transaction in which any party to the trans-
action is— 
‘‘(i) a person of a country the govern-
ment of which the Secretary of State has de-
termined, for purposes of section 6(j) of the 
Export Administration Act of 1979 (as con-
tinued in effect pursuant to the Inter-
national Emergency Economic Powers Act), 
section 40 of the Arms Export Control Act, 
section 620A of the Foreign Assistance Act 
of 1961, or other provision of law, is a gov-
ernment that has repeatedly provided sup-
port 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 review 
or investigation are approved and signed by the 
President. 
‘‘(4) ANALYSIS BY DIRECTOR OF NATIONAL IN-
TELLIGENCE.— 
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‘‘(A) IN
GENERAL.—The Director of Na-
tional Intelligence shall expeditiously carry out a 
thorough analysis of any threat to the national 
security of the United States of any covered 
transaction, including making requests for infor-
mation to the Director of the Office of Foreign 
Assets Control within the Department of the 
Treasury and the Director of the Financial 
Crimes Enforcement Network. The Director of 
National Intelligence also shall seek and incor-
porate the views of all affected or appropriate in-
telligence agencies. 
‘‘(B) TIMING.—The Director of National In-
telligence 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 pro-
vide analysis under subparagraph (A) in connec-
tion with a covered transaction. 
‘‘(5) SUBMISSION
OF
ADDITIONAL
INFORMA-
TION.—No provision of this subsection shall be con-
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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 transaction, 
while any review or investigation of the transaction 
is on-going. 
‘‘(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 Committee; 
‘‘(B) submitting a request to withdraw a 
proposed or pending covered transaction from re-
view; 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 Produc-
tion Act of 1950 (50 U.S.C. App. 2170) is amended by strik-
ing subsection (k) and inserting the following new sub-
section: 
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‘‘(k) COMMITTEE ON FOREIGN INVESTMENT IN THE 
UNITED STATES.— 
‘‘(1) ESTABLISHMENT.—The Committee on For-
eign Investment in the United States established pur-
suant to Executive Order No. 11858 shall be a multi- 
agency committee to carry out this section and such 
other assignments as the President may designate. 
‘‘(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 Economic 
Council. 
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‘‘(L) The Director of the Office of Science 
and Technology Policy. 
‘‘(M) The President’s Assistant for National 
Security Affairs. 
‘‘(N) Any other designee of the President 
from the Executive Office of the President. 
‘‘(3) CHAIRPERSON; VICE CHAIRPERSONS.—The 
Secretary of the Treasury shall be the Chairperson of 
the Committee. The Secretary of Homeland Security 
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 in-
volve 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 department 
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 
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to section 552b of title 5, United States Code (if other-
wise applicable). 
‘‘(6) COLLECTION OF EVIDENCE.—Subject to sub-
section (c), the Committee may, for the purpose of 
carrying out this section— 
‘‘(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 op-
erations 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 Production 
Act of 1950 (50 U.S.C. App. 2170(c)) is amended— 
(1) by striking ‘‘material filed with’’ and insert-
ing ‘‘material, including proprietary business infor-
mation, filed with, or testimony presented to,’’; and 
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(2) by striking ‘‘or documentary material’’ the 
second place such term appears and inserting ‘‘, docu-
mentary material, or testimony’’. 
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 para-
graphs: 
‘‘(6) whether the covered transaction has a secu-
rity-related impact on critical infrastructure in the 
United States; 
‘‘(7) whether the covered transaction is a foreign 
government-controlled transaction; and 
‘‘(8) such other factors as the President or the 
President’s designee may determine to be appropriate, 
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generally or in connection with a specific review 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 transaction 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 comple-
tion of any review or investigation under subsection (b), 
or the end of the 15-day period referred to in this subsection, 
before consummating the transaction.’’. 
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 subsection 
(k) (as amended by section 3 of this Act) the following new 
subsection: 
‘‘(l) MITIGATION, TRACKING, AND POSTCONSUMMATION 
MONITORING AND ENFORCEMENT.— 
‘‘(1) MITIGATION.— 
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‘‘(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 imposed 
under subparagraph (A) shall be based on a risk- 
based analysis of the threat to national security 
of the covered transaction. 
‘‘(2) TRACKING AUTHORITY FOR WITHDRAWN NO-
TICES.— 
‘‘(A) IN GENERAL.—If any written notice of 
a covered transaction that was submitted to the 
Committee under this section is withdrawn be-
fore any review or investigation by the Com-
mittee under subsection (b) is completed, the 
Committee shall establish, as appropriate— 
‘‘(i) interim protections to address spe-
cific concerns with such transaction that 
have been raised in connection with any 
such review or investigation pending any 
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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 trans-
action, before the notice referred to in clause 
(ii) is resubmitted. 
‘‘(B) DESIGNATION OF AGENCY.—The Com-
mittee may designate 1 or more appropriate 
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 subparagraph (A) with re-
spect to any covered transaction that is subject 
to such subparagraph. 
‘‘(3) NEGOTIATION, MODIFICATION, MONITORING, 
AND ENFORCEMENT.— 
‘‘(A) DESIGNATION OF AGENCY.—The Com-
mittee shall designate 1 or more Federal depart-
ments or agencies as the lead agency to nego-
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tiate, modify, monitor, and enforce, on behalf of 
the Committee, any agreement entered into or 
condition imposed under paragraph (1) with re-
spect to a covered transaction based on the exper-
tise 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) provide periodic reports to 
the Chairperson and Vice Chairpersons 
of the Committee on the implementa-
tion 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 depart-
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ment or agency head) on the imple-
mentation or any material change in 
circumstances. 
‘‘(ii) MODIFICATION
REPORTS.—Any 
Federal department or agency designated by 
the Committee as a lead agency under sub-
paragraph (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 Chairpersons 
of the Committee on any modification 
to any such agreement or condition 
imposed with respect to the trans-
action; and 
‘‘(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.’’. 
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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 Com-
mittee shall submit a written report on the find-
ings or actions of the Committee with respect to 
such investigation, the determination of whether 
or not to take action under subsection (d), an ex-
planation of the findings under subsection (e), 
and the factors considered under subsection (f), 
with respect to such transaction, 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; and 
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‘‘(iii) the chairman and ranking mem-
ber of each committee of the House of Rep-
resentatives and the Senate with jurisdic-
tion over any aspect of the covered trans-
action and its possible effects on national 
security, including the Committee on For-
eign Affairs, the Committee on Financial 
Services, and the Committee on Energy and 
Commerce of the House of Representatives. 
‘‘(B) NOTICE
AND
BRIEFING
REQUIRE-
MENT.—If a written request for a briefing on a 
covered transaction is submitted to the Com-
mittee by any Senator or Member of Congress 
who receives a report on the transaction under 
subparagraph (A), the Chairperson or a Vice 
Chairperson (or such other person as the Chair-
person or a Vice Chairperson may designate) 
shall provide 1 classified briefing to each House 
of the Congress from which any such briefing re-
quest originates in a secure facility of appro-
priate 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 Representatives, (as the 
case may be) the chairman and ranking member 
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of each committee of the House of Representa-
tives or the Senate (as the case may be) with ju-
risdiction over any aspect of the covered trans-
action and its possible effects on national secu-
rity, including the Committee on International 
Relations, the Committee on Financial Services, 
and the Committee on Energy and Commerce of 
the House of Representatives, and appropriate 
staff members who have security clearance. 
‘‘(2) APPLICATION OF OTHER PROVISION.— 
‘‘(A) IN GENERAL.—The disclosure of infor-
mation under this subsection shall be consistent 
with the requirements of subsection (c). Members 
of Congress and staff of either House or any 
committee of the Congress shall be subject to the 
same limitations on disclosure of information as 
are applicable under such subsection. 
‘‘(B) PROPRIETARY INFORMATION.—Propri-
etary information 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 the Congress and only 
when the committee provides assurances of con-
fidentiality, unless such party otherwise consents 
in writing to such disclosure.’’. 
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(b) ANNUAL REPORT.—Section 721 of the Defense Pro-
duction Act of 1950 (50 U.S.C. App. 2170) is amended 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 Com-
mittee shall transmit a report to the chairman and 
ranking member of each committee of the House of 
Representatives and the Senate with jurisdiction over 
any aspect of the report, including the Committee on 
International Relations, the Committee on Financial 
Services, and the Committee on Energy and Com-
merce of the House of Representatives, before July 31 
of each year on all the reviews and investigations of 
covered transactions completed under subsection (b) 
during the 12-month period covered by the report. 
‘‘(2) CONTENTS OF REPORT RELATING TO COV-
ERED TRANSACTIONS.—The report under paragraph 
(1) shall contain the following information with re-
spect to each covered transaction: 
‘‘(A) A list of all notices filed and all re-
views or investigations completed during the pe-
riod with basic information on each party to the 
transaction, the nature of the business activities 
or products of all pertinent persons, along with 
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information about the status of the review or in-
vestigation, information on any withdrawal 
from the process, any rollcall votes by the Com-
mittee under this section, any extension of time 
for any investigation, and any presidential deci-
sion or action under this section. 
‘‘(B) Specific, cumulative, and, as appro-
priate, trend information on the numbers of fil-
ings, investigations, withdrawals, and presi-
dential decisions or actions under this section. 
‘‘(C) Cumulative and, as appropriate, trend 
information on the business sectors involved in 
the filings which have been made, and the coun-
tries from which the investments have originated. 
‘‘(D) Information on whether companies 
that withdrew notices to the Committee in ac-
cordance with subsection (b)(1)(C)(ii) have later 
re-filed such notices, or, alternatively, abandoned 
the transaction. 
‘‘(E) The types of security arrangements 
and conditions the Committee has used to miti-
gate national security concerns about a trans-
action. 
‘‘(F) A detailed discussion of all perceived 
adverse effects of covered transactions on the na-
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tional security or critical infrastructure of the 
United States that the Committee will take into 
account in its deliberations during the period be-
fore delivery of the next such report, to the extent 
possible. 
‘‘(3) CONTENTS OF REPORT RELATING TO CRIT-
ICAL TECHNOLOGIES.— 
‘‘(A) IN GENERAL.—In order to assist the 
Congress in its oversight responsibilities with re-
spect to this section, the President and such 
agencies as the President shall designate shall in-
clude in the annual report submitted under 
paragraph (1) the following: 
‘‘(i) An evaluation of whether there is 
credible evidence of a coordinated strategy 
by 1 or more countries or companies to ac-
quire United States companies involved in 
research, development, or production of crit-
ical technologies for which the United States 
is a leading producer. 
‘‘(ii) An evaluation of whether there 
are industrial espionage activities directed 
or directly assisted by foreign governments 
against private United States companies 
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aimed at obtaining commercial secrets re-
lated to critical technologies. 
‘‘(B) CRITICAL TECHNOLOGIES DEFINED.— 
For purposes of this paragraph, the term ‘crit-
ical technologies’ means technologies identified 
under title VI of the National Science and Tech-
nology Policy, Organization, and Priorities Act 
of 1976 or other critical technology, critical com-
ponents, or critical technology items essential to 
national defense or national security identified 
pursuant to this section. 
‘‘(C) RELEASE OF UNCLASSIFIED STUDY.— 
That portion of the annual report under para-
graph (1) that is required by this paragraph 
may be classified. An unclassified version of that 
portion of the report 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 the enact-
ment of this Act, the Secretary of the Treasury, in 
consultation with the Secretary of State and the Sec-
retary of Commerce, shall conduct a study on invest-
ments in the United States, especially investments in 
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critical infrastructure and industries affecting na-
tional 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 pe-
riod beginning upon completion of the study under 
paragraph (1) or in the next annual report under sec-
tion 721(m) of the Defense Production Act of 1950 (as 
added by subsection (b)), the Secretary of the Treas-
ury shall submit a report to the Congress, for trans-
mittal 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, 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 ef-
fects. 
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SEC. 8. CERTIFICATION OF NOTICES AND ASSURANCES. 
Section 721 of the Defense Production Act of 1950 (50 
U.S.C. App. 2170) is amended by inserting after subsection 
(m) (as added by section 7(b) of this Act) the following new 
subsection: 
‘‘(n) CERTIFICATION OF NOTICES AND ASSURANCES.— 
Each notice required to be submitted, by a party to a cov-
ered transaction, to the President or the President’s designee 
under this section and regulations prescribed under such 
section, and any information submitted by any such party 
in connection with any action for which a report is required 
pursuant to paragraph (3)(B)(ii) of subsection (l) with re-
spect to the implementation of any mitigation agreement 
or condition described in paragraph (1)(A) of such sub-
section, or any material change in circumstances, shall be 
accompanied by a written statement by the chief executive 
officer or the designee of the person required to submit such 
notice or information certifying that, to the best of the per-
son’s knowledge and belief— 
‘‘(1) the notice or information submitted fully 
complies with the requirements of this section or such 
regulation, agreement, or condition; and 
‘‘(2) the notice or information is accurate and 
complete in all material respects.’’. 
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SEC. 9. REGULATIONS. 
Section 721(h) of the Defense Production Act of 1950 
(50 U.S.C. App. 2170(h)) is amended to read as follows: 
‘‘(h) REGULATIONS.—The President shall direct the 
issuance of regulations to carry out this section. Such regu-
lations shall, to the extent possible, minimize paperwork 
burdens and shall to the extent possible coordinate reporting 
requirements under this section with reporting require-
ments under any other provision of Federal law.’’. 
SEC. 10. EFFECT ON OTHER LAW. 
Section 721(i) of the Defense Production Act of 1950 
(50 U.S.C. App. 2170(i)) is amended to read as follows: 
‘‘(i) EFFECT ON OTHER LAW.—No provision of this 
section shall be construed as altering or affecting any other 
authority, process, regulation, investigation, enforcement 
measure, or review provided by or established under any 
other provision of Federal law, including the International 
Emergency Economic Powers Act, or any other authority 
of the President or the Congress under the Constitution of 
the United States.’’. 
SEC. 11. EFFECTIVE DATE. 
The amendments made by this Act shall apply after 
the end of the 90-day period beginning on the date of the 
enactment of this Act. 
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mstockstill on PROD1PC66 with BILLS
Union Calendar No. 9 
110TH CONGRESS 
1ST SESSION 
H. R. 556 
[Report No. 110–24, Part I ] 
A BILL 
To ensure national security while promoting foreign 
investment and the creation and maintenance of 
jobs, to reform the process by which such invest-
ments are examined for any effect they may have 
on national security, to establish the Committee 
on Foreign Investment in the United States, and 
for other purposes. 
FEBRUARY 23, 2007 
Committees on Energy and Commerce and Foreign Af-
fairs discharged; committed to the Committee of the 
Whole House on the State of the Union and ordered 
to be printed 
VerDate Aug 31 2005 
23:54 Feb 23, 2007
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E:\BILLS\H556.RH
H556
mstockstill on PROD1PC66 with BILLS