I 

118TH CONGRESS 

1ST SESSION H. R. 6733 

To monitor United States investments in entities that are controlled by 

foreign adversaries, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 12, 2023 

Ms. STEFANIK (for herself, Mr. WITTMAN, Mrs. HINSON, and Mr. DONALDS) 

introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, 

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 monitor United States investments in entities that are 

controlled by foreign adversaries, 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, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘American Investment 

5 Accountability Act’’. 

6 SEC. 2. REPORTING REQUIREMENTS. 

7 (a) DEFINITIONS.—In this section: 


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1 (1) APPROPRIATE CONGRESSIONAL COMMIT2 TEES.—The term ‘‘appropriate congressional com3 mittees’’ means— 

4 (A) the Committee on Armed Services of 

5 the Senate; 

6 (B) the Committee on Banking, Housing, 

7 and Urban Affairs of the Senate; 

8 (C) the Committee on Finance of the Sen9 ate; 

10 (D) the Committee on Foreign Relations of 

11 the Senate; 

12 (E) the Select Committee on Intelligence 

13 of the Senate; 

14 (F) the Committee on Armed Services of 

15 the House of Representatives; 

16 (G) the Committee on Financial Services 

17 of the House of Representatives; 

18 (H) the Committee on Foreign Affairs of 

19 the House of Representatives; 

20 (I) the Permanent Select Committee on In21 telligence of the House of Representatives; and 

22 (J) the Committee on Ways and Means of 

23 the House of Representatives. 

24 (2) COUNTRY OF CONCERN.—The term ‘‘coun25 try of concern’’— 


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1 (A) means a country the government of 

2 which is a foreign adversary, as defined in sec3 tion 8(c)(2) of the Secure and Trusted Commu4 nications Networks Act of 2019 (47 U.S.C. 

5 1607(c)(2)); and 

6 (B) includes— 

7 (i) the People’s Republic of China (in8 cluding the Special Administrative Regions 

9 of the People’s Republic of China, includ10 ing Hong Kong and Macau); 

11 (ii) the Russian Federation; 

12 (iii) Iran; 

13 (iv) North Korea; 

14 (v) Cuba; and 

15 (vi) Venezuela. 

16 (3) COVERED UNITED STATES BUSINESS.—The 

17 term ‘‘covered United States business’’ means any 

18 entity that— 

19 (A) is— 

20 (i) a corporation, partnership, or 

21 other association organized under the laws 

22 of the United States or of any State, the 

23 District of Columbia, or any common24 wealth, territory, or possession of the 

25 United States; or 


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1 (ii) a foreign corporation, partnership, 

2 or other association, not less than 25 per3 cent of the ownership interest in which is 

4 held by United States citizens or entities 

5 described in clause (i); and 

6 (B) is not a small business concern (as de7 fined in section 3 of the Small Business Act (15 

8 U.S.C. 632)). 

9 (4) COVERED ENTITY.—The term ‘‘covered en10 tity’’ means any entity— 

11 (A) that— 

12 (i) has its headquarters or principal 

13 place of business in a country of concern; 

14 (ii) is organized under the laws of, or 

15 otherwise subject to the jurisdiction of, a 

16 country of concern; 

17 (iii) is owned by the government of a 

18 country of concern; 

19 (iv) is under the direct or indirect 

20 control of such a government; 

21 (v) is subject to the influence of such 

22 a government; or 

23 (vi) is subject to intimidation by a 

24 public official of such a government; 


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1 (B) not less than 25 percent of the owner2 ship interest in which is held, in the aggregate, 

3 directly or indirectly, by not less than 1 enti4 ty— 

5 (i) included on a sanctions list; or 

6 (ii) owned or controlled by the govern7 ment of a country of concern; 

8 (C) that has a subsidiary or parent organi9 zation that— 

10 (i) has its headquarters or principal 

11 place of business in a country of concern; 

12 or 

13 (ii) is organized under the laws of, or 

14 otherwise subject to the jurisdiction of, a 

15 country of concern; 

16 (D) that the Secretary of the Treasury 

17 considers to have an interest in property or in18 terests in property of an entity in which not 

19 less than 25 percent of the ownership interest 

20 is held, in the aggregate, directly or indirectly, 

21 by not less than 1 entity included on a sanc22 tions list. 

23 (5) DIRECT INVESTMENT.—The term ‘‘direct 

24 investment’’ has the meaning given that term in secVerDate Sep 11 2014 02:45 Dec 28, 2023 Jkt 049200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H6733.IH H6733

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1 tion 3 of the International Investment and Trade in 

2 Services Survey Act (22 U.S.C. 3102). 

3 (6) OFFSHORE FINANCIAL CENTER.—The term 

4 ‘‘offshore financial center’’ means any country, spe5 cial administrative region, territory, or jurisdiction 

6 outside the United States that acts as an inter7 mediary for investments originating in the United 

8 States and destined for countries of concern, 

9 through which, on an annual basis— 

10 (A) more than $100,000,000 in direct in11 vestments in countries of concern or covered en12 tities are made; or 

13 (B) more than $500,000,000 in portfolio 

14 investments in countries of concern or covered 

15 entities are made. 

16 (7) PORTFOLIO INVESTMENT.—The term ‘‘port17 folio investment’’ has the meaning given that term 

18 in section 3 of the International Investment and 

19 Trade in Services Survey Act (22 U.S.C. 3102). 

20 (8) SANCTIONS LIST.—The term ‘‘sanctions 

21 list’’ means— 

22 (A) the Entity List maintained by the Bu23 reau of Industry and Security of the Depart24 ment of Commerce and set forth in Supplement 


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1 No. 4 to part 744 of title 15, Code of Federal 

2 Regulations; 

3 (B) the list of specially designated nation4 als and blocked persons maintained by the Of5 fice of Foreign Assets Control of the Depart6 ment of the Treasury (commonly known as the 

7 ‘‘SDN list’’); 

8 (C) the list of foreign financial institutions 

9 subject to correspondent account or payable10 through account sanctions maintained by the 

11 Office of Foreign Assets Control (commonly 

12 known as the ‘‘CAPTA List’’); 

13 (D) the list of persons operating in sectors 

14 of the Russian economy identified by the Sec15 retary of the Treasury pursuant to Executive 

16 Order 13662 (commonly known as the ‘‘Sec17 toral Sanctions Identifications List’’); or 

18 (E) the Non-SDN Chinese Military Indus19 trial Complex List maintained by the Office of 

20 Foreign Assets Control. 

21 (9) UNITED STATES.—The term ‘‘United 

22 States’’ means the 50 States, the District of Colum23 bia, the Commonwealth of Puerto Rico, Guam, the 

24 Virgin Islands, American Samoa, Wake Island, Mid25 way Islands, Kingman Reef, Johnston Atoll, the 


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1 Northern Mariana Islands, and any other territory 

2 or possession of the United States. 

3 (10) UNITED STATES PERSON.—The term 

4 ‘‘United States person’’ has the meaning given that 

5 term in section 3 of the International Investment 

6 and Trade in Services Survey Act (22 U.S.C. 3102). 

7 (b) REPORT BY SECRETARY OF COMMERCE.—Not 

8 later than 1 year after the date of the enactment of this 

9 Act, and every 90 days thereafter, the Secretary of Com10 merce shall submit to the appropriate congressional com11 mittees a report that identifies, for the period specified 

12 in subsection (e)— 

13 (1) the value of direct investments by United 

14 States persons in countries of concern, which shall— 

15 (A) be disaggregated by sector and by the 

16 State in which the investment originated; and 

17 (B) account for investment occurring 

18 through offshore financial centers; 

19 (2) the value of direct investments by United 

20 States persons in covered entities, which shall— 

21 (A) be disaggregated by sector; and 

22 (B) account for investment occurring 

23 through offshore financial centers; and 

24 (3) the number of direct investments by United 

25 States persons in countries of concern in excess of— 


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1 (A) $5,000,000 in a single transaction; or 

2 (B) $10,000,000 in the aggregate. 

3 (c) REPORT BY SECRETARY OF THE TREASURY.— 

4 Not later than 1 year after the date of the enactment of 

5 this Act, and every 90 days thereafter, the Secretary of 

6 the Treasury shall submit to the appropriate congressional 

7 committees a report that identifies, for the period specified 

8 in subsection (e)— 

9 (1) the value of portfolio investments by United 

10 States persons in countries of concern, which shall— 

11 (A) be disaggregated by sector and by the 

12 State in which the investment originated; and 

13 (B) account for investment occurring 

14 through offshore financial centers; 

15 (2) the value of portfolio investments by United 

16 States persons in covered entities, which shall— 

17 (A) be disaggregated by sector; and 

18 (B) account for investment occurring 

19 through offshore financial centers; 

20 (3) the number of portfolio investments by 

21 United States persons in countries of concern in ex22 cess of— 

23 (A) $10,000,000 in a single transaction; or 

24 (B) $25,000,000 in the aggregate; and 


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1 (4) the value of portfolio investments by United 

2 States persons in initial offerings for sale to the 

3 public of common equity securities of covered enti4 ties and secondary market trading in such securities. 

5 (d) REPORT BY SECURITIES AND EXCHANGE COM6 MISSION.—Not later than 1 year after the date of the en7 actment of this Act, and every 90 days thereafter, the Se8 curities and Exchange Commission shall submit to the ap9 propriate congressional committees a report that, for the 

10 period specified in subsection (e), identifies the following: 

11 (1) Each instance in which a covered United 

12 States business spun off a separate entity that sub13 sequently operated in a country of concern. 

14 (2) Each joint venture entered into between a 

15 covered United States business and a covered entity. 

16 (3) Each instance in which a covered United 

17 States business merged with, acquired, or was ac18 quired by a covered entity. 

19 (4) Each instance in which the value of ex20 panded operations of a covered United States busi21 ness in a country of concern exceeds— 

22 (A) $5,000,000 in a single transaction; or 

23 (B) $10,000,000 in the aggregate. 


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1 (5) Each instance in which a covered United 

2 States business made a direct investment in a coun3 try of concern. 

4 (e) PERIOD SPECIFIED.—The period specified in this 

5 subsection is— 

6 (1) in the case of the first report required by 

7 subsection (b), (c), or (d), the 1-year period pre8 ceding submission of the report; and 

9 (2) in the case of any subsequent report re10 quired by any such subsection, the 90-day period 

11 preceding submission of the report. 

Æ 


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