This bill requires U.S. shipyards that receive federal financial assistance to repay all that money if they are sold to or become controlled by foreign owners. The legislation also blocks the use of federal funds for capital improvements at any shipyard that is not entirely owned by Americans. The bill applies to various forms of federal support including grants, loans, tax credits, and assistance provided under programs like the Defense Production Act and the CARES Act. The Treasury Department would be responsible for enforcing these requirements and issuing rules to carry them out. The legislation aims to protect the federal government's investment in American shipbuilding capacity by preventing foreign acquisition of federally-supported shipyards without financial consequences.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.