Secretary or an appropriate Under Secretary of 
the department or agency represented on the 
committee or by such member (or by a person 
holding an equivalent position to a Deputy Sec-
retary or Under Secretary). 
‘‘(2) NATIONAL SECURITY INVESTIGATIONS.—
‘‘(A) IN
GENERAL.—In each case in 
which—
‘‘(i) a review of a covered transaction 
under paragraph (1) results in a deter-
mination that—
‘‘(I) the transaction threatens to 
impair the national security of the 
United States and that threat has not 
been mitigated during or prior to the 
review of a covered transaction under 
paragraph (1); or 
‘‘(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.—
‘‘(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. 
‘‘(C) EXCEPTION.—Notwithstanding sub-
paragraph (A)(i)(II), an investigation of a for-
eign government-controlled transaction shall not 
be required under this paragraph if the Sec-
retary of the Treasury, the Secretary of Home-
land Security, and the Secretary of Commerce 
determine, on the basis of the review of the 
transaction under paragraph (1), that the 
transaction will not affect the national security 
of the United States and no agreement or con-
dition is required, with respect to the trans-
action, to mitigate any threat to the national 
security (and such authority of each such Sec-
retary may not be delegated to any person other 
than the Deputy Secretary of the Treasury, of 
Homeland Security, or of Commerce, respec-
tively). 
‘‘(3) APPROVAL
OF
CHAIRPERSON
AND
VICE 
CHAIRPERSONS REQUIRED.—
‘‘(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 results of 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 Com-
merce (and such authority of each such Sec-
retary may not be delegated to any person other 
than the Deputy Secretary or an appropriate 
Under Secretary of the Treasury, of Homeland 
Security, or 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 
Chairperson and the Vice Chairpersons of the 
Committee under subparagraph (A)). 
‘‘(C) PRESIDENTIAL ACTION REQUIRED IN 
CERTAIN CASES.—In the case of any covered 
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 
determined, for purposes of section 6(j) of 
the Export Administration Act of 1979 (as 
continued in effect pursuant to the Inter-
national Emergency Economic Powers 
Act), section 40 of the Arms Export Con-
trol Act, section 620A of the Foreign As-
sistance Act of 1961, or other provision of 
law, is a government that has repeatedly