Protect U.S. Investments Act of 2023

Subjects: Foreign Trade and International Finance, Civil actions and liability, Department of Justice, Diplomacy, foreign officials, Americans abroad, Government information and archives, Jurisdiction and venue, Sanctions, U.S. and foreign investments, Visas and passports

Summary:  <p><b>Protect U.S. Investments Act of 2023</b></p> <p>This bill expands available protections for U.S. investors from certain prejudicial actions taken by foreign governments. It also expands sanctions for the expropriation (i.e., seizure) of U.S. investments.</p> <p>Currently, the President must suspend assistance to foreign governments that have taken certain prejudicial actions against U.S. investments (known as the Hickenlooper amendment), including those that have taken steps to repudiate or nullify existing contracts or agreements with U.S. nationals (citizens and corporations). This bill specifies that these steps may include failing to meet, confer, or engage in good faith consultations and negotiations with a U.S. national (through their duly authorized representative) within 30 days of being served with a written request for such a consultation or negotiation.</p> <p>Further, the bill provides a U.S. national with the right to petition the Foreign Claims Settlement Commission to render an advisory report to the President regarding the alleged treatment of the U.S. investment by the identified foreign country. If the commission fails to render a timely advisory report, the U.S. national may compel the suspension of assistance to that foreign country in any court of competent jurisdiction.</p> <p>The bill prohibits any foreign public official who materially assisted in a prejudicial action against U.S. investments from receiving immigration status, receiving a visa, or being admitted into the United States. Such an official must also be denied remittance by every financial institution located in the United States. These sanctions shall apply until the prejudicial action is rescinded, reversed, permanently enjoined, or fully remediated.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 465 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 465

 To amend the Foreign Assistance Act of 1961 to improve the protection 
of United States investors against certain prejudicial actions taken by 
                  the government of a foreign country.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 24, 2023

  Mr. Gosar introduced the following bill; which was referred to the 
                      Committee on Foreign Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the Foreign Assistance Act of 1961 to improve the protection 
of United States investors against certain prejudicial actions taken by 
                  the government of a foreign country.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protect U.S. Investments Act of 
2023''.

SEC. 2. PROTECTION OF UNITED STATES INVESTORS.

    Section 620(e) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2370(e)) is amended--
            (1) in paragraph (1)--
                    (A) in subparagraph (B), by inserting ``, including 
                by failing to meet, confer, or engage in good faith 
                consultations and negotiations through a duly 
                authorized representative with any such United States 
                citizen or corporation, partnership, or association, as 
                contemplated by any governing investment treaty, such 
                as Article 10.15 of the Dominican Republic-Central 
                America-United States Free Trade Agreement, not later 
                than 30 days after having been served a written request 
                for such treaty consultations or negotiations, 
                separately or in connection with a notice of intent to 
                arbitrate'' after ``citizens''; and
                    (B) by adding at the end the following new 
                sentence: ``For purposes of this subsection and in 
                addition to any other forms otherwise provided for by 
                law, the term `assistance' includes any direct or 
                indirect transfer, grant, loan, or guarantee, which is 
                subject to appropriation by Congress, to the government 
                of any foreign country, but does not include assistance 
                primarily supporting United States law enforcement or 
                national security interests.''; and
            (2) by adding at the end the following new paragraphs:
    ``(3) A United States citizen or corporation, partnership, or 
association, whose investment comes within the scope of paragraph (1) 
shall have--
            ``(A) the right to petition the Foreign Claims Settlement 
        Commission of the United States, or its successor, to render an 
        advisory report to the President, not later than 120 days after 
        service of such petition, regarding the merits of enforcing 
        this subsection with respect to the alleged treatment of said 
        investment by the identified foreign country; and
            ``(B) in the event that the Foreign Claims Settlement 
        Commission of the United States, or its successor, shall fail 
        to timely render such advisory report, to file an action in the 
        nature of a mandamus to compel the suspension of assistance 
        under this subsection as to the identified foreign country, as 
        referred to in subparagraph (A) in any court of competent 
        jurisdiction.
    ``(4) Any public official of the government of any foreign country 
who has materially assisted in any prejudicial action relative to an 
investment in that country by any United States citizen or corporation, 
partnership or association, whose investment comes within the scope of 
paragraph (1), may not be provided any immigration status or issued a 
visa under the immigration laws (as such term is defined in section 101 
of the Immigration and Nationality Act), or be admitted to the United 
States, until such prejudicial action is rescinded, reversed, 
permanently enjoined, or fully remediated.
    ``(5) Any public official of the government of any foreign country 
who has materially assisted in any prejudicial action relative to an 
investment in that country by any United States citizen or corporation, 
partnership or association, whose investment comes within the scope of 
paragraph (1), shall be denied remittances by every financial 
institution located in the United States until such prejudicial action 
is rescinded, reversed, permanently enjoined, or fully remediated.''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by section 2 shall take effect on the date of 
the enactment of this Act and shall apply with respect to any 
controversy arising before, on, or after such date that involves an 
investment within the scope of section 620(e)(1) of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2370(e)(1)).
                                 &lt;all&gt;
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