ ( ! inve/m5t4    
7,c7 ,review ( mitigation agreem5ts     
,,fira %all review any mitigation       
agreem5t ent]$ into "u ?is p>agraph n   
less (t5 ?an qu>t]ly4  7c7 ,treatm5t (  
*>itable donations ,a *>itable donation 
to an organization describ$ 9 section   
#eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code 
( #aihf & exempt f tax "u section       
#eja7;a7 ( su* ,code is n a cov]$       
inve/m5t or a qualifi$ inve/m5t4  7d7   
,"r ,to appeal det]m9ations & mitigation
 agreem5ts  7#a7 ,appeal ) ,,fira  7,a7 
,9 g5]al ,a p]son receiv+ an inve/m5t   
may appeal a det]m9ation "u ?is section 
t ! inve/m5t is or is n a qualifi$      
inve/m5t or ! t]ms ( a mitigation       
agreem5t propos$ by ,,fira by fil+ an   
appeal ) ,,fira4  7,b7  ,limitation     
,not)/&+ subp>agraph 7,a71 a det]m9ation

 by ,,fira t an inve/m5t is n a qualifi$
 inve/m5t may only be appeal$ bas$ on a 
claim ( a factual error or a proc$ural  
or due process violation4  7,c7         
,sup]majority decision requir$  ,9 an   
appeal made pursuant to subp>agraph     
7,a71 ,,fira may only ov]turn !         
det]m9ation or t]ms ( ! mitigation      
agreem5t by a vote ( at lea/ #f memb]s (
 ! bo>d ( directors4  7#b7  ,appeal (   
det]m9ations ) ,unit$ ,/ates di/rict    
c\rt  ,a det]m9ation by ,,fira "u ?is   
section t an inve/m5t is or is n a      
qualifi$ inve/m5t1 includ+ ) respect to 
! reasonabl5ess ( ,,fira's det]m9ation )
 respect to factors su* z net economic  
b5efit or ! creation ( quality jobs or  
,,fira's compliance or noncompliance )  
proc$ural safegu>ds "u ?is ,act1 may be 
*all5g$ 9 a ,unit$ ,/ates di/rict c\rt (
 compet5t jurisdiction by--  7,a7 !     
p]son receiv+ ! inve/m5t2  7,b7 ! ,*ief 
,e?ics ,(fic]2  7,c7 a memb] ( ! ,public
 ,ov]sight ,bo>d2 &  7,d7 any p]son h>m$
 by ! inve/m5t or :o faces a tangible   

risk ( be+ h>m$ by ! inve/m5t4  7e7     
,petition = r$et]m9ation ,a p]son mak+ a
 cov]$ inve/m5t t ,,fira has det]m9$ is 
n a qualifi$ inve/m5t may1 if ! inve/or 
makes mat]ial *anges to ! inve/m5t      
proposal1 petition ,,fira = a           
r$et]m9ation ( :e!r ! cov]$ inve/m5t is 
a qualifi$ inve/m5t4  7f7 ,review p]iod 
= qualifi$ inve/m5ts ,,fira %all cont9ue
 to review a qualifi$ inve/m5t = a      
#cj-;day p]iod beg9n+ on ! date t ,,fira
 det]m9es ! inve/m5t is a qualifi$      
inve/m5t 9 ord] to assess ! net economic
 b5efit to ! ,unit$ ,/ates provid$ by ! 
qualifi$ inve/m5t1 includ+ jobs creat$  
by ! qualifi$ inve/m5t4  7g7 ,public    
notice ,,fira %all ma9ta9 a public      
website ) a li/ ( all inve/m5ts t ,,fira
 has review$ &1 ) respect to ea*        
inve/m5t1 /at+ :e!r ,,fira has det]m9$ x
 is a cov]$ inve/m5t1 a qualifi$        
inve/m5t1 bo?1 or nei!r4  7h7 ,int]ag5cy
 consultations ,9 c>ry+ out ?is         
section-- 7#a7 ,,fira may consult ) any 
,f$]al ag5cy2 &  7#b7 a ,f$]al ag5cy    

%all reasonably coop]ate ) ,,fira ) any 
in=mation reque/$ by ,,fira to assi/ 9  
,,fira's duties prescrib$ "u ?is        
section1 subject to su* safegu>ds z may 
be necess>y to protect classifi$ or law 
en=cem5t in=mation4  #g4 ,m$iation &    
prohibition au?ority  7a7 ,m&atory      
m$iation au?ority ,) respect to ea*     
cov]$ inve/m5t t ,,fira det]m9es is n a 
qualifi$ inve/m5t1 ,,fira may require   
m$iation betwe5 ,,fira & ! p]son mak+ ! 
cov]$ inve/m5t 9 ord] to agree on new   
t]ms = ! inve/m5t t w\ld all[ ,,fira to 
det]m9e t ! inve/m5t is a qualifi$      
inve/m5t4  7b7 ,prohibition au?ority    
,,fira may susp5d or prohibit any cov]$ 
inve/m5t t is n a qualifi$ inve/m5t4    
#h4 ,application ( ,f$]al e?ics &       
transp>5cy laws  7a7 ,application to    
p>ties to cov]$ inve/m5ts ,,fira %all   
issue rules to apply ! ,f$]al e?ics &   
transp>5cy laws to any p]son 7includ+ a 
,f$]al ag5cy or =eign gov]nm5t7 mak+1   
receiv+1 or negotiat+ a cov]$ inve/m5t  
or an inve/m5t t ! p]son believes is a  

cov]$ inve/m5t1 b only to ! ext5t su*   
p]son is tak+ actions 9 connection ) su*
 inve/m5t4  7b7 ,specific laws ,! ,f$]al
 e?ics & transp>5cy laws describ$ 9     
subsection 7a7 %all1 at a m9imum1       
include ! foll[+3 7#a7 ,*apt] #aca (    
title #e1 ,unit$ ,/ates ,code4  7#b7    
,sub*apt] ,,iii ( *apt] #gc ( title #e1 
,unit$ ,/ates ,code4  7#c7 ,sections    
#bja1 #bjc1 #bje1 #bjg1 #bjh1 & #bji (  
title #ah1 ,unit$ ,/ates ,code4  7#d7   
,section #bfce4ejb ( title #e1 ,code (  
,f$]al ,regulations4  7#e7 ,sections    
#eeb & #eeb;b ( title #e1 ,unit$ ,/ates 
,code4  #i4 ,fulfillm5t ( cov]$ =eign   
inve/m5t commitm5ts  7a7 ,public notice 
,,fira %all ma9ta91 & regul>ly update1  
on ! website describ$ 9 section #d7;a71 
a calculation ( ! am\nt ( all qualifi$  
inve/m5ts relat$ to a cov]$ =eign       
inve/m5t commitm5t4  7b7 ,failure ,to   
fulfill cov]$ =eign inve/m5t commitm5ts 
,if1 aft] ! end ( ! #d-ye> p]iod beg9n+ 
on ! obligation date ( a cov]$ =eign    
inve/m5t commitm5t1 ! am\nt ( qualifi$  

inve/m5ts relat$ to su* cov]$ =eign     
inve/m5t commitm5t is less ?an ! cov]$  
=eign inve/m5t commitm5t am\nt1 !       
,presid5t %all ent] into negotiations ) 
! c\ntry t made ! cov]$ =eign inve/m5t  
commitm5t to address ! deficit4  #aj4   
,report+ requirem5ts  7a7 ,annual report
 to ,congress  7#a7 ,9 g5]al ,,fira %all
 issue an annual report to ! ,congress  
conta9+-- 7,a7 in=mation on ! inve/m5ts 
review$ by ,,fira2 &  7,b7 any tr5ds or 
risks id5tifi$ by ,,fira4  7#b7         
,classification ,ea* report requir$ "u  
p>agraph 7#a7 %all be 9 unclassifi$ =m1 
b may include a classifi$ annex4  7b7   
,semiannual report to ! public ,,fira   
%all issue a semiannual public report   
conta9+ ! foll[+3 7#a7 ,! progress made 
9 implem5t+ ?is ,act & id5tify+ qualifi$
 inve/m5ts4  7#b7 ,an id5tification ( ! 
jobs creat$ by qualifi$ inve/m5ts1      
includ+1 = ea* su* inve/m5t-- 7,a7 !    
comp5sation provid$ by su* jobs2  7,b7  
unionization in=mation relat$ to su*    
jobs2 &  7,c7 :e!r =eign employees h be5

 br\ght into ! ,unit$ ,/ates to "w      
directly at a facility fund$ by !       
inve/m5t or ?r\gh a contractor4  7#c7   
,an id5tification ( ! inputs us$ 9 any  
production facility result+ f a qualifi$
 inve/m5t & ! orig9ation ( su* inputs4  
7#d7 ,) respect to mitigation agreem5ts 
ent]$ into by ,,fira-- 7,a7 ! compliance
 ( ! o!r p>ties to ! mitigation agreem5t
 ) ! t]ms ( ! agreem5t2 &  7,b7 any     
actions tak5 by ,,fira to en=ce ! t]ms (
 a mitigation agreem5t4  7c7 ,qu>t]ly   
report by ! ,*ief ,e?ics ,(fice ,! ,*ief
 ,e?ics ,(fic] %all issue a qu>t]ly     
report to ,congress1 & make su* report  
available to ! public onl9e1 conta9+ a  
li/ ( all compla9ts receiv$ by ! ,*ief  
,e?ics ,(fice ( ,public ,ov]sight ,bo>d 
& ! resolution ( ea* su* compla9t4