<enum></enum><subtitle id="id06F8F33B83884E83B272A35B1E4E22A0"><enum>E</enum><header>Review of mergers, acquisitions, and takeovers by foreign entities</header> <section id="LEXA-RepairidA3D84F7AAB04498BB0249ABAB8D8B367"><quoted-block display-inline="no-display-inline" id="idD10A87AE98F84FD2A3F7D5EC2A920453" style="OLC"> <section id="id8935228DB5F84EACAC5319A7A37D6D38"><enum>241.</enum><header>Authority to review certain mergers, acquisitions, and takeovers</header> <subsection id="ID0448a355926e4a3681df16843ce84bb8"><enum>(a)</enum><header>Review and investigation</header> <paragraph id="id82D01FA215264A42A35A85B405B94BA0"><enum>(1)</enum><header>In general</header><text>The President or the President's designee may undertake an investigation to determine the effects on national security or homeland security of mergers, acquisitions, and takeovers proposed or pending on or after the date of enactment of this section by or with foreign persons which could result in foreign control of persons engaged in interstate commerce in the United States.</text> </paragraph><paragraph id="idA5D9A2440A7C499BA96EB53D8DF52FBE"><enum>(2)</enum><header>Review</header><text>For purposes of determining whether to undertake an investigation under this subsection, the President or the President's designee shall conduct a review of the proposed or pending merger, acquisition, or takeover, which review shall be completed not later than 30 days after the date of receipt by the President or the President's designee of written notification of the proposed or pending merger, acquisition, or takeover.</text> </paragraph><paragraph id="idB04F1072C2B74CA9853AA4F0748CAFCD"><enum>(3)</enum><header>Timing</header><text>If it is determined that an investigation should be undertaken under this subsection, such investigation—</text> <subparagraph id="id4456DCE056B046C2A9D518C76BC5A33D"><enum>(A)</enum><text>shall commence at such time as the determination is made under paragraph (2), and not later than 30 days after the date of receipt by the President or the President's designee of written notification of the proposed or pending merger, acquisition, or takeover, as prescribed by regulations promulgated pursuant to this section; and</text> </subparagraph><subparagraph id="id5FFC59B4E5A04182A41A6F1D079C34FB"><enum>(B)</enum><text>shall be completed not later than 45 days after the date of its commencement.</text> </subparagraph></paragraph><paragraph id="ID648639d52360493389898583fe8a8efc"><enum>(4)</enum><header>Intelligence assessment reports</header><text>With respect to any investigation undertaken under this subsection, the Director of National Intelligence shall create a report that consolidates the intelligence findings, assessments, and concerns of each of the relevant members of the intelligence community. Such report shall be considered as part of the investigation, provided to all members of the Committee, and included as part of any recommendation to the President.</text> </paragraph></subsection><subsection id="ID40e9adb3dfd84b81893085967e1e95be"><enum>(b)</enum><header>Mandatory investigations</header> <paragraph id="idA251F992A93C4A0E8DB3D2D08FD0ED29"><enum>(1)</enum><header>In general</header><text>The President or the President's designee shall undertake an investigation, as described in subsection (a)(1), in any instance in which an entity controlled by or acting on behalf of a foreign government seeks to engage in any merger, acquisition, or takeover which would result in control of a person engaged in interstate commerce in the United States.</text> </paragraph><paragraph id="id15D026EA329F41D598EA83DAADEA585F"><enum>(2)</enum><header>Timing</header><text>An investigation undertaken under this subsection—</text> <subparagraph id="ID57d2da2df5844253904feeff76eb6745"><enum>(A)</enum><text>shall commence not later than 30 days after the date of receipt by the President or the President's designee of written notification of the proposed or pending merger, acquisition, or takeover, as prescribed by regulations promulgated pursuant to this section; and</text> </subparagraph><subparagraph id="ID42b63e37ad294adc8ca648e5ff9b6ef2"><enum>(B)</enum><text>shall be completed not later than 45 days after the date of its commencement.</text> </subparagraph></paragraph></subsection><subsection id="IDdacf51427e5f412a918103abc39d7e4b"><enum>(c)</enum><header>Committee for Secure Commerce</header> <paragraph id="idBA6BAC61B5D04CB08785BD688B59CB6D"><enum>(1)</enum><header>Establishment</header><text>There is established the Committee for Secure Commerce, which shall serve as the President's designee for purposes of this section.</text> </paragraph><paragraph id="ID87045285eca54b5aa8bad58fd87131fd"><enum>(2)</enum><header>Chairperson</header><text>The Secretary, or the designee thereof, shall serve as the chairperson of the Committee.</text> </paragraph><paragraph id="ID7b482a528b194681a1d91b5d5c43a206"><enum>(3)</enum><header>Vice chairs</header><text>The Secretary of Defense, or the designee thereof, and the Secretary of the Treasury, or the designee thereof, shall serve as vice chairs of the Committee.</text> </paragraph><paragraph id="IDdab902ae6d4f4c909030de9d67c97935"><enum>(4)</enum><header>Membership</header><text>The standing members of the Committee shall—</text> <subparagraph id="id6B0DA8419BAA4E2FB955CFCBF63B5457"><enum>(A)</enum><text>be made up of the heads of those executive departments, agencies, and offices as the President determines appropriate; and</text> </subparagraph><subparagraph id="id8831F4E6CB044F38B8B86464D1DEC0F9"><enum>(B)</enum><text>include the Director of National Intelligence.</text> </subparagraph></paragraph><paragraph id="id159E6494BB52460B942C8770BC97DB13"><enum>(5)</enum><header>Assistance from other Federal sources</header><text>The chairperson of the Committee may seek information and assistance from any other department, agency, or office of the Federal Government, and such department, agency, or office shall provide such information or assistance, as the chairperson determines necessary or appropriate to carry out the duties of the Committee under this section.</text> </paragraph><paragraph id="ID4cac470b56ea46baaf3ab99f87c6ccd7"><enum>(6)</enum><header>Review process; documentation</header> <subparagraph id="id15669601DFC245B18EF1D16AB92373D2"><enum>(A)</enum><header>Committee review process</header><text>The chairperson of the Committee shall establish written processes and procedures to be used by the Committee in conducting reviews and investigations under this section in any case in which the Committee is acting as the President's designee, including a description of the role and responsibilities of each of the member departments, agencies, and offices in the investigation of foreign investment in the United States.</text> </subparagraph><subparagraph id="id558666926F5D46AFBFBDEF2C6CF4D848"><enum>(B)</enum><header>Departmental review process</header><text>The head of each department, agency, or office that serves as a member of the Committee shall establish written internal processes and procedures to be used by the department, agency, or office in conducting reviews and investigations under this section, and shall provide such written procedures to the Committee.</text> </subparagraph></paragraph><paragraph id="id0A66C3E54D8B463AB002FB340DBAD75B"><enum>(7)</enum><header>Independent agency reviews required</header><text>In any case in which the Committee is acting as the President's designee under this section, each member of the Committee shall conduct, within the department, agency, or office of that member, an independent review of each proposed merger, acquisition, or takeover described in subsection (a) or (b), and shall timely provide to the Committee written findings relating to each such review.</text> </paragraph><paragraph id="id503B8BE74BCD4125BAE7EBAA62856DA7"><enum>(8)</enum><header>Determinations not to conduct an investigation</header><text>A determination by the Committee not to conduct an investigation under subsection (a) shall be made only after a review required by subsection (a)(2), and shall be unanimous.</text> </paragraph></subsection><subsection id="IDb111f2c6a58140ee92ee5123c212327e"><enum>(d)</enum><header>Action by the president</header> <paragraph id="idAB92039A27ED450EA590ABC492F1EED5"><enum>(1)</enum><header>In general</header><text>Subject to subsection (e), the President may take such action for such time as the President considers appropriate to suspend or prohibit any acquisition, merger, or takeover of a person engaged in interstate commerce in the United States proposed or pending on or after the date of enactment of this section, by or with a foreign person so that such control will not threaten to impair the national security or homeland security.</text> </paragraph><paragraph id="id404ACA634ED44E78A4C43CD02F5938F0"><enum>(2)</enum><header>Announcement by the president</header><text>The President shall announce the decision to take action pursuant to this subsection not later than 15 days after the investigation described in subsection (a) is completed. The President may direct the Attorney General to seek appropriate relief, including divestment relief, in the district courts of the United States in order to implement and enforce this section.</text> </paragraph></subsection><subsection id="ID3f77cbaa72f64c5fb5304ef867f78d08"><enum>(e)</enum><header>Findings of the president</header><text>The President may exercise the authority conferred by subsection (d) only if the President finds that—</text> <paragraph id="IDdf0358b6ac654939928dc901cda2ac5f"><enum>(1)</enum><text>there is credible evidence that leads the President to believe that the foreign interest exercising control might take action that threatens to impair the national security or homeland security; and</text> </paragraph><paragraph id="IDf088bfdbc49745eea6b9e5c7e5935dfd"><enum>(2)</enum><text>provisions of law, other than this section and the International Emergency Economic Powers Act, do not, in the judgment of the President, provide adequate and appropriate authority for the President to protect the national security or homeland security in the matter before the President.</text> </paragraph></subsection><subsection id="id5FAE7D22DE494AB09C195DC9A3617981"><enum>(f)</enum><header>Actions and Findings nonreviewable</header><text>The actions of the President under subsection (d) and the findings of the President under subsection (e) shall not be subject to judicial review.</text> </subsection><subsection id="IDf7ef9a767e2d4beda696167c9cd3272a"><enum>(g)</enum><header>Factors to be considered</header><text>For purposes of this section, the President or the President's designee shall, taking into account the requirements of national security and homeland security, consider among other factors—</text> <paragraph id="id22D366FF0B014651B2EF9F18C07FB38E"><enum>(1)</enum><text>critical infrastructure, the control of which is important to homeland security;</text> </paragraph><paragraph id="ID6d2e9a73306f4d20868d603cafcfc703"><enum>(2)</enum><text>domestic production needed for projected national defense and homeland security requirements;</text> </paragraph><paragraph id="IDf96de514befc49c69fc8f89798ed1eb5"><enum>(3)</enum><text>the capability and capacity of domestic industries to meet national defense requirements, including the availability of human resources, products, technology, materials, and other supplies and services;</text> </paragraph><paragraph id="ID76d78ca689814bcb9aafc98cf7009011"><enum>(4)</enum><text>the control of domestic industries and commercial activity by foreign citizens as it affects the capability and capacity of the United States to meet the requirements of national security or homeland security;</text> </paragraph><paragraph id="ID092426b1c3664708a82392fc2cac86a5"><enum>(5)</enum><text>the potential effects of the proposed or pending transaction on sales of military goods, equipment, or technology to any country—</text> <subparagraph id="ID37e069ef927d4a4397b93dc106673fc5"><enum>(A)</enum><text>identified by the Secretary of State—</text> <clause id="ID96bdeb96e90a443aab18e6b1f632edd7"><enum>(i)</enum><text>under section 6(j) of the Export Administration Act of 1979, as a country that supports terrorism;</text> </clause><clause id="ID70e5072936cc4c2db1d2a45afeec25ee"><enum>(ii)</enum><text>under section 6(l) of the Export Administration Act of 1979, as a country of concern regarding missile proliferation; or</text> </clause><clause id="ID7fe1faf2929648b1a64fb5ab092821b1"><enum>(iii)</enum><text>under section 6(m) of the Export Administration Act of 1979, as a country of concern regarding the proliferation of chemical and biological weapons; or</text> </clause></subparagraph><subparagraph id="IDcf0f346e90dc444db25b4221ade92122"><enum>(B)</enum><text>listed under section 309(c) of the Nuclear Non-Proliferation Act of 1978, on the <quote>Nuclear Non-Proliferation-Special Country List</quote> (15 C.F.R. Part 778, Supplement No. 4) or any successor list; and</text> </subparagraph></paragraph><paragraph id="ID4555d60e6b7742c2b099ad9cc31d701c"><enum>(6)</enum><text>the potential effects of the proposed or pending transaction on United States international technological leadership in areas affecting United States national security or homeland security.</text> </paragraph></subsection><subsection id="ID7bc1689b9b4e45218670659c21c3d242"><enum>(h)</enum><header>Confidentiality of information</header><text>Any information or documentary material filed with the President or the President's designee pursuant to this section shall be exempt from disclosure under section 552 of title 5, United States Code, and no such information or documentary material may be made public, except as may be relevant to any administrative or judicial action or proceeding. Nothing in this subsection shall be construed to prevent disclosure to either House of Congress or to any duly authorized committee or subcommittee of Congress.</text> </subsection><subsection id="ID5927fbb26e544442b2aa7b436f55cd25"><enum>(i)</enum><header>Reports to congress</header> <paragraph id="idC17E5023F1174A57A93B839CD134E918"><enum>(1)</enum><header>Reports on Investigation</header><text>The President, or the President's designee, shall immediately upon completion of an investigation under subsection (a) or (b) transmit to the members of Congress specified in paragraph (3) a written report of the results of the investigation, before any determination by the President on whether or not to take action under subsection (d), including a detailed explanation of the findings made under subsection (e), details of any legally binding assurances provided by the foreign entity that were negotiated as a condition for approval, and the factors considered under subsection (g). Such report shall be prepared in a manner that is consistent with the requirements of subsection (h).</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="id0E5866C68F3C481497616811694DF859"><enum>(2)</enum><header>Quarterly submissions</header><text display-inline="yes-display-inline">The President, or the President's designee, shall transmit to the members of the Congress specified in paragraph (3) on a quarterly basis, a detailed summary and analysis of each merger, acquisition, or takeover that is being reviewed, was reviewed during the preceding 90-day period, or is likely to be reviewed in the coming quarter by the President or the Committee under subsection (a) or (b). Each such summary and analysis shall be submitted in unclassified form, with classified annexes, as the Secretary determines are required to protect company proprietary information and other sensitive information. Each such summary and analysis shall include an appendix detailing dissenting views.</text> </paragraph><paragraph id="IDf69c80f2ee5f41ff901f2cf012177eb4"><enum>(3)</enum><header>Members of congress</header><text>The reports required by this subsection shall be transmitted to—</text> <subparagraph id="id2C2873270DA8444181B62DB6DE5F2586"><enum>(A)</enum><text>the Majority Leader and the Minority Leader of the Senate;</text> </subparagraph><subparagraph id="idC4F75E69F1D8472AB64493A6BDD789C7"><enum>(B)</enum><text>the chairs and ranking members of the Committee on Homeland Security and Government Affairs, the Committee on Armed Services, and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text> </subparagraph><subparagraph id="idD5395597A6AA445A88963DD9150A301E"><enum>(C)</enum><text>the Speaker and the Minority Leader of the House of Representatives; and</text> </subparagraph><subparagraph id="idD05F69D1721D4914B4FFB92B528F53E6"><enum>(D)</enum><text>the chairs and ranking members of the Committee on Homeland Security, the Committee on Armed Services, and the Committee on Financial Services of the House of Representatives.</text> </subparagraph></paragraph></subsection><subsection id="ID5a9bed1e544942bd93ba61ffb550fe6a"><enum>(j)</enum><header>Regulations</header><text>The Secretary shall issue 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.</text> </subsection><subsection id="idD4C4B35FDBD8475CB71AA3D7C0E44CB4"><enum>(k)</enum><header>Effect on other law</header><text>Nothing in this section shall be construed to alter or affect any existing power, process, regulation, investigation, enforcement measure, or review provided by any other provision of law.</text> </subsection><subsection id="IDf24426353ecc409ebf072026addee6db"><enum>(l)</enum><header>Technology risk assessments</header><text>In any case in which an assessment of the risk of diversion of a critical technology is performed by a person designated by the President for such purpose, a copy of such assessment shall be provided to each member of the Committee for purposes of reviewing or investigating a merger, acquisition, or takeover under this section.</text> </subsection><subsection id="idB2EDF69C47DA4A6297E05B69D9EB79AD"><enum>(m)</enum><header>Quadrennial report</header> <paragraph id="id3F254E6EE341430B8974F58BB3F6D825"><enum>(1)</enum><header>In general</header><text>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 complete and furnish to the Congress, not later than 1 year after the date of enactment of this section and every 4 years thereafter, a report which—</text> <subparagraph id="IDee17ece8e7b64153a689b2600d28392a"><enum>(A)</enum><text>evaluates whether there is credible evidence of a coordinated strategy by 1 or more countries or companies to acquire critical infrastructure within the United States or United States companies involved in research, development, or production of critical technologies for which the United States is a leading producer; and</text> </subparagraph><subparagraph id="IDb677165045d4400a8a33a2fdbbc532a9"><enum>(B)</enum><text>evaluates 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 or critical infrastructure.</text> </subparagraph></paragraph><paragraph id="ID3ff18cb04f4141aaa70a33dbe6126772"><enum>(2)</enum><header>Release of unclassified study</header><text>The report required by this subsection may be classified. An unclassified version of the report shall be made available to the public.</text> </paragraph></subsection><subsection id="id38208EE3D5F9474C95896F38C0762555"><enum>(n)</enum><header>Exemption</header><text>Notwithstanding any other provision of law, the provisions of section 872 do not apply to the Committee or with respect to any provision of this subtitle.</text> </subsection><subsection id="idE3688E3573FA4EF5931AE524CEDF7A3E"><enum>(o)</enum><header>Definitions</header><text>As used in this section—</text> <paragraph id="id846F42F378E84504AECE3D8DC7793DA1"><enum>(1)</enum><text>the term <quote>critical technologies</quote> 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 identified pursuant to this section;</text> </paragraph><paragraph id="id56CAFDC3CA7A4886B239B04DE60017CA"><enum>(2)</enum><text>the term <quote>Committee</quote> means the Committee for Secure Commerce, established under subsection (c);</text> </paragraph><paragraph id="IDf7ddef46d8b847919ad1ef4a0e7406e3"><enum>(3)</enum><text>the term <quote>foreign person</quote> means any foreign organization or any individual resident in a foreign country or any organization or individual owned or controlled by such an organization or individual; and</text> </paragraph><paragraph id="id4FB22B115702469999FC1693030A0F5F"><enum>(4)</enum><text>the term <quote>intelligence community</quote> has the same meaning as in section 3 of the National Security Act of 1947 (50 U.S.C. 401a).</text> </paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </section></subtitle>

Transfer of Authority to review certain mergers, acquisitions, and takeovers

(a)

Repeal of Defense Production Act Provision

Section 721 of the Defense Production Act of 1950 (50 U.S.C. App. 2170) is repealed. (b)

Transfer to Homeland Security

Title II of the Homeland Security Act of 2002 (6U.S.C. 121 et seq.) is amended by adding at the end the following:

<enum></enum><subtitle id="id06F8F33B83884E83B272A35B1E4E22A0"><enum>E</enum><header>Review of mergers, acquisitions, and takeovers by foreign entities</header> <section id="LEXA-RepairidA3D84F7AAB04498BB0249ABAB8D8B367"><quoted-block display-inline="no-display-inline" id="idD10A87AE98F84FD2A3F7D5EC2A920453" style="OLC"> <section id="id8935228DB5F84EACAC5319A7A37D6D38"><enum>241.</enum><header>Authority to review certain mergers, acquisitions, and takeovers</header> <subsection id="ID0448a355926e4a3681df16843ce84bb8"><enum>(a)</enum><header>Review and investigation</header> <paragraph id="id82D01FA215264A42A35A85B405B94BA0"><enum>(1)</enum><header>In general</header><text>The President or the President's designee may undertake an investigation to determine the effects on national security or homeland security of mergers, acquisitions, and takeovers proposed or pending on or after the date of enactment of this section by or with foreign persons which could result in foreign control of persons engaged in interstate commerce in the United States.</text> </paragraph><paragraph id="idA5D9A2440A7C499BA96EB53D8DF52FBE"><enum>(2)</enum><header>Review</header><text>For purposes of determining whether to undertake an investigation under this subsection, the President or the President's designee shall conduct a review of the proposed or pending merger, acquisition, or takeover, which review shall be completed not later than 30 days after the date of receipt by the President or the President's designee of written notification of the proposed or pending merger, acquisition, or takeover.</text> </paragraph><paragraph id="idB04F1072C2B74CA9853AA4F0748CAFCD"><enum>(3)</enum><header>Timing</header><text>If it is determined that an investigation should be undertaken under this subsection, such investigation—</text> <subparagraph id="id4456DCE056B046C2A9D518C76BC5A33D"><enum>(A)</enum><text>shall commence at such time as the determination is made under paragraph (2), and not later than 30 days after the date of receipt by the President or the President's designee of written notification of the proposed or pending merger, acquisition, or takeover, as prescribed by regulations promulgated pursuant to this section; and</text> </subparagraph><subparagraph id="id5FFC59B4E5A04182A41A6F1D079C34FB"><enum>(B)</enum><text>shall be completed not later than 45 days after the date of its commencement.</text> </subparagraph></paragraph><paragraph id="ID648639d52360493389898583fe8a8efc"><enum>(4)</enum><header>Intelligence assessment reports</header><text>With respect to any investigation undertaken under this subsection, the Director of National Intelligence shall create a report that consolidates the intelligence findings, assessments, and concerns of each of the relevant members of the intelligence community. Such report shall be considered as part of the investigation, provided to all members of the Committee, and included as part of any recommendation to the President.</text> </paragraph></subsection><subsection id="ID40e9adb3dfd84b81893085967e1e95be"><enum>(b)</enum><header>Mandatory investigations</header> <paragraph id="idA251F992A93C4A0E8DB3D2D08FD0ED29"><enum>(1)</enum><header>In general</header><text>The President or the President's designee shall undertake an investigation, as described in subsection (a)(1), in any instance in which an entity controlled by or acting on behalf of a foreign government seeks to engage in any merger, acquisition, or takeover which would result in control of a person engaged in interstate commerce in the United States.</text> </paragraph><paragraph id="id15D026EA329F41D598EA83DAADEA585F"><enum>(2)</enum><header>Timing</header><text>An investigation undertaken under this subsection—</text> <subparagraph id="ID57d2da2df5844253904feeff76eb6745"><enum>(A)</enum><text>shall commence not later than 30 days after the date of receipt by the President or the President's designee of written notification of the proposed or pending merger, acquisition, or takeover, as prescribed by regulations promulgated pursuant to this section; and</text> </subparagraph><subparagraph id="ID42b63e37ad294adc8ca648e5ff9b6ef2"><enum>(B)</enum><text>shall be completed not later than 45 days after the date of its commencement.</text> </subparagraph></paragraph></subsection><subsection id="IDdacf51427e5f412a918103abc39d7e4b"><enum>(c)</enum><header>Committee for Secure Commerce</header> <paragraph id="idBA6BAC61B5D04CB08785BD688B59CB6D"><enum>(1)</enum><header>Establishment</header><text>There is established the Committee for Secure Commerce, which shall serve as the President's designee for purposes of this section.</text> </paragraph><paragraph id="ID87045285eca54b5aa8bad58fd87131fd"><enum>(2)</enum><header>Chairperson</header><text>The Secretary, or the designee thereof, shall serve as the chairperson of the Committee.</text> </paragraph><paragraph id="ID7b482a528b194681a1d91b5d5c43a206"><enum>(3)</enum><header>Vice chairs</header><text>The Secretary of Defense, or the designee thereof, and the Secretary of the Treasury, or the designee thereof, shall serve as vice chairs of the Committee.</text> </paragraph><paragraph id="IDdab902ae6d4f4c909030de9d67c97935"><enum>(4)</enum><header>Membership</header><text>The standing members of the Committee shall—</text> <subparagraph id="id6B0DA8419BAA4E2FB955CFCBF63B5457"><enum>(A)</enum><text>be made up of the heads of those executive departments, agencies, and offices as the President determines appropriate; and</text> </subparagraph><subparagraph id="id8831F4E6CB044F38B8B86464D1DEC0F9"><enum>(B)</enum><text>include the Director of National Intelligence.</text> </subparagraph></paragraph><paragraph id="id159E6494BB52460B942C8770BC97DB13"><enum>(5)</enum><header>Assistance from other Federal sources</header><text>The chairperson of the Committee may seek information and assistance from any other department, agency, or office of the Federal Government, and such department, agency, or office shall provide such information or assistance, as the chairperson determines necessary or appropriate to carry out the duties of the Committee under this section.</text> </paragraph><paragraph id="ID4cac470b56ea46baaf3ab99f87c6ccd7"><enum>(6)</enum><header>Review process; documentation</header> <subparagraph id="id15669601DFC245B18EF1D16AB92373D2"><enum>(A)</enum><header>Committee review process</header><text>The chairperson of the Committee shall establish written processes and procedures to be used by the Committee in conducting reviews and investigations under this section in any case in which the Committee is acting as the President's designee, including a description of the role and responsibilities of each of the member departments, agencies, and offices in the investigation of foreign investment in the United States.</text> </subparagraph><subparagraph id="id558666926F5D46AFBFBDEF2C6CF4D848"><enum>(B)</enum><header>Departmental review process</header><text>The head of each department, agency, or office that serves as a member of the Committee shall establish written internal processes and procedures to be used by the department, agency, or office in conducting reviews and investigations under this section, and shall provide such written procedures to the Committee.</text> </subparagraph></paragraph><paragraph id="id0A66C3E54D8B463AB002FB340DBAD75B"><enum>(7)</enum><header>Independent agency reviews required</header><text>In any case in which the Committee is acting as the President's designee under this section, each member of the Committee shall conduct, within the department, agency, or office of that member, an independent review of each proposed merger, acquisition, or takeover described in subsection (a) or (b), and shall timely provide to the Committee written findings relating to each such review.</text> </paragraph><paragraph id="id503B8BE74BCD4125BAE7EBAA62856DA7"><enum>(8)</enum><header>Determinations not to conduct an investigation</header><text>A determination by the Committee not to conduct an investigation under subsection (a) shall be made only after a review required by subsection (a)(2), and shall be unanimous.</text> </paragraph></subsection><subsection id="IDb111f2c6a58140ee92ee5123c212327e"><enum>(d)</enum><header>Action by the president</header> <paragraph id="idAB92039A27ED450EA590ABC492F1EED5"><enum>(1)</enum><header>In general</header><text>Subject to subsection (e), the President may take such action for such time as the President considers appropriate to suspend or prohibit any acquisition, merger, or takeover of a person engaged in interstate commerce in the United States proposed or pending on or after the date of enactment of this section, by or with a foreign person so that such control will not threaten to impair the national security or homeland security.</text> </paragraph><paragraph id="id404ACA634ED44E78A4C43CD02F5938F0"><enum>(2)</enum><header>Announcement by the president</header><text>The President shall announce the decision to take action pursuant to this subsection not later than 15 days after the investigation described in subsection (a) is completed. The President may direct the Attorney General to seek appropriate relief, including divestment relief, in the district courts of the United States in order to implement and enforce this section.</text> </paragraph></subsection><subsection id="ID3f77cbaa72f64c5fb5304ef867f78d08"><enum>(e)</enum><header>Findings of the president</header><text>The President may exercise the authority conferred by subsection (d) only if the President finds that—</text> <paragraph id="IDdf0358b6ac654939928dc901cda2ac5f"><enum>(1)</enum><text>there is credible evidence that leads the President to believe that the foreign interest exercising control might take action that threatens to impair the national security or homeland security; and</text> </paragraph><paragraph id="IDf088bfdbc49745eea6b9e5c7e5935dfd"><enum>(2)</enum><text>provisions of law, other than this section and the International Emergency Economic Powers Act, do not, in the judgment of the President, provide adequate and appropriate authority for the President to protect the national security or homeland security in the matter before the President.</text> </paragraph></subsection><subsection id="id5FAE7D22DE494AB09C195DC9A3617981"><enum>(f)</enum><header>Actions and Findings nonreviewable</header><text>The actions of the President under subsection (d) and the findings of the President under subsection (e) shall not be subject to judicial review.</text> </subsection><subsection id="IDf7ef9a767e2d4beda696167c9cd3272a"><enum>(g)</enum><header>Factors to be considered</header><text>For purposes of this section, the President or the President's designee shall, taking into account the requirements of national security and homeland security, consider among other factors—</text> <paragraph id="id22D366FF0B014651B2EF9F18C07FB38E"><enum>(1)</enum><text>critical infrastructure, the control of which is important to homeland security;</text> </paragraph><paragraph id="ID6d2e9a73306f4d20868d603cafcfc703"><enum>(2)</enum><text>domestic production needed for projected national defense and homeland security requirements;</text> </paragraph><paragraph id="IDf96de514befc49c69fc8f89798ed1eb5"><enum>(3)</enum><text>the capability and capacity of domestic industries to meet national defense requirements, including the availability of human resources, products, technology, materials, and other supplies and services;</text> </paragraph><paragraph id="ID76d78ca689814bcb9aafc98cf7009011"><enum>(4)</enum><text>the control of domestic industries and commercial activity by foreign citizens as it affects the capability and capacity of the United States to meet the requirements of national security or homeland security;</text> </paragraph><paragraph id="ID092426b1c3664708a82392fc2cac86a5"><enum>(5)</enum><text>the potential effects of the proposed or pending transaction on sales of military goods, equipment, or technology to any country—</text> <subparagraph id="ID37e069ef927d4a4397b93dc106673fc5"><enum>(A)</enum><text>identified by the Secretary of State—</text> <clause id="ID96bdeb96e90a443aab18e6b1f632edd7"><enum>(i)</enum><text>under section 6(j) of the Export Administration Act of 1979, as a country that supports terrorism;</text> </clause><clause id="ID70e5072936cc4c2db1d2a45afeec25ee"><enum>(ii)</enum><text>under section 6(l) of the Export Administration Act of 1979, as a country of concern regarding missile proliferation; or</text> </clause><clause id="ID7fe1faf2929648b1a64fb5ab092821b1"><enum>(iii)</enum><text>under section 6(m) of the Export Administration Act of 1979, as a country of concern regarding the proliferation of chemical and biological weapons; or</text> </clause></subparagraph><subparagraph id="IDcf0f346e90dc444db25b4221ade92122"><enum>(B)</enum><text>listed under section 309(c) of the Nuclear Non-Proliferation Act of 1978, on the <quote>Nuclear Non-Proliferation-Special Country List</quote> (15 C.F.R. Part 778, Supplement No. 4) or any successor list; and</text> </subparagraph></paragraph><paragraph id="ID4555d60e6b7742c2b099ad9cc31d701c"><enum>(6)</enum><text>the potential effects of the proposed or pending transaction on United States international technological leadership in areas affecting United States national security or homeland security.</text> </paragraph></subsection><subsection id="ID7bc1689b9b4e45218670659c21c3d242"><enum>(h)</enum><header>Confidentiality of information</header><text>Any information or documentary material filed with the President or the President's designee pursuant to this section shall be exempt from disclosure under section 552 of title 5, United States Code, and no such information or documentary material may be made public, except as may be relevant to any administrative or judicial action or proceeding. Nothing in this subsection shall be construed to prevent disclosure to either House of Congress or to any duly authorized committee or subcommittee of Congress.</text> </subsection><subsection id="ID5927fbb26e544442b2aa7b436f55cd25"><enum>(i)</enum><header>Reports to congress</header> <paragraph id="idC17E5023F1174A57A93B839CD134E918"><enum>(1)</enum><header>Reports on Investigation</header><text>The President, or the President's designee, shall immediately upon completion of an investigation under subsection (a) or (b) transmit to the members of Congress specified in paragraph (3) a written report of the results of the investigation, before any determination by the President on whether or not to take action under subsection (d), including a detailed explanation of the findings made under subsection (e), details of any legally binding assurances provided by the foreign entity that were negotiated as a condition for approval, and the factors considered under subsection (g). Such report shall be prepared in a manner that is consistent with the requirements of subsection (h).</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="id0E5866C68F3C481497616811694DF859"><enum>(2)</enum><header>Quarterly submissions</header><text display-inline="yes-display-inline">The President, or the President's designee, shall transmit to the members of the Congress specified in paragraph (3) on a quarterly basis, a detailed summary and analysis of each merger, acquisition, or takeover that is being reviewed, was reviewed during the preceding 90-day period, or is likely to be reviewed in the coming quarter by the President or the Committee under subsection (a) or (b). Each such summary and analysis shall be submitted in unclassified form, with classified annexes, as the Secretary determines are required to protect company proprietary information and other sensitive information. Each such summary and analysis shall include an appendix detailing dissenting views.</text> </paragraph><paragraph id="IDf69c80f2ee5f41ff901f2cf012177eb4"><enum>(3)</enum><header>Members of congress</header><text>The reports required by this subsection shall be transmitted to—</text> <subparagraph id="id2C2873270DA8444181B62DB6DE5F2586"><enum>(A)</enum><text>the Majority Leader and the Minority Leader of the Senate;</text> </subparagraph><subparagraph id="idC4F75E69F1D8472AB64493A6BDD789C7"><enum>(B)</enum><text>the chairs and ranking members of the Committee on Homeland Security and Government Affairs, the Committee on Armed Services, and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text> </subparagraph><subparagraph id="idD5395597A6AA445A88963DD9150A301E"><enum>(C)</enum><text>the Speaker and the Minority Leader of the House of Representatives; and</text> </subparagraph><subparagraph id="idD05F69D1721D4914B4FFB92B528F53E6"><enum>(D)</enum><text>the chairs and ranking members of the Committee on Homeland Security, the Committee on Armed Services, and the Committee on Financial Services of the House of Representatives.</text> </subparagraph></paragraph></subsection><subsection id="ID5a9bed1e544942bd93ba61ffb550fe6a"><enum>(j)</enum><header>Regulations</header><text>The Secretary shall issue 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.</text> </subsection><subsection id="idD4C4B35FDBD8475CB71AA3D7C0E44CB4"><enum>(k)</enum><header>Effect on other law</header><text>Nothing in this section shall be construed to alter or affect any existing power, process, regulation, investigation, enforcement measure, or review provided by any other provision of law.</text> </subsection><subsection id="IDf24426353ecc409ebf072026addee6db"><enum>(l)</enum><header>Technology risk assessments</header><text>In any case in which an assessment of the risk of diversion of a critical technology is performed by a person designated by the President for such purpose, a copy of such assessment shall be provided to each member of the Committee for purposes of reviewing or investigating a merger, acquisition, or takeover under this section.</text> </subsection><subsection id="idB2EDF69C47DA4A6297E05B69D9EB79AD"><enum>(m)</enum><header>Quadrennial report</header> <paragraph id="id3F254E6EE341430B8974F58BB3F6D825"><enum>(1)</enum><header>In general</header><text>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 complete and furnish to the Congress, not later than 1 year after the date of enactment of this section and every 4 years thereafter, a report which—</text> <subparagraph id="IDee17ece8e7b64153a689b2600d28392a"><enum>(A)</enum><text>evaluates whether there is credible evidence of a coordinated strategy by 1 or more countries or companies to acquire critical infrastructure within the United States or United States companies involved in research, development, or production of critical technologies for which the United States is a leading producer; and</text> </subparagraph><subparagraph id="IDb677165045d4400a8a33a2fdbbc532a9"><enum>(B)</enum><text>evaluates 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 or critical infrastructure.</text> </subparagraph></paragraph><paragraph id="ID3ff18cb04f4141aaa70a33dbe6126772"><enum>(2)</enum><header>Release of unclassified study</header><text>The report required by this subsection may be classified. An unclassified version of the report shall be made available to the public.</text> </paragraph></subsection><subsection id="id38208EE3D5F9474C95896F38C0762555"><enum>(n)</enum><header>Exemption</header><text>Notwithstanding any other provision of law, the provisions of section 872 do not apply to the Committee or with respect to any provision of this subtitle.</text> </subsection><subsection id="idE3688E3573FA4EF5931AE524CEDF7A3E"><enum>(o)</enum><header>Definitions</header><text>As used in this section—</text> <paragraph id="id846F42F378E84504AECE3D8DC7793DA1"><enum>(1)</enum><text>the term <quote>critical technologies</quote> 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 identified pursuant to this section;</text> </paragraph><paragraph id="id56CAFDC3CA7A4886B239B04DE60017CA"><enum>(2)</enum><text>the term <quote>Committee</quote> means the Committee for Secure Commerce, established under subsection (c);</text> </paragraph><paragraph id="IDf7ddef46d8b847919ad1ef4a0e7406e3"><enum>(3)</enum><text>the term <quote>foreign person</quote> means any foreign organization or any individual resident in a foreign country or any organization or individual owned or controlled by such an organization or individual; and</text> </paragraph><paragraph id="id4FB22B115702469999FC1693030A0F5F"><enum>(4)</enum><text>the term <quote>intelligence community</quote> has the same meaning as in section 3 of the National Security Act of 1947 (50 U.S.C. 401a).</text> </paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </section></subtitle>