H. R. 5515—553 
be completed before the end of the 45-day period begin-
ning on the date on which the investigation com-
menced. 
‘‘(ii) 
EXTENSION
FOR
EXTRAORDINARY
CIR-
CUMSTANCES.— 
‘‘(I) 
IN
GENERAL.—In 
extraordinary 
cir-
cumstances (as defined by the Committee in regu-
lations), the chairperson may, at the request of 
the head of the lead agency, extend an investiga-
tion under subparagraph (A) for one 15-day period. 
‘‘(II) NONDELEGATION.—The authority of the 
chairperson and the head of the lead agency 
referred to in subclause (I) may not be delegated 
to any person other than the Deputy Secretary 
of the Treasury or the deputy head (or equivalent 
thereof) of the lead agency, as the case may be. 
‘‘(III) NOTIFICATION TO PARTIES.—If the Com-
mittee extends the deadline under subclause (I) 
with respect to a covered transaction, the Com-
mittee shall notify the parties to the transaction 
of the extension.’’; and 
(3) by adding at the end the following: 
‘‘(8) TOLLING OF DEADLINES DURING LAPSE IN APPROPRIA-
TIONS.—Any deadline or time limitation under this subsection 
shall be tolled during a lapse in appropriations.’’. 
SEC. 1710. IDENTIFICATION OF NON-NOTIFIED AND NON-DECLARED 
TRANSACTIONS. 
Section 721(b)(1) of the Defense Production Act of 1950 (50 
U.S.C. 4565(b)(1)), as amended by sections 1708 and 1709, is further 
amended by adding at the end the following: 
‘‘(H) IDENTIFICATION
OF
NON-NOTIFIED
AND
NON- 
DECLARED TRANSACTIONS.—The Committee shall establish 
a process to identify covered transactions for which— 
‘‘(i) a notice under clause (i) of subparagraph (C) 
or a declaration under clause (v) of that subparagraph 
is not submitted to the Committee; and 
‘‘(ii) information is reasonably available.’’. 
SEC. 1711. SUBMISSION OF CERTIFICATIONS TO CONGRESS. 
Section 721(b)(3)(C) of the Defense Production Act of 1950 
(50 U.S.C. 4565(b)(3)(C)) is amended— 
(1) in clause (i), by striking subclause (II) and inserting 
the following: 
‘‘(II) a certification that all relevant national 
security factors have received full consideration.’’; 
(2) in clause (iv), by striking subclause (II) and inserting 
the following: 
‘‘(II) DELEGATION OF CERTIFICATIONS.— 
‘‘(aa) IN GENERAL.—Subject to item (bb), 
the chairperson, in consultation with the Com-
mittee, may determine the level of official to 
whom the signature requirement under sub-
clause (I) for the chairperson and the head 
of the lead agency may be delegated. The level 
of official to whom the signature requirement 
may be delegated may differ based on any
H. R. 5515—554 
factor relating to a transaction that the chair-
person, in consultation with the Committee, 
deems appropriate, including the type or value 
of the transaction. 
‘‘(bb) LIMITATION
ON
DELEGATION
WITH 
RESPECT TO CERTAIN TRANSACTIONS.—The sig-
nature requirement under subclause (I) may 
be delegated not below the level of the Assist-
ant Secretary of the Treasury or an equivalent 
official of the lead agency.’’; and 
(3) by adding at the end the following: 
‘‘(v) AUTHORITY
TO
CONSOLIDATE
DOCUMENTS.— 
Instead of transmitting a separate certified notice or 
certified report under subparagraph (A) or (B) with 
respect to each covered transaction, the Committee 
may, on a monthly basis, transmit such notices and 
reports in a consolidated document to the Members 
of Congress specified in clause (iii).’’. 
SEC. 1712. ANALYSIS BY DIRECTOR OF NATIONAL INTELLIGENCE. 
Section 721(b)(4) of the Defense Production Act of 1950 (50 
U.S.C. 4565(b)(4)) is amended— 
(1) by striking subparagraph (A) and inserting the fol-
lowing: 
‘‘(A) ANALYSIS REQUIRED.— 
‘‘(i) IN GENERAL.—Except as provided in subpara-
graph (B), the Director of National Intelligence shall 
expeditiously carry out a thorough analysis of any 
threat to the national security of the United States 
posed by any covered transaction, which shall include 
the identification of any recognized gaps in the collec-
tion of intelligence relevant to the analysis. 
‘‘(ii) VIEWS
OF
INTELLIGENCE
COMMUNITY.—The 
Director shall seek and incorporate into the analysis 
required by clause (i) the views of all affected or appro-
priate agencies of the intelligence community with 
respect to the transaction. 
‘‘(iii) UPDATES.—At the request of the lead agency, 
the Director shall update the analysis conducted under 
clause (i) with respect to a covered transaction with 
respect to which an agreement was entered into under 
subsection (l)(3)(A). 
‘‘(iv) INDEPENDENCE AND OBJECTIVITY.—The Com-
mittee shall ensure that its processes under this section 
preserve the ability of the Director to conduct analysis 
under clause (i) that is independent, objective, and 
consistent with all applicable directives, policies, and 
analytic tradecraft standards of the intelligence 
community.’’; 
(2) by redesignating subparagraphs (B), (C), and (D) as 
subparagraphs (C), (D), and (E), respectively; 
(3) by inserting after subparagraph (A) the following: 
‘‘(B) BASIC THREAT INFORMATION.— 
‘‘(i) IN GENERAL.—The Director of National Intel-
ligence may provide the Committee with basic informa-
tion regarding any threat to the national security of 
the United States posed by a covered transaction
H. R. 5515—555 
described in clause (ii) instead of conducting the anal-
ysis required by subparagraph (A). 
‘‘(ii) COVERED TRANSACTION DESCRIBED.—A covered 
transaction is described in this clause if— 
‘‘(I) the transaction is described in subsection 
(a)(4)(B)(ii); 
‘‘(II) the Director of National Intelligence has 
completed an analysis pursuant to subparagraph 
(A) involving each foreign person that is a party 
to the transaction during the 12 months preceding 
the review or investigation of the transaction 
under this section; or 
‘‘(III) the transaction otherwise meets criteria 
agreed upon by the Committee and the Director 
for purposes of this subparagraph.’’; 
(4) in subparagraph (C), as redesignated by paragraph 
(2), by striking ‘‘20’’ and inserting ‘‘30’’; and 
(5) by adding at the end the following: 
‘‘(F) 
ASSESSMENT
OF
OPERATIONAL
IMPACT.—The 
Director may provide to the Committee an assessment, 
separate from the analyses under subparagraphs (A) and 
(B), of any operational impact of a covered transaction 
on the intelligence community and a description of any 
actions that have been or will be taken to mitigate any 
such impact. 
‘‘(G) SUBMISSION TO CONGRESS.—The Committee shall 
submit the analysis required by subparagraph (A) with 
respect to a covered transaction to the Select Committee 
on Intelligence of the Senate and the Permanent Select 
Committee on Intelligence of the House of Representatives 
upon the conclusion of action under this section (other 
than compliance plans under subsection (l)(6)) with respect 
to the transaction.’’. 
SEC. 1713. INFORMATION SHARING. 
Section 721(c) of the Defense Production Act of 1950 (50 U.S.C. 
4565(c)) is amended— 
(1) by striking ‘‘Any information’’ and inserting the fol-
lowing: 
‘‘(1) IN GENERAL.—Except as provided in paragraph (2), 
any information’’; 
(2) by striking ‘‘, except as may be relevant’’ and all that 
follows and inserting a period; and 
(3) by adding at the end the following: 
‘‘(2) EXCEPTIONS.—Paragraph (1) shall not prohibit the 
disclosure of the following: 
‘‘(A) Information relevant to any administrative or 
judicial action or proceeding. 
‘‘(B) Information to Congress or any duly authorized 
committee or subcommittee of Congress. 
‘‘(C) Information important to the national security 
analysis or actions of the Committee to any domestic 
governmental entity, or to any foreign governmental entity 
of a United States ally or partner, under the exclusive 
direction and authorization of the chairperson, only to the 
extent necessary for national security purposes, and subject
H. R. 5515—556 
to appropriate confidentiality and classification require-
ments. 
‘‘(D) Information that the parties have consented to 
be disclosed to third parties. 
‘‘(3) COOPERATION WITH ALLIES AND PARTNERS.— 
‘‘(A) IN
GENERAL.—The chairperson, in consultation 
with other members of the Committee, should establish 
a formal process for the exchange of information under 
paragraph (2)(C) with governments of countries that are 
allies or partners of the United States, in the discretion 
of the chairperson, to protect the national security of the 
United States and those countries. 
‘‘(B) REQUIREMENTS.—The process established under 
subparagraph (A) should, in the discretion of the chair-
person— 
‘‘(i) be designed to facilitate the harmonization of 
action with respect to trends in investment and tech-
nology that could pose risks to the national security 
of the United States and countries that are allies or 
partners of the United States; 
‘‘(ii) provide for the sharing of information with 
respect to specific technologies and entities acquiring 
such technologies as appropriate to ensure national 
security; and 
‘‘(iii) include consultations and meetings with rep-
resentatives of the governments of such countries on 
a recurring basis.’’. 
SEC. 1714. ACTION BY THE PRESIDENT. 
Section 721(d)(2) of the Defense Production Act of 1950 (50 
U.S.C. 4565(d)(2)) is amended by striking ‘‘not later than 15 days’’ 
and all that follows and inserting the following: ‘‘with respect to 
a covered transaction not later than 15 days after the earlier 
of— 
‘‘(A) the date on which the investigation of the trans-
action under subsection (b) is completed; or 
‘‘(B) the date on which the Committee otherwise refers 
the transaction to the President under subsection (l)(2).’’. 
SEC. 1715. JUDICIAL REVIEW. 
Section 721(e) of the Defense Production Act of 1950 (50 U.S.C. 
4565(e)) is amended— 
(1) by striking ‘‘The actions’’ and inserting the following: 
‘‘(1) IN GENERAL.—The actions’’; and 
(2) by adding at the end the following: 
‘‘(2) CIVIL ACTIONS.—A civil action challenging an action 
or finding under this section may be brought only in the United 
States Court of Appeals for the District of Columbia Circuit. 
‘‘(3) PROCEDURES
FOR
REVIEW
OF
PRIVILEGED
INFORMA-
TION.—If a civil action challenging an action or finding under 
this section is brought, and the court determines that protected 
information in the administrative record, including classified 
or other information subject to privilege or protections under 
any provision of law, is necessary to resolve the challenge, 
that information shall be submitted ex parte and in camera 
to the court and the court shall maintain that information 
under seal.