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This bill establishes a new Office of Information and Communications Technology and Services within the Commerce Department's Bureau of Industry and Security to review and regulate technology transactions involving connected vehicles that pose national security risks. The Secretary of Commerce would have authority to review any information and communications technology transaction used in connected vehicles—those with wireless communication capabilities—if it involves companies or countries of concern, including China, Russia, Iran, North Korea, and Cuba. If the Secretary finds an undue or unacceptable risk, they can require companies to implement cybersecurity standards, exclude certain components from transactions, or prohibit the transaction entirely. The bill requires the Director of National Intelligence to submit a risk assessment to the Commerce Secretary within 180 days of enactment and annually thereafter, identifying specific threats and entities of concern in vehicle technology supply chains. Violations carry significant penalties, including criminal fines up to $1 million and imprisonment up to 20 years for willful violations, plus civil penalties up to $300,000 or twice the transaction value. The bill does not specify direct funding but grants the Commerce Secretary broad authority to hire staff, conduct investigations, and issue regulations to carry out these national security reviews.

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