Protect U.S. Investments Act of 2023

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. 1. Short title This Act may be cited as the Protect U.S. Investments Act of 2023 2. Protection of United States investors Section 620(e) of the Foreign Assistance Act of 1961 ( 22 U.S.C. 2370(e) (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 citizens (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 (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. . 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)

Summary: Protect U.S. Investments Act of 2023 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. 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. 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. 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.