[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5337 Reported in House (RH)]
Union Calendar No. 329
109th CONGRESS
2d Session
H. R. 5337
[Report No. 109-523, Parts I and II]
To ensure national security while promoting foreign investment and the
creation and maintenance of jobs, to reform the process by which such
investments are examined for any effect they may have on national
security, to establish the Committee on Foreign Investment in the
United States, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 10, 2006
Mr. Blunt (for himself, Ms. Pryce of Ohio, Mrs. Maloney, Mr. Crowley,
Mr. King of New York, Mr. Hoekstra, Mr. Barton of Texas, Mr. Smith of
Texas, Mr. Young of Alaska, Mr. Manzullo, Mr. Reynolds, Mr. Baker, Mr.
Bachus, Mr. Ney, Mrs. Kelly, Mr. Foley, Mr. Fossella, Mrs. Biggert,
Mrs. Myrick, Mr. Doolittle, Ms. Harris, Mr. Shays, and Mr. McCotter)
introduced the following bill; which was referred to the Committee on
Financial Services, and in addition to the Committees on Energy and
Commerce and International Relations, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
June 22, 2006
Reported from the Committee on Financial Services with an amendment
[Strike out all after the enacting clause and insert the part printed
in italic]
June 22, 2006
Referral to Committees on International Relations and Energy and
Commerce extended for a period ending not later than July 17, 2006
July 17, 2006
Additional sponsors: Mr. Camp of Michigan, Mr. Clay, Mr. Ford, Mr.
Meeks of New York, Mr. Moore of Kansas, Ms. Ros-Lehtinen, Mr. Scott of
Georgia, Mr. Sessions, Mr. Stearns, Mr. Wamp, Mr. Davis of Alabama, Ms.
Hooley, Ms. Bean, Mr. Coble, Mr. Feeney, Mr. Leach, Mr. Matheson, Ms.
Carson, Mr. English of Pennsylvania, Mr. Israel, Ms. Moore of
Wisconsin, Mr. Shuster , Mr. Campbell of California, Mr. Owens, Mr.
McHenry, Mr. Rangel, Mr. Tiahrt, Mr. Tiberi, Ms. Velazquez, Mr. Watt,
Mrs. Cubin, Mr. Hastings of Florida, Mr. Hinojosa, Mr. Al Green of
Texas, Mr. Garrett of New Jersey, Mr. Reichert, Ms. Wasserman Schultz,
Mr. Bishop of New York, Mr. Cleaver, Mr. Gutierrez, Ms. Lee, Mr. Meek
of Florida, Mr. Lucas, Mr. Lynch, Mr. Miller of North Carolina, Mr.
Gillmor, Mr. Price of Georgia, Mr. LaTourette, Mr. Gene Green of Texas,
Ms. Harman, Mr. Pearce, Mr. Thompson of Mississippi, Mr. Baca, Mrs.
McCarthy, Mr. Cummings, Mr. Gary G. Miller of California, Mr. Bradley
of New Hampshire, Mr. Van Hollen, Mr. Towns, Mr. Kuhl of New York, Mr.
Sullivan, Mr. Melancon, Mr. Murphy, Mr. Nunes, and Mr. Terry
July 17, 2006
Reported from the Committee on Energy and Commerce with an amendment
[Strike out all after the enacting clause and insert the part printed
in italic]
July 17, 2006
Committee on International Relations discharged; committed to the
Committee of the Whole House on the State of the Union and ordered to
be printed
[For text of introduced bill, see copy of bill as introduced on May 10,
2006]
_______________________________________________________________________
A BILL
To ensure national security while promoting foreign investment and the
creation and maintenance of jobs, to reform the process by which such
investments are examined for any effect they may have on national
security, to establish the Committee on Foreign Investment in the
United States, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SEC. 1. SHORT TITLE.
This Act may be cited as the ``National Security Foreign Investment
Reform and Strengthened Transparency Act of 2006''.
SEC. 2. UNITED STATES SECURITY IMPROVEMENT AMENDMENTS; CLARIFICATION OF
REVIEW AND INVESTIGATION PROCESS.
Section 721 of the Defense Production Act of 1950 (50 U.S.C. App.
2170) is amended by striking subsections (a) and (b) and inserting the
following new subsections:
``(a) Definitions.--For purposes of this section, the following
definitions shall apply:
``(1) Committee.--The term `Committee' means the Committee
on Foreign Investment in the United States.
``(2) Control.--The term `control' has the meaning given to
such term in regulations which the Committee shall prescribe.
``(3) Covered transaction.--The term `covered transaction'
means any merger, acquisition, or takeover by or with any
foreign person which could result in foreign control of any
person engaged in interstate commerce in the United States.
``(4) Foreign government-controlled transaction.--The term
`foreign government-controlled transaction' means any covered
transaction that could result in the control of any person
engaged in interstate commerce in the United States by a
foreign government or an entity controlled by or acting on
behalf of a foreign government.
``(5) Clarification.--The term `national security' shall be
construed so as to include those issues relating to `homeland
security', including its application to critical infrastructure
(as defined in the Homeland Security Act of 2002).
``(b) National Security Reviews and Investigations.--
``(1) National security reviews.--
``(A) In general.--Upon receiving written
notification under subparagraph (C) of any covered
transaction, or on a motion made under subparagraph (D)
with respect to any covered transaction, the President,
acting through the Committee, shall review the covered
transaction to determine whether the transaction
threatens to impair the national security of the United
States and whether such threat can be mitigated.
``(B) Control by foreign government.--If the
Committee determines that the covered transaction is a
foreign government-controlled transaction, the
Committee shall conduct an investigation of the
transaction under paragraph (2).
``(C) Written notice.--
``(i) In general.--Any party to any covered
transaction may initiate a review of the
transaction under this paragraph by submitting
a written notice of the transaction to the
Chairperson of the Committee.
``(ii) Withdrawal of notice.--No covered
transaction for which a notice was submitted
under clause (i) may be withdrawn from review
unless--
``(I) a written request for such
withdrawal is submitted by any party to
the transaction; and
``(II) the request is approved in
writing by the Chairperson, in
consultation with the Vice Chairperson,
of the Committee.
``(D) Unilateral initiation of review.--The
President, the Committee, or any member of the
Committee may move to initiate a review under
subparagraph (A) of--
``(i) any covered transaction;
``(ii) any covered transaction that has
previously been reviewed or investigated under
this section, if any party to the transaction
submitted false or misleading material
information to the Committee in connection with
the review or investigation or omitted material
information, including material documents, from
information submitted to the Committee; or
``(iii) any covered transaction that has
previously been reviewed or investigated under
this section, if any party to the transaction
or the entity resulting from consummation of
the transaction intentionally materially
breaches a mitigation agreement or condition
described in subsection (l)(1)(A), and--
``(I) such breach is certified by
the lead department or agency
monitoring and enforcing such agreement
or condition as an intentional material
breach; and
``(II) such department or agency
certifies that there is no other remedy
or enforcement tool available to
address such breach.
``(E) Timing.--Any review under this paragraph
shall be completed before the end of the 30-day period
beginning on the date of the receipt of written notice
under subparagraph (C) by the Chairperson of the
Committee, or the date of the initiation of the review
in accordance with a motion under subparagraph (D).
``(2) National security investigations.--
``(A) In general.--In each case in which--
``(i) a review of a covered transaction
under paragraph (1) results in a determination
that--
``(I) the transaction threatens to
impair the national security of the
United States and that threat has not
been mitigated during or prior to the
review of a covered transaction under
paragraph (1); or
``(II) the transaction is a foreign
government-controlled transaction; or
``(ii) the Director of National
Intelligence identifies particularly complex
national security or intelligence issues that
could threaten to impair the national security
of the United States and Committee members were
not able to develop and agree upon measures to
mitigate satisfactorily those threats during
the initial review period under paragraph (1),
the President, acting through the Committee, shall
immediately conduct an investigation of the effects of
the transaction on the national security of the United
States and take any necessary actions in connection
with the transaction to protect the national security
of the United States.
``(B) Timing.--
``(i) In general.--Any investigation under
subparagraph (A) shall be completed before the
end of the 45-day period beginning on the date
of the investigation commenced.
``(ii) Extensions of time.--The period
established under subparagraph (B) for any
investigation of a covered transaction may be
extended with respect to any particular
investigation by the President or by a rollcall
vote of at least 2/3 of the members of the
Committee involved in the investigation by the
amount of time specified by the President or
the Committee at the time of the extension, not
to exceed 45 days, as necessary to collect and
fully evaluate information relating to--
``(I) the covered transaction or
parties to the transaction; and
``(II) any effect of the
transaction that could threaten to
impair the national security of the
United States.
``(3) Approval of chairperson and vice chairperson
required.--
``(A) In general.--A review or investigation under
this subsection of a covered transaction shall not be
treated as final or complete until the findings and the
report resulting from such review or investigation are
approved and signed by both the Secretary of the
Treasury and the Secretary of Homeland Security (and
such authority of each such Secretary may not be
delegated to any person other than the Deputy Secretary
of the Treasury or the Deputy Secretary of Homeland
Security, respectively).
``(B) Additional actions required in certain
cases.--In the case of an investigation under paragraph
(2) of any foreign government-controlled transaction,
an investigation shall not be treated as final or
complete until the findings and report resulting from
such investigation--
``(i) are approved by a majority of the
members of the Committee in a roll call vote;
and
``(ii) in the case of any roll call vote
pursuant to clause (i) in which there is at
least 1 vote by a Committee member against
approving a foreign government-controlled
transaction, are signed by the President (in
addition to the Chairperson and the Vice
Chairperson of the Committee under subparagraph
(A)).
``(4) Analysis by director of national intelligence.--
``(A) In general.--The Director of National
Intelligence shall expeditiously carry out a thorough
analysis of any threat to the national security of the
United States of any covered transaction, including
making requests for information to the Director of the
Office of Foreign Assets Control within the Department
of the Treasury and the Director of the Financial
Crimes Enforcement Network. The Director of National
Intelligence also shall seek and incorporate the views
of all appropriate intelligence agencies, including in
particular the Defense Intelligence Agency.
``(B) 30-day minimum.--The Director of National
Intelligence shall be provided no less than 30 days to
complete the analysis required under subparagraph (A),
except in any instance described in paragraph
(2)(A)(ii).
``(C) Independent role of director.--The Director
of National Intelligence shall not be a member of the
Committee and shall serve no policy role with the
Committee other than to provide analysis under
subparagraph (A) in connection with a covered
transaction.
``(5) Resubmittals of notice and requests for additional
review or investigation.--
``(A) In general.--No provision of this subsection
shall be construed as prohibiting any party to a
covered transaction from--
``(i) submitting additional information
concerning the transaction, including any
proposed restructuring of the transaction or
any modifications to any agreements in
connection with the transaction, while any
review or investigation of the transaction is
on-going; or
``(ii) requesting a review or investigation
of the transaction after any previous review or
investigation of the same or a similar
transaction has become final if information
material to the prior review or investigation
and not previously submitted to the Committee
becomes known or if any material change in
circumstances to the covered transaction has
occurred since the review or investigation.
``(B) Approval of request.--In the case of a
request referred to in subparagraph (A)(ii), the
Committee shall determine by consensus whether to grant
a request.
``(6) Regulations.--Regulations prescribed under this
section shall include standard procedures for--
``(A) submitting any notice of a proposed or
pending covered transaction to the Committee;
``(B) submitting a request to withdraw a proposed
or pending covered transaction from review; and
``(C) resubmitting a notice of proposed or pending
covered transaction that was previously withdrawn from
review.''.
SEC. 3. STATUTORY ESTABLISHMENT OF THE COMMITTEE ON FOREIGN INVESTMENT
IN THE UNITED STATES.
(a) In General.--Section 721 of the Defense Production Act of 1950
(50 U.S.C. App. 2170) is amended by striking subsection (k) and
inserting the following new subsection:
``(k) Committee on Foreign Investment in the United States.--
``(1) Establishment.--The Committee on Foreign Investment
in the United States established pursuant to Executive Order
No. 11858 shall be a multi-agency committee to carry out this
section and such other assignments as the President may
designate.
``(2) Membership.--The Committee shall be comprised of the
following members or the designee of any such member:
``(A) The Secretary of the Treasury.
``(B) The Secretary of Homeland Security.
``(C) The Secretary of Commerce.
``(D) The Secretary of Defense.
``(E) The Secretary of State.
``(F) The Attorney General.
``(G) The Chairman of the Council of Economic
Advisors.
``(H) The United States Trade Representative.
``(I) The Director of the Office of Management and
Budget.
``(J) The Director of the National Economic
Council.
``(K) The Director of the Office of Science and
Technology Policy.
``(L) The President's Assistant for National
Security Affairs.
``(M) Any other designee of the President from the
Executive Office of the President.
``(3) Chairperson; vice chairperson.--The Secretary of the
Treasury shall be the Chairperson of the Committee. The
Secretary of Homeland Security shall be the Vice Chairperson of
the Committee.
``(4) Other members.--Subject to subsection (b)(4)(B), the
Chairperson of the Committee shall involve the heads of such
other Federal departments, agencies, and independent
establishments in any review or investigation under subsection
(b) as the Chairperson, after consulting with the Vice
Chairperson, determines to be appropriate on the basis of the
facts and circumstances of the transaction under investigation
(or the designee of any such department or agency head).
``(5) Meetings.--The Committee shall meet upon the
direction of the President or upon the call of the Chairperson
of the Committee without regard to section 552b of title 5,
United States Code (if otherwise applicable).
``(6) Collection of evidence.--Subject to subsection (c),
the Committee may, for the purpose of carrying out this
section--
``(A) sit and act at such times and places, take
such testimony, receive such evidence, administer such
oaths; and
``(B) require the attendance and testimony of such
witnesses and the production of such books, records,
correspondence, memoranda, papers, and documents as the
Chairperson of the Committee may determine advisable.
``(7) Authorization of appropriations.--There are
authorized to be appropriated to the Secretary of the Treasury
for each of fiscal years 2007, 2008, 2009, and 2010, expressly
and solely for the operations of the Committee that are
conducted by the Secretary, the sum of $10,000,000.''.
(b) Technical and Conforming Amendment.--The first sentence of
section 721(c) of the Defense Production Act of 1950 (50 U.S.C. App.
2170(c)) is amended--
(1) by striking ``material filed with'' and inserting
``material, including proprietary business information, filed
with, or testimony presented to,''; and
(2) by striking ``or documentary material'' the 2nd place
such term appears and inserting ``, documentary material, or
testimony''.
SEC. 4. ADDITIONAL FACTORS REQUIRED TO BE CONSIDERED.
Section 721(f) of the Defense Production Act of 1950 (50 U.S.C.
App. 2170(f)) is amended--
(1) in the matter preceding paragraph (1)--
(A) by striking ``may'' and inserting ``shall'';
and
(B) by striking ``among other factors'';
(2) by striking ``and'' at the end of paragraph (4);
(3) by striking the period at the end of paragraph (5) and
inserting a semicolon; and
(4) by adding at the end the following new paragraphs:
``(6) whether the covered transaction has a security-
related impact on critical infrastructure in the United States;
``(7) whether the covered transaction is a foreign
government-controlled transaction; and
``(8) such other factors as the President or the
President's designee may determine to be appropriate, generally
or in connection with a specific review or investigation.''.
SEC. 5. NONWAIVER OF SOVEREIGN IMMUNITY.
Section 721(d) of the Defense Production Act of 1950 (50 U.S.C.
App. 2170(d)) is amended by adding at the end the following new
sentence: ``The United States shall not be held liable for any losses
or other expenses incurred by any party to a covered transaction as a
result of actions taken under this section after a covered transaction
has been consummated if the party did not submit a written notice of
the transaction to the Chairperson of the Committee under subsection
(b)(1)(C) or did not wait until the completion of any review or
investigation under subsection (b), or the end of the 15-day period
referred to in this subsection, before consummating the transaction.''.
SEC. 6. MITIGATION, TRACKING, AND POST-CONSUMMATION MONITORING AND
ENFORCEMENT.
Section 721 of the Defense Production Act of 1950 (50 U.S.C. App.
2170) is amended by inserting after subsection (k) (as amended by
section 3 of this Act) the following new subsection:
``(l) Mitigation, Tracking, and Postconsummation Monitoring and
Enforcement.--
``(1) Mitigation.--
``(A) In general.--The Committee may negotiate,
enter into or impose, and enforce any agreement or
condition with any party to a covered transaction in
order to mitigate any threat to the national security
of the United States.
``(B) Risk-based analysis required.--Any agreement
entered into or condition imposed under subparagraph
(A) shall be based on a risk-based analysis of the
threat to national security of the covered transaction.
``(2) Tracking authority for withdrawn notices.--
``(A) In general.--If any written notice of a
covered transaction that was submitted to the Committee
under this section is withdrawn before any review or
investigation by the Committee under subsection (b) is
completed, the Committee shall establish, as
appropriate--
``(i) interim protections to address
specific concerns with such transaction that
have been raised in connection with any such
review or investigation pending any
resubmission of any written notice under this
section with respect to such transaction and
further action by the President under this
section;
``(ii) specific timeframes for resubmitting
any such written notice; and
``(iii) a process for tracking any actions
that may be taken by any party to the
transaction, in connection with the
transaction, before the notice referred to in
clause (ii) is resubmitted.
``(B) Designation of agency.--The Committee may
designate an appropriate Federal department or agency,
other than any entity of the intelligence community (as
defined in the National Security Act of 1947), as the
lead agency to carry out the requirements of
subparagraph (A) with respect to any covered
transaction that is subject to such subparagraph.
``(3) Negotiation, modification, monitoring, and
enforcement.--
``(A) Designation of agency.--The Committee shall
designate a Federal department or agency as the lead
agency to negotiate, modify, monitor, and enforce any
agreement entered into or condition imposed under
paragraph (1) with respect to a covered transaction
based on the expertise with and knowledge of the issues
related to such transaction on the part of the
designated department or agency.
``(B) Reporting by designated agency.--
``(i) Implementation reports.--The Federal
department or agency designated by the
Committee as a lead agency under subparagraph
(A) in connection with any agreement entered
into or condition imposed under paragraph (1)
with respect to a covered transaction shall--
``(I) provide periodic reports to
the Chairperson and Vice Chairperson of
the Committee on the implementation of
such agreement or condition; and
``(II) require, as appropriate, any
party to the covered transaction to
report to the head of such department
or agency (or the designee of such
department or agency head) on the
implementation or any material change
in circumstances.
``(ii) Modification reports.--The Federal
department or agency designated by the
Committee as a lead agency under subparagraph
(A) in connection with any agreement entered
into or condition imposed with respect to a
covered transaction shall--
``(I) provide periodic reports to
the Chairperson and Vice Chairperson of
the Committee on any modification to
any such agreement or condition imposed
with respect to the transaction; and
``(II) ensure that any significant
modification to any such agreement or
condition is reported to the Director
of National Intelligence and to any
other Federal department or agency that
may have a material interest in such
modification.''.
SEC. 7. INCREASED OVERSIGHT BY THE CONGRESS.
(a) Report on Actions.--Section 721(g) of the Defense Production
Act of 1950 (50 U.S.C. App. 2170) is amended to read as follows:
``(g) Reports to the Congress.--
``(1) Reports on completed committee investigations.--
``(A) In general.--Not later than 5 days after the
completion of a Committee investigation of a covered
transaction under subsection (b)(2), or, if the
President indicates an intent to take any action
authorized under subsection (d) with respect to the
transaction, after the end of 15-day period referred to
in subsection (d), the Chairperson or Vice Chairperson
of the Committee shall submit a written report on the
findings or actions of the Committee with respect to
such investigation, the determination of whether or not
to take action under subsection (d), an explanation of
the findings under subsection (e), and the factors
considered under subsection (f), with respect to such
transaction, to--
``(i) the Majority Leader and the Minority
Leader of the Senate;
``(ii) the Speaker and the Minority Leader
of the House of Representatives; and
``(iii) the chairman and ranking member of
each committee of the House of Representatives
and the Senate with jurisdiction over any
aspect of the covered transaction and its
possible effects on national security.
``(B) Notice and briefing requirement.--If a
written request for a briefing on a covered transaction
is submitted to the Committee by any Senator or Member
of Congress who receives a report on the transaction
under subparagraph (A), the Chairperson or Vice
Chairperson (or such other person as the Chairperson or
Vice Chairperson may designate) shall provide 1
classified briefing to each House of the Congress from
which any such briefing request originates in a secure
facility of appropriate size and location that shall be
open only to the Majority Leader and the Minority
Leader of the Senate, the Speaker and the Minority
Leader of the House of Representatives, (as the case
may be) the chairman and ranking member of each
committee of the House of Representatives or the Senate
(as the case may be) with jurisdiction over any aspect
of the covered transaction and its possible effects on
national security, and appropriate staff members who
have security clearance.
``(2) Application of other provision.--
``(A) In general.--The disclosure of information
under this subsection shall be consistent with the
requirements of subsection (c). Members of Congress and
staff of either House or any committee of the Congress
shall be subject to the same limitations on disclosure
of information as are applicable under such subsection.
``(B) Proprietary information.--Proprietary
information which can be associated with a particular
party to a covered transaction shall be furnished in
accordance with subparagraph (A) only to a committee of
the Congress and only when the committee provides
assurances of confidentiality, unless such party
otherwise consents in writing to such disclosure.''.
(b) Semi-Annual Report.--Section 721 of the Defense Production Act
of 1950 (50 U.S.C. App. 2170) is amended by inserting after subsection
(l) (as added by section 6 of this Act) the following new subsection:
``(m) Semi-Annual Report to the Congress.--
``(1) In general.--The Chairperson of the Committee shall
transmit a report to the Congress before January 31 and July 31
of each year on all the reviews and investigations of covered
transactions conducted under subsection (b) during the 6-month
period covered by the report.
``(2) Contents of report relating to covered
transactions.--The report under paragraph (1) shall contain the
following information with respect to each covered transaction:
``(A) A list of all notices filed and all reviews
or investigations conducted during the period with
basic information on each party to the transaction, the
nature of the business activities or products of all
pertinent persons, along with information about the
status of the review or investigation, information on
any withdrawal from the process, any rollcall votes by
the Committee under this section, any extension of time
for any investigation, and any presidential decision or
action under this section.
``(B) Specific, cumulative, and, as appropriate,
trend information on the numbers of filings,
investigations, withdrawals, and presidential decisions
or actions under this section.
``(C) Cumulative and, as appropriate, trend
information on the business sectors involved in the
filings which have been made, and the countries from
which the investments have originated.
``(D) Information on whether companies that
withdrew notices to the Committee in accordance with
subsection (b)(1)(C)(ii) have later re-filed such
notices, or, alternatively, abandoned the transaction.
``(E) The types of security arrangements and
conditions the Committee has used to mitigate national
security concerns about a transaction.
``(F) A detailed discussion of all perceived
adverse effects of covered transactions on the national
security or critical infrastructure of the United
States that the Committee will take into account in its
deliberations during the period before delivery of the
next such report, to the extent possible.
``(3) Contents of report relating to critical
technologies.--
``(A) In general.--In order to assist the Congress
in its oversight responsibilities with respect to this
section, the President and such agencies as the
President shall designate shall include in the semi-
annual report submitted under paragraph (1) the
following:
``(i) An evaluation of whether there is
credible evidence of a coordinated strategy by
1 or more countries or companies to acquire
United States companies involved in research,
development, or production of critical
technologies for which the United States is a
leading producer.
``(ii) An evaluation of whether there are
industrial espionage activities directed or
directly assisted by foreign governments
against private United States companies aimed
at obtaining commercial secrets related to
critical technologies.
``(B) Critical technologies defined.--For purposes
of this paragraph, the term `critical technologies'
means technologies identified under title VI of the
National Science and Technology Policy, Organization,
and Priorities Act of 1976 or other critical
technology, critical components, or critical technology
items essential to national defense or national
security identified pursuant to this section.
``(C) Release of unclassified study.--That portion
of the semi-annual report under paragraph (1) that is
required by this paragraph may be classified. An
unclassified version of that portion of the report
shall be made available to the public.''.
(c) Investigation by Inspector General.--
(1) In general.--The Inspector General of the Department of
the Treasury shall conduct an independent investigation to
determine all of the facts and circumstances concerning each
failure of the Department of the Treasury to make any report to
the Congress that was required under section 721(k) of the
Defense Production Act of 1950 (as in effect before the date of
the enactment of this Act).
(2) Report to the congress.--Before the end of the 270-day
period beginning on the date of the enactment of this Act, the
Inspector General of the Department of the Treasury shall
submit a report to the Congress on the investigation under
paragraph (1) containing the findings and conclusions of the
Inspector General.
(d) Study and Report.--
(1) Study required.--Before the end of the 120-day period
beginning on the date of the enactment of this Act, the
Secretary of the Treasury, in consultation with the Secretary
of State and the Secretary of Commerce, shall conduct a study
on investments in the United States, especially investments in
critical infrastructure and industries affecting national
security, by--
(A) foreign governments, entities controlled by or
acting on behalf of a foreign government, or persons of
foreign countries which comply with any boycott of
Israel; or
(B) foreign governments, entities controlled by or
acting on behalf of a foreign government, or persons of
foreign countries which do not ban organizations
designated by the Secretary of State as foreign
terrorist organizations.
(2) Report.--Before the end of the 30-day period beginning
upon completion of the study under paragraph (1) or in the next
semi-annual report under section 721(m) of the Defense
Production Act of 1950 (as added by subsection (b)), the
Secretary of the Treasury shall submit a report to the
Congress, for transmittal to all appropriate committees of the
Senate and the House of Representatives, containing the
findings and conclusions of the Secretary with respect to the
study, together with an analysis of the effects of such
investment on the national security of the United States and on
any efforts to address those effects.
SEC. 8. CERTIFICATION OF NOTICES AND ASSURANCES.
Section 721 of the Defense Production Act of 1950 (50 U.S.C. App.
2170) is amended by inserting after subsection (m) (as added by section
7(b) of this Act) the following new subsection:
``(n) Certification of Notices and Assurances.--Each notice
required to be submitted, by a party to a covered transaction, to the
President or the President's designee under this section and
regulations prescribed under such section, and any information
submitted by any such party in connection with any action for which a
report is required pursuant to paragraph (3)(B)(ii) of subsection (l)
with respect to the implementation of any mitigation agreement or
condition described in paragraph (1)(A) of such subsection, or any
material change in circumstances, shall be accompanied by a written
statement by the chief executive officer or the designee of the person
required to submit such notice or information certifying that, to the
best of the person's knowledge and belief--
``(1) the notice or information submitted fully complies
with the requirements of this section or such regulation,
agreement, or condition; and
``(2) the notice or information is accurate and complete in
all material respects.''.
SEC. 9. REGULATIONS.
Section 721(h) of the Defense Production Act of 1950 (50 U.S.C.
App. 2170(h)) is amended to read as follows:
``(h) Regulations.--The President shall direct the issuance of
regulations to carry out this section. Such regulations shall, to the
extent possible, minimize paperwork burdens and shall to the extent
possible coordinate reporting requirements under this section with
reporting requirements under any other provision of Federal law.''.
SEC. 10. EFFECT ON OTHER LAW.
Section 721(i) of the Defense Production Act of 1950 (50 U.S.C.
App. 2170(i)) is amended to read as follows:
``(i) Effect on Other Law.--No provision of this section shall be
construed as altering or affecting any other authority, process,
regulation, investigation, enforcement measure, or review provided by
or established under any other provision of Federal law, including the
International Emergency Economic Powers Act, or any other authority of
the President or the Congress under the Constitution of the United
States.''.
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Reform of National Security Reviews
of Foreign Direct Investments Act''.
SEC. 2. UNITED STATES SECURITY IMPROVEMENT AMENDMENTS; CLARIFICATION OF
REVIEW AND INVESTIGATION PROCESS.
Section 721 of the Defense Production Act of 1950 (50 U.S.C. App.
2170) is amended by striking subsections (a) and (b) and inserting the
following new subsections:
``(a) Definitions.--For purposes of this section, the following
definitions shall apply:
``(1) Committee.--The term `Committee' means the Committee
on Foreign Investment in the United States.
``(2) Control.--The term `control' has the meaning given to
such term in regulations which the Committee shall prescribe.
``(3) Covered transaction.--The term `covered transaction'
means any merger, acquisition, or takeover by or with any
foreign person which could result in foreign control of any
person engaged in interstate commerce in the United States.
``(4) Foreign government-controlled transaction.--The term
`foreign government-controlled transaction' means any covered
transaction that could result in the control of any person
engaged in interstate commerce in the United States by a
foreign government or an entity controlled by or acting on
behalf of a foreign government.
``(b) National Security Reviews and Investigations.--
``(1) National security reviews.--
``(A) In general.--Upon receiving written
notification under subparagraph (C) of any covered
transaction, or on a motion made under subparagraph (D)
with respect to any covered transaction, the President,
acting through the Committee, shall review the covered
transaction to determine whether the transaction
threatens to impair the national security of the United
States and whether such threat can be mitigated.
``(B) Control by foreign government.--If the
Committee determines that the covered transaction is a
foreign government-controlled transaction, the
Committee shall conduct an investigation of the
transaction under paragraph (2).
``(C) Written notice.--
``(i) In general.--Any party to any covered
transaction may initiate a review of the
transaction under this paragraph by submitting
a written notice of the transaction to the
Chairperson of the Committee.
``(ii) Withdrawal of notice.--No covered
transaction for which a notice was submitted
under clause (i) may be withdrawn from review
unless--
``(I) a written request for such
withdrawal is submitted by any party to
the transaction; and
``(II) the request is approved in
writing by the Chairperson of the
Committee.
``(D) Unilateral initiation of review.--The
President, the Committee, or any member of the
Committee may move to initiate a review under
subparagraph (A) of--
``(i) any covered transaction;
``(ii) any covered transaction that has
previously been reviewed or investigated under
this section, if any party to the transaction
submitted false or misleading material
information to the Committee in connection with
the review or investigation or omitted material
information, including material documents, from
information submitted to the Committee; or
``(iii) any covered transaction that has
previously been reviewed or investigated under
this section, if any party to the transaction
or the entity resulting from consummation of
the transaction intentionally materially
breaches a mitigation agreement or condition
described in subsection (l)(1)(A), and--
``(I) such breach is certified by
the lead department or agency
monitoring and enforcing such agreement
or condition as an intentional material
breach; and
``(II) such department or agency
certifies that there is no other remedy
or enforcement tool available to
address such breach.
``(E) Timing.--Any review under this paragraph
shall be completed before the end of the 30-day period
beginning on the date of the receipt of written notice
under subparagraph (C) by the Chairperson of the
Committee, or the date of the initiation of the review
in accordance with a motion under subparagraph (D).
``(2) National security investigations.--
``(A) In general.--In each case in which--
``(i) a review of a covered transaction
under paragraph (1) results in a determination
that--
``(I) the transaction threatens to
impair the national security of the
United States and that threat has not
been mitigated during or prior to the
review of a covered transaction under
paragraph (1); or
``(II) the transaction is a foreign
government-controlled transaction; or
``(ii) the Director of National
Intelligence identifies particularly complex
national security or intelligence issues that
could threaten to impair the national security
of the United States and were not resolved
during the initial review period under
paragraph (1),
the President, acting through the Committee, shall
immediately conduct an investigation of the effects of
the transaction on the national security of the United
States and take any necessary actions in connection
with the transaction to protect the national security
of the United States.
``(B) Timing.--
``(i) In general.--Any investigation under
subparagraph (A) shall be completed before the
end of the 45-day period beginning on the date
of the investigation commenced.
``(ii) Extensions of time.--The period
established under subparagraph (B) for any
investigation of a covered transaction may be
extended with respect to any particular
investigation by the President or by a rollcall
vote of at least 2/3 of the members of the
Committee involved in the investigation by the
amount of time specified by the President or
the Committee at the time of the extension, not
to exceed 45 days, as necessary to collect and
fully evaluate information relating to--
``(I) the covered transaction or
parties to the transaction; and
``(II) any effect of the
transaction that could threaten to
impair the national security of the
United States.
``(3) Approval of chairperson required.--
``(A) In general.--A review or investigation under
this subsection of a covered transaction shall not be
treated as final or complete until the findings and the
report resulting from such review or investigation are
approved and signed by the Chairperson of the Committee
after approval by a majority vote of the Committee.
``(B) Additional actions required in certain
cases.--In the case of an investigation under paragraph
(2) of any foreign government-controlled transaction,
an investigation shall not be treated as final or
complete until the findings and report resulting from
such investigation--
``(i) are approved by a majority of the
members of the Committee in a roll call vote;
and
``(ii) in the case of any roll call vote
pursuant to clause (i) in which there is at
least 1 vote by a Committee member against
approving a foreign government-controlled
transaction, are signed by the President (in
addition to the Chairperson and the Vice
Chairperson of the Committee under subparagraph
(A)).
``(4) Analysis by director of national intelligence.--
``(A) In general.--The Director of National
Intelligence shall expeditiously carry out a thorough
analysis of any threat to the national security of the
United States of any covered transaction, including an
affirmative inquiry for information to the Director of
the Office of Foreign Assets Control within the
Department of the Treasury and the Director of the
Financial Crimes Enforcement Network.
``(B) 30-day minimum.--The analysis required under
subparagraph (A) shall take no less than 30 days and be
completed no less than 7 days before the end of the
initial review period under paragraph (1), except in
any instance described in paragraph (2)(A)(ii).
``(C) Independent role of director.--The Director
of National Intelligence shall not be a member of the
Committee and shall serve no policy role with the
Committee other than to provide analysis under
subparagraph (A) in connection with a covered
transaction.
``(5) Resubmittals of notice and requests for additional
review or investigation.--
``(A) In general.--No provision of this subsection
shall be construed as prohibiting any party to a
covered transaction from--
``(i) submitting additional information
concerning the transaction, including any
proposed restructuring of the transaction or
any modifications to any agreements in
connection with the transaction, while any
review or investigation of the transaction is
on-going; or
``(ii) requesting a review or investigation
of the transaction after any previous review or
investigation of the same or a similar
transaction has become final if information
material to the prior review or investigation
and not previously submitted to the Committee
becomes known or if any material change in
circumstances to the covered transaction has
occurred since the review or investigation.
``(B) Approval of request.--In the case of a
request referred to in subparagraph (A)(ii), the
Committee shall determine by consensus whether to grant
a request.
``(6) Regulations.--Regulations prescribed under this
section shall include standard procedures for--
``(A) submitting any notice of a proposed or
pending covered transaction to the Committee;
``(B) submitting a request to withdraw a proposed
or pending covered transaction from review; and
``(C) resubmitting a notice of proposed or pending
covered transaction that was previously withdrawn from
review.''.
SEC. 3. STATUTORY ESTABLISHMENT OF THE COMMITTEE ON FOREIGN INVESTMENT
IN THE UNITED STATES.
(a) In General.--Section 721 of the Defense Production Act of 1950
(50 U.S.C. App. 2170) is amended by striking subsection (k) and
inserting the following new subsection:
``(k) Committee on Foreign Investment in the United States.--
``(1) Establishment.--The Committee on Foreign Investment
in the United States established pursuant to Executive Order
No. 11858 shall be a multi-agency committee to carry out this
section and such other assignments as the President may
designate.
``(2) Membership.--The Committee shall be comprised of the
following members or the designee of any such member:
``(A) The Secretary of the Treasury.
``(B) The Secretary of Homeland Security.
``(C) The Secretary of Commerce.
``(D) The Secretary of Defense.
``(E) The Secretary of State.
``(F) The Attorney General.
``(G) The Secretary of Energy.
``(H) The Chairman of the Council of Economic
Advisors.
``(I) The United States Trade Representative.
``(J) The Director of the Office of Management and
Budget.
``(K) The Director of the National Economic
Council.
``(L) The Director of the Office of Science and
Technology Policy.
``(M) The President's Assistant for National
Security Affairs.
``(3) Chairperson.--The Secretary of Commerce shall be the
Chairperson of the Committee.
``(4) Other members.--Subject to subsection (b)(4)(B), the
Chairperson of the Committee shall involve the heads of such
other Federal departments, agencies, and independent
establishments in any review or investigation under subsection
(b) as the Chairperson determines to be appropriate on the
basis of the facts and circumstances of the transaction under
investigation (or the designee of any such department or agency
head).
``(5) Meetings.--The Committee shall meet upon the
direction of the President or upon the call of the Chairperson
of the Committee without regard to section 552b of title 5,
United States Code (if otherwise applicable).
``(6) Collection of evidence.--Subject to subsection (c),
the Committee may, for the purpose of carrying out this
section--
``(A) sit and act at such times and places, take
such testimony, receive such evidence, administer such
oaths; and
``(B) require the attendance and testimony of such
witnesses and the production of such books, records,
correspondence, memoranda, papers, and documents as the
Chairperson of the Committee may determine advisable.
``(7) Authorization of appropriations.--There are
authorized to be appropriated to the Secretary of the Treasury
for each of fiscal years 2007, 2008, 2009, and 2010, expressly
and solely for the operations of the Committee that are
conducted by the Secretary, the sum of $10,000,000.''.
(b) Technical and Conforming Amendment.--The first sentence of
section 721(c) of the Defense Production Act of 1950 (50 U.S.C. App.
2170(c)) is amended--
(1) by striking ``material filed with'' and inserting
``material, including proprietary business information, filed
with, or testimony presented to,''; and
(2) by striking ``or documentary material'' the 2nd place
such term appears and inserting ``, documentary material, or
testimony''.
SEC. 4. ADDITIONAL FACTORS REQUIRED TO BE CONSIDERED.
Section 721(f) of the Defense Production Act of 1950 (50 U.S.C.
App. 2170(f)) is amended--
(1) in the matter preceding paragraph (1)--
(A) by striking ``may'' and inserting ``shall'';
and
(B) by striking ``among other factors'';
(2) by striking ``and'' at the end of paragraph (4);
(3) by striking the period at the end of paragraph (5) and
inserting a semicolon; and
(4) by adding at the end the following new paragraphs:
``(6) whether the covered transaction has a security-
related impact on critical infrastructure in the United States;
``(7) whether the covered transaction is a foreign
government-controlled transaction; and
``(8) such other factors as the President or the
President's designee may determine to be appropriate, generally
or in connection with a specific review or investigation.''.
SEC. 5. NONWAIVER OF SOVEREIGN IMMUNITY.
Section 721(d) of the Defense Production Act of 1950 (50 U.S.C.
App. 2170(d)) is amended by adding at the end the following new
sentence: ``The United States shall not be held liable for any losses
or other expenses incurred by any party to a covered transaction as a
result of actions taken under this section after a covered transaction
has been consummated if the party did not submit a written notice of
the transaction to the Chairperson of the Committee under subsection
(b)(1)(C) or did not wait until the completion of any review or
investigation under subsection (b), or the end of the 15-day period
referred to in this subsection, before consummating the transaction.''.
SEC. 6. MITIGATION, TRACKING, AND POST-CONSUMMATION MONITORING AND
ENFORCEMENT.
Section 721 of the Defense Production Act of 1950 (50 U.S.C. App.
2170) is amended by inserting after subsection (k) (as amended by
section 3 of this Act) the following new subsection:
``(l) Mitigation, Tracking, and Postconsummation Monitoring and
Enforcement.--
``(1) Mitigation.--
``(A) In general.--The Committee may negotiate,
enter into or impose, and enforce any agreement or
condition with any party to a covered transaction in
order to mitigate any threat to the national security
of the United States.
``(B) Risk-based analysis required.--Any agreement
entered into or condition imposed under subparagraph
(A) shall be based on a risk-based analysis of the
threat to national security of the covered transaction.
``(2) Tracking authority for withdrawn notices.--
``(A) In general.--If any written notice of a
covered transaction that was submitted to the Committee
under this section is withdrawn before any review or
investigation by the Committee under subsection (b) is
completed, the Committee shall establish, as
appropriate--
``(i) interim protections to address
specific concerns with such transaction that
have been raised in connection with any such
review or investigation pending any
resubmission of any written notice under this
section with respect to such transaction and
further action by the President under this
section;
``(ii) specific timeframes for resubmitting
any such written notice; and
``(iii) a process for tracking any actions
that may be taken by any party to the
transaction, in connection with the
transaction, before the notice referred to in
clause (ii) is resubmitted.
``(B) Designation of agency.--The Committee may
designate an appropriate Federal department or agency,
other than any entity of the intelligence community (as
defined in the National Security Act of 1947), as the
lead agency to carry out the requirements of
subparagraph (A) with respect to any covered
transaction that is subject to such subparagraph.
``(3) Negotiation, modification, monitoring, and
enforcement.--
``(A) Designation of agency.--The Committee shall
designate a Federal department or agency as the lead
agency to negotiate, modify, monitor, and enforce any
agreement entered into or condition imposed under
paragraph (1) with respect to a covered transaction
based on the expertise with and knowledge of the issues
related to such transaction on the part of the
designated department or agency.
``(B) Reporting by designated agency.--
``(i) Implementation reports.--The Federal
department or agency designated by the
Committee as a lead agency under subparagraph
(A) in connection with any agreement entered
into or condition imposed under paragraph (1)
with respect to a covered transaction shall--
``(I) provide periodic reports to
the Chairperson of the Committee on the
implementation of such agreement or
condition; and
``(II) require, as appropriate, any
party to the covered transaction to
report to the head of such department
or agency (or the designee of such
department or agency head) on the
implementation or any material change
in circumstances.
``(ii) Modification reports.--The Federal
department or agency designated by the
Committee as a lead agency under subparagraph
(A) in connection with any agreement entered
into or condition imposed with respect to a
covered transaction shall--
``(I) provide periodic reports to
the Chairperson of the Committee on any
modification to any such agreement or
condition imposed with respect to the
transaction; and
``(II) ensure that any significant
modification to any such agreement or
condition is reported to the Director
of National Intelligence and to any
other Federal department or agency that
may have a material interest in such
modification.''.
SEC. 7. INCREASED OVERSIGHT BY THE CONGRESS.
(a) Report on Actions.--Section 721(g) of the Defense Production
Act of 1950 (50 U.S.C. App. 2170) is amended to read as follows:
``(g) Reports to the Congress.--
``(1) Reports on completed committee investigations.--
``(A) In general.--Not later than 5 days after the
completion of a Committee investigation of a covered
transaction under subsection (b)(2), or, if the
President indicates an intent to take any action
authorized under subsection (d) with respect to the
transaction, after the end of 15-day period referred to
in subsection (d), the Chairperson of the Committee
shall submit a written report on the findings or
actions of the Committee with respect to such
investigation, the determination of whether or not to
take action under subsection (d), an explanation of the
findings under subsection (e), and the factors
considered under subsection (f), with respect to such
transaction, to--
``(i) the Majority Leader and the Minority
Leader of the Senate;
``(ii) the Speaker and the Minority Leader
of the House of Representatives; and
``(iii) the chairman and ranking member of
each committee of the House of Representatives
and the Senate with jurisdiction over any
aspect of the covered transaction and its
possible effects on national security,
including the Committee on International
Relations, the Committee on Financial Services,
and the Committee on Energy and Commerce of the
House of Representatives.
``(B) Notice and briefing requirement.--If a
written request for a briefing on a covered transaction
is submitted to the Committee by any Senator or Member
of Congress who receives a report on the transaction
under subparagraph (A), the Chairperson (or such other
person as the Chairperson may designate) shall provide
1 classified briefing to each House of the Congress
from which any such briefing request originates in a
secure facility of appropriate size and location that
shall be open only to the Majority Leader and the
Minority Leader of the Senate, the Speaker and the
Minority Leader of the House of Representatives, (as
the case may be) the chairman and ranking member of
each committee of the House of Representatives or the
Senate (as the case may be) with jurisdiction over any
aspect of the covered transaction and its possible
effects on national security, including the Committee
on International Relations, the Committee on Financial
Services, and the Committee on Energy and Commerce of
the House of Representatives, and appropriate staff
members who have security clearance.
``(2) Application of other provision.--
``(A) In general.--The disclosure of information
under this subsection shall be consistent with the
requirements of subsection (c). Members of Congress and
staff of either House or any committee of the Congress
shall be subject to the same limitations on disclosure
of information as are applicable under such subsection.
``(B) Proprietary information.--Proprietary
information which can be associated with a particular
party to a covered transaction shall be furnished in
accordance with subparagraph (A) only to a committee of
the Congress and only when the committee provides
assurances of confidentiality, unless such party
otherwise consents in writing to such disclosure.''.
(b) Semi-Annual Report.--Section 721 of the Defense Production Act
of 1950 (50 U.S.C. App. 2170) is amended by inserting after subsection
(l) (as added by section 6 of this Act) the following new subsection:
``(m) Semi-Annual Report to the Congress.--
``(1) In general.--The Chairperson of the Committee shall
transmit a report to the chairman and ranking member of each
committee of the House of Representatives and the Senate with
jurisdiction over any aspect of the report, including the
Committee on International Relations, the Committee on
Financial Services, and the Committee on Energy and Commerce of
the House of Representatives, before January 31 and July 31 of
each year on all the reviews and investigations of covered
transactions conducted under subsection (b) during the 6-month
period covered by the report.
``(2) Contents of report relating to covered
transactions.--The report under paragraph (1) shall contain the
following information with respect to each covered transaction:
``(A) A list of all notices filed and all reviews
or investigations conducted during the period with
basic information on each party to the transaction, the
nature of the business activities or products of all
pertinent persons, along with information about the
status of the review or investigation, information on
any withdrawal from the process, any rollcall votes by
the Committee under this section, any extension of time
for any investigation, and any presidential decision or
action under this section.
``(B) Specific, cumulative, and, as appropriate,
trend information on the numbers of filings,
investigations, withdrawals, and presidential decisions
or actions under this section.
``(C) Cumulative and, as appropriate, trend
information on the business sectors involved in the
filings which have been made, and the countries from
which the investments have originated.
``(D) Information on whether companies that
withdrew notices to the Committee in accordance with
subsection (b)(1)(C)(ii) have later re-filed such
notices, or, alternatively, abandoned the transaction.
``(E) The types of security arrangements and
conditions the Committee has used to mitigate national
security concerns about a transaction.
``(F) A detailed discussion of all perceived
adverse effects of covered transactions on the national
security or critical infrastructure of the United
States that the Committee will take into account in its
deliberations during the period before delivery of the
next such report, to the extent possible.
``(3) Contents of report relating to critical
technologies.--
``(A) In general.--In order to assist the Congress
in its oversight responsibilities with respect to this
section, the President and such agencies as the
President shall designate shall include in the semi-
annual report submitted under paragraph (1) the
following:
``(i) An evaluation of whether there is
credible evidence of a coordinated strategy by
1 or more countries or companies to acquire
United States companies involved in research,
development, or production of critical
technologies for which the United States is a
leading producer.
``(ii) An evaluation of whether there are
industrial espionage activities directed or
directly assisted by foreign governments
against private United States companies aimed
at obtaining commercial secrets related to
critical technologies.
``(B) Critical technologies defined.--For purposes
of this paragraph, the term `critical technologies'
means technologies identified under title VI of the
National Science and Technology Policy, Organization,
and Priorities Act of 1976 or other critical
technology, critical components, or critical technology
items essential to national defense or national
security identified pursuant to this section.
``(C) Release of unclassified study.--That portion
of the semi-annual report under paragraph (1) that is
required by this paragraph may be classified. An
unclassified version of that portion of the report
shall be made available to the public.''.
(c) Investigation by Inspector General.--
(1) In general.--The Inspector General of the Department of
the Treasury shall conduct an independent investigation to
determine all of the facts and circumstances concerning each
failure of the Department of the Treasury to make any report to
the Congress that was required under section 721(k) of the
Defense Production Act of 1950 (as in effect before the date of
the enactment of this Act).
(2) Report to the congress.--Before the end of the 270-day
period beginning on the date of the enactment of this Act, the
Inspector General of the Department of the Treasury shall
submit a report to the chairman and ranking member of each
committee of the House of Representatives and the Senate with
jurisdiction over any aspect of the report, including the
Committee on International Relations, the Committee on
Financial Services, and the Committee on Energy and Commerce of
the House of Representatives, on the investigation under
paragraph (1) containing the findings and conclusions of the
Inspector General.
SEC. 8. CERTIFICATION OF NOTICES AND ASSURANCES.
Section 721 of the Defense Production Act of 1950 (50 U.S.C. App.
2170) is amended by inserting after subsection (m) (as added by section
7(b) of this Act) the following new subsection:
``(n) Certification of Notices and Assurances.--Each notice
required to be submitted to the President or the President's designee
under this section and regulations prescribed under such section, and
each report required pursuant to paragraph (3)(B)(ii) of subsection (l)
with respect to the implementation of any mitigation agreement or
condition described in paragraph (1)(A) of such subsection or any
material change in circumstances shall be accompanied by a written
statement by the chief executive officer or the designee of the person
required to submit such notice or report certifying that, to the best
of the person's knowledge and belief--
``(1) the notice or report submitted fully complies with
the requirements of this section or such regulation, agreement,
or condition; and
``(2) the information so contained is accurate and complete
in all material respects.''.
SEC. 9. REGULATIONS.
Section 721(h) of the Defense Production Act of 1950 (50 U.S.C.
App. 2170(h)) is amended to read as follows:
``(h) Regulations.--The President shall direct the issuance of
regulations to carry out this section. Such regulations shall, to the
extent possible, minimize paperwork burdens and shall to the extent
possible coordinate reporting requirements under this section with
reporting requirements under any other provision of Federal law.''.
SEC. 10. EFFECT ON OTHER LAW.
Section 721(i) of the Defense Production Act of 1950 (50 U.S.C.
App. 2170(i)) is amended to read as follows:
``(i) Effect on Other Law.--No provision of this section shall be
construed as altering or affecting any other authority, process,
regulation, investigation, enforcement measure, or review provided by
or established under any other provision of Federal law, including the
International Emergency Economic Powers Act, or any other authority of
the President or the Congress under the Constitution of the United
States.''.
Union Calendar No. 329
109th CONGRESS
2d Session
H. R. 5337
[Report No. 109-523, Parts I and II]
_______________________________________________________________________
A BILL
To ensure national security while promoting foreign investment and the
creation and maintenance of jobs, to reform the process by which such
investments are examined for any effect they may have on national
security, to establish the Committee on Foreign Investment in the
United States, and for other purposes.
_______________________________________________________________________
July 17, 2006
Reported from the Committee on Energy and Commerce with an amendment
July 17, 2006
Committee on International Relations discharged; committed to the
Committee of the Whole House on the State of the Union and ordered to
be printed