119th (2025–2027)
S. 4748
This bill establishes a new Foreign Investment Review Authority to monitor whether foreign countries follow through on investment commitments they have made to the United States. The FIRA will review foreign investments to determine if they qualify as fulfilling these commitments and whether they provide genuine economic benefits to America, such as creating quality jobs with good wages and benefits, using domestically sourced materials, and supporting domestic growth. The bill identifies specific initial investment commitments from Japan ($550 billion), South Korea ($350 billion), Taiwan ($500 billion), and China, and requires foreign investors and U.S. government officials to disclose their involvement in covered investments, with penalties up to 10 percent of the investment value for non-compliance. The FIRA will be governed by a board including representatives from Commerce, Justice, and Labor departments plus four additional members, along with an independent ethics officer and a public oversight board, and the bill requires annual reports to Congress and semiannual public reports on job creation and investment outcomes.