I 

118TH CONGRESS 

2D SESSION H. R. 8636 

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. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 5, 2024 

Mr. MOOLENAAR (for himself, Mr. HUIZENGA, and Mr. NUNN of Iowa) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, and 

Energy and Commerce, for a period to be subsequently determined by the 

Speaker, in each case for consideration of such provisions as fall within 

the jurisdiction of the committee concerned 

A BILL 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Foreign Investment 

3 Transparency and Accountability Act’’. 

4 SEC. 2. MEMBER AGENCY REQUEST FOR REVIEW AND RE5 PORT ON TRANSACTIONS NOT REVIEWED. 

6 Section 721(b)(1) of the Defense Production Act of 

7 1950 (50 U.S.C. 4565(b)(1)) is amended by adding at the 

8 end the following: 

9 ‘‘(I) MEMBER AGENCY REQUEST FOR RE10 VIEW.—If a member agency of the Committee 

11 wishes the Committee to initiate a review of a 

12 transaction pursuant to subparagraph (D), the 

13 head of the agency shall notify the Committee 

14 of such request and certify to the Committee 

15 that the transaction is a covered transaction de16 scribed under subparagraph (D). 

17 ‘‘(J) NOTIFICATION IF NO REVIEW IS INI18 TIATED.— 

19 ‘‘(i) IN GENERAL.—If the Committee 

20 considers a transaction (including a trans21 action described in a notice received under 

22 subparagraph (I)) and does not initiate a 

23 review of the transaction, the Committee 

24 shall issue a public notice to the appro25 priate congressional committees con26 taining— 


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1 ‘‘(I) a description of the trans2 action, including whether the trans3 action was described in a notice re4 ceived under subparagraph (I); 

5 ‘‘(II) a statement that the Com6 mittee does not plan to initiate a re7 view of the transaction; and 

8 ‘‘(III) a statement of whether or 

9 not the Committee determined the 

10 transaction was a covered transaction 

11 described under subparagraph (D) 

12 and, if not, any legislative rec13 ommendations of the Committee to 

14 make the transaction a covered trans15 action, if the Committee determines 

16 such a change would improve national 

17 security. 

18 ‘‘(ii) CLASSIFIED ANNEX.—The notice 

19 described under clause (i) shall contain a 

20 classified annex, which shall contain the 

21 names of the parties to the transaction, as 

22 well as any other classified or business 

23 confidential information related to the 

24 transaction. 


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1 ‘‘(iii) APPROPRIATE CONGRESSIONAL

2 COMMITTEES.—In this subparagraph, the 

3 term ‘appropriate congressional commit4 tees’ means the Committee on Financial 

5 Services and the Subcommittee on Finan6 cial Services and General Government of 

7 the Committee on Appropriations of the 

8 House of Representatives and the Com9 mittee on Banking, Housing, and Urban 

10 Affairs and the Subcommittee on Financial 

11 Services and General Government of the 

12 Committee on Appropriations of the Sen13 ate.’’. 

Æ 


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