[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9326 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 9326

     To require United States shipyards to repay Federal financial 
assistance if they are sold to foreign persons, to prohibit the use of 
Federal funds for capital improvements at foreign-owned shipyards, and 
                          for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             August 9, 2024

   Mr. Higgins of Louisiana introduced the following bill; which was 
              referred to the Committee on Armed Services

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                                 A BILL


 
     To require United States shipyards to repay Federal financial 
assistance if they are sold to foreign persons, to prohibit the use of 
Federal funds for capital improvements at foreign-owned shipyards, 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 ``Protecting American Investment in 
Shipbuilding Act of 2024''.

SEC. 2. REPAYMENT OF FEDERAL FINANCIAL ASSISTANCE BY SHIPYARDS 
              PURCHASED BY FOREIGN PERSONS.

    (a) In General.--With respect to a United States shipyard that has 
received Federal financial assistance, if the shipyard becomes 
majority-owned or controlled by foreign persons or entities, the 
shipyard shall immediately pay to the Secretary of the Treasury, for 
deposit in the general fund, an amount equal to all Federal financial 
assistance previously received by the shipyard.
    (b) Rulemaking.--The Secretary of the Treasury shall issue such 
rules as may be necessary to carry out this section.
    (c) Definitions.--In this section:
            (1) Federal financial assistance.--The term ``Federal 
        financial assistance'' means any type of financial assistance 
        (including grants, financing, tax credits, or otherwise) 
        provided under any Federal program, including--
                    (A) title III of the Defense Production Act of 
                1950; or
                    (B) the CARES Act or any amendment made by the 
                CARES Act.
            (2) United states shipyard.--The term ``United States 
        shipyard'' means a shipyard that is majority-owned by United 
        States persons.

SEC. 3. PROHIBITION ON USING FEDERAL FUNDS FOR CAPITAL IMPROVEMENTS FOR 
              SHIPYARDS NOT WHOLLY-OWNED BY UNITED STATES PERSONS.

    Notwithstanding any other provision of law, a shipyard that is not 
wholly-owned by United States persons may not use Federal funds for 
capital improvements.
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