[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8636 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8636

To amend the Defense Production Act of 1950 to provide a process for a 
  member agency of the Committee on Foreign Investment in the United 
   States to request the Committee initiate a unilateral review of a 
 transaction and to require congressional notice when such request is 
                    denied, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 5, 2024

    Mr. Moolenaar (for himself, Mr. Huizenga, and Mr. Nunn of Iowa) 
 introduced the following bill; which was referred to the Committee on 
   Financial Services, and in addition to the Committees on Foreign 
   Affairs, and Energy and Commerce, 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

_______________________________________________________________________

                                 A BILL


 
To amend the Defense Production Act of 1950 to provide a process for a 
  member agency of the Committee on Foreign Investment in the United 
   States to request the Committee initiate a unilateral review of a 
 transaction and to require congressional notice when such request is 
                    denied, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Foreign Investment Transparency and 
Accountability Act''.

SEC. 2. MEMBER AGENCY REQUEST FOR REVIEW AND REPORT ON TRANSACTIONS NOT 
              REVIEWED.

    Section 721(b)(1) of the Defense Production Act of 1950 (50 U.S.C. 
4565(b)(1)) is amended by adding at the end the following:
                    ``(I) Member agency request for review.--If a 
                member agency of the Committee wishes the Committee to 
                initiate a review of a transaction pursuant to 
                subparagraph (D), the head of the agency shall notify 
                the Committee of such request and certify to the 
                Committee that the transaction is a covered transaction 
                described under subparagraph (D).
                    ``(J) Notification if no review is initiated.--
                            ``(i) In general.--If the Committee 
                        considers a transaction (including a 
                        transaction described in a notice received 
                        under subparagraph (I)) and does not initiate a 
                        review of the transaction, the Committee shall 
                        issue a public notice to the appropriate 
                        congressional committees containing--
                                    ``(I) a description of the 
                                transaction, including whether the 
                                transaction was described in a notice 
                                received under subparagraph (I);
                                    ``(II) a statement that the 
                                Committee does not plan to initiate a 
                                review of the transaction; and
                                    ``(III) a statement of whether or 
                                not the Committee determined the 
                                transaction was a covered transaction 
                                described under subparagraph (D) and, 
                                if not, any legislative recommendations 
                                of the Committee to make the 
                                transaction a covered transaction, if 
                                the Committee determines such a change 
                                would improve national security.
                            ``(ii) Classified annex.--The notice 
                        described under clause (i) shall contain a 
                        classified annex, which shall contain the names 
                        of the parties to the transaction, as well as 
                        any other classified or business confidential 
                        information related to the transaction.
                            ``(iii) Appropriate congressional 
                        committees.--In this subparagraph, the term 
                        `appropriate congressional committees' means 
                        the Committee on Financial Services and the 
                        Subcommittee on Financial Services and General 
                        Government of the Committee on Appropriations 
                        of the House of Representatives and the 
                        Committee on Banking, Housing, and Urban 
                        Affairs and the Subcommittee on Financial 
                        Services and General Government of the 
                        Committee on Appropriations of the Senate.''.
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