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(2) by redesignating subparagraphs (B), (C), 
and (D) as subparagraphs (C), (D), and (E), respec-
tively; 
(3) by inserting after subparagraph (A) the fol-
lowing: 
‘‘(B) BASIC THREAT INFORMATION.— 
‘‘(i) IN GENERAL.—The Director of Na-
tional Intelligence may provide the Com-
mittee with basic information regarding 
any threat to the national security of the 
United States posed by a covered trans-
action described in clause (ii) instead of 
conducting the analysis required by sub-
paragraph (A). 
‘‘(ii) 
COVERED
TRANSACTION
DE-
SCRIBED.—A covered transaction is de-
scribed in this clause if— 
‘‘(I) the transaction is described 
in subsection (a)(5)(B)(ii); 
‘‘(II) the Director of National In-
telligence has completed an analysis 
pursuant to subparagraph (A) involv-
ing each foreign person that is a party 
to the transaction during the 12 
months preceding the review or inves-
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† HR 5515 PAP
tigation of the transaction under this 
section; or 
‘‘(III) the transaction otherwise 
meets criteria agreed upon by the Com-
mittee 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
IM-
PACT.—The Director may provide to the Com-
mittee an assessment, separate from the analyses 
under subparagraphs (A) and (B), of any oper-
ational impact of a covered transaction on the 
intelligence community and a description of any 
actions that have been or will be taken to miti-
gate 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 Intel-
ligence of the Senate and the Permanent Select 
Committee on Intelligence of the House of Rep-
resentatives upon the conclusion of action under
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this section (other than compliance plans under 
subsection (l)(6)) with respect to the trans-
action.’’. 
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 following: 
‘‘(1) IN GENERAL.—Except as provided in para-
graph (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 pro-
hibit the disclosure of the following: 
‘‘(A) Information relevant to any adminis-
trative or judicial action or proceeding. 
‘‘(B) Information to Congress or any duly 
authorized committee or subcommittee of Con-
gress. 
‘‘(C) Information to any domestic or foreign 
governmental entity, under the direction of the 
chairperson, to the extent necessary for national 
security purposes and pursuant to appropriate 
confidentiality and classification arrangements.
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‘‘(D) Information that the parties have con-
sented to be disclosed to third parties. 
‘‘(3) COOPERATION
WITH
ALLIES
AND
PART-
NERS.— 
‘‘(A) IN
GENERAL.—The chairperson, in 
consultation with other members of the Com-
mittee, 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 secu-
rity of the United States and those countries. 
‘‘(B) REQUIREMENTS.—The process estab-
lished under subparagraph (A) should, in the 
discretion of the chairperson— 
‘‘(i) be designed to facilitate the har-
monization of action with respect to trends 
in investment and technology 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 infor-
mation with respect to specific technologies 
and entities acquiring such technologies as
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appropriate to ensure national security; 
and 
‘‘(iii) include consultations and meet-
ings with representatives of the governments 
of such countries on a recurring basis.’’. 
SEC. 1714. ACTION BY THE PRESIDENT. 
(a) IN GENERAL.—Section 721(d) of the Defense Pro-
duction Act of 1950 (50 U.S.C. 4565(d)) is amended— 
(1) by striking paragraph (1) and inserting the 
following: 
‘‘(1) IN GENERAL.—Subject to paragraph (4), the 
President may, with respect to a covered transaction 
that threatens to impair the national security of the 
United States, take such action for such time as the 
President considers appropriate to suspend or pro-
hibit the transaction or to require divestment.’’; and 
(2) in paragraph (2), by striking ‘‘not later than 
15 days’’ and all that follows and inserting the fol-
lowing: ‘‘with respect to a covered transaction not 
later than 15 days after the earlier of— 
‘‘(A) the date on which the investigation of 
the transaction under subsection (b) is com-
pleted; or
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‘‘(B) the date on which the Committee oth-
erwise refers the transaction to the President 
under subsection (l)(2).’’. 
(b) CIVIL PENALTIES.—Section 721(h)(3)(A) of the 
Defense Production Act of 1950 (50 U.S.C. 4565(h)(3)(A)) 
is amended by striking ‘‘including any mitigation’’ and all 
that follows through ‘‘subsection (l)’’ and inserting ‘‘includ-
ing any mitigation agreement entered into, conditions im-
posed, or order issued pursuant to this section’’. 
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 of the Committee under this sec-
tion may be brought only in the United States Court 
of Appeals for the District of Columbia Circuit. 
‘‘(3) PROCEDURES FOR REVIEW OF PRIVILEGED 
INFORMATION.—If a civil action challenging an ac-
tion or finding of the Committee under this section is 
brought, and the court determines that protected in-
formation in the administrative record, including
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classified, sensitive law enforcement, sensitive secu-
rity, or other information subject to privilege or pro-
tections under any provision of law, is necessary to 
resolve the challenge, that information shall be sub-
mitted ex parte and in camera to the court and the 
court shall maintain that information under seal. 
‘‘(4) APPLICABILITY
OF
USE
OF
INFORMATION 
PROVISIONS.—The use of information provisions of 
sections 106, 305, 405, and 706 of the Foreign Intel-
ligence Surveillance Act of 1978 (50 U.S.C. 1806, 
1825, 1845, and 1881e) shall not apply in a civil ac-
tion brought under this subsection.’’. 
SEC. 1716. MEMBERSHIP AND STAFF OF COMMITTEE. 
(a) HIRING AUTHORITY.—Section 721(k) of the De-
fense Production Act of 1950 (50 U.S.C. 4565(k)) is amend-
ed by striking paragraph (4) and inserting the following: 
‘‘(4) HIRING AUTHORITY.— 
‘‘(A) SENIOR OFFICIALS.— 
‘‘(i) IN
GENERAL.—Each member of 
the Committee shall designate an Assistant 
Secretary, or an equivalent official, who is 
appointed by the President, by and with the 
advice and consent of the Senate, to carry 
out such duties related to the Committee as 
the member of the Committee may delegate.
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‘‘(ii) DEPARTMENT
OF
THE
TREAS-
URY.—In addition to officials of the De-
partment of the Treasury authorized under 
section 301 of title 31, United States Code, 
or any other provision of law, there are au-
thorized at the Department of the Treasury, 
to carry out such duties related to the Com-
mittee as the Secretary of the Treasury may 
delegate, consistent with this section and re-
flecting the expanded authorities of the 
Committee and the role of the Department 
of the Treasury in implementing those au-
thorities under the amendments made by 
the Foreign Investment Risk Review Mod-
ernization Act of 2018, the following: 
‘‘(I) One official, who is ap-
pointed by the President, by and with 
the advice and consent of the Senate, 
who shall be compensated at a rate not 
to exceed the rate of basic pay payable 
for level III of the Executive Schedule 
under section 5314 of title 5, United 
States Code. 
‘‘(II) One official, who is ap-
pointed by the President, by and with
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the advice and consent of the Senate, 
who shall be compensated at a rate not 
to exceed the rate of basic pay payable 
for level IV of the Executive Schedule 
under section 5315 of title 5, United 
States Code. 
‘‘(B) SPECIAL
HIRING
AUTHORITY.—The 
heads of the departments and agencies rep-
resented on the Committee may appoint, without 
regard to the provisions of sections 3309 through 
3318 of title 5, United States Code, candidates 
directly to positions in the competitive service 
(as defined in section 2102 of that title) in their 
respective departments and agencies to admin-
ister this section.’’. 
(b) PROCEDURES
FOR RECUSAL
OF MEMBERS
OF 
COMMITTEE FOR CONFLICTS OF INTEREST.—Not later than 
90 days after the date of the enactment of this Act, the Com-
mittee on Foreign Investment in the United States shall— 
(1) establish procedures for the recusal of any 
member of the Committee that has a conflict of inter-
est with respect to a covered transaction (as defined 
in section 721 of the Defense Production Act of 1950, 
as amended by section 1703);
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† HR 5515 PAP
(2) submit to the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House of Rep-
resentatives a report describing those procedures; and 
(3) brief the committees specified in paragraph 
(1) on the report required by paragraph (2). 
SEC. 1717. ACTIONS BY THE COMMITTEE TO ADDRESS NA-
TIONAL SECURITY RISKS. 
Section 721(l) of the Defense Production Act of 1950 
(50 U.S.C. 4565(l)) is amended— 
(1) in the subsection heading, by striking ‘‘MITI-
GATION, TRACKING, AND POSTCONSUMMATION MONI-
TORING AND ENFORCEMENT’’ and inserting ‘‘ACTIONS 
BY THE COMMITTEE TO ADDRESS NATIONAL SECU-
RITY RISKS’’; 
(2) by redesignating paragraphs (1), (2), and (3) 
as paragraphs (3), (5), and (6), respectively; 
(3) by inserting before paragraph (3), as redesig-
nated by paragraph (2), the following: 
‘‘(1) SUSPENSION OF TRANSACTIONS.—The Com-
mittee, acting through the chairperson, may suspend 
a proposed or pending covered transaction that may 
pose a risk to the national security of the United 
States for such time as the covered transaction is 
under review or investigation under subsection (b).
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‘‘(2) REFERRAL TO PRESIDENT.—The Committee 
may, at any time during the review or investigation 
of a covered transaction under subsection (b), com-
plete the action of the Committee with respect to the 
transaction and refer the transaction to the President 
for action pursuant to subsection (d).’’; 
(4) in paragraph (3), as redesignated by para-
graph (2)— 
(A) in subparagraph (A)— 
(i) in the subparagraph heading, by 
striking ‘‘IN
GENERAL’’ and inserting 
‘‘AGREEMENTS AND CONDITIONS’’; 
(ii) by striking ‘‘The Committee’’ and 
inserting the following: 
‘‘(i) IN GENERAL.—The Committee’’; 
(iii) by striking ‘‘threat’’ and inserting 
‘‘risk’’; and 
(iv) by adding at the end the following: 
‘‘(ii) 
ABANDONMENT
OF
TRANS-
ACTIONS.—If a party to a covered trans-
action has voluntarily chosen to abandon 
the transaction, the Committee or lead 
agency, as the case may be, may negotiate, 
enter into or impose, and enforce any agree-
ment or condition with any party to the
873 
† HR 5515 PAP
covered transaction for purposes of effec-
tuating such abandonment and mitigating 
any risk to the national security of the 
United States that arises as a result of the 
covered transaction. 
‘‘(iii) AGREEMENTS
AND
CONDITIONS 
RELATING TO COMPLETED TRANSACTIONS.— 
The Committee or lead agency, as the case 
may be, may negotiate, enter into or im-
pose, and enforce any agreement or condi-
tion with any party to a completed covered 
transaction in order to mitigate any in-
terim risk to the national security of the 
United States that may arise as a result of 
the covered transaction until such time that 
the Committee has completed action pursu-
ant to subsection (b) or the President has 
taken action pursuant to subsection (d) 
with respect to the transaction.’’; and 
(B) by striking subparagraph (B) and in-
serting the following: 
‘‘(B) LIMITATIONS.—An agreement may not 
be entered into or condition imposed under sub-
paragraph (A) with respect to a covered trans-
action unless the Committee determines that the
874 
† HR 5515 PAP
agreement or condition resolves the national se-
curity concerns posed by the transaction, taking 
into consideration whether the agreement or con-
dition is reasonably calculated to— 
‘‘(i) be effective; 
‘‘(ii) allow for compliance with the 
terms of the agreement or condition in an 
appropriately verifiable way; and 
‘‘(iii) enable effective monitoring of 
compliance with and enforcement of the 
terms of the agreement or condition. 
‘‘(C) JURISDICTION.—The provisions of sec-
tion 706(b) shall apply to any mitigation agree-
ment entered into or condition imposed under 
subparagraph (A).’’; 
(5) by inserting after paragraph (3), as redesig-
nated by paragraph (2), the following: 
‘‘(4) RISK-BASED ANALYSIS REQUIRED.— 
‘‘(A) IN GENERAL.—Any determination of 
the Committee to suspend a covered transaction 
under paragraph (1), to refer a covered trans-
action to the President under paragraph (2), or 
to negotiate, enter into or impose, or enforce any 
agreement or condition under paragraph (3)(A) 
with respect to a covered transaction, shall be
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† HR 5515 PAP
based on a risk-based analysis, conducted by the 
Committee, of the effects on the national security 
of the United States of the covered transaction, 
which shall include an assessment of the threat, 
vulnerabilities, and consequences to national se-
curity related to the transaction. 
‘‘(B) ACTIONS OF MEMBERS OF THE COM-
MITTEE.— 
‘‘(i) IN GENERAL.—Any member of the 
Committee who concludes that a covered 
transaction poses an unresolved national se-
curity concern shall recommend to the Com-
mittee that the Committee suspend the 
transaction under paragraph (1), refer the 
transaction to the President under para-
graph (2), or negotiate, enter into or im-
pose, or enforce any agreement or condition 
under paragraph (3)(A) with respect to the 
transaction. In making that recommenda-
tion, the member shall propose or contribute 
to the risk-based analysis required by sub-
paragraph (A). 
‘‘(ii) 
FAILURE
TO
REACH
CON-
SENSUS.—If the Committee fails to reach 
consensus with respect to a recommendation
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under clause (i) regarding a covered trans-
action, the members of the Committee who 
support an alternative recommendation 
shall produce— 
‘‘(I) a written statement justi-
fying the alternative recommendation; 
and 
‘‘(II) as appropriate, a risk-based 
analysis that supports the alternative 
recommendation. 
‘‘(C) DEFINITIONS.—For purposes of sub-
paragraph 
(A), 
the 
terms 
‘threat’, 
‘vulnerabilities’, and ‘consequences to national 
security’ shall have the meanings given those 
terms by the Committee by regulation.’’; 
(6) in paragraph (5)(B), as redesignated by 
paragraph (2), by striking ‘‘(as defined in the Na-
tional Security Act of 1947)’’; and 
(7) in paragraph (6), as redesignated by para-
graph (2)— 
(A) in subparagraph (A)— 
(i) by striking ‘‘paragraph (1)’’ and 
inserting ‘‘paragraph (3)’’; and 
(ii) by striking the second sentence and 
inserting the following: ‘‘The lead agency
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† HR 5515 PAP
may, at its discretion, seek and receive the 
assistance of other departments or agencies 
in carrying out the purposes of this para-
graph.’’; 
(B) in subparagraph (B)— 
(i) by striking ‘‘DESIGNATED AGENCY’’ 
and all that follows through ‘‘The lead agen-
cy in connection’’ and inserting ‘‘DES-
IGNATED AGENCY.—The lead agency in con-
nection’’; 
(ii) by striking clause (ii); and 
(iii) by redesignating subclauses (I) 
and (II) as clauses (i) and (ii), respectively, 
and by moving such clauses, as so redesig-
nated, 2 ems to the left; and 
(C) by adding at the end the following: 
‘‘(C) COMPLIANCE PLANS.— 
‘‘(i) IN GENERAL.—In the case of a 
covered transaction with respect to which 
an agreement is entered into under para-
graph (3)(A), the Committee or lead agency, 
as the case may be, shall formulate, adhere 
to, and keep updated a plan for monitoring 
compliance with the agreement.
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‘‘(ii) ELEMENTS.—Each plan required 
by clause (i) with respect to an agreement 
entered into under paragraph (3)(A) shall 
include an explanation of— 
‘‘(I) which member of the Com-
mittee will have primary responsibility 
for monitoring compliance with the 
agreement; 
‘‘(II) how compliance with the 
agreement will be monitored; 
‘‘(III) how frequently compliance 
reviews will be conducted; 
‘‘(IV) whether an independent en-
tity will be utilized under subpara-
graph (E) to conduct compliance re-
views; and 
‘‘(V) what actions will be taken if 
the parties fail to cooperate regarding 
monitoring compliance with the agree-
ment. 
‘‘(D) EFFECT OF LACK OF COMPLIANCE.— 
If, at any time after a mitigation agreement or 
condition is entered into or imposed under para-
graph (3)(A), the Committee or lead agency, as 
the case may be, determines that a party or par-
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† HR 5515 PAP
ties to the agreement or condition are not in 
compliance with the terms of the agreement or 
condition, the Committee or lead agency may, in 
addition to the authority of the Committee to 
impose penalties pursuant to subsection (h)(3) 
and to unilaterally initiate a review of any cov-
ered 
transaction 
under 
subsection 
(b)(1)(D)(iii)— 
‘‘(i) negotiate a plan of action for the 
party or parties to remediate the lack of 
compliance, with failure to abide by the 
plan or otherwise remediate the lack of com-
pliance serving as the basis for the Com-
mittee to find a material breach of the 
agreement or condition; 
‘‘(ii) require that the party or parties 
submit a written notice under clause (i) of 
subsection (b)(1)(C) or a declaration under 
clause (v) of that subsection with respect to 
a covered transaction initiated after the 
date of the determination of noncompliance 
and before the date that is 5 years after the 
date of the determination to the Committee 
to initiate a review of the transaction under 
subsection (b); or
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† HR 5515 PAP
‘‘(iii) seek injunctive relief. 
‘‘(E) USE OF INDEPENDENT ENTITIES TO 
MONITOR
COMPLIANCE.—If the parties to an 
agreement entered into under paragraph (3)(A) 
enter into a contract with an independent entity 
from outside the United States Government for 
the purpose of monitoring compliance with the 
agreement, the Committee shall take such action 
as is necessary to prevent a conflict of interest 
from arising by ensuring that the independent 
entity owes no fiduciary duty to the parties. 
‘‘(F) 
SUCCESSORS
AND
ASSIGNS.—Any 
agreement or condition entered into or imposed 
under paragraph (3)(A) shall be considered bind-
ing on all successors and assigns unless and 
until the agreement or condition terminates on 
its own terms or is otherwise terminated by the 
Committee in its sole discretion. 
‘‘(G) 
ADDITIONAL
COMPLIANCE
MEAS-
URES.—Subject to subparagraphs (A) through 
(F), the Committee shall develop and agree upon 
methods for evaluating compliance with any 
agreement entered into or condition imposed 
with respect to a covered transaction that will 
allow the Committee to adequately ensure com-
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† HR 5515 PAP
pliance without unnecessarily diverting Com-
mittee resources from assessing any new covered 
transaction for which a written notice under 
clause (i) of subsection (b)(1)(C) or declaration 
under clause (v) of that subsection has been filed, 
and if necessary, reaching a mitigation agree-
ment with or imposing a condition on a party 
to such covered transaction or any covered trans-
action for which a review has been reopened for 
any reason.’’. 
SEC. 1718. MODIFICATION OF ANNUAL REPORT AND OTHER 
REPORTING REQUIREMENTS. 
(a) MODIFICATION
OF ANNUAL REPORT.—Section 
721(m) of the Defense Production Act of 1950 (50 U.S.C. 
4565(m)) is amended— 
(1) in paragraph (2)— 
(A) by amending subparagraph (A) to read 
as follows: 
‘‘(A) A list of all notices filed and all re-
views or investigations of covered transactions 
completed during the period, with— 
‘‘(i) a description of the outcome of 
each review or investigation, including 
whether an agreement was entered into or 
condition was imposed under subsection
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† HR 5515 PAP
(l)(3)(A) with respect to the transaction 
being reviewed or investigated, and whether 
the President took any action under this 
section with respect to that transaction; 
‘‘(ii) basic information on each party 
to each such transaction; 
‘‘(iii) the nature of the business activi-
ties or products of the United States busi-
ness with which the transaction was entered 
into or intended to be entered into; and 
‘‘(iv) information about any with-
drawal from the process.’’; and 
(B) by adding at the end the following: 
‘‘(G) Statistics on compliance plans con-
ducted and actions taken by the Committee 
under subsection (l)(6), including subparagraph 
(D) of that subsection, during that period, a gen-
eral assessment of the compliance of parties with 
agreements entered into and conditions imposed 
under subsection (l)(3)(A) that are in effect dur-
ing that period, including a description of any 
actions taken by the Committee to impose pen-
alties or initiate a unilateral review pursuant to 
subsection (b)(1)(D)(iii), and any recommenda-
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† HR 5515 PAP
tions for improving the enforcement of such 
agreements and conditions. 
‘‘(H) Cumulative and, as appropriate, 
trend information on the number of declarations 
filed under subsection (b)(1)(C)(v), the actions 
taken by the Committee in response to those dec-
larations, the business sectors involved in those 
declarations, and the countries involved in those 
declarations. 
‘‘(I) A description of— 
‘‘(i) the methods used by the Committee 
to monitor non-notified and non-declared 
transactions under subsection (b)(1)(H); 
‘‘(ii) potential methods to improve such 
monitoring and the resources required to do 
so; and 
‘‘(iii) the number of transactions iden-
tified through the mechanism established 
under that subsection during the reporting 
period and the number of such transactions 
flagged for further review.’’; 
(2) in paragraph (3)— 
(A) by striking ‘‘CRITICAL TECHNOLOGIES’’ 
and all that follows through ‘‘In order to assist’’
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† HR 5515 PAP
and inserting ‘‘CRITICAL
TECHNOLOGIES.—In 
order to assist’’; 
(B) by striking subparagraph (B); and 
(C) by redesignating clauses (i) and (ii) as 
subparagraphs (A) and (B), respectively, and by 
moving such subparagraphs, as so redesignated, 
2 ems to the left; and 
(3) by adding at the end the following: 
‘‘(4) FORM OF REPORT.— 
‘‘(A) IN
GENERAL.—All appropriate por-
tions of the annual report under paragraph (1) 
may be classified. An unclassified version of the 
report, as appropriate, consistent with safe-
guarding national security and privacy, shall be 
made available to the public. 
‘‘(B) 
INCLUSIONS
IN
UNCLASSIFIED 
VERSION.—The unclassified version of the report 
required under paragraph (1) shall include, with 
respect to covered transactions for the reporting 
period— 
‘‘(i) the number of notices submitted 
under subsection (b)(1)(C)(i); 
‘‘(ii) the number of declarations sub-
mitted under subsection (b)(1)(C)(v) and 
the number of such declarations that were
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required under subclause (IV) of that sub-
section; 
‘‘(iii) the number of declarations sub-
mitted under subsection (b)(1)(C)(v) for 
which the Committee required resubmission 
as notices under subsection (b)(1)(C)(i); 
‘‘(iv) the average number of days that 
elapsed between submission of a declaration 
under subsection (b)(1)(C)(v) and the ac-
ceptance of the declaration by the Com-
mittee; 
‘‘(v) information on the time it took 
the Committee to provide comments on, or 
to accept, notices submitted under sub-
section (b)(1)(C)(i), including— 
‘‘(I) the average number of busi-
ness days that elapsed between the date 
of submission of a draft notice and the 
date on which the Committee provided 
written comments on the draft notice; 
‘‘(II) the average number of busi-
ness days that elapsed between the date 
of submission of a final notice and the 
date on which the Committee accepted
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† HR 5515 PAP
or provided written comments on the 
final notice; and 
‘‘(III) if the average number of 
business days for a response by the 
Committee reported under subclause (I) 
or (II) exceeded 10 business days— 
‘‘(aa) an explanation of the 
causes of such delays, including 
whether such delays are caused by 
resource shortages, unusual fluc-
tuations in the volume of notices, 
transaction 
characteristics, 
or 
other factors; and 
‘‘(bb) an explanation of the 
steps that the Committee antici-
pates taking to mitigate the 
causes of such delays and other-
wise to improve the ability of the 
Committee to provide comments 
on, or to accept, notices within 10 
business days; 
‘‘(vi) the number of reviews or inves-
tigations conducted under subsection (b);
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‘‘(vii) the number of investigations that 
were subject to an extension under sub-
section (b)(2)(C)(ii); 
‘‘(viii) information on the duration of 
those reviews and investigations, including 
the average number of days required to 
complete those reviews and investigations; 
‘‘(ix) the number of notices submitted 
under subsection (b)(1)(C)(i) and declara-
tions 
submitted 
under 
subsection 
(b)(1)(C)(v) that were rejected by the Com-
mittee; 
‘‘(x) the number of such notices and 
declarations that were withdrawn by a 
party to the covered transaction; 
‘‘(xi) the number of such withdrawals 
that were followed by the submission of a 
subsequent such notice or declaration relat-
ing to a substantially similar covered trans-
action; and 
‘‘(xii) such other specific, cumulative, 
or trend information that the Committee de-
termines is advisable to provide for an as-
sessment of the time required for reviews
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and investigations of covered transactions 
under this section.’’. 
(b) REPORT ON CHINESE INVESTMENT.— 
(1) IN GENERAL.—Not later than 2 years after 
the date of the enactment of this Act, and every 2 
years thereafter through 2026, the Secretary of Com-
merce shall submit to Congress and the Committee on 
Foreign Investment in the United States a report on 
foreign direct investment transactions made by enti-
ties of the People’s Republic of China in the United 
States. 
(2) ELEMENTS.—Each report required by para-
graph (1) shall include the following: 
(A) Total foreign direct investment from the 
People’s Republic of China in the United States, 
including 
total 
foreign 
direct 
investment 
disaggregated by ultimate beneficial owner. 
(B) A breakdown of investments from the 
People’s Republic of China in the United States 
by value using the following categories: 
(i) Less than $50,000,000. 
(ii) 
Greater 
than 
or 
equal 
to 
$50,000,000 and less than $100,000,000. 
(iii) 
Greater 
than 
or 
equal 
to 
$100,000,000 and less than $1,000,000,000.
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† HR 5515 PAP
(iv) 
Greater 
than 
or 
equal 
to 
$1,000,000,000 
and 
less 
than 
$2,000,000,000. 
(v) 
Greater 
than 
or 
equal 
to 
$2,000,000,000 
and 
less 
than 
$5,000,000,000. 
(vi) 
Greater 
than 
or 
equal 
to 
$5,000,000,000. 
(C) A breakdown of investments from the 
People’s Republic of China in the United States 
by 2-digit North American Industry Classifica-
tion System code. 
(D) A breakdown of investments from the 
People’s Republic of China in the United States 
by investment type, using the following cat-
egories: 
(i) Businesses established. 
(ii) Businesses acquired. 
(E) A breakdown of investments from the 
People’s Republic of China in the United States 
by government and non-government investments, 
including volume, sector, and type of investment 
within each category.
890 
† HR 5515 PAP
(F) A list of companies incorporated in the 
United States purchased through government in-
vestment by the People’s Republic of China. 
(G) The number of United States affiliates 
of entities under the jurisdiction of the People’s 
Republic of China, the total employees at those 
affiliates, and the valuation for any publicly 
traded United States affiliate of such an entity. 
(H) An analysis of patterns in the invest-
ments described in subparagraphs (A) through 
(F), including in volume, type, and sector, and 
the extent to which those patterns of investments 
align with the objectives outlined by the Govern-
ment of the People’s Republic of China in its 
Made in China 2025 plan, including a compara-
tive analysis of investments from the People’s 
Republic of China in the United States and all 
foreign direct investment in the United States. 
(I) An identification of any limitations on 
the ability of the Secretary of Commerce to col-
lect comprehensive information that is reason-
ably and lawfully available about foreign invest-
ment in the United States from the People’s Re-
public of China on a timeline necessary to com-
891 
† HR 5515 PAP
plete reports every 2 years as required by para-
graph (1), including— 
(i) an identification of any discrep-
ancies between government and private sec-
tor estimates of investments from the Peo-
ple’s Republic of China in the United 
States; 
(ii) a description of the different meth-
odologies or data collection methods, includ-
ing by private sector entities, used to meas-
ure foreign investment that may result in 
different estimates; and 
(iii) recommendations for enhancing 
the ability of the Secretary of Commerce to 
improve data collection of information 
about foreign investment in the United 
States from the People’s Republic of China. 
(3) EXTENSION OF DEADLINE.—If, as a result of 
a limitation identified under paragraph (2)(I), the 
Secretary of Commerce determines that the Secretary 
will be unable to submit a report at the time required 
by paragraph (1), the Secretary may request addi-
tional time to complete the report. 
(c) REPORT ON CERTAIN INVESTMENTS BY STATE- 
OWNED OR STATE-CONTROLLED ENTITIES.—
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† HR 5515 PAP
(1) IN GENERAL.—Not later than one year after 
the date of the enactment of this Act, an appropriate 
member or members of the Committee on Foreign In-
vestment in the United States shall, in coordination 
with the chairperson of the Committee, submit to 
Congress a report assessing— 
(A) national security threats related to in-
vestments in the United States by state-owned or 
state-controlled entities in the manufacture or 
assembly of rolling stock or other assets for use 
in freight rail, public transportation, or inter-
city passenger rail systems, including the con-
struction of new facilities; 
(B) how the number and types of such in-
vestments could affect any such threats; and 
(C) the authority and ability of the Com-
mittee to respond to such threats. 
(2) CONSULTATION.—The member or members of 
the Committee on Foreign Investment in the United 
States preparing the report required by paragraph 
(1) shall consult with the Secretary of Transportation 
and the head of any agency that is not represented on 
the Committee that has significant technical expertise 
related to the assessments required by paragraph (1).
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† HR 5515 PAP
SEC. 1719. CERTIFICATION OF NOTICES AND INFORMATION. 
Section 721(n) of the Defense Production Act of 1950 
(50 U.S.C. 4565(n)) is amended— 
(1) by redesignating paragraphs (1) and (2) as 
subparagraphs (A) and (B), respectively, and by mov-
ing such subparagraphs, as so redesignated, 2 ems to 
the right; 
(2) by striking ‘‘Each notice’’ and inserting the 
following: 
‘‘(1) IN GENERAL.—Each notice’’; 
(3) by striking ‘‘paragraph (3)(B)’’ and insert-
ing ‘‘paragraph (6)(B)’’; 
(4) by striking ‘‘paragraph (1)(A)’’ and insert-
ing ‘‘paragraph (3)(A)’’; 
(5) by adding at the end the following: 
‘‘(2) EFFECT
OF
FAILURE
TO
SUBMIT.—The 
Committee may not complete a review under this sec-
tion of a covered transaction and may recommend to 
the President that the President suspend or prohibit 
the transaction or require divestment under sub-
section (d) if the Committee determines that a party 
to the transaction has— 
‘‘(A) failed to submit a statement required 
by paragraph (1); or 
‘‘(B) included false or misleading informa-
tion in a notice or information described in
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† HR 5515 PAP
paragraph (1) or omitted material information 
from such notice or information. 
‘‘(3) APPLICABILITY
OF
LAW
ON
FRAUD
AND 
FALSE STATEMENTS.—The Committee shall prescribe 
regulations expressly providing for the application of 
section 1001 of title 18, United States Code, to all in-
formation provided to the Committee under this sec-
tion by any party to a covered transaction.’’. 
SEC. 1720. IMPLEMENTATION PLANS. 
(a) IN GENERAL.—Not later than 180 days after the 
date of the enactment of this Act, the chairperson of the 
Committee on Foreign Investment in the United States and 
the Secretary of Commerce shall, in consultation with the 
appropriate members of the Committee— 
(1) develop plans to implement this title; and 
(2) submit to the appropriate congressional com-
mittees a report on the plans developed under para-
graph (1), which shall include a description of— 
(A) the timeline and process to implement 
the provisions of, and amendments made by, this 
title; 
(B) any additional staff necessary to imple-
ment the plans; and 
(C) the resources required to effectively im-
plement the plans.
997 
† HR 5515 PAP
described in subclause (III), the Sec-
retary of the Army shall apply low-im-
pact development techniques and strat-
egies to prevent impacts within the 
missile range and the Park from 
stormwater runoff from the land de-
scribed in that subclause. 
(II) RESOURCE
MANAGEMENT.— 
The Secretary of the Army shall— 
(aa) manage the land de-
scribed in subclause (III) in a 
manner consistent with the pro-
tection of natural and cultural re-
sources within the missile range 
and the Park and in accordance 
with section 101(a)(1)(B) of the 
Sikes 
Act 
(16 
U.S.C. 
670a(a)(1)(B)), division A of sub-
title III of title 54, United States 
Code, and the Native American 
Graves Protection and Repatri-
ation Act (25 U.S.C. 3001 et seq.); 
and 
(bb) include the land de-
scribed in subclause (III) in the