This bill establishes a new Office of Information and Communications Technology and Services within the Commerce Department to review and regulate technology transactions that pose national security risks. The Secretary of Commerce would have authority to investigate, mitigate, or prohibit transactions involving information technology, software, cloud services, and related products from countries or entities of concern, including China, Russia, Iran, North Korea, and Cuba. The bill defines "undue or unacceptable risk" to include threats of sabotage, catastrophic effects on critical infrastructure, or broader national security dangers. The Secretary can impose conditions on transactions, require certain cybersecurity standards, exclude specific components, or block deals entirely if risks cannot be adequately addressed. Violations carry significant penalties, including civil fines up to one million dollars or twice the transaction value, plus potential criminal penalties of up to twenty years imprisonment. The bill requires the Director of National Intelligence to provide annual risk assessments within 180 days and establishes a technical advisory committee within the same timeframe, with special judicial review procedures limiting cases to the D.C. Circuit Court of Appeals.