II 

117TH CONGRESS 

1ST SESSION S. 3038 

To require the review by the Committee on Foreign Investment in the United 

States of greenfield investments by the People’s Republic of China. 

IN THE SENATE OF THE UNITED STATES 

OCTOBER 21, 2021 

Mr. KENNEDY introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To require the review by the Committee on Foreign Investment in the United States of greenfield investments by 

the People’s Republic of China. 

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Exposing China’s Belt 

5 and Road Investment in America Act of 2021’’. 


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1 SEC. 2. REVIEW BY COMMITTEE ON FOREIGN INVESTMENT 

2 IN THE UNITED STATES OF GREENFIELD IN3 VESTMENTS BY PEOPLE’S REPUBLIC OF 

4 CHINA. 

5 (a) INCLUSION IN DEFINITION OF COVERED TRANS6 ACTION.—Section 721(a)(4) of the Defense Production 

7 Act of 1950 (50 U.S.C. 4565(a)(4)) is amended— 

8 (1) in subparagraph (A)— 

9 (A) in clause (i), by striking ‘‘; and’’ and 

10 inserting a semicolon; 

11 (B) in clause (ii), by striking the period at 

12 the end and inserting ‘‘; and’’; and 

13 (C) by adding at the end the following: 

14 ‘‘(iii) any transaction described in 

15 subparagraph (B)(vi) proposed or pending 

16 on or after the date of the enactment of 

17 this clause.’’; and 

18 (2) in subparagraph (B), by adding at the end 

19 the following: 

20 ‘‘(vi) An investment by a foreign per21 son that— 

22 ‘‘(I) involves— 

23 ‘‘(aa) the completed or 

24 planned purchase or lease by, or 

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1 son of private or public real es2 tate in the United States; and 

3 ‘‘(bb) the establishment of a 

4 United States business to operate 

5 a factory or other facility on that 

6 real estate; and 

7 ‘‘(II) could result in control, in8 cluding through formal or informal 

9 arrangements to act in concert, of 

10 that United States business by— 

11 ‘‘(aa) the Government of the 

12 People’s Republic of China; 

13 ‘‘(bb) a person owned or 

14 controlled by, or acting on behalf 

15 of, that Government; 

16 ‘‘(cc) an entity in which that 

17 Government has, directly or indi18 rectly, including through formal 

19 or informal arrangements to act 

20 in concert, a 5 percent or greater 

21 interest; 

22 ‘‘(dd) an entity in which 

23 that Government has, directly or 

24 indirectly, the right or power to 

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1 ment of, any members of the 

2 board of directors, board of su3 pervisors, or an equivalent gov4 erning body (including external 

5 directors and other individuals 

6 who perform the duties usually 

7 associated with such titles) or of8 ficers (including the president, 

9 senior vice president, executive 

10 vice president, and other individ11 uals who perform duties normally 

12 associated with such titles) of 

13 any other entity that held, di14 rectly or indirectly, including 

15 through formal or informal ar16 rangements to act in concert, a 5 

17 percent or greater interest in the 

18 entity in the preceding 3 years; 

19 or 

20 ‘‘(ee) an entity in which any 

21 members or officers described in 

22 item (dd) of any other entity 

23 holding, directly or indirectly, in24 cluding through formal or infor25 mal arrangements to act in conVerDate Sep 11 2014 00:58 Oct 26, 2021 Jkt 029200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S3038.IS S3038

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1 cert, a 5 percent or greater inter2 est in the entity are members of 

3 the Chinese Communist Party or 

4 have been members of the Chi5 nese Communist Party in the 

6 preceding 3 years.’’. 

7 (b) DEFINITION OF GOVERNMENT OF PEOPLE’S RE8 PUBLIC OF CHINA.—Section 721(a) of the Defense Pro9 duction Act of 1950 (50 U.S.C. 4565(a)) is amended— 

10 (1) by redesignating paragraphs (8) through 

11 (13) as paragraphs (9) through (14), respectively; 

12 and 

13 (2) by inserting after paragraph (7) the fol14 lowing: 

15 ‘‘(7) GOVERNMENT OF PEOPLE’S REPUBLIC OF

16 CHINA.—The term ‘Government of the People’s Re17 public of China’ includes the national and sub18 national governments within the People’s Republic of 

19 China, including any departments, agencies, or in20 strumentalities of such governments.’’. 

21 (c) MANDATORY FILING OF DECLARATIONS.—Sec22 tion 721(b)(1)(C)(v)(IV)(bb) of the Defense Production 

23 Act of 1950 (50 U.S.C. 4565(b)(1)(C)(v)(IV)(bb)) is 

24 amended by adding at the end the following: 


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1 ‘‘(DD) GREENFIELD

2 INVESTMENTS BY PEOPLE’S

3 REPUBLIC OF CHINA.—The 

4 parties to a covered trans5 action described in sub6 section (a)(4)(B)(vi) shall 

7 submit a declaration de8 scribed in subclause (I) with 

9 respect to the transaction.’’. 

Æ 


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