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.
About This Bill
Committee
Latest Action · June 7, 2024
Referred to the Subcommittee on Innovation, Data, and Commerce.
This bill amends the Defense Production Act to increase oversight of foreign investments in the United States by allowing member agencies of the Committee on Foreign Investment in the United States (CFIUS) to formally request that the committee review a transaction they believe poses national security concerns. If CFIUS decides not to initiate a review after receiving such a request, the bill requires the committee to notify Congress with details about the transaction, explain why it won't be reviewed, and recommend any legislative changes that might help identify similar investments as threats in the future. The bill affects foreign investors and U.S. companies involved in transactions that could impact national security, as well as relevant congressional committees overseeing financial services and appropriations. No specific funding or timeline is specified in the legislation, which was introduced in June 2024 and referred to the House committees on Financial Services, Foreign Affairs, and Energy and Commerce.
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