[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9284 Introduced in House (IH)]
<DOC>
119th CONGRESS
2d Session
H. R. 9284
To establish the Foreign Investment Review Authority to determine
whether foreign countries that have made investment commitments to the
United States have complied with those commitments, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 11, 2026
Mr. Khanna (for himself, Mrs. Dingell, Ms. Brown, and Mr. Suozzi)
introduced the following bill; which was referred to the Committee on
Ways and Means, and in addition to the Committee on Foreign Affairs,
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 establish the Foreign Investment Review Authority to determine
whether foreign countries that have made investment commitments to the
United States have complied with those commitments, 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; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Foreign Investment
Review Monitoring and Commitment Tracking Oversight Board Act'' or the
``FIRM Commitment Tracking Oversight Board Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Foreign Investment Review Authority.
Sec. 4. Identification of covered foreign investment commitments.
Sec. 5. Notice requirements.
Sec. 6. Review of investments.
Sec. 7. Mediation and prohibition authority.
Sec. 8. Application of Federal ethics and transparency laws.
Sec. 9. Fulfillment of covered foreign investment commitments.
Sec. 10. Reporting requirements.
SEC. 2. DEFINITIONS.
In this Act:
(1) Covered foreign investment commitment.--The term
``covered foreign investment commitment'' means a commitment by
a foreign country to invest in the United States made--
(A) as part of a trade agreement;
(B) in response to tariffs, embargoes, or other
punitive trade measures imposed or having the potential
to be imposed pursuant to--
(i) section 122, 201, 232, 301, or 406 of
the Trade Act of 1974; or
(ii) any other trade or economic authority
of the United States; or
(C) as a result of negotiations or solicitations
with representatives of the executive branch or any
individual acting on behalf of or at the behest of the
executive branch, including any persons affiliated with
the executive branch.
(2) Covered investment.--The term ``covered investment''
means an investment intended by the person making the
investment, the government of the country in which such person
is located, or the United States Government to count towards a
covered foreign investment commitment.
(3) Family member.--With respect to an individual, the term
``family member'' has the meaning given that term in section
9832(d) of the Internal Revenue Code of 1986.
(4) FIRA.--The term ``FIRA'' means the Foreign Investment
Review Authority.
(5) Net economic benefit.--With respect to an investment,
the investment provides a ``net economic benefit'' to the
United States if the investment--
(A) promotes domestic growth and production;
(B) creates and retains quality jobs in the United
States;
(C) creates and retains jobs that are accessible to
workers without a college degree, such as through a
registered apprenticeship program or other workforce
training program;
(D) does not contribute to creating greater global
or domestic excess capacity in the applicable sector of
the economy;
(E) does not undermine existing businesses in the
United States, including by undermining such
businesses' ability to compete domestically or
internationally; and
(F) creates integrated demand for domestically-
sourced materials and does not primarily promote the
creation or continuance of an assembly facility
utilizing foreign-produced components.
(6) Obligation date.--With respect to a covered foreign
investment commitment, the obligation date is the date on which
the commitment is made.
(7) Person.--The term ``person''--
(A) has the meaning given that term in section 1 of
title 1, United States Code; and
(B) includes an entity or government.
(8) Qualified investment.--The term ``qualified
investment'' means an investment that qualifies to count
towards a covered foreign investment commitment, as determined
by FIRA under section 6.
(9) Quality job.--With respect to an investment, the term
``quality job'' means a job--
(A) that provides at least 30 hours of work per
week;
(B) that is a job with compensation that--
(i) is equal to or exceeds the compensation
of existing similarly-situated jobs in the
United States;
(ii) except with respect to a managerial
job, includes a wage that is higher than the
median wage of the State in which the job is
located (or, if not located in a State, the
nearest State); and
(iii) includes comprehensive health care,
defined benefit pension, and other family-
sustaining benefits; and
(C) located at a facility in the United States
where the employer--
(i) ensures neutrality in any union
organizing drive; and
(ii) with respect to an investment where
the investing person has a union or employees
works council at any facility in the home
country of the person, provides similar
opportunities to employees located at such
United States facility as are provided at the
facility in the home country.
(10) Registered apprenticeship program.--The term
``registered apprenticeship program'' means an apprenticeship
registered under the Act of August 16, 1937 (commonly known as
the ``National Apprenticeship Act''; 50 Stat. 664, chapter 663;
29 U.S.C. 50 et seq.) that meets the standards of subpart A of
part 29 and part 30 of title 29, Code of Federal Regulations.
(11) State.--The term ``State'' means each of the several
States, the District of Columbia, and each territory of the
United States.
SEC. 3. FOREIGN INVESTMENT REVIEW AUTHORITY.
(a) Establishment.--There is established the Foreign Investment
Review Authority.
(b) Board of Directors.--
(1) Members.--The head of FIRA shall be a board of
directors consisting of the following:
(A) The Chair, who shall be appointed by the
President, by and with the advice and consent of the
Senate.
(B) A designee of the Secretary of Commerce.
(C) A designee of the Attorney General.
(D) A designee of the Secretary of Labor.
(E) Four members appointed by the President, by and
with the advice and consent of the Senate, from among
individuals who are not of the same political party as
the President.
(2) Term.--Each member of the board of directors of FIRA
shall serve a 4-year term.
(c) Conflicts of Interest.--FIRA shall establish conflict of
interest requirements applicable to the members of the board of
directors and the employees of FIRA that ensure there are no conflicts
of interest regarding the review of investments by FIRA.
(d) Office of the Chief Ethics Officer.--
(1) In general.--There is established within FIRA the
Office of the Chief Ethics Officer, which shall be headed by
the Chief Ethics Officer.
(2) Appointment.--The Chief Ethics Officer shall be
appointed by FIRA, subject to the advice and consent of the
Senate.
(3) Term.--The Chief Ethics Officer shall serve a 6-year
term.
(4) Removal authority.--The Chief Ethics Officer may only
be removed for gross misconduct.
(e) Public Oversight Board.--
(1) Establishment.--There is established within the Office
of the Chief Ethics Officer a Public Oversight Board.
(2) Members.--The Public Oversight Board shall consist of
the following:
(A) One member appointed by the Speaker of the
House of Representatives.
(B) One member appointed by the Minority Leader of
the House of Representatives.
(C) One member appointed by the Majority Leader of
the Senate.
(D) One member appointed by the Minority Leader of
the Senate.
(E) One member representing organized labor
organizations, appointed by the members appointed under
subparagraphs (A) through (D).
(3) Term.--The term of a member of the Public Oversight
Board shall be 3 years, and an individual may not serve as a
member of the Public Oversight Board for more than one term in
any 10-year period.
(f) Complaint Process.--
(1) In general.--The Chief Ethics Officer shall establish a
method for persons to submit complaints to the Chief Ethics
Officer or Public Oversight Board. Both the Officer and the
Board shall create mechanisms for such complaints to be
received by identified persons or anonymous persons.
(2) Deadline for response.--The Chief Ethics Officer and
the Public Oversight Board shall respond to each complaint
received under this subsection within the 30-day period
beginning on the date the complaint was received, and such
response shall include a substantive adjudication as to the
merits of the complaint.
(g) Rulemaking Authority.--FIRA may issue such rules as may be
necessary to carry out this Act.
SEC. 4. IDENTIFICATION OF COVERED FOREIGN INVESTMENT COMMITMENTS.
(a) In General.--FIRA shall identify all covered foreign investment
commitments and make available to the public on a website--
(1) a list of such commitments, including the name of the
investing person (including any beneficial owners thereof), the
name of the person receiving the investment (including any
beneficial owners thereof), and the location of the commitment;
(2) the amount of each such commitment;
(3) the obligation date of each such commitment;
(4) activities performed under any qualified investments
with respect to each such commitment;
(5) any potential or actual conflicts of interests examined
or identified in the context of--
(A) each such commitment; and
(B) any qualified investment with respect to each
such commitment; and
(6) any other relevant information specified by the board
of directors of FIRA.
(b) Initial Covered Foreign Investment Commitments.--On the date of
enactment of this Act, the following covered foreign investment
commitments shall be deemed to exist:
(1) A covered foreign investment commitment by the People's
Republic of China by the U.S.-China Board of Trade or Board of
Investment or any comparable institution, whether formal or
informal in nature, in an amount and with an obligation date as
determined by FIRA.
(2) A covered foreign investment commitment by Japan in the
amount of $550,000,000,000, with the obligation date of the
date of enactment of this Act.
(3) A covered foreign investment commitment by South Korea
in the amount of $350,000,000,000, with the obligation date of
the date of enactment of this Act.
(4) A covered foreign investment commitment by Taiwan in
the amount of $500,000,000,000 with the obligation date of the
date of enactment of this Act.
SEC. 5. NOTICE REQUIREMENTS.
(a) Investor Notice Requirement.--
(1) In general.--Each person making an investment that the
person believes is a covered investment shall--
(A) at the beginning of the investment--
(i) notify FIRA in writing of the
investment;
(ii) notify FIRA in writing of the covered
foreign investment commitment to which the
covered investment relates; and
(iii) provide FIRA in writing with--
(I) a list of the owners of the
person making the investment, including
beneficial owners thereof;
(II) a list of the owners of the
person receiving the investment,
including beneficial owners thereof;
(III) a list of any financial
advisers involved in making the
investment;
(IV) a list of any persons
participating in the financing or
underwriting of the investment; and
(V) a list of any other interested
parties to the investment; and
(B) provide FIRA with written quarterly updates on
the investment until the investment is complete.
(2) Requirement applicable to all covered investments.--Any
person making an investment that FIRA determines is a covered
investment shall be subject to the requirements under paragraph
(1) regardless of whether the person believes the investment is
a covered investment.
(3) Exception for certain unavailable information.--If a
person is required to provide information under paragraph
(1)(A)(iii) that the person does not have at the time the
person is required to provide the information, the person may
instead provide FIRA with such information not later than 5
days after the information becomes known to such person.
(4) Attestation requirement.--With respect to each notice
and update required under this subsection, both a senior
official of the person making the investment and a senior
official of the recipient of the investment shall file a signed
attestation stating whether--
(A) the investment provides a net economic benefit
to the United States;
(B) with respect to each element of the net
economic benefit definition described in subparagraphs
(A) through (F) of section 2(5), the investment meets
such element; and
(C) the persons making, receiving, or negotiating
the investment have complied with any applicable ethics
and transparency rules issued under section 8.
(b) Disclosures by Senior Government Officials.--The President,
Vice President, and each cabinet level official shall file a disclosure
with FIRA if they determine or have reason to believe that they or any
family member is a beneficiary of any covered investment or any
investment that they believe is a covered investment.
(c) Distribution of Notices.--FIRA shall ensure that the Chief
Ethics Officer and the Public Oversight Board have real-time access to
all notices, updates, attestations, and disclosures made under this
section.
(d) Civil Penalty.--In addition to such other penalties that may be
available, including section 1001 of title 18, United States Code, any
person that fails to make a notice, update, or attestation, required
under this section, or who knowingly fails to file a disclosure
required under this section, or commits a material misstatement or
omission in connection with the foregoing, shall be subject to--
(1) in the case of a notice, update, or attestation
required under this section, a fine in an amount not to exceed
10 percent of the value of the investment; or
(2) in the case of a disclosure required under this
section, a fine in an amount not to exceed 10 percent of the
value of the undisclosed interest.
SEC. 6. REVIEW OF INVESTMENTS.
(a) In General.--
(1) In general.--In accordance with this section, FIRA
shall review investments to determine--
(A) which investments are covered investments; and
(B) which investments qualify as a qualified
investment.
(2) Review.--
(A) Required review of certain investments.--If a
person making or receiving an investment, a foreign
government, the President, or the head of a Federal
agency notifies FIRA that an investment is a covered
investment, FIRA shall determine--
(i) whether such investment is a covered
investment; and
(ii) whether such investment is a qualified
investment.
(B) Identification of other investments.--
(i) By fira.--FIRA may review any
investment that FIRA identifies as possibly
being a covered investment or qualified
investment.
(ii) Petition process.--FIRA shall
establish a petition process under which
interested parties may petition FIRA to review
a specific investment.
(iii) Standard of review for undeclared
investments.--With respect to an investment for
which FIRA was not provided notice under
section 5 and that FIRA has determined is a
covered investment, the parties to the
investment may provide evidence to FIRA that
the investment is not a covered investment and
FIRA shall revoke the determination if the
parties prove by clear and convincing evidence
that the investment is not a covered
investment.
(b) Qualified Investment Determination.--
(1) In general.--FIRA may only determine that a covered
investment is a qualified investment if--
(A) the Chief Ethics Officer determines that the
parties to the investment have complied with any
applicable ethics and transparency rules issued under
section 8 or otherwise required under this Act;
(B) FIRA determines that the investment provides a
net economic benefit to the United States; and
(C) the investment is not prohibited from being a
qualified investment under paragraph (3).
(2) Heightened review of certain investments.--FIRA shall
provide heightened review for a investment if the person making
or receiving the investment is located in a covered nation, as
such term is defined in section 4872(f) of title 10, United
States Code.
(3) Prohibition on certain investments.--An investment is
not a qualified investment if--
(A) the person making or receiving the investment
is itself, is a subsidiary or parent company of, or is
otherwise directly or indirectly controlled by--
(i) an entity listed on the UFLPA Entity
List maintained by the Department of Homeland
Security pursuant to the Uyghur Forced Labor
Prevention Act;
(ii) an entity subject to an active,
modified, or partially modified Withhold
Release Order issued by the U.S. Customs and
Border Protection; or
(iii) a person or entity with respect to
which an entity described in clause (i) or (ii)
holds a stake of fifteen percent or greater;
(B) the investment violates or could reasonably
lead to a violation of a Federal ethics law, including
section 208 of title 18, United States Code;
(C) FIRA determines that the investment more likely
than not was entered into based on a foreign
government's or foreign government official's desire to
confer a personal financial benefit on a government
official in the United States; or
(D) the investment allows for subsequent
investments using all or part of the original
investment and delegates the decision-making authority
for such subsequent investments to another person,
unless such other person executes a binding agreement
to comply with the same requirements of this Act with
respect to such subsequent investments as are
applicable to a qualified investment.
(4) Exception for certain investments.--FIRA may determine
that an investment is a qualified investment under paragraph
(1) without determining that the investment provides a net
economic benefit to the United States if it is an investment
in--
(A) bonds issued by the Federal Government, a
State, or any subdivision of a State; or
(B) a diversified fund of publicly-traded
securities that tracks a major market index.
(5) Investors subject to certain orders.--
(A) In general.--Notwithstanding paragraph (1), if
FIRA determines that the person making an investment or
the person receiving an investment is subject to a
Federal antidumping duty order, countervailing duty
order, or court order in connection with the violation
of Federal intellectual property laws--
(i) FIRA may not determine that such
investment is a qualified investment unless
FIRA enters into a mitigation agreement with
the person subject to such order; and
(ii) FIRA shall revoke such a determination
if FIRA determines that--
(I) the person has failed to comply
with the mitigation agreement; or
(II) the person is continuing the
violation with respect to which the
order was issued.
(B) Mitigation agreement terms.--In entering into
any mitigation agreement under this paragraph, FIRA
shall ensure the agreement includes an appropriate
penalty clause, which may require the payment of a
penalty, the divestment of property related to the
investment, or the unwinding of the investment.
(C) Review of mitigation agreements.--FIRA shall
review any mitigation agreement entered into under this
paragraph not less often than quarterly.
(c) Treatment of Charitable Donations.--A charitable donation to an
organization described in section 501(c)(3) of the Internal Revenue
Code of 1986 and exempt from tax under section 501(a) of such Code is
not a covered investment or a qualified investment.
(d) Right To Appeal Determinations and Mitigation Agreements.--
(1) Appeal with fira.--
(A) In general.--A person receiving an investment
may appeal a determination under this section that the
investment is or is not a qualified investment or the
terms of a mitigation agreement proposed by FIRA by
filing an appeal with FIRA.
(B) Limitation.--Notwithstanding subparagraph (A),
a determination by FIRA that an investment is not a
qualified investment may only be appealed based on a
claim of a factual error or a procedural or due process
violation.
(C) Supermajority decision required.--In an appeal
made pursuant to subparagraph (A), FIRA may only
overturn the determination or terms of the mitigation
agreement by a vote of at least 6 members of the board
of directors.
(2) Appeal of determinations with united states district
court.--A determination by FIRA under this section that an
investment is or is not a qualified investment, including with
respect to the reasonableness of FIRA's determination with
respect to factors such as net economic benefit or the creation
of quality jobs or FIRA's compliance or noncompliance with
procedural safeguards under this Act, may be challenged in a
United States district court of competent jurisdiction by--
(A) the person receiving the investment;
(B) the Chief Ethics Officer;
(C) a member of the Public Oversight Board; and
(D) any person harmed by the investment or who
faces a tangible risk of being harmed by the
investment.
(e) Petition for Redetermination.--A person making a covered
investment that FIRA has determined is not a qualified investment may,
if the investor makes material changes to the investment proposal,
petition FIRA for a redetermination of whether the covered investment
is a qualified investment.
(f) Review Period for Qualified Investments.--FIRA shall continue
to review a qualified investment for a 30-day period beginning on the
date that FIRA determines the investment is a qualified investment in
order to assess the net economic benefit to the United States provided
by the qualified investment, including jobs created by the qualified
investment.
(g) Public Notice.--FIRA shall maintain a public website with a
list of all investments that FIRA has reviewed and, with respect to
each investment, stating whether FIRA has determined it is a covered
investment, a qualified investment, both, or neither.
(h) Interagency Consultations.--In carrying out this section--
(1) FIRA may consult with any Federal agency; and
(2) a Federal agency shall reasonably cooperate with FIRA
with any information requested by FIRA to assist in FIRA's
duties prescribed under this section, subject to such
safeguards as may be necessary to protect classified or law
enforcement information.
SEC. 7. MEDIATION AND PROHIBITION AUTHORITY.
(a) Mandatory Mediation Authority.--With respect to each covered
investment that FIRA determines is not a qualified investment, FIRA may
require mediation between FIRA and the person making the covered
investment in order to agree on new terms for the investment that would
allow FIRA to determine that the investment is a qualified investment.
(b) Prohibition Authority.--FIRA may suspend or prohibit any
covered investment that is not a qualified investment.
SEC. 8. APPLICATION OF FEDERAL ETHICS AND TRANSPARENCY LAWS.
(a) Application to Parties to Covered Investments.--FIRA shall
issue rules to apply the Federal ethics and transparency laws to any
person (including a Federal agency or foreign government) making,
receiving, or negotiating a covered investment or an investment that
the person believes is a covered investment, but only to the extent
such person is taking actions in connection with such investment.
(b) Specific Laws.--The Federal ethics and transparency laws
described in subsection (a) shall, at a minimum, include the following:
(1) Chapter 131 of title 5, United States Code.
(2) Subchapter III of chapter 73 of title 5, United States
Code.
(3) Sections 201, 203, 205, 207, 208, and 209 of title 18,
United States Code.
(4) Section 2635.502 of title 5, Code of Federal
Regulations.
(5) Sections 552 and 552b of title 5, United States Code.
SEC. 9. FULFILLMENT OF COVERED FOREIGN INVESTMENT COMMITMENTS.
(a) Public Notice.--FIRA shall maintain, and regularly update, on
the website described in section 4(a), a calculation of the amount of
all qualified investments related to a covered foreign investment
commitment.
(b) Failure To Fulfill Covered Foreign Investment Commitments.--If,
after the end of the 4-year period beginning on the obligation date of
a covered foreign investment commitment, the amount of qualified
investments related to such covered foreign investment commitment is
less than the covered foreign investment commitment amount, the
President shall enter into negotiations with the country that made the
covered foreign investment commitment to address the deficit.
SEC. 10. REPORTING REQUIREMENTS.
(a) Annual Report to Congress.--
(1) In general.--FIRA shall issue an annual report to the
Congress containing--
(A) information on the investments reviewed by
FIRA; and
(B) any trends or risks identified by FIRA.
(2) Classification.--Each report required under paragraph
(1) shall be in unclassified form, but may include a classified
annex.
(b) Semiannual Report to the Public.--FIRA shall issue a semiannual
public report containing the following:
(1) The progress made in implementing this Act and
identifying qualified investments.
(2) An identification of the jobs created by qualified
investments, including, for each such investment--
(A) the compensation provided by such jobs;
(B) unionization information related to such jobs;
and
(C) whether foreign employees have been brought
into the United States to work directly at a facility
funded by the investment or through a contractor.
(3) An identification of the inputs used in any production
facility resulting from a qualified investment and the
origination of such inputs.
(4) With respect to mitigation agreements entered into by
FIRA--
(A) the compliance of the other parties to the
mitigation agreement with the terms of the agreement;
and
(B) any actions taken by FIRA to enforce the terms
of a mitigation agreement.
(c) Quarterly Report by the Chief Ethics Office.--The Chief Ethics
Officer shall issue a quarterly report to Congress, and make such
report available to the public online, containing a list of all
complaints received by the Chief Ethics Office of Public Oversight
Board and the resolution of each such complaint.
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