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provided support for acts of international 
terrorism; 
‘‘(ii) a government described in clause 
(i); or 
‘‘(iii) person controlled, directly or in-
directly, by any such government, 
a review or investigation under this subsection 
of such covered transaction shall not be treated 
as final or complete until the results of such re-
view or investigation are approved and signed 
by the President. 
‘‘(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. 
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‘‘(B) TIMING.—The Director of National 
Intelligence shall be provided adequate time to 
complete the analysis required under subpara-
graph (A), including 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 
provide analysis under subparagraph (A) in 
connection with a covered transaction. 
‘‘(5) SUBMISSION
OF
ADDITIONAL
INFORMA-
TION.—No provision of this subsection shall be con-
strued as prohibiting any party to a covered trans-
action from submitting additional information con-
cerning the transaction, including any proposed re-
structuring of the transaction or any modifications 
to any agreements in connection with the trans-
action, while any review or investigation of the 
transaction is on-going. 
‘‘(6) REGULATIONS.—Regulations prescribed 
under this section shall include standard procedures 
for— 
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‘‘(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withdrawn from review.’’.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.— 
‘‘(1) ESTABLISHMENT.—The Committee on 
Foreign Investment in the United States established 
pursuant to Executive Order No. 11858 shall be a 
multi-agency committee to carry out this section and 
such other assignments as the President may des-
ignate. 
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‘‘(2) MEMBERSHIP.—The Committee shall be 
comprised of the following members or the designee 
of any such member: 
‘‘(A) The Secretary of the Treasury. 
‘‘(B) The Secretary of Homeland Security. 
‘‘(C) The Secretary of Commerce. 
‘‘(D) The Secretary of Defense. 
‘‘(E) The Secretary of State. 
‘‘(F) The Attorney General. 
‘‘(G) The Secretary of Energy. 
‘‘(H) The Chairman of the Council of Eco-
nomic Advisors. 
‘‘(I) The United States Trade Representa-
tive. 
‘‘(J) The Director of the Office of Manage-
ment and Budget. 
‘‘(K) The Director of the National Eco-
nomic Council. 
‘‘(L) The Director of the Office of Science 
and Technology Policy. 
‘‘(M) The President’s Assistant for Na-
tional Security Affairs. 
‘‘(N) Any other designee of the President 
from the Executive Office of the President. 
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‘‘(3) CHAIRPERSON; VICE CHAIRPERSONS.—The 
Secretary of the Treasury shall be the Chairperson 
of the Committee. The Secretary of Homeland Secu-
rity and the Secretary of Commerce shall be the Vice 
Chairpersons of the Committee. 
‘‘(4) OTHER MEMBERS.—Subject to subsection 
(b)(4)(B), the Chairperson of the Committee shall 
involve the heads of such other Federal departments, 
agencies, and independent establishments in any re-
view or investigation under subsection (b) as the 
Chairperson, after consulting with the Vice Chair-
persons, determines to be appropriate on the basis 
of the facts and circumstances of the transaction 
under investigation (or the designee of any such de-
partment or agency head). 
‘‘(5) MEETINGS.—The Committee shall meet 
upon the direction of the President or upon the call 
of the Chairperson of the Committee without regard 
to section 552b of title 5, United States Code (if 
otherwise applicable). 
‘‘(6) COLLECTION
OF
EVIDENCE.—Subject to 
subsection (c), the Committee may, for the purpose 
of carrying out this section— 
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‘‘(A) sit and act at such times and places, 
take such testimony, receive such evidence, ad-
minister such oaths; and 
‘‘(B) require the attendance and testimony 
of such witnesses and the production of such 
books, records, correspondence, memoranda, pa-
pers, and documents as the Chairperson of the 
Committee may determine advisable. 
‘‘(7) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated to the Sec-
retary of the Treasury for each of fiscal years 2008, 
2009, 2010, and 2011 expressly and solely for the 
operations of the Committee that are conducted by 
the Secretary, the sum of $10,000,000.’’. 
(b) TECHNICAL AND CONFORMING AMENDMENT.— 
The first sentence of section 721(c) of the Defense Pro-
duction Act of 1950 (50 U.S.C. App. 2170(c)) is amend-
ed— 
(1) by striking ‘‘material filed with’’ and insert-
ing ‘‘material, including proprietary business infor-
mation, filed with, or testimony presented to,’’; and 
(2) by striking ‘‘or documentary material’’ the 
second place such term appears and inserting ‘‘, doc-
umentary material, or testimony’’. 
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SEC. 4. ADDITIONAL FACTORS REQUIRED TO BE CONSID-
ERED. 
Section 721(f) of the Defense Production Act of 1950 
(50 U.S.C. App. 2170(f)) is amended— 
(1) in the matter preceding paragraph (1)— 
(A) by striking ‘‘may’’ and inserting 
‘‘shall’’; and 
(B) by striking ‘‘among other factors’’; 
(2) by striking ‘‘and’’ at the end of paragraph 
(4); 
(3) by striking the period at the end of para-
graph (5) and inserting a semicolon; and 
(4) by adding at the end the following new 
paragraphs: 
‘‘(6) whether the covered transaction has a se-
curity-related impact on critical infrastructure in the 
United States; 
‘‘(7) the potential effects of the covered trans-
action on the efforts of the United States to curtail 
human smuggling (and such term, for purposes of 
this paragraph, means any act constituting a viola-
tion of section 274(a) of the Immigration and Na-
tionality Act) and to curtail drug smuggling with re-
gard to any country which is not described in para-
graphs (1) and (2) of section 1003(a) of the Con-
trolled Substances Import and Export Act; 
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‘‘(8) whether the covered transaction is a for-
eign government-controlled transaction; and 
‘‘(9) such other factors as the President or the 
President’s designee may determine to be appro-
priate, generally or in connection with a specific re-
view or investigation.’’. 
SEC. 5. NONWAIVER OF SOVEREIGN IMMUNITY. 
Section 721(d) of the Defense Production Act of 
1950 (50 U.S.C. App. 2170(d)) is amended by adding at 
the end the following new sentence: ‘‘The United States 
shall not be held liable for any losses or other expenses 
incurred by any party to a covered transaction as a result 
of actions taken under this section after a covered trans-
action has been consummated if the party did not submit 
a written notice of the transaction to the Chairperson of 
the Committee under subsection (b)(1)(C) or did not wait 
until the completion of any review or investigation under 
subsection (b), or the end of the 15-day period referred 
to in this subsection, before consummating the trans-
action.’’. 
SEC. 6. MITIGATION, TRACKING, AND POST-CONSUMMA-
TION MONITORING AND ENFORCEMENT. 
Section 721 of the Defense Production Act of 1950 
(50 U.S.C. App. 2170) is amended by inserting after sub-
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section (k) (as amended by section 3 of this Act) the fol-
lowing new subsection: 
‘‘(l) 
MITIGATION, 
TRACKING, 
AND 
POSTCONSUMMATION
MONITORING
AND
ENFORCE-
MENT.— 
‘‘(1) MITIGATION.— 
‘‘(A) IN GENERAL.—The Committee or any 
agency designated by the Chairperson and Vice 
Chairpersons may, on behalf of the Committee, 
negotiate, enter into or impose, and enforce any 
agreement or condition with any party to a cov-
ered transaction in order to mitigate any threat 
to the national security of the United States 
that arises as a result of the transaction. 
‘‘(B) RISK-BASED ANALYSIS REQUIRED.— 
Any agreement entered into or condition im-
posed under subparagraph (A) shall be based 
on a risk-based analysis, conducted by the Com-
mittee, of the threat to national security of the 
covered transaction. 
‘‘(2) TRACKING AUTHORITY FOR WITHDRAWN 
NOTICES.— 
‘‘(A) IN GENERAL.—If any written notice 
of a covered transaction that was submitted to 
the Committee under this section is withdrawn 
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before any review or investigation by the Com-
mittee under subsection (b) is completed, the 
Committee shall establish, as appropriate— 
‘‘(i) interim protections to address 
specific concerns with such transaction 
that have been raised in connection with 
any such review or investigation pending 
any resubmission of any written notice 
under this section with respect to such 
transaction and further action by the 
President under this section; 
‘‘(ii) specific timeframes for resubmit-
ting any such written notice; and 
‘‘(iii) a process for tracking any ac-
tions that may be taken by any party to 
the transaction, in connection with the 
transaction, before the notice referred to in 
clause (ii) is resubmitted. 
‘‘(B) DESIGNATION
OF
AGENCY.—The 
Committee may designate 1 or more appro-
priate Federal departments or agencies, other 
than any entity of the intelligence community 
(as defined in the National Security Act of 
1947), as a lead agency to carry out, on behalf 
of the Committee, the requirements of subpara-
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graph (A) with respect to any covered trans-
action that is subject to such subparagraph. 
‘‘(3) 
NEGOTIATION, 
MODIFICATION, 
MONI-
TORING, AND ENFORCEMENT.— 
‘‘(A) DESIGNATION
OF
AGENCY.—The 
Committee shall designate 1 or more Federal 
departments or agencies as the lead agency to 
negotiate, modify, monitor, and enforce, on be-
half 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. 
‘‘(B) REPORTING BY DESIGNATED AGEN-
CY.— 
‘‘(i) IMPLEMENTATION
REPORTS.— 
Each Federal department or agency des-
ignated by the Committee as a lead agency 
under subparagraph (A) in connection with 
any agreement entered into or condition 
imposed under paragraph (1) with respect 
to a covered transaction shall— 
‘‘(I) report, as appropriate but 
not less than once in each 6-month 
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period, to the Chairperson and Vice 
Chairpersons of the Committee on the 
implementation of such agreement or 
condition; and 
‘‘(II) require, as appropriate, any 
party to the covered transaction to re-
port to the head of such department 
or agency (or the designee of such de-
partment or agency head) on the im-
plementation or any material change 
in circumstances. 
‘‘(ii) MODIFICATION
REPORTS.—Any 
Federal department or agency designated 
by the Committee as a lead agency under 
subparagraph (A) in connection with any 
agreement entered into or condition im-
posed with respect to a covered transaction 
shall— 
‘‘(I) provide periodic reports to 
the Chairperson and Vice Chair-
persons of the Committee on any 
modification to any such agreement or 
condition imposed with respect to the 
transaction; and 
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‘‘(II) ensure that any significant 
modification to any such agreement or 
condition is reported to the Director 
of National Intelligence and to any 
other Federal department or agency 
that may have a material interest in 
such modification. 
‘‘(iii) COMPLIANCE.—The Committee 
shall develop and agree upon methods for 
evaluating compliance with any agreement 
entered into or condition imposed with re-
spect to a covered transaction that will 
allow the Committee to adequately assure 
compliance without— 
‘‘(I) unnecessarily diverting Com-
mittee resources from assessing any 
new covered transaction for which a 
written notice has been filed pursuant 
to subsection (b)(1)(C), and if nec-
essary reaching a mitigation agree-
ment 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 rea-
son; or 
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‘‘(II) placing unnecessary bur-
dens on a party to a covered trans-
action.’’. 
SEC. 7. INCREASED OVERSIGHT BY THE CONGRESS. 
(a) REPORT ON ACTIONS.—Section 721(g) of the De-
fense Production Act of 1950 (50 U.S.C. App. 2170) is 
amended to read as follows: 
‘‘(g) REPORTS TO THE CONGRESS.— 
‘‘(1) REPORTS ON COMPLETED COMMITTEE IN-
VESTIGATIONS.— 
‘‘(A) IN GENERAL.—Not later than 5 days 
after the completion of a Committee investiga-
tion of a covered transaction under subsection 
(b)(2), or, if the President indicates an intent 
to take any action authorized under subsection 
(d) with respect to the transaction, after the 
end of 15-day period referred to in subsection 
(d), the Chairperson or a Vice Chairperson of 
the Committee shall submit a written report on 
the findings or actions of the Committee with 
respect to such investigation, the determination 
of whether or not to take action under sub-
section (d), an explanation of the findings 
under subsection (e), and the factors considered 
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under subsection (f), with respect to such trans-
action, to— 
‘‘(i) the Majority Leader and the Mi-
nority Leader of the Senate; 
‘‘(ii) the Speaker and the Minority 
Leader of the House of Representatives; 
‘‘(iii) the chairman and ranking mem-
ber of each committee of the House of 
Representatives and the Senate with juris-
diction over any aspect of the covered 
transaction and its possible effects on na-
tional security, including, at a minimum, 
the Committee on Foreign Affairs, the 
Committee on Financial Services, and the 
Committee on Energy and Commerce of 
the House of Representatives; and 
‘‘(iv) Senators representing States 
and Members of Congress representing 
congressional districts that would be sig-
nificantly affected by the covered trans-
action. 
‘‘(B) NOTICE
AND
BRIEFING
REQUIRE-
MENT.—If a written request for a briefing on a 
covered transaction, or on compliance with a 
mitigation agreement or condition imposed with 
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respect to such transaction, is submitted to the 
Committee by any Senator or Member of Con-
gress who receives a report on the transaction 
under subparagraph (A), the Chairperson or a 
Vice Chairperson (or such other person as the 
Chairperson or a Vice Chairperson may des-
ignate) shall provide 1 classified briefing to 
each House of the Congress from which any 
such briefing request originates in a secure fa-
cility of appropriate size and location that shall 
be open only to the Majority Leader and the 
Minority Leader of the Senate, the Speaker and 
the Minority Leader of the House of Represent-
atives, (as the case may be) the chairman and 
ranking member of each committee of the 
House of Representatives or the Senate (as the 
case may be) with jurisdiction over any aspect 
of the covered transaction and its possible ef-
fects on national security, including, at a min-
imum, the Committee on Foreign Affairs, the 
Committee on Financial Services, and the Com-
mittee on Energy and Commerce of the House 
of Representatives, and appropriate staff mem-
bers who have security clearance. 
‘‘(2) APPLICATION OF OTHER PROVISION.— 
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‘‘(A) IN GENERAL.—The disclosure of in-
formation under this subsection shall be con-
sistent with the requirements of subsection (c). 
Members of Congress and staff of either House 
or any committee of the Congress shall be sub-
ject to the same limitations on disclosure of in-
formation as are applicable under such sub-
section. 
‘‘(B) PROPRIETARY
INFORMATION.—Pro-
prietary information which can be associated 
with a particular party to a covered transaction 
shall be furnished in accordance with subpara-
graph (A) only to a committee of the Congress 
and only when the committee provides assur-
ances of confidentiality, unless such party oth-
erwise consents in writing to such disclosure.’’. 
(b) ANNUAL REPORT.—Section 721 of the Defense 
Production Act of 1950 (50 U.S.C. App. 2170) is amend-
ed by inserting after subsection (l) (as added by section 
6 of this Act) the following new subsection: 
‘‘(m) ANNUAL REPORT TO THE CONGRESS.— 
‘‘(1) IN
GENERAL.—The Chairperson of the 
Committee shall transmit a report to the chairman 
and ranking member of each committee of the 
House of Representatives and the Senate with juris-
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