1.Short
title; table of contents
(a)This Act may be cited
as the Foreign Investment and National
Security Act of 2007
.
(b)The table of contents for this Act is as follows:
Sec. 1. Short title; table of
contents.
Sec. 2. United States security improvement amendments;
clarification of review and investigation process.
Sec. 3. Statutory establishment of the Committee on Foreign
Investment in the United States.
Sec. 4. Additional factors for consideration.
Sec. 5. Mitigation, tracking, and postconsummation monitoring
and enforcement.
Sec. 6. Action by the President.
Sec. 7. Increased oversight by Congress.
Sec. 8. Certification of notices and assurances.
Sec. 9. Regulations.
Sec. 10. Effect on other law.
Sec. 11. Effective date.
2.United States
security improvement amendments; clarification of review and investigation
processSection 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:
(a)For
purposes of this section, the following definitions shall apply:
(1)The terms Committee and
chairperson mean the Committee on Foreign Investment in the United
States and the chairperson thereof, respectively.
(2)The
term control has the meaning given to such term in regulations
which the Committee shall prescribe.
(3)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 transactionThe 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)The
term national security shall be construed so as to include those
issues relating to homeland security, including its application to
critical infrastructure.
(6)The term critical infrastructure
means, subject to rules issued under this section, any systems and assets,
whether physical or cyber-based, so vital to the United States that the
degradation or destruction of such systems or assets would have a debilitating
impact on national security, including national economic security and national
public health or safety.
(7)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
identified pursuant to this section.
(8)The term lead agency
means the agency, or
agencies, designated as the lead agency or agencies pursuant to subsection
(k)(4) for the review of a transaction.
(b)National
security reviews and investigations
(1)National
security reviews
(A)Upon receiving written notification under subparagraph
(C) of any covered transaction, or pursuant to a unilateral notification
initiated under subparagraph (D) with respect to any covered transaction, the
President, acting through the Committee—
(i)shall review the
covered transaction to determine the effects of the transaction on the national
security of the United States; and
(ii)shall consider
the factors specified in subsection (f) for such purpose, as
appropriate.
(B)Control by
foreign governmentIf 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)
(i)Any party or parties 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)No covered transaction for which a notice was submitted
under clause (i) may be withdrawn from review, unless a written request for
such withdrawal is submitted to the Committee by any party to the transaction
and approved by the Committee.
(iii)A request for withdrawal under clause (ii) shall not
be construed to preclude any party to the covered transaction from continuing
informal discussions with the Committee or any member thereof regarding
possible resubmission for review pursuant to this paragraph.
(D)Unilateral
initiation of reviewSubject to subparagraph (F), the President
or the Committee may 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—
(I)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);
(II)such breach is
certified to the Committee by the lead department or agency monitoring and
enforcing such agreement or condition as an intentional material breach;
and
(III)the Committee
determines that there are no other remedies or enforcement tools available to
address such breach.
(E)Any
review under this paragraph shall be completed before the end of the 30-day
period beginning on the date of the acceptance of written notice under
subparagraph (C) by the chairperson, or beginning on the date of the initiation
of the review in accordance with subparagraph (D), as applicable.
(F)Limit on
delegation of certain authorityThe authority of the Committee to
initiate a review under subparagraph (D) may not be delegated to any person,
other than the Deputy Secretary or an appropriate Under Secretary of the
department or agency represented on the Committee.
(2)National
security investigations
(A)In each case described in subparagraph (B) the President,
acting through the Committee, shall immediately conduct an investigation of the
effects of a covered 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)Subparagraph
(A) shall apply 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);
(II)the transaction
is a foreign government-controlled transaction; or
(III)the transaction
would result in control of any critical infrastructure of or within the United
States by, with, or on behalf of any foreign person, if the Committee
determines that the transaction could impair national security, and that such
impairment to national security has not been mitigated by assurances provided
or renewed with the approval of the Committee, as described in subsection (l),
during the review period under paragraph (1); or
(ii)the lead agency
recommends, and the Committee concurs, that an investigation be
undertaken.
(C)Any
investigation under subparagraph (A) shall be completed before the end of the
45-day period beginning on the date on which the investigation
commenced.
(D)
(i)Notwithstanding subparagraph (B)(i), an investigation of
a foreign government-controlled transaction described in subclause (II) of
subparagraph (B)(i) or a transaction involving critical infrastructure
described in subclause (III) of subparagraph (B)(i) shall not be required under
this paragraph, if the Secretary of the Treasury and the head of the lead
agency jointly determine, on the basis of the review of the transaction under
paragraph (1), that the transaction will not impair the national security of
the United States.
(ii)The
authority of the Secretary or the head of an agency referred to in clause (i)
may not be delegated to any person, other than the Deputy Secretary of the
Treasury or the deputy head (or the equivalent thereof) of the lead agency,
respectively.
(E)Guidance on
certain transactions with national security implicationsThe
Chairperson shall, not later than 180 days after the date of enactment of the
Foreign Investment and National Security Act
of 2007, publish in the Federal Register guidance on the types of
transactions that the Committee has reviewed and that have presented national
security considerations, including transactions that may constitute covered
transactions that would result in control of critical infrastructure relating
to United States national security by a foreign government or an entity
controlled by or acting on behalf of a foreign government.
(3)Certifications
to congress
(A)Certified
notice at completion of reviewUpon completion of a review under
subsection (b) that concludes action under this section, the chairperson and
the head of the lead agency shall transmit a certified notice to the members of
Congress specified in subparagraph (C)(iii).
(B)Certified
report at completion of investigationAs soon as is practicable
after completion of an investigation under subsection (b) that concludes action
under this section, the chairperson and the head of the lead agency shall
transmit to the members of Congress specified in subparagraph (C)(iii) a
certified written report (consistent with the requirements of subsection (c))
on the results of the investigation, unless the matter under investigation has
been sent to the President for decision.
(C)
(i)Each certified notice and report required under
subparagraphs (A) and (B), respectively, shall be submitted to the members of
Congress specified in clause (iii), and shall include—
(I)a description of
the actions taken by the Committee with respect to the transaction; and
(II)identification
of the determinative factors considered under subsection (f).
(ii)Each certified notice and report required under
subparagraphs (A) and (B), respectively, shall be signed by the chairperson and
the head of the lead agency, and shall state that, in the determination of the
Committee, there are no unresolved national security concerns with the
transaction that is the subject of the notice or report.
(iii)Each certified notice and report required under
subparagraphs (A) and (B), respectively, shall be transmitted to—
(I)the Majority
Leader and the Minority Leader of the Senate;
(II)the chair and
ranking member of the Committee on Banking, Housing, and Urban Affairs of the
Senate and of any committee of the Senate having oversight over the lead
agency;
(III)the Speaker and
the Minority Leader of the House of Representatives; and
(IV)the chair and
ranking member of the Committee on Financial Services of the House of
Representatives and of any committee of the House of Representatives having
oversight over the lead agency.
(iv)Transmittal to
other members of congressThe Majority Leader or the Minority
Leader, in the case of the Senate, and the Speaker or the Minority Leader, in
the case of the House of Representatives, may provide the certified notices and
reports required under subparagraphs (A) and (B), respectively, regarding a
transaction involving critical infrastructure—
(I)in the case of
the Senate, to members of the Senate from the State in which such critical
infrastructure is located; and
(II)in the case of
the House of Representatives, to a member from a Congressional District in
which such critical infrastructure is located.
(v)Signatures;
limit on delegation
(I)Each certified notice and report required under
subparagraphs (A) and (B), respectively, shall be signed by the chairperson and
the head of the lead agency, which signature requirement may only be delegated
in accordance with subclause (II).
(II)Limitation on
delegation of certificationsThe chairperson and the head of the
lead agency may delegate the signature requirement under subclause (I)—
- (aa)only to an
employee of the Department of the Treasury (in the case of the Secretary of the
Treasury) or to an employee of the lead agency (in the case of the lead agency)
who was appointed by the President, by and with the advice and consent of the
Senate, with respect to any notice provided under paragraph (1) following the
completion of a review under this section; or
- (bb)only to a Deputy
Secretary of the Treasury (in the case of the Secretary of the Treasury) or a
person serving in the Deputy position or the equivalent thereof at the lead
agency (in the case of the lead agency), with respect to any report provided
under subparagraph (B) following an investigation under this section.
(4)Analysis by
director of national intelligence
(A)The Director of National Intelligence shall expeditiously
carry out a thorough analysis of any threat to the national security of the
United States posed by any covered transaction. The Director of National
Intelligence shall also seek and incorporate the views of all affected or
appropriate intelligence agencies with respect to the transaction.
(B)The
analysis required under subparagraph (A) shall be provided by the Director of
National Intelligence to the Committee not later than 20 days after the date on
which notice of the transaction is accepted by the Committee under paragraph
(1)(C), but the Director may begin the analysis at any time prior to receipt of
the notice, in accordance with otherwise applicable law.
(C)Interaction
with intelligence communityThe Director of National Intelligence
shall ensure that the intelligence community remains engaged in the collection,
analysis, and dissemination to the Committee of any additional relevant
information that may become available during the course of any investigation
conducted under subsection (b) with respect to a transaction.
(D)Independent
role of directorThe Director of National Intelligence shall be
an ex officio member of the Committee, and shall be provided with all notices
received by the Committee under paragraph (1)(C) regarding covered
transactions, but shall serve no policy role on the Committee, other than to
provide analysis under subparagrapha (A) and (C) in connection with a covered
transaction.
(5)Submission of
additional informationNo provision of this subsection shall be
construed as prohibiting any party to a covered transaction from 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 ongoing.
(6)Notice of
results to partiesThe Committee shall notify the parties to a
covered transaction of the results of a review or investigation under this
section, promptly upon completion of all action under this section.
(7)Regulations
prescribed under this section shall include standard procedures for—
(A)submitting any
notice of a covered transaction to the Committee;
(B)submitting a
request to withdraw a covered transaction from review;
(C)resubmitting a
notice of a covered transaction that was previously withdrawn from review;
and
(D)providing notice
of the results of a review or investigation to the parties to the covered
transaction, upon completion of all action under this
section.
.
3.Statutory
establishment of the committee on foreign investment in the United
StatesSection 721 of the
Defense Production Act of 1950 (50 U.S.C. App. 2170) is amended by striking
subsection (k) and inserting the following:
(k)Committee on
foreign investment in the United States
(1)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)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 of the United States.
(G)The Secretary of
Energy.
(H)The Secretary of
Labor (ex officio).
(I)The Director of
National Intelligence (ex officio).
(J)The heads of any
other executive department, agency, or office, as the President determines
appropriate, generally or on a case-by-case basis.
(3)The
Secretary of the Treasury shall serve as the chairperson of the
Committee.
(4)Designation of
lead agencyThe Secretary of the Treasury shall designate another
member or members, as appropriate, of the Committee to be the lead agency or
agencies on behalf of the Committee—
(A)for each covered
transaction, and for negotiating any mitigation agreements or other conditions
necessary to protect national security; and
(B)for all matters
related to the monitoring of the completed transaction, to ensure compliance
with such agreements or conditions and with this section.
(5)The chairperson shall consult with the heads of such
other Federal departments, agencies, and independent establishments in any
review or investigation under subsection (a), as the chairperson determines to
be appropriate, on the basis of the facts and circumstances of the covered
transaction under review or investigation (or the designee of any such
department or agency head).
(6)The
Committee shall meet upon the direction of the President or upon the call of
the chairperson, without regard to section 552b of title 5, United States Code
(if otherwise
applicable).
.
4.Additional
factors for considerationSection 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), by striking among other factors
;
(2)in paragraph
(4)—
(A)in subparagraph
(A) by striking or
at the end;
(B)by redesignating
subparagraph (B) as subparagraph (C);
(C)by inserting
after subparagraph (A) the following:
(B)identified by the
Secretary of Defense as posing a potential regional military threat to the
interests of the United States; or
;
and
(D)by striking
and
at the end;
(3)in paragraph (5),
by striking the period at the end and inserting a semicolon; and
(4)by adding at the
end the following:
(6)whether the
covered transaction has a security-related impact on critical infrastructure in
the United States;
(7)the potential
effects on United States critical infrastructure, including major energy
assets;
(8)the potential
effects on United States critical technologies;
(9)whether the
covered transaction is a foreign government-controlled transaction, as
determined under subsection (b)(1)(B);
(10)with respect to
transactions requiring an investigation under subsection (b)(1)(B) only, a
review of the current assessment of—
(A)the adherence of
the subject country to nonproliferation control regimes, including treaties and
multilateral supply guidelines, which shall draw on, but not be limited to, the
annual report on Adherence to and Compliance with Arms Control,
Nonproliferation and Disarmament Agreements and Commitments
required by
section 403 of the Arms Control and Disarmament Act;
(B)the relationship
of such country with the United States, specifically on its record on
cooperating in counter-terrorism efforts, which shall draw on, but not be
limited to, the report of the President to Congress under section 7120 of the
Intelligence Reform and Terrorism Prevention Act of 2004; and
(C)the potential for
transshipment or diversion of technologies with military applications,
including an analysis of national export control laws and regulations;
(11)the long-term projection of United States
requirements for sources of energy and other critical resources and material;
and
(12)such other
factors as the President or the Committee may determine to be appropriate,
generally or in connection with a specific review or
investigation.
.
5.Mitigation,
tracking, and postconsummation monitoring and enforcementSection 721 of the Defense Production Act of
1950 (50 U.S.C. App. 2170) is amended by adding at the end the
following:
(l)Mitigation,
tracking, and postconsummation monitoring and enforcement
(1)
(A)The Committee or a lead agency may, on behalf of the
Committee, negotiate, enter into or impose, and enforce any agreement or
condition with any party to the covered transaction in order to mitigate any
threat to the national security of the United States that arises as a result of
the covered transaction.
(B)Risk-based
analysis requiredAny agreement entered into or condition imposed
under subparagraph (A) shall be based on a risk-based analysis, conducted by
the Committee, of the threat to national security of the covered
transaction.
(2)Tracking
authority for withdrawn notices
(A)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 time
frames 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)The lead agency, other than any entity of the intelligence
community (as defined in the National Security Act of 1947), shall, on behalf
of the Committee, ensure that the requirements of subparagraph (A) with respect
to any covered transaction that is subject to such subparagraph are met.
(3)Negotiation,
modification, monitoring, and enforcement
(A)Designation of
lead agencyThe lead agency shall negotiate, modify, monitor, and
enforce, on behalf of the Committee, 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. Nothing in this paragraph shall
prohibit other departments or agencies in assisting the lead agency in carrying
out the purposes of this paragraph.
(B)Reporting by
designated agency
(i)The lead agency in connection with any agreement entered
into or condition imposed with respect to a covered transaction shall—
(I)provide periodic
reports to the Committee on any material modification to any such agreement or
condition imposed with respect to the transaction; and
(II)ensure that any
material modification to any such agreement or condition is reported to the
Director of National Intelligence, the Attorney General of the United States,
and any other Federal department or agency that may have a material interest in
such modification.
(ii)The
Committee shall develop and agree upon methods for evaluating compliance with
any agreement entered into or condition imposed with respect to a covered
transaction that will allow the Committee to adequately assure compliance,
without—
(I)unnecessarily
diverting Committee resources from assessing any new covered transaction for
which a written notice has been filed pursuant to subsection (b)(1)(C), and if
necessary, reaching a mitigation agreement with or imposing a condition on a
party to such covered transaction or any covered transaction for which a review
has been reopened for any reason; or
(II)placing
unnecessary burdens on a party to a covered
transaction.
.
6.Section 721 of the
Defense Production Act of 1950 (50 U.S.C. App. 2170) is amended by striking
subsections (d) and (e) and inserting the following:
(d)
(1)Subject to paragraph (4), the President may take such
action for such time as the President considers appropriate to suspend or
prohibit any covered transaction by or with a foreign person or government that
threatens to impair the national security of the United States.
(2)Announcement by
the presidentThe President shall announce the decision on
whether or not to take action pursuant to paragraph (1) not later than 15 days
after the date on which an investigation described in subsection (b) is
completed.
(3)The
President may direct the Attorney General of the United States to seek
appropriate relief, including divestment relief, in the district courts of the
United States, in order to implement and enforce this subsection.
(4)Findings of the
presidentThe President may exercise the authority conferred by
paragraph (1), only if the President finds that—
(A)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; and
(B)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 in the matter
before the President.
(5)For purposes of determining whether to take
action under paragraph (1), the President shall consider, among other factors
each of the factors described in subsection (f).
(e)Actions and
findings nonreviewableThe actions of the President under
paragraph (1) of subsection (d) and the findings of the President under
paragraph (4) of subsection (d) shall not be subject to judicial
review.
.
7.Increased
oversight by Congress
(a)Section 721(g) of the Defense Production Act of 1950 (50
U.S.C. App. 2170(g)) is amended to read as follows:
(g)Additional
information to congress; confidentiality
(1)Briefing
requirement on requestThe Committee shall, upon request from any
Member of Congress specified in subsection (b)(3)(C)(iii), promptly provide
briefings on a covered transaction for which all action has concluded under
this section, or on compliance with a mitigation agreement or condition imposed
with respect to such transaction, on a classified basis, if deemed necessary by
the sensitivity of the information. Briefings under this paragraph may be
provided to the congressional staff of such a Member of Congress having
appropriate security clearance.
(2)Application of
confidentiality provisions
(A)The disclosure of information under this subsection shall
be consistent with the requirements of subsection (c). Members of Congress and
staff of either House of Congress or any committee of Congress, shall be
subject to the same limitations on disclosure of information as are applicable
under subsection (c).
(B)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 Congress, and only when the
committee provides assurances of confidentiality, unless such party otherwise
consents in writing to such
disclosure.
.
(b)Section 721 of the Defense Production Act of 1950 (50
U.S.C. App. 2170) is amended by adding at the end the following:
(m)Annual report
to Congress
(1)The chairperson shall transmit a report to the chairman
and ranking member of the committee of jurisdiction in the Senate and the House
of Representatives, before July 31 of each year on all of the reviews and
investigations of covered transactions completed under subsection (b) during
the 12-month period covered by the report.
(2)Contents of
report relating to covered transactionsThe annual report under
paragraph (1) shall contain the following information with respect to each
covered transaction for the reporting period:
(A)A list of all
notices filed and all reviews or investigations completed 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 any withdrawal from the process, and any decision or action
by the President under this section.
(B)Specific,
cumulative, and, as appropriate, trend information on the numbers of filings,
investigations, withdrawals, and decisions or actions by the President 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 refiled 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, including a discussion of the
methods that the Committee and any lead agency are using to determine
compliance with such arrangements or conditions.
(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 report, to the extent possible.
(3)Contents of
report relating to critical technologies
(A)In order to assist Congress in its oversight
responsibilities with respect to this section, the President and such agencies
as the President shall designate shall include in the annual report submitted
under paragraph (1)—
(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; and
(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)Release of
unclassified studyThat portion of the annual report under
paragraph (1) that is required by this paragraph may be classified. An
unclassified version of the report, as appropriate, consistent with
safeguarding national security and privacy, shall be made available to the
public.
.
(c)
(1)Before the end of the 120-day period beginning on the
date of enactment of this Act and annually thereafter, the Secretary of the
Treasury, in consultation with the Secretary of State and the Secretary of
Commerce, shall conduct a study on foreign direct 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)Before
the end of the 30-day period beginning upon the date of completion of each
study under paragraph (1), or in the next annual report under section 721(m) of
the Defense Production Act of 1950 (as added by this section), 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 described in paragraph (1), 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.
(d)Investigation
by inspector general
(1)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 on the day before the date of
enactment of this Act.
(2)Before the end of the 270-day period beginning on the
date of enactment of this Act, the Inspector General of the Department of the
Treasury shall submit a report on the investigation under paragraph (1)
containing the findings and conclusions of the Inspector General, to the
chairman and ranking member of each committee of the Senate and the House of
Representatives having jurisdiction over any aspect of the report, including,
at a minimum, the Committee on Foreign Relations, the Committee on Banking,
Housing, and Urban Affairs, and the Committee on Commerce, Science, and
Transportation of the Senate, and the Committee on Foreign Affairs, the
Committee on Financial Services, and the Committee on Energy and Commerce of
the House of Representatives.
8.Certification of
notices and assurancesSection
721 of the Defense Production Act of 1950 (50 U.S.C. App. 2170) is amended by
adding at the end the following:
(n)Certification
of notices and assurancesEach notice, and any followup
information, submitted under this section and regulations prescribed under this
section to the President or the Committee by a party to a covered transaction,
and any information submitted by any such party in connection with any action
for which a report is required pursuant to paragraph (3)(B) of subsection (l),
with respect to the implementation of any mitigation agreement or condition
described in paragraph (1)(A) of subsection (l), 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 knowledge and belief of that
person—
(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.
.
9.Section 721(h) of the Defense Production Act
of 1950 (50 U.S.C. App. 2170(h)) is amended to read as follows:
(h)
(1)The President shall
direct, subject to notice and comment, the issuance of regulations to carry out
this section.
(2)Regulations issued under
this section shall become effective not later than 180 days after the effective
date of the Foreign Investment and National
Security Act of 2007.
(3)Regulations issued under this subsection
shall—
(A)provide for the
imposition of civil penalties for any violation of this section;
(B)to the extent
possible—
(i)minimize
paperwork burdens; and
(ii)coordinate reporting requirements under
this section with reporting requirements under any other provision of Federal
law; and
(C)provide for an
appropriate role for the Secretary of Labor with respect to mitigation
agreements.
.
10.Section 721(i) of the
Defense Production Act of 1950 (50 U.S.C. App. 2170(i)) is amended to read as
follows:
(i)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.
.
11.The amendments made by
this Act shall apply after the end of the 90-day period beginning on the date
of enactment of this Act.
June 13, 2007
Read twice and placed on the calendar