HR 5337 PCS 
‘‘(II) the transaction is a foreign 
government-controlled transaction; 
‘‘(ii) a roll call vote pursuant to para-
graph (3)(A) in connection with a review 
under paragraph (1) of any covered trans-
action results in at least 1 vote by a Com-
mittee member against approving the 
transaction; or 
‘‘(iii) the Director of National Intel-
ligence identifies particularly complex intel-
ligence concerns that could threaten to im-
pair the national security of the United 
States and Committee members were not 
able to develop and agree upon measures 
to mitigate satisfactorily those threats dur-
ing the initial review period under para-
graph (1), 
the President, acting through the Committee, 
shall immediately conduct an investigation of 
the effects of the transaction on the national se-
curity of the United States and take any nec-
essary actions in connection with the trans-
action to protect the national security of the 
United States. 
‘‘(B) TIMING.— 
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HR 5337 PCS 
‘‘(i) IN GENERAL.—Any investigation 
under subparagraph (A) shall be completed 
before the end of the 45-day period begin-
ning on the date of the investigation com-
menced. 
‘‘(ii) EXTENSIONS OF TIME.—The pe-
riod established under subparagraph (B) 
for any investigation of a covered trans-
action may be extended with respect to any 
particular investigation by the President or 
by a rollcall vote of at least 2/3 of the 
members of the Committee involved in the 
investigation by the amount of time speci-
fied by the President or the Committee at 
the time of the extension, not to exceed 45 
days, as necessary to collect and fully 
evaluate information relating to— 
‘‘(I) the covered transaction or 
parties to the transaction; and 
‘‘(II) any effect of the trans-
action that could threaten to impair 
the national security of the United 
States. 
‘‘(3) APPROVAL
OF
CHAIRPERSON
AND
VICE 
CHAIRPERSONS REQUIRED.— 
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HR 5337 PCS 
‘‘(A) IN GENERAL.—A review or investiga-
tion under this subsection of a covered trans-
action shall not be treated as final or complete 
until the findings and the report resulting from 
such review or investigation are approved by a 
majority of the members of the Committee in a 
roll call vote and signed by the Secretary of the 
Treasury, the Secretary of Homeland Security, 
and the Secretary of Commerce (and such au-
thority of each such Secretary may not be dele-
gated to any person other than the Deputy Sec-
retary of the Treasury, the Deputy Secretary of 
Homeland Security, or the Deputy Secretary of 
Commerce, respectively). 
‘‘(B) ADDITIONAL
ACTION
REQUIRED
IN 
CERTAIN CASES.—In the case of any roll call 
vote pursuant to subparagraph (A) in connec-
tion with an investigation under paragraph (2) 
of any foreign government-controlled trans-
action in which there is at least 1 vote by a 
Committee member against approving the 
transaction, the investigation shall not be treat-
ed as final or complete until the findings and 
report resulting from such investigation are 
signed by the President (in addition to the 
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HR 5337 PCS 
Chairperson and the Vice Chairpersons of the 
Committee under subparagraph (A)). 
‘‘(4) ANALYSIS BY DIRECTOR OF NATIONAL IN-
TELLIGENCE.— 
‘‘(A) IN GENERAL.—The Director of Na-
tional Intelligence shall expeditiously carry out 
a thorough analysis of any threat to the na-
tional security of the United States of any cov-
ered transaction, including making requests for 
information to the Director of the Office of 
Foreign Assets Control within the Department 
of the Treasury and the Director of the Finan-
cial Crimes Enforcement Network. The Direc-
tor of National Intelligence also shall seek and 
incorporate the views of all affected or appro-
priate intelligence agencies. 
‘‘(B) 30-DAY MINIMUM.—The Director of 
National Intelligence shall be provided no less 
than 30 days to complete the analysis required 
under subparagraph (A), except in any instance 
described in paragraph (2)(A)(iii). 
‘‘(C) INDEPENDENT ROLE OF DIRECTOR.— 
The Director of National Intelligence shall not 
be a member of the Committee and shall serve 
no policy role with the Committee other than to 
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HR 5337 PCS 
provide analysis under subparagraph (A) in 
connection with a covered transaction. 
‘‘(5) RESUBMITTALS OF NOTICE AND REQUESTS 
FOR ADDITIONAL REVIEW OR INVESTIGATION.— 
‘‘(A) IN GENERAL.—No provision of this 
subsection shall be construed as prohibiting any 
party to a covered transaction from— 
‘‘(i) submitting additional information 
concerning the transaction, including any 
proposed restructuring of the transaction 
or any modifications to any agreements in 
connection with the transaction, while any 
review or investigation of the transaction is 
on-going; or 
‘‘(ii) requesting a review or investiga-
tion of the transaction after any previous 
review or investigation of the same or a 
similar transaction has become final if in-
formation material to the prior review or 
investigation and not previously submitted 
to the Committee becomes known or if any 
material change in circumstances to the 
covered transaction has occurred since the 
review or investigation. 
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HR 5337 PCS 
‘‘(B) APPROVAL
OF
REQUEST.—In the 
case of a request referred to in subparagraph 
(A)(ii), the Committee shall determine by con-
sensus whether to grant a request. 
‘‘(6) REGULATIONS.—Regulations prescribed 
under this section shall include standard procedures 
for— 
‘‘(A) submitting any notice of a proposed 
or pending covered transaction to the Com-
mittee; 
‘‘(B) submitting a request to withdraw a 
proposed or pending covered transaction from 
review; and 
‘‘(C) resubmitting a notice of proposed or 
pending covered transaction that was previously 
withdrawn from review.’’. 
SEC. 3. STATUTORY ESTABLISHMENT OF THE COMMITTEE 
ON FOREIGN INVESTMENT IN THE UNITED 
STATES. 
(a) IN GENERAL.—Section 721 of the Defense Pro-
duction Act of 1950 (50 U.S.C. App. 2170) is amended 
by striking subsection (k) and inserting the following new 
subsection: 
‘‘(k) COMMITTEE ON FOREIGN INVESTMENT IN THE 
UNITED STATES.— 
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