H. R. 556—10 
‘‘(A) DESIGNATION OF LEAD AGENCY.—The lead agency 
shall negotiate, modify, monitor, and enforce, on behalf 
of the Committee, any agreement entered into or condition 
imposed under paragraph (1) with respect to a covered 
transaction, based on the expertise with and knowledge 
of the issues related to such transaction on the part of 
the designated department or agency. Nothing in this para-
graph shall prohibit other departments or agencies in 
assisting the lead agency in carrying out the purposes 
of this paragraph. 
‘‘(B) REPORTING BY DESIGNATED AGENCY.— 
‘‘(i) MODIFICATION REPORTS.—The lead agency in 
connection with any agreement entered into or condi-
tion imposed with respect to a covered transaction 
shall— 
‘‘(I) provide periodic reports to the Committee 
on any material modification to any such agree-
ment or condition imposed with respect to the 
transaction; and 
‘‘(II) ensure that any material modification to 
any such agreement or condition is reported to 
the Director of National Intelligence, the Attorney 
General of the United States, and any other Fed-
eral department or agency that may have a mate-
rial interest in such modification. 
‘‘(ii) COMPLIANCE.—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 assure compliance, with-
out— 
‘‘(I) 
unnecessarily 
diverting 
Committee 
resources from assessing any new covered trans-
action for which a written notice has been filed 
pursuant to subsection (b)(1)(C), and if necessary, 
reaching a mitigation agreement with or imposing 
a condition on a party to such covered transaction 
or any covered transaction for which a review has 
been reopened for any reason; or 
‘‘(II) placing unnecessary burdens on a party 
to a covered transaction.’’. 
SEC. 6. ACTION BY THE PRESIDENT. 
Section 721 of the Defense Production Act of 1950 (50 U.S.C. 
App. 2170) is amended by striking subsections (d) and (e) and 
inserting the following: 
‘‘(d) ACTION BY THE PRESIDENT.— 
‘‘(1) IN GENERAL.—Subject to paragraph (4), the President 
may take such action for such time as the President considers 
appropriate to suspend or prohibit any covered transaction 
that threatens to impair the national security of the United 
States. 
‘‘(2) ANNOUNCEMENT
BY
THE
PRESIDENT.—The President 
shall announce the decision on whether or not to take action 
pursuant to paragraph (1) not later than 15 days after the 
date on which an investigation described in subsection (b) is 
completed.
H. R. 556—11 
‘‘(3) 
ENFORCEMENT.—The 
President 
may 
direct 
the 
Attorney General of the United States to seek appropriate 
relief, including divestment relief, in the district courts of the 
United States, in order to implement and enforce this sub-
section. 
‘‘(4) FINDINGS OF THE PRESIDENT.—The President may exer-
cise the authority conferred by paragraph (1), only if the Presi-
dent finds that— 
‘‘(A) there is credible evidence that leads the President 
to believe that the foreign interest exercising control might 
take action that threatens to impair the national security; 
and 
‘‘(B) provisions of law, other than this section and 
the International Emergency Economic Powers Act, do not, 
in the judgment of the President, provide adequate and 
appropriate authority for the President to protect the 
national security in the matter before the President. 
‘‘(5) FACTORS TO BE CONSIDERED.—For purposes of deter-
mining whether to take action under paragraph (1), the Presi-
dent shall consider, among other factors each of the factors 
described in subsection (f), as appropriate. 
‘‘(e) ACTIONS AND FINDINGS NONREVIEWABLE.—The actions of 
the President under paragraph (1) of subsection (d) and the findings 
of the President under paragraph (4) of subsection (d) shall not 
be subject to judicial review.’’. 
SEC. 7. INCREASED OVERSIGHT BY CONGRESS. 
(a) REPORT ON ACTIONS.—Section 721(g) of the Defense Produc-
tion Act of 1950 (50 U.S.C. App. 2170(g)) is amended to read 
as follows: 
‘‘(g) ADDITIONAL
INFORMATION
TO
CONGRESS; CONFIDEN-
TIALITY.— 
‘‘(1) BRIEFING REQUIREMENT ON REQUEST.—The Committee 
shall, upon request from any Member of Congress specified 
in subsection (b)(3)(C)(iii), promptly provide briefings on a cov-
ered transaction for which all action has concluded under this 
section, or on compliance with a mitigation agreement or condi-
tion imposed with respect to such transaction, on a classified 
basis, if deemed necessary by the sensitivity of the information. 
Briefings under this paragraph may be provided to the congres-
sional staff of such a Member of Congress having appropriate 
security clearance. 
‘‘(2) APPLICATION OF CONFIDENTIALITY PROVISIONS.— 
‘‘(A) IN GENERAL.—The disclosure of information under 
this subsection shall be consistent with the requirements 
of subsection (c). Members of Congress and staff of either 
House of Congress or any committee of Congress, shall 
be subject to the same limitations on disclosure of informa-
tion as are applicable under subsection (c). 
‘‘(B) PROPRIETARY INFORMATION.—Proprietary informa-
tion which can be associated with a particular party to 
a covered transaction shall be furnished in accordance with 
subparagraph (A) only to a committee of Congress, and 
only when the committee provides assurances of confiden-
tiality, unless such party otherwise consents in writing 
to such disclosure.’’.
H. R. 556—12 
(b) ANNUAL REPORT.—Section 721 of the Defense Production 
Act of 1950 (50 U.S.C. App. 2170) is amended by adding at the 
end the following: 
‘‘(m) ANNUAL REPORT TO CONGRESS.— 
‘‘(1) IN GENERAL.—The chairperson shall transmit a report 
to the chairman and ranking member of the committee of 
jurisdiction in the Senate and the House of Representatives, 
before July 31 of each year on all of the reviews and investiga-
tions of covered transactions completed under subsection (b) 
during the 12-month period covered by the report. 
‘‘(2) CONTENTS OF REPORT RELATING TO COVERED TRANS-
ACTIONS.—The annual report under paragraph (1) shall contain 
the following information, with respect to each covered trans-
action, for the reporting period: 
‘‘(A) A list of all notices filed and all reviews or inves-
tigations completed during the period, with basic informa-
tion on each party to the transaction, the nature of the 
business activities or products of all pertinent persons, 
along with information about any withdrawal from the 
process, and any decision or action by the President under 
this section. 
‘‘(B) Specific, cumulative, and, as appropriate, trend 
information on the numbers of filings, investigations, with-
drawals, and decisions or actions by the President under 
this section. 
‘‘(C) Cumulative and, as appropriate, trend information 
on the business sectors involved in the filings which have 
been made, and the countries from which the investments 
have originated. 
‘‘(D) Information on whether companies that withdrew 
notices to the Committee in accordance with subsection 
(b)(1)(C)(ii) have later refiled such notices, or, alternatively, 
abandoned the transaction. 
‘‘(E) The types of security arrangements and conditions 
the Committee has used to mitigate national security con-
cerns about a transaction, including a discussion of the 
methods that the Committee and any lead agency are 
using to determine compliance with such arrangements 
or conditions. 
‘‘(F) A detailed discussion of all perceived adverse 
effects of covered transactions on the national security 
or critical infrastructure of the United States that the 
Committee will take into account in its deliberations during 
the period before delivery of the next report, to the extent 
possible. 
‘‘(3) CONTENTS
OF
REPORT
RELATING
TO
CRITICAL
TECH-
NOLOGIES.— 
‘‘(A) IN GENERAL.—In order to assist Congress in its 
oversight responsibilities with respect to this section, the 
President and such agencies as the President shall des-
ignate shall include in the annual report submitted under 
paragraph (1)— 
‘‘(i) an evaluation of whether there is credible evi-
dence of a coordinated strategy by 1 or more countries 
or companies to acquire United States companies 
involved in research, development, or production of
H. R. 556—13 
critical technologies for which the United States is 
a leading producer; and 
‘‘(ii) an evaluation of whether there are industrial 
espionage activities directed or directly assisted by for-
eign governments against private United States compa-
nies aimed at obtaining commercial secrets related to 
critical technologies. 
‘‘(B) RELEASE OF UNCLASSIFIED STUDY.—All appropriate 
portions of the annual report under paragraph (1) may 
be classified. An unclassified version of the report, as appro-
priate, consistent with safeguarding national security and 
privacy, shall be made available to the public.’’. 
(c) STUDY AND REPORT.— 
(1) STUDY REQUIRED.—Before the end of the 120-day period 
beginning on the date of enactment of this Act and annually 
thereafter, the Secretary of the Treasury, in consultation with 
the Secretary of State and the Secretary of Commerce, shall 
conduct a study on foreign direct investments in the United 
States, especially investments in critical infrastructure and 
industries affecting national security, by— 
(A) foreign governments, entities controlled by or acting 
on behalf of a foreign government, or persons of foreign 
countries which comply with any boycott of Israel; or 
(B) foreign governments, entities controlled by or acting 
on behalf of a foreign government, or persons of foreign 
countries which do not ban organizations designated by 
the Secretary of State as foreign terrorist organizations. 
(2) REPORT.—Before the end of the 30-day period beginning 
upon the date of completion of each study under paragraph 
(1), and thereafter in each annual report under section 721(m) 
of the Defense Production Act of 1950 (as added by this section), 
the Secretary of the Treasury shall submit a report to Congress, 
for transmittal to all appropriate committees of the Senate 
and the House of Representatives, containing the findings and 
conclusions of the Secretary with respect to the study described 
in paragraph (1), together with an analysis of the effects of 
such investment on the national security of the United States 
and on any efforts to address those effects. 
(d) INVESTIGATION BY INSPECTOR GENERAL.— 
(1) IN GENERAL.—The Inspector General of the Department 
of the Treasury shall conduct an independent investigation 
to determine all of the facts and circumstances concerning 
each failure of the Department of the Treasury to make any 
report to the Congress that was required under section 721(k) 
of the Defense Production Act of 1950, as in effect on the 
day before the date of enactment of this Act. 
(2) REPORT TO THE CONGRESS.—Before the end of the 270- 
day period beginning on the date of enactment of this Act, 
the Inspector General of the Department of the Treasury shall 
submit a report on the investigation under paragraph (1) con-
taining the findings and conclusions of the Inspector General, 
to the chairman and ranking member of each committee of 
the Senate and the House of Representatives having jurisdiction 
over any aspect of the report, including, at a minimum, the 
Committee on Foreign Relations, the Committee on Banking, 
Housing, and Urban Affairs, and the Committee on Commerce, 
Science, and Transportation of the Senate, and the Committee