[Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)]
[Senate]
[Pages S3375-S3377]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 6195. Ms. BALDWIN submitted an amendment intended to be proposed
by her to the bill S. 4784, to authorize appropriations for fiscal year
2027 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 division A, add the following:
TITLE XVII--FOREIGN INVESTMENT REVIEW MONITORING
SEC. 1701. SHORT TITLE.
This title may be cited as the ``Foreign Investment Review
Monitoring and Commitment Tracking Oversight Board Act'' or
the ``FIRM Commitment Tracking Oversight Board Act''.
SEC. 1702. DEFINITIONS.
In this title:
(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 1706.
(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. 1703. 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 title.
SEC. 1704. 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--
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(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. 1705. 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 1702(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 1708.
(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. 1706. 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 1705 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 1708 or otherwise
required under this title;
(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 title
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--
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(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 title,
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. 1707. 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. 1708. 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. 1709. FULFILLMENT OF COVERED FOREIGN INVESTMENT
COMMITMENTS.
(a) Public Notice.--FIRA shall maintain, and regularly
update, on the website described in section 1704(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. 1710. 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 title 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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