the Treasury shall submit a report to the Congress, 
for transmittal to all appropriate committees of the 
Senate and the House of Representatives, containing 
the findings and conclusions of the Secretary with re-
spect to the study, together with an analysis of the ef-
fects of such investment on the national security of the 
United States and on any efforts to address those ef-
fects. 
SEC. 8. CERTIFICATION OF NOTICES AND ASSURANCES. 
Section 721 of the Defense Production Act of 1950 (50 
U.S.C. App. 2170) is amended by inserting after subsection 
(m) (as added by section 7(b) of this Act) the following new 
subsection: 
‘‘(n) CERTIFICATION OF NOTICES AND ASSURANCES.— 
Each notice required to be submitted, by a party to a cov-
ered transaction, to the President or the President’s designee 
under this section and regulations prescribed under such 
section, and any information submitted by any such party 
in connection with any action for which a report is required 
pursuant to paragraph (3)(B)(ii) of subsection (l) with re-
spect to the implementation of any mitigation agreement 
or condition described in paragraph (1)(A) of such sub-
section, or any material change in circumstances, shall be 
accompanied by a written statement by the chief executive 
officer or the designee of the person required to submit such 
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notice or information certifying that, to the best of the per-
son’s knowledge and belief— 
‘‘(1) the notice or information submitted fully 
complies with the requirements of this section or such 
regulation, agreement, or condition; and 
‘‘(2) the notice or information is accurate and 
complete in all material respects.’’. 
SEC. 9. REGULATIONS. 
Section 721(h) of the Defense Production Act of 1950 
(50 U.S.C. App. 2170(h)) is amended to read as follows: 
‘‘(h) REGULATIONS.—The President shall direct the 
issuance of regulations to carry out this section. Such regu-
lations shall, to the extent possible, minimize paperwork 
burdens and shall to the extent possible coordinate reporting 
requirements under this section with reporting require-
ments under any other provision of Federal law.’’. 
SEC. 10. EFFECT ON OTHER LAW. 
Section 721(i) of the Defense Production Act of 1950 
(50 U.S.C. App. 2170(i)) is amended to read as follows: 
‘‘(i) EFFECT ON OTHER LAW.—No provision of this 
section shall be construed as altering or affecting any other 
authority, process, regulation, investigation, enforcement 
measure, or review provided by or established under any 
other provision of Federal law, including the International 
Emergency Economic Powers Act, or any other authority 
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of the President or the Congress under the Constitution of 
the United States.’’. 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Reform of 
National Security Reviews of Foreign Direct 
Investments Act’’. 
SEC. 2. UNITED STATES SECURITY IMPROVEMENT AMEND-
MENTS; CLARIFICATION OF REVIEW AND IN-
VESTIGATION PROCESS. 
Section 721 of the Defense Production Act 
of 1950 (50 U.S.C. App. 2170) is amended by 
striking subsections (a) and (b) and inserting 
the following new subsections: 
‘‘(a) DEFINITIONS.—For purposes of this 
section, the following definitions shall apply: 
‘‘(1) 
COMMITTEE.—The 
term 
‘Com-
mittee’ means the Committee on Foreign 
Investment in the United States. 
‘‘(2) CONTROL.—The term ‘control’ has 
the meaning given to such term in regu-
lations which the Committee shall pre-
scribe. 
‘‘(3) COVERED TRANSACTION.—The term 
‘covered transaction’ means any merger, 
acquisition, or takeover by or with any 
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foreign person which could result in for-
eign control of any person engaged in 
interstate commerce in the United States. 
‘‘(4) FOREIGN GOVERNMENT-CONTROLLED 
TRANSACTION.—The term ‘foreign govern-
ment-controlled transaction’ means any 
covered transaction that could result in 
the control of any person engaged in 
interstate commerce in the United States 
by a foreign government or an entity con-
trolled by or acting on behalf of a foreign 
government. 
‘‘(b) NATIONAL SECURITY REVIEWS AND IN-
VESTIGATIONS.— 
‘‘(1) NATIONAL SECURITY REVIEWS.— 
‘‘(A) IN GENERAL.—Upon receiving 
written notification under subpara-
graph (C) of any covered transaction, 
or on a motion made under subpara-
graph (D) with respect to any covered 
transaction, 
the 
President, 
acting 
through the Committee, shall review 
the covered transaction to determine 
whether the transaction threatens to 
impair the national security of the 
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United 
States 
and 
whether 
such 
threat can be mitigated. 
‘‘(B) CONTROL BY FOREIGN GOVERN-
MENT.—If the Committee determines 
that the covered transaction is a for-
eign 
government-controlled 
trans-
action, the Committee shall conduct 
an investigation of the transaction 
under paragraph (2). 
‘‘(C) WRITTEN NOTICE.— 
‘‘(i) IN GENERAL.—Any party to 
any covered transaction may ini-
tiate a review of the transaction 
under this paragraph by submit-
ting a written notice of the trans-
action to the Chairperson of the 
Committee. 
‘‘(ii) WITHDRAWAL OF NOTICE.— 
No covered transaction for which 
a notice was submitted under 
clause (i) may be withdrawn from 
review unless— 
‘‘(I) a written request for 
such withdrawal is submitted 
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by any party to the trans-
action; and 
‘‘(II) the request is ap-
proved 
in 
writing 
by 
the 
Chairperson 
of 
the 
Com-
mittee. 
‘‘(D) UNILATERAL INITIATION OF RE-
VIEW.—The President, the Committee, 
or any member of the Committee may 
move to initiate a review under sub-
paragraph (A) of— 
‘‘(i) any covered transaction; 
‘‘(ii) any covered transaction 
that 
has 
previously 
been 
re-
viewed or investigated under this 
section, if any party to the trans-
action submitted false or mis-
leading material information to 
the Committee in connection with 
the review or investigation or 
omitted material information, in-
cluding material documents, from 
information 
submitted 
to 
the 
Committee; or 
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