[Congressional Record Volume 164, Number 96 (Monday, June 11, 2018)]
[Senate]
[Page S3714]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2752. Mr. RUBIO submitted an amendment intended to be proposed to 
amendment SA 2282 submitted by Mr. Inhofe (for himself and Mr. McCain) 
and intended to be proposed to the bill H.R. 5515, to authorize 
appropriations for fiscal year 2019 for military activities of the 
Department of Defense, for military construction, and for defense 
activities of the Department of Energy, to prescribe military personnel 
strengths for such fiscal year, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end of title XVII, add the following:

     SEC. 1734. FEDERAL FOREIGN INVESTMENT ADVISORY COMMISSION.

       (a) Establishment.--There is established an advisory 
     commission to be known as the ``Federal Foreign Investment 
     Advisory Commission'' (in this section referred to as the 
     ``Commission'').
       (b) Membership.--
       (1) Appointment.--The Commission shall be composed of 12 
     members, of whom--
       (A) three shall be appointed by the majority leader of the 
     Senate;
       (B) three shall be appointed by the minority leader of the 
     Senate;
       (C) three shall be appointed by the Speaker of the House of 
     Representatives; and
       (D) three shall be appointed by the minority leader of the 
     House of Representatives.
       (2) Expertise.--In making appointments under paragraph (1), 
     consideration shall be given to individuals with expertise in 
     national security, international trade, economic 
     competitiveness, emerging technologies, the health and 
     sustainability of the United States defense industrial base, 
     or critical infrastructure.
       (3) Security clearances.--Members of the Commission shall 
     be issued, pending a security background investigation, an 
     appropriate-level security clearance for the purpose of 
     executing the duties of the Commission.
       (4) Period of appointment.--
       (A) Initial terms.--
       (i) In general.--Members of the Commission shall be 
     appointed for initial terms on a staggered-term basis, so 
     that the majority leader and minority leader of the Senate 
     and the Speaker and minority leader of the House of 
     Representatives shall each select one appointee for an 
     initial three-year term, with all other appointments being 
     made for terms of two years each.
       (ii) Commencement.--The initial terms referred to in clause 
     (i) shall commence on January 1, 2019.
       (B) Subsequent appointments.--A member of the Commission 
     may be reappointed for additional terms of two years each.
       (5) Vacancies.--Any vacancy on the Commission shall not 
     affect its powers, and shall be filled in the same manner as 
     the original appointment.
       (c) Chairperson.--The President shall appoint a Chairperson 
     of the Commission from among the members of the Commission.
       (d) Duties.--
       (1) In general.--Not less frequently than annually, the 
     Commission shall--
       (A) conduct a review on the effect of foreign investment on 
     the national and economic security of the United States; and
       (B) submit to Congress a report on the review.
       (2) Elements.--The review of the Commission required by 
     paragraph (1)(A) shall include consideration of--
       (A) the economic and national security effects of--
       (i) trends in foreign investment by economic sector;
       (ii) foreign purchases of United States financial assets, 
     including government obligations, corporate equity, real 
     estate, and derivatives;
       (iii) transactions subject to review by the Committee on 
     Foreign Investment in the United States;
       (iv) greenfield investments by foreign entities, including 
     state-owned entities;
       (v) joint ventures between United States and foreign 
     entities;
       (vi) strategic goals identified by the governments of 
     foreign countries and supported by state-owned or state-
     influenced foreign and sovereign wealth fund investments in 
     the United States;
       (B) the health and sustainability of the United States 
     defense industrial base and United States manufacturing;
       (C) the protection of critical infrastructure in the United 
     States; and
       (D) the safety and security of United States financial 
     markets.
       (e) Provision of Information From Committee on Foreign 
     Investment in the United States.--The Committee on Foreign 
     Investment in the United States shall provide the Commission 
     with timely access to information about reviews and 
     investigations conducted under section 721 of the Defense 
     Production Act of 1950, as amended by this title.
       (f) Submission of Information to Congress.--The Commission 
     shall, in the discretion of the chairperson of the 
     Commission, share any economic and national security concerns 
     regarding reviews or investigations conducted by the 
     Committee on Foreign Investment in the United States under 
     section 721 of the Defense Production Act of 1950, as amended 
     by this title, with Congress as the chairperson considers 
     appropriate.
       (g) Applicability of Federal Advisory Committee Act.--The 
     Federal Advisory Commission Act (5 U.S.C. App.) shall not 
     apply with respect to the Commission.
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