To place temporary restrictions on acquisitions by the People's Republic of China, and for other purposes.

To place temporary restrictions on acquisitions by the People’s Republic of China, and for other purposes. 1. Restriction on acquisitions by the People’s Republic of China (a) In general The Committee on Foreign Investment in the United States shall review, and the President shall deny, any purchase of a controlling interest in a covered company by a covered foreign interest, except as provided by subsection (b). (b) Waiver The President may approve the purchase of a controlling interest in a covered company by a covered foreign interest if the President, acting through the Committee on Foreign Investment in the United States, determines— (1) that it is not in the interest of the United States to take further action under section 721 of the Defense Production Act of 1950 ( 50 U.S.C. 4565 (2) that the purchase price was not significantly affected by the COVID–19 pandemic; and (3) that sale of the covered company to a covered foreign interest will not permit the covered foreign interest additional access to distribute propaganda or otherwise alter U.S. news and media consumption. (c) Sunset This section shall cease to have any force or effect on and after the date on which the President— (1) determines that the United States has substantially recovered from the economic impacts of COVID–19; and (2) notifies the Committee on Foreign Investment in the United States, the Congress, and the public of such determination. (d) Definitions In this section: (1) Covered company The term covered company (A) critical infrastructure, as described section 721(a)(4)(D)(ii)(II) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(a)(4)(D)(iii)(II) (B) engaged in the production and dissemination of news media; or (C) otherwise determined to be critical to national security, critical infrastructure, or culturally significant by the President. (2) Covered foreign interest The term covered foreign interest (A) the Government of the People’s Republic of China; (B) any entity partially or wholly owned or controlled by the Government of the People’s Republic of China, and any subsidiaries of such an entity; (C) any other entity registered in the People’s Republic of China with substantial ties to the Government of the People’s Republic of China; and (D) any other entity that the President determines to be subject to the control (as defined under section 721(a)(3) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(a)(3)

Summary: This bill requires the Committee on Foreign Investment in the United States to review any purchase by a Chinese entity of a controlling interest in a U.S. company deemed critical to national security, critical infrastructure, or of cultural significance. The President may approve such a purchase only if, among other things, the purchase price was not significantly affected by the COVID-19 (i.e., coronavirus disease 2019) pandemic and the sale will not permit additional access to distribute propaganda or alter U.S. news and media consumption. The bill's provisions cease to have force or effect once the United States has substantially recovered from the economic impacts of the pandemic.