I 
119TH CONGRESS 
1ST SESSION H. R. 4617 
To monitor United States investments in entities that are controlled by 
foreign adversaries, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 22, 2025 
Ms. STEFANIK introduced the following bill; which was referred to the Com-
mittee on Financial Services, and in addition to the Committee on For-
eign Affairs, for a period to be subsequently determined by the Speaker, 
in each case for consideration of such provisions as fall within the juris-
diction of the committee concerned 
A BILL 
To monitor United States investments in entities that are 
controlled by foreign adversaries, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘American Investment 
Accountability Act’’. 
SEC. 2. REPORTING REQUIREMENTS. 
(a) DEFINITIONS.—In this section: 
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(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ means— 
(A) the Committee on Armed Services of 
the Senate; 
(B) the Committee on Banking, Housing, 
and Urban Affairs of the Senate; 
(C) the Committee on Finance of the Sen-
ate; 
(D) the Committee on Foreign Relations of 
the Senate; 
(E) the Select Committee on Intelligence 
of the Senate; 
(F) the Committee on Armed Services of 
the House of Representatives; 
(G) the Committee on Financial Services 
of the House of Representatives; 
(H) the Committee on Foreign Affairs of 
the House of Representatives; 
(I) the Permanent Select Committee on In-
telligence of the House of Representatives; and 
(J) the Committee on Ways and Means of 
the House of Representatives. 
(2) COUNTRY OF CONCERN.—The term ‘‘coun-
try of concern’’— 
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(A) means a country the government of 
which is a foreign adversary, as defined in sec-
tion 8(c)(2) of the Secure and Trusted Commu-
nications Networks Act of 2019 (47 U.S.C. 
1607(c)(2)); and 
(B) includes— 
(i) the People’s Republic of China (in-
cluding the Special Administrative Regions 
of the People’s Republic of China, includ-
ing Hong Kong and Macau); 
(ii) the Russian Federation; 
(iii) Iran; 
(iv) North Korea; 
(v) Cuba; and 
(vi) Venezuela. 
(3) COVERED UNITED STATES BUSINESS.—The 
term ‘‘covered United States business’’ means any 
entity that— 
(A) is— 
(i) a corporation, partnership, or 
other association organized under the laws 
of the United States or of any State, the 
District of Columbia, or any common-
wealth, territory, or possession of the 
United States; or 
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(ii) a foreign corporation, partnership, 
or other association, not less than 25 per-
cent of the ownership interest in which is 
held by United States citizens or entities 
described in clause (i); and 
(B) is not a small business concern (as de-
fined in section 3 of the Small Business Act (15 
U.S.C. 632)). 
(4) COVERED ENTITY.—The term ‘‘covered en-
tity’’ means any entity— 
(A) that— 
(i) has its headquarters or principal 
place of business in a country of concern; 
(ii) is organized under the laws of, or 
otherwise subject to the jurisdiction of, a 
country of concern; 
(iii) is owned by the government of a 
country of concern; 
(iv) is under the direct or indirect 
control of such a government; 
(v) is subject to the influence of such 
a government; or 
(vi) is subject to intimidation by a 
public official of such a government; 
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(B) not less than 25 percent of the owner-
ship interest in which is held, in the aggregate, 
directly or indirectly, by not less than 1 enti-
ty— 
(i) included on a sanctions list; or 
(ii) owned or controlled by the govern-
ment of a country of concern; 
(C) that has a subsidiary or parent organi-
zation that— 
(i) has its headquarters or principal 
place of business in a country of concern; 
or 
(ii) is organized under the laws of, or 
otherwise subject to the jurisdiction of, a 
country of concern; or 
(D) that the Secretary of the Treasury 
considers to have an interest in property or in-
terests in property of an entity in which not 
less than 25 percent of the ownership interest 
is held, in the aggregate, directly or indirectly, 
by not less than 1 entity included on a sanc-
tions list. 
(5) DIRECT
INVESTMENT.—The term ‘‘direct 
investment’’ has the meaning given that term in sec-
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tion 3 of the International Investment and Trade in 
Services Survey Act (22 U.S.C. 3102). 
(6) OFFSHORE FINANCIAL CENTER.—The term 
‘‘offshore financial center’’ means any country, spe-
cial administrative region, territory, or jurisdiction 
outside the United States that acts as an inter-
mediary for investments originating in the United 
States and destined for countries of concern, 
through which, on an annual basis— 
(A) more than $100,000,000 in direct in-
vestments in countries of concern or covered en-
tities are made; or 
(B) more than $500,000,000 in portfolio 
investments in countries of concern or covered 
entities are made. 
(7) PORTFOLIO INVESTMENT.—The term ‘‘port-
folio investment’’ has the meaning given that term 
in section 3 of the International Investment and 
Trade in Services Survey Act (22 U.S.C. 3102). 
(8) SANCTIONS
LIST.—The term ‘‘sanctions 
list’’ means— 
(A) the Entity List maintained by the Bu-
reau of Industry and Security of the Depart-
ment of Commerce and set forth in Supplement 
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No. 4 to part 744 of title 15, Code of Federal 
Regulations; 
(B) the list of specially designated nation-
als and blocked persons maintained by the Of-
fice of Foreign Assets Control of the Depart-
ment of the Treasury (commonly known as the 
‘‘SDN list’’); 
(C) the list of foreign financial institutions 
subject to correspondent account or payable- 
through account sanctions maintained by the 
Office of Foreign Assets Control (commonly 
known as the ‘‘CAPTA List’’); 
(D) the list of persons operating in sectors 
of the Russian economy identified by the Sec-
retary of the Treasury pursuant to Executive 
Order 13662 (commonly known as the ‘‘Sec-
toral Sanctions Identifications List’’); or 
(E) the Non-SDN Chinese Military Indus-
trial Complex List maintained by the Office of 
Foreign Assets Control. 
(9) 
UNITED
STATES.—The 
term 
‘‘United 
States’’ means the 50 States, the District of Colum-
bia, the Commonwealth of Puerto Rico, Guam, the 
Virgin Islands, American Samoa, Wake Island, Mid-
way Islands, Kingman Reef, Johnston Atoll, the 
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Northern Mariana Islands, and any other territory 
or possession of the United States. 
(10) UNITED
STATES
PERSON.—The term 
‘‘United States person’’ has the meaning given that 
term in section 3 of the International Investment 
and Trade in Services Survey Act (22 U.S.C. 3102). 
(b) REPORT BY SECRETARY OF COMMERCE.—Not 
later than 1 year after the date of the enactment of this 
Act, and every 90 days thereafter, the Secretary of Com-
merce shall submit to the appropriate congressional com-
mittees a report that identifies, for the period specified 
in subsection (e)— 
(1) the value of direct investments by United 
States persons in countries of concern, which shall— 
(A) be disaggregated by sector and by the 
State in which the investment originated; and 
(B) account for investment occurring 
through offshore financial centers; 
(2) the value of direct investments by United 
States persons in covered entities, which shall— 
(A) be disaggregated by sector; and 
(B) account for investment occurring 
through offshore financial centers; and 
(3) the number of direct investments by United 
States persons in countries of concern in excess of— 
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(A) $5,000,000 in a single transaction; or 
(B) $10,000,000 in the aggregate. 
(c) REPORT BY SECRETARY OF THE TREASURY.— 
Not later than 1 year after the date of the enactment of 
this Act, and every 90 days thereafter, the Secretary of 
the Treasury shall submit to the appropriate congressional 
committees a report that identifies, for the period specified 
in subsection (e)— 
(1) the value of portfolio investments by United 
States persons in countries of concern, which shall— 
(A) be disaggregated by sector and by the 
State in which the investment originated; and 
(B) account for investment occurring 
through offshore financial centers; 
(2) the value of portfolio investments by United 
States persons in covered entities, which shall— 
(A) be disaggregated by sector; and 
(B) account for investment occurring 
through offshore financial centers; 
(3) the number of portfolio investments by 
United States persons in countries of concern in ex-
cess of— 
(A) $10,000,000 in a single transaction; or 
(B) $25,000,000 in the aggregate; and 
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(4) the value of portfolio investments by United 
States persons in initial offerings for sale to the 
public of common equity securities of covered enti-
ties and secondary market trading in such securities. 
(d) REPORT BY SECURITIES AND EXCHANGE COM-
MISSION.—Not later than 1 year after the date of the en-
actment of this Act, and every 90 days thereafter, the Se-
curities and Exchange Commission shall submit to the ap-
propriate congressional committees a report that, for the 
period specified in subsection (e), identifies the following: 
(1) Each instance in which a covered United 
States business spun off a separate entity that sub-
sequently operated in a country of concern. 
(2) Each joint venture entered into between a 
covered United States business and a covered entity. 
(3) Each instance in which a covered United 
States business merged with, acquired, or was ac-
quired by a covered entity. 
(4) Each instance in which the value of ex-
panded operations of a covered United States busi-
ness in a country of concern exceeds— 
(A) $5,000,000 in a single transaction; or 
(B) $10,000,000 in the aggregate. 
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(5) Each instance in which a covered United 
States business made a direct investment in a coun-
try of concern. 
(e) PERIOD SPECIFIED.—The period specified in this 
subsection is— 
(1) in the case of the first report required by 
subsection (b), (c), or (d), the 1-year period pre-
ceding submission of the report; and 
(2) in the case of any subsequent report re-
quired by any such subsection, the 90-day period 
preceding submission of the report. 
Æ 
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