Short title

This Act may be cited as the

Genomics Expenditures and National security Enhancement Act of 2021

or the

GENE Act

Requirements for reviews of covered transactions involving genetic information

(a)

Mandatory declarations

Section 721(b)(1)(C)(v)(IV) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(1)(C)(v)(IV)) is amended—(1)by redesignating items (cc) through (gg) as items (dd) through (hh), respectively; and(2)by inserting after item (bb) the following:

(cc)

Covered transactions involving genetic information

The parties to a covered transaction shall submit a declaration described in subclause (I) with respect to the transaction if the transaction involves an investment described in subsection (a)(4)(B)(iii)(III) by a foreign person in a United States business that maintains or collects information about genetic tests of United States citizens, including any such information relating to genomic sequencing.

(b)

Consultation with Secretary of Health and Human Services

Section 721(k)(6) of the Defense Production Act of 1950 (50 U.S.C. 4565(k)(6)) is amended—(1)by striking The chairperson and inserting the following:

(A)

In general

The chairperson

; and

(2)by adding at the end the following:

(B)

Covered transactions involving genetic information

The chairperson shall consult with the Secretary of Health and Human Services in any review or investigation under subsection (a) of a covered transaction that involves an investment described in subsection (a)(4)(B)(iii)(III) by a foreign person in a United States business that maintains or collects information about genetic tests of United States citizens, including any such information relating to genomic sequencing.

(c)

Regulations

Not later than 180 days after the date of the enactment of this Act, the Committee on Foreign Investment in the United States shall prescribe regulations to carry out the amendments made by this section.

Expansion of committees receiving annual testimony from Committee on Foreign Investment in the United States

Section 721(o) of the Defense Production Act of 1950 (50 U.S.C. 4565(o)) is amended—(1)in paragraph (1), in the matter preceding subparagraph (A), by striking the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate and inserting the committees specified in paragraph (2); (2)by redesignating paragraph (2) as paragraph (3); and(3)by inserting after paragraph (1) the following:

(2)

Committees specified

The committees specified in this paragraph are—(A)the Committee on Banking, Housing, and Urban Affairs, the Committee on Foreign Relations, and the Select Committee on Intelligence of the Senate; and(B)the Committee on Financial Services, the Committee on Foreign Affairs, and the Permanent Select Committee on Intelligence of the House of Representatives.

Effective date; applicability

The amendments made by this Act shall— (1)take effect on the date that is 90 days after the date of the enactment of this Act; and(2)apply with respect to any covered transaction the review or investigation of which is initiated under section 721 of the Defense Production Act of 1950 on or after the date described in paragraph (1).