I 
115TH CONGRESS 
1ST SESSION H. R. 4311 
To modernize and strengthen the Committee on Foreign Investment in the 
United States to more effectively guard against the risk to the national 
security of the United States posed by certain types of foreign invest-
ment, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 8, 2017 
Mr. PITTENGER (for himself, Mr. NUNES, Mr. SMITH of New Jersey, Mrs. 
HARTZLER, Mr. YOHO, Mr. ROGERS of Alabama, Ms. DELAURO, Mr. 
GALLAGHER, Mrs. ROBY, Mr. LOEBSACK, Mr. HECK, Mr. WEBER of 
Texas, Mr. SAM JOHNSON of Texas, and Mr. CULBERSON) introduced the 
following bill; which was referred to the Committee on Financial Services, 
and in addition to the Committees on Energy and Commerce, Foreign Af-
fairs, Intelligence (Permanent Select), Armed Services, and the Budget, 
for a period to be subsequently determined by the Speaker, in each case 
for consideration of such provisions as fall within the jurisdiction of the 
committee concerned 
A BILL 
To modernize and strengthen the Committee on Foreign 
Investment in the United States to more effectively 
guard against the risk to the national security of the 
United States posed by certain types of foreign invest-
ment, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Foreign Investment Risk Review Modernization Act of 
2017’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Sense of Congress. 
Sec. 3. Definitions. 
Sec. 4. Inclusion of partnership and side agreements in notice. 
Sec. 5. Declarations relating to certain covered transactions. 
Sec. 6. Stipulations regarding transactions. 
Sec. 7. Authority for unilateral initiation of reviews. 
Sec. 8. Timing for reviews and investigations. 
Sec. 9. Monitoring of non-notified and non-declared transactions. 
Sec. 10. Submission of certifications to Congress. 
Sec. 11. Analysis by Director of National Intelligence. 
Sec. 12. Information sharing. 
Sec. 13. Action by the President. 
Sec. 14. Judicial review procedures. 
Sec. 15. Factors to be considered. 
Sec. 16. Actions by the Committee to address national security risks. 
Sec. 17. Modification of annual report. 
Sec. 18. Certification of notices and information. 
Sec. 19. Funding. 
Sec. 20. Centralization of certain Committee functions. 
Sec. 21. Unified budget request. 
Sec. 22. Special hiring authority. 
Sec. 23. Conforming amendments. 
Sec. 24. Assessment of need for additional resources for Committee. 
Sec. 25. Authorization for Defense Advanced Research Projects Agency to limit 
foreign access to technology through contracts and grant agree-
ments. 
Sec. 26. Effective date. 
Sec. 27. Severability. 
SEC. 2. SENSE OF CONGRESS. 
It is the sense of Congress that— 
(1) foreign investment provides substantial eco-
nomic benefits to the United States, including the 
promotion of economic growth, productivity, com-
petitiveness, and job creation, and the majority of 
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foreign investment transactions pose little or no risk 
to the national security of the United States, espe-
cially when those investments are truly passive in 
nature; 
(2) maintaining the commitment of the United 
States to open and fair investment policy also en-
courages other countries to reciprocate and helps 
open new foreign markets for United States busi-
nesses and their products; 
(3) it should continue to be the policy of the 
United States to enthusiastically welcome and sup-
port foreign investment, consistent with the protec-
tion of national security; 
(4) at the same time, the national security land-
scape has shifted in recent years, and so have the 
nature of the investments that pose the greatest po-
tential risk to national security, which warrants a 
modernization of the processes and authorities of the 
Committee on Foreign Investment in the United 
States; 
(5) the Committee on Foreign Investment in 
the United States plays a critical role in protecting 
the national security of the United States, and, 
therefore, it is essential that the member agencies of 
the Committee are adequately resourced and able to 
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hire appropriately qualified individuals in a timely 
manner, and that those individuals’ security clear-
ances are processed as a high priority; 
(6) the President should conduct a more robust 
international outreach effort to urge and help allies 
and partners of the United States to establish proc-
esses that parallel the Committee on Foreign Invest-
ment in the United States to screen foreign invest-
ments for national security risks and to facilitate co-
ordination; and 
(7) the President should lead a collaborative ef-
fort with allies and partners of the United States to 
develop a new, stronger multilateral export control 
regime, aimed to address the unprecedented indus-
trial policies of certain countries of special concern, 
including aggressive efforts to acquire United States 
technology, and the blending of civil and military 
programs. 
SEC. 3. DEFINITIONS. 
Section 721(a) of the Defense Production Act of 
1950 (50 U.S.C. 4565(a)) is amended to read as follows: 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) ACCESS.—The term ‘access’ means the 
ability and opportunity to obtain information, sub-
ject to regulations prescribed by the Committee. 
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‘‘(2) COMMITTEE; CHAIRPERSON.—The terms 
‘Committee’ and ‘chairperson’ mean the Committee 
on Foreign Investment in the United States and the 
chairperson thereof, respectively. 
‘‘(3) CONTROL.—The term ‘control’ means the 
power to determine, direct, or decide important mat-
ters affecting an entity, subject to regulations pre-
scribed by the Committee. 
‘‘(4) COUNTRY OF SPECIAL CONCERN.— 
‘‘(A) IN GENERAL.—The term ‘country of 
special concern’ means a country that poses a 
significant threat to the national security inter-
ests of the United States. 
‘‘(B) 
RULE
OF
CONSTRUCTION.—This 
paragraph shall not be construed to require the 
Committee to maintain a list of countries of 
special concern. 
‘‘(5) COVERED TRANSACTION.— 
‘‘(A) IN GENERAL.—Except as otherwise 
provided, the term ‘covered transaction’ means 
any transaction described in subparagraph (B) 
that is proposed, pending, or completed on or 
after the date of the enactment of the Foreign 
Investment Risk Review Modernization Act of 
2017. 
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‘‘(B) 
TRANSACTIONS
DESCRIBED.—A 
transaction described in this subparagraph is 
any of the following: 
‘‘(i) Any merger, acquisition, or take-
over that is proposed or pending after Au-
gust 23, 1988, by or with any foreign per-
son that could result in foreign control of 
any United States business. 
‘‘(ii) The purchase or lease by a for-
eign person of private or public real estate 
that— 
‘‘(I) is located in the United 
States and is in close proximity to a 
United States military installation or 
to another facility or property of the 
United States Government that is 
sensitive for reasons relating to na-
tional security; and 
‘‘(II) meets such other criteria as 
the Committee prescribes by regula-
tion. 
‘‘(iii) Any other investment (other 
than passive investment) by a foreign per-
son in any United States critical tech-
nology company or United States critical 
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infrastructure company, subject to regula-
tions prescribed under subparagraph (C). 
‘‘(iv) Any change in the rights that a 
foreign person has with respect to a United 
States business in which the foreign person 
has an investment, if that change could re-
sult in— 
‘‘(I) foreign control of the United 
States business; or 
‘‘(II) an investment described in 
clause (iii). 
‘‘(v) The contribution (other than 
through an ordinary customer relationship) 
by a United States critical technology com-
pany of both intellectual property and as-
sociated support to a foreign person 
through any type of arrangement, such as 
a joint venture, subject to regulations pre-
scribed under subparagraph (C). 
‘‘(vi) Any other transaction, transfer, 
agreement, or arrangement the structure 
of which is designed or intended to evade 
or circumvent the application of this sec-
tion, subject to regulations prescribed by 
the Committee. 
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‘‘(C) FURTHER
DEFINITION
THROUGH 
REGULATIONS.— 
‘‘(i) 
CERTAIN
INVESTMENTS
AND 
CONTRIBUTIONS.—The 
Committee 
shall 
prescribe regulations further defining cov-
ered transactions described in clauses (iii) 
and (v) of subparagraph (B) by reference 
to the technology, sector, subsector, trans-
action type, or other characteristics of such 
transactions. 
‘‘(ii) EXEMPTION FOR TRANSACTIONS 
FROM IDENTIFIED COUNTRIES.—The Com-
mittee may, by regulation, define cir-
cumstances in which a transaction other-
wise described in clause (ii), (iii), or (v) of 
subparagraph (B) is excluded from the def-
inition of ‘covered transaction’ if each for-
eign person that is a party to the trans-
action is organized under the laws of, or 
otherwise subject to the jurisdiction of, a 
country identified by the Committee for 
purposes of this clause based on criteria 
such as— 
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‘‘(I) whether the United States 
has in effect with that country a mu-
tual defense treaty; 
‘‘(II) whether the United States 
has in effect with that country a mu-
tual arrangement to safeguard na-
tional security as it pertains to foreign 
investment; 
‘‘(III) the national security re-
view process for foreign investment of 
that country; and 
‘‘(IV) any other criteria that the 
Committee determines to be appro-
priate. 
‘‘(iii) EXEMPTION OF CERTAIN CON-
TRIBUTIONS.—The Committee may, by 
regulation, define circumstances in which 
contributions otherwise described in sub-
paragraph (B)(v) are excluded from the 
term ‘covered transaction’ on the basis of 
a determination that other provisions of 
law are adequate to identify and address 
any potential national security risks posed 
by such contributions. 
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‘‘(iv) TRANSFERS OF CERTAIN ASSETS 
PURSUANT TO BANKRUPTCY PROCEEDINGS 
OR
OTHER
DEFAULTS.—The Committee 
shall prescribe regulations to clarify that 
the term ‘covered transaction’ includes any 
transaction described in subparagraph (B) 
that arises pursuant to a bankruptcy pro-
ceeding or other form of default on debt. 
‘‘(D) PASSIVE INVESTMENT DEFINED.— 
‘‘(i) IN
GENERAL.—For purposes of 
subparagraph (B)(iii), the term ‘passive in-
vestment’ means an investment by a for-
eign person in a United States business— 
‘‘(I) that is not described in sub-
paragraph (B)(i); 
‘‘(II) that does not afford the 
foreign person— 
‘‘(aa) access to any non-
public technical information in 
the possession of the United 
States business; 
‘‘(bb) access to any nontech-
nical information in the posses-
sion of the United States busi-
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ness that is not available to all 
investors; 
‘‘(cc) membership or ob-
server rights on the board of di-
rectors or equivalent governing 
body of the United States busi-
ness or the right to nominate an 
individual to such a position; or 
‘‘(dd) any involvement, other 
than through voting of shares, in 
substantive decisionmaking per-
taining to any matter involving 
the United States business; 
‘‘(III) under which the foreign 
person and the United States business 
do not have a parallel strategic part-
nership or other material financial re-
lationship, as described in regulations 
prescribed by the Committee; and 
‘‘(IV) that meets such other cri-
teria as the Committee may prescribe 
by regulation. 
‘‘(ii) NONPUBLIC TECHNICAL INFOR-
MATION DEFINED.—For purposes of clause 
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(i)(II)(aa), the term ‘nonpublic technical 
information’— 
‘‘(I) has the meaning given that 
term in regulations prescribed by the 
Committee; and 
‘‘(II) includes information (either 
by itself or in conjunction with other 
information to which a foreign person 
may have access)— 
‘‘(aa) without which critical 
technologies cannot be designed, 
developed, tested, produced, or 
manufactured; and 
‘‘(bb) in a quantity suffi-
cient to permit the design, devel-
opment, testing, production, or 
manufacturing 
of 
such 
tech-
nologies. 
‘‘(iii) NONTECHNICAL
INFORMATION 
DEFINED.—For 
purposes 
of 
clause 
(i)(II)(bb), the term ‘nontechnical informa-
tion’ has the meaning given that term in 
regulations prescribed by the Committee. 
‘‘(iv) EFFECT OF LEVEL OF OWNER-
SHIP
INTEREST.—A 
determination 
of 
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whether an investment is a passive invest-
ment under clause (i) shall be made with-
out regard to how low the level of owner-
ship interest a foreign person would hold 
or acquire in a United States business 
would be as a result of the investment. The 
Committee may prescribe regulations speci-
fying that any investment greater than a 
certain level or amount would not be con-
sidered a passive investment. 
‘‘(v) REGULATIONS.—The Committee 
shall prescribe regulations providing guid-
ance on the types of transactions that the 
Committee considers to be passive invest-
ment. 
‘‘(E) ASSOCIATED
SUPPORT
DEFINED.— 
For purposes of subparagraph (B)(v), the term 
‘associated support’ has the meaning given that 
term in regulations prescribed by the Com-
mittee. 
‘‘(F) UNITED
STATES
CRITICAL
INFRA-
STRUCTURE COMPANY DEFINED.—For purposes 
of subparagraph (B), the term ‘United States 
critical infrastructure company’ means a United 
States business that is, owns, operates, or pri-
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marily provides services to, an entity or entities 
that operate within a critical infrastructure sec-
tor or subsector, as defined by regulations pre-
scribed by the Committee. 
‘‘(G) UNITED
STATES
CRITICAL
TECH-
NOLOGY COMPANY.—For purposes of subpara-
graph (B), the term ‘United States critical 
technology company’ means a United States 
business that produces, trades in, designs, tests, 
manufactures, services, or develops one or more 
critical technologies, or a subset of such tech-
nologies, as defined by regulations prescribed by 
the Committee. 
‘‘(6) CRITICAL
INFRASTRUCTURE.—The term 
‘critical infrastructure’ means, subject to regulations 
prescribed by the Committee, systems and assets, 
whether physical or virtual, so vital to the United 
States that the incapacity or destruction of such sys-
tems or assets would have a debilitating impact on 
national security. 
‘‘(7) CRITICAL MATERIALS.—The term ‘critical 
materials’ means physical materials essential to na-
tional security, subject to regulations prescribed by 
the Committee. 
‘‘(8) CRITICAL TECHNOLOGIES.— 
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‘‘(A) IN
GENERAL.—The term ‘critical 
technologies’ means technology, components, or 
technology items that are essential or could be 
essential to national security, identified for pur-
poses of this section pursuant to regulations 
prescribed by the Committee. 
‘‘(B) INCLUSION OF CERTAIN ITEMS.—The 
term ‘critical technologies’ includes the fol-
lowing: 
‘‘(i) Defense articles or defense serv-
ices included on the United States Muni-
tions List set forth in the International 
Traffic in Arms Regulations under sub-
chapter M of chapter I of title 22, Code of 
Federal Regulations. 
‘‘(ii) Items included on the Commerce 
Control List set forth in Supplement No. 1 
to part 774 of the Export Administration 
Regulations under subchapter C of chapter 
VII of title 15, Code of Federal Regula-
tions, and controlled— 
‘‘(I) pursuant to multilateral re-
gimes, including for reasons relating 
to national security, chemical and bio-
logical weapons proliferation, nuclear 
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nonproliferation, 
or 
missile 
tech-
nology; or 
‘‘(II) for reasons relating to re-
gional stability or surreptitious listen-
ing. 
‘‘(iii) Specially designed and prepared 
nuclear equipment, parts and components, 
materials, software, and technology covered 
by part 810 of title 10, Code of Federal 
Regulations (relating to assistance to for-
eign atomic energy activities). 
‘‘(iv) Nuclear facilities, equipment, 
and material covered by part 110 of title 
10, Code of Federal Regulations (relating 
to export and import of nuclear equipment 
and material). 
‘‘(v) Select agents and toxins covered 
by part 331 of title 7, Code of Federal 
Regulations, part 121 of title 9 of such 
Code, or part 73 of title 42 of such Code. 
‘‘(vi) Other emerging technologies 
that could be essential for maintaining or 
increasing the technological advantage of 
the United States over countries of special 
concern with respect to national defense, 
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intelligence, or other areas of national se-
curity, or gaining such an advantage over 
such countries in areas where such an ad-
vantage may not currently exist. 
‘‘(9) 
FOREIGN
GOVERNMENT-CONTROLLED 
TRANSACTION.—The term ‘foreign government-con-
trolled transaction’ means any covered transaction 
that could result in the control of any United States 
business by a foreign government or an entity con-
trolled by or acting on behalf of a foreign govern-
ment. 
‘‘(10) INTELLECTUAL
PROPERTY.—The term 
‘intellectual property’ has the meaning given that 
term in regulations prescribed by the Committee. 
‘‘(11) INTELLIGENCE COMMUNITY.—The term 
‘intelligence community’ has the meaning given that 
term in section 3(4) of the National Security Act of 
1947 (50 U.S.C. 3003(4)). 
‘‘(12) INVESTMENT.—The term ‘investment’ 
means the acquisition of equity interest, including 
contingent equity interest, as further defined in reg-
ulations prescribed by the Committee. 
‘‘(13) LEAD AGENCY.—The term ‘lead agency’ 
means the agency or agencies designated as the lead 
agency or agencies pursuant to subsection (k)(5). 
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‘‘(14) MALICIOUS
CYBER-ENABLED
ACTIVI-
TIES.—The term ‘malicious cyber-enabled activities’ 
means any acts— 
‘‘(A) primarily accomplished through or fa-
cilitated by computers or other electronic de-
vices; 
‘‘(B) that are reasonably likely to result in, 
or materially contribute to, a significant threat 
to the national security of the United States; 
and 
‘‘(C) that have the purpose or effect of— 
‘‘(i) significantly compromising the 
provision of services by one or more enti-
ties in a critical infrastructure sector; 
‘‘(ii) harming, or otherwise signifi-
cantly compromising the provision of serv-
ices by, a computer or network of com-
puters that support one or more such enti-
ties; 
‘‘(iii) causing a significant disruption 
to the availability of a computer or net-
work of computers; or 
‘‘(iv) causing a significant misappro-
priation of funds or economic resources, 
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trade secrets, personally identifiable infor-
mation, or financial information. 
‘‘(15) NATIONAL
SECURITY.—The term ‘na-
tional security’ shall be construed so as to include 
those issues relating to ‘homeland security’, includ-
ing its application to critical infrastructure. 
‘‘(16) PARTY.—The term ‘party’ has the mean-
ing given that term in regulations prescribed by the 
Committee. 
‘‘(17) UNITED
STATES.—The term ‘United 
States’ means the several States, the District of Co-
lumbia, and any territory or possession of the 
United States. 
‘‘(18) UNITED
STATES
BUSINESS.—The term 
‘United States business’ means a person engaged in 
interstate commerce in the United States.’’. 
SEC. 4. INCLUSION OF PARTNERSHIP AND SIDE AGREE-
MENTS IN NOTICE. 
Section 721(b)(1)(C) of the Defense Production Act 
of 1950 (50 U.S.C. 4565(b)(1)(C)) is amended by adding 
at the end the following: 
‘‘(iv) INCLUSION
OF
PARTNERSHIP 
AND SIDE AGREEMENTS.—A written notice 
submitted under clause (i) by a party to a 
covered transaction shall include a copy of 
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any partnership agreements, integration 
agreements, or other side agreements relat-
ing to the transaction, including any such 
agreements relating to the transfer of in-
tellectual property, as specified in regula-
tions prescribed by the Committee.’’. 
SEC. 5. DECLARATIONS RELATING TO CERTAIN COVERED 
TRANSACTIONS. 
Section 721(b)(1)(C) of the Defense Production Act 
of 1950 (50 U.S.C. 4565(b)(1)(C)), as amended by section 
4, is further amended by adding at the end the following: 
‘‘(v) DECLARATIONS
RELATING
TO 
CERTAIN COVERED TRANSACTIONS.— 
‘‘(I) 
VOLUNTARY
DECLARA-
TIONS.—Except as provided in this 
clause, a party to any covered trans-
action may submit to the Committee a 
declaration with basic information re-
garding the transaction instead of a 
written notice under clause (i). 
‘‘(II) 
MANDATORY
DECLARA-
TIONS.— 
‘‘(aa) 
CERTAIN
COVERED 
TRANSACTIONS
WITH
FOREIGN 
GOVERNMENT
INTERESTS.—The 
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parties to a covered transaction 
shall submit a declaration de-
scribed in subclause (I) with re-
spect to the transaction if the 
transaction involves the acquisi-
tion of a voting interest of at 
least 25 percent in a United 
States business by a foreign per-
son in which a foreign govern-
ment owns, directly or indirectly, 
at least a 25-percent voting inter-
est. 
‘‘(bb) 
OTHER
DECLARA-
TIONS
REQUIRED
BY
COM-
MITTEE.—The Committee shall 
require the submission of a dec-
laration described in subclause 
(I) with respect to any covered 
transaction identified under regu-
lations prescribed by the Com-
mittee for purposes of this item, 
at the discretion of the Com-
mittee and based on appropriate 
factors, such as— 
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‘‘(AA) the technology, 
industry, economic sector, or 
economic subsector in which 
the United States business 
that is a party to the trans-
action trades or of which it 
is a part; 
‘‘(BB) the difficulty of 
remedying the harm to na-
tional security that may re-
sult from completion of the 
transaction; and 
‘‘(CC) the difficulty of 
obtaining information on the 
type of covered transaction 
through other means. 
‘‘(cc) SUBMISSION OF WRIT-
TEN
NOTICE
AS
AN
ALTER-
NATIVE.—Parties to a covered 
transaction for which a declara-
tion is required under this sub-
clause may instead elect to sub-
mit a written notice under clause 
(i). 
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‘‘(dd) TIMING
OF
SUBMIS-
SION.— 
‘‘(AA) IN GENERAL.—A 
declaration required to be 
submitted with respect to a 
covered transaction by item 
(aa) or (bb) shall be sub-
mitted not later than 45 
days before the completion 
of the transaction. 
‘‘(BB) WRITTEN
NO-
TICE.—If, pursuant to item 
(cc), the parties to a covered 
transaction elect to submit a 
written notice under clause 
(i) instead of a declaration 
under this subclause, the 
written notice shall be filed 
not later than 90 days be-
fore the completion of the 
transaction. 
‘‘(III) PENALTIES.—The Com-
mittee may impose a penalty pursuant 
to subsection (h)(3) with respect to a 
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party that fails to comply with this 
clause. 
‘‘(IV) COMMITTEE RESPONSE TO 
DECLARATION.— 
‘‘(aa) IN
GENERAL.—Upon 
receiving a declaration under this 
clause with respect to a trans-
action, the Committee may, at its 
discretion— 
‘‘(AA) request that the 
parties to the transaction 
file a written notice under 
clause (i); 
‘‘(BB) inform the par-
ties to the transaction that 
the Committee is not able to 
complete action under this 
section with respect to the 
transaction on the basis of 
the declaration and that the 
parties may file a written 
notice under clause (i) to 
seek 
written 
notification 
from the Committee that the 
Committee has completed all 
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action under this section 
with respect to the trans-
action; 
‘‘(CC) initiate a unilat-
eral review of the trans-
action under subparagraph 
(D); or 
‘‘(DD) notify the par-
ties in writing that the Com-
mittee has completed all ac-
tion under this section with 
respect to the transaction. 
‘‘(bb) TIMING.—The Com-
mittee shall endeavor to take ac-
tion under item (aa) within 30 
days of receiving a declaration 
under this clause. 
‘‘(cc) RULE OF CONSTRUC-
TION.—Nothing in this subclause 
(other than item (aa)(CC)) shall 
be construed to affect the author-
ity of the President or the Com-
mittee to take any action author-
ized by this section with respect 
to a covered transaction. 
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‘‘(V) REGULATIONS.—The Com-
mittee shall prescribe regulations es-
tablishing requirements for declara-
tions submitted under this clause. In 
prescribing such regulations, the Com-
mittee shall ensure that such declara-
tions are submitted as abbreviated no-
tifications that would not generally ex-
ceed 5 pages in length.’’. 
SEC. 6. STIPULATIONS REGARDING TRANSACTIONS. 
Section 721(b)(1)(C) of the Defense Production Act 
of 1950 (50 U.S.C. 4565(b)(1)(C)), as amended by section 
5, is further amended by adding at the end the following: 
‘‘(vi) 
STIPULATIONS
REGARDING 
TRANSACTIONS.— 
‘‘(I) IN GENERAL.—In a written 
notice submitted under clause (i) or a 
declaration submitted under clause (v) 
with respect to a transaction, a party 
to the transaction may— 
‘‘(aa) 
stipulate 
that 
the 
transaction is a covered trans-
action; and 
‘‘(bb) if the party stipulates 
that the transaction is a covered 
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transaction under item (aa), stip-
ulate that the transaction is a 
foreign 
government-controlled 
transaction. 
‘‘(II) BASIS FOR STIPULATION.— 
A written notice submitted under 
clause (i) or a declaration submitted 
under clause (v) that includes a stipu-
lation under subclause (I) shall in-
clude a description of the basis for the 
stipulation.’’. 
SEC. 7. AUTHORITY FOR UNILATERAL INITIATION OF RE-
VIEWS. 
Section 721(b)(1) of the Defense Production Act of 
1950 (50 U.S.C. 4565(b)(1)) is amended— 
(1) by redesignating subparagraphs (E) and 
(F) as subparagraphs (F) and (G), respectively; 
(2) in subparagraph (D)— 
(A) in clause (i), by inserting ‘‘(other than 
a covered transaction described in subpara-
graph (E))’’ after ‘‘any covered transaction’’; 
(B) by striking clause (ii) and inserting the 
following: 
‘‘(ii) any covered transaction described 
in subparagraph (E), if any party to the 
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transaction submitted false or misleading 
material information to the Committee in 
connection with the Committee’s consider-
ation of the transaction or omitted mate-
rial information, including material docu-
ments, from information submitted to the 
Committee; or’’; and 
(C) in clause (iii)— 
(i) in the matter preceding subclause 
(I), by striking ‘‘any covered transaction 
that has previously been reviewed or inves-
tigated under this section,’’ and inserting 
‘‘any covered transaction described in sub-
paragraph (E),’’; 
(ii) in subclause (I), by striking ‘‘in-
tentionally’’; 
(iii) in subclause (II), by striking ‘‘an 
intentional’’ and inserting ‘‘a’’; and 
(iv) in subclause (III), by inserting 
‘‘adequate and appropriate’’ before ‘‘rem-
edies or enforcement tools’’; and 
(3) by inserting after subparagraph (D) the fol-
lowing: 
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‘‘(E) 
COVERED
TRANSACTIONS
DE-
SCRIBED.—A covered transaction is described 
in this subparagraph if— 
‘‘(i) the Committee has informed the 
parties to the transaction in writing that 
the Committee has completed all action 
under this section with respect to the 
transaction; or 
‘‘(ii) the President has announced a 
decision not to exercise the President’s au-
thority under subsection (d) with respect 
to the transaction.’’. 
SEC. 8. TIMING FOR REVIEWS AND INVESTIGATIONS. 
Section 721(b) of the Defense Production Act of 
1950 (50 U.S.C. 4565(b)), as amended by section 7, is 
further amended— 
(1) in paragraph (1)(F), by striking ‘‘30’’ and 
inserting ‘‘45’’; 
(2) in paragraph (2), by striking subparagraph 
(C) and inserting the following: 
‘‘(C) TIMING.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), any investigation under 
subparagraph (A) shall be completed be-
fore the end of the 45-day period begin-
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ning on the date on which the investigation 
commenced. 
‘‘(ii) 
EXTENSION
FOR
EXTRAOR-
DINARY CIRCUMSTANCES.— 
‘‘(I) IN
GENERAL.—In extraor-
dinary circumstances (as defined by 
the Committee in regulations), the 
chairperson may, at the request of the 
head of the lead agency, extend an in-
vestigation under subparagraph (A) 
for one 30-day period. 
‘‘(II) 
NONDELEGATION.—The 
authority of the chairperson and the 
head of the lead agency referred to in 
subclause (I) may not be delegated to 
any person other than the Deputy 
Secretary of the Treasury or the dep-
uty head (or equivalent thereof) of the 
lead agency, as the case may be. 
‘‘(III) NOTIFICATION
TO
PAR-
TIES.—If the Committee extends the 
deadline under subclause (I) with re-
spect to a covered transaction, the 
Committee shall notify the parties to 
the transaction of the extension.’’; and 
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lotter on DSKBCFDHB2PROD with BILLS
(3) by adding at the end the following: 
‘‘(8) TOLLING OF DEADLINES DURING LAPSE IN 
APPROPRIATIONS.—Any deadline or time limitation 
under this subsection shall be tolled during a lapse 
in appropriations.’’. 
SEC. 9. MONITORING OF NON-NOTIFIED AND NON-DE-
CLARED TRANSACTIONS. 
Section 721(b)(1) of the Defense Production Act of 
1950 (50 U.S.C. 4565(b)(1)), as amended by section 7, 
is further amended by adding at the end the following: 
‘‘(H) MONITORING OF NON-NOTIFIED AND 
NON-DECLARED
TRANSACTIONS.—The 
Com-
mittee shall establish a mechanism to identify 
covered transactions for which— 
‘‘(i) a notice under clause (i) of sub-
paragraph (C) or a declaration under 
clause (v) of that subparagraph is not sub-
mitted to the Committee; and 
‘‘(ii) information is reasonably avail-
able.’’. 
SEC. 10. SUBMISSION OF CERTIFICATIONS TO CONGRESS. 
Section 721(b)(3)(C) of the Defense Production Act 
of 1950 (50 U.S.C. 4565(b)(3)(C)) is amended— 
(1) in clause (iii)— 
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lotter on DSKBCFDHB2PROD with BILLS
(A) in subclause (II), by inserting ‘‘and the 
Select Committee on Intelligence’’ after ‘‘Urban 
Affairs’’; and 
(B) in subclause (IV), by inserting ‘‘and 
the Permanent Select Committee on Intel-
ligence’’ after ‘‘Financial Services’’; 
(2) in clause (iv), by striking subclause (II) and 
inserting the following: 
‘‘(II) DELEGATION OF CERTIFI-
CATIONS.— 
‘‘(aa) IN
GENERAL.—Sub-
ject to item (bb), the chairperson, 
in consultation with the Com-
mittee, may determine the level 
of official to whom the signature 
requirement under subclause (I) 
for the chairperson and the head 
of the lead agency may be dele-
gated. The level of official to 
whom the signature requirement 
may be delegated may differ 
based on any factor relating to a 
transaction that the chairperson, 
in consultation with the Com-
mittee, deems appropriate, in-
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lotter on DSKBCFDHB2PROD with BILLS
cluding the type or value of the 
transaction. 
‘‘(bb) 
LIMITATIONS.—The 
signature requirement under sub-
clause (I) may be delegated— 
‘‘(AA) in the case of a 
covered transaction assessed 
by the Director of National 
Intelligence under paragraph 
(4) as more likely than not 
to threaten the national se-
curity of the United States, 
not below the level of the 
Assistant Secretary of the 
Treasury or an equivalent 
official of another agency or 
department represented on 
the Committee; and 
‘‘(BB) in the case of 
any other covered trans-
action, not below the level of 
a Deputy Assistant Sec-
retary of the Treasury or an 
equivalent official of another 
agency or department rep-
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resented 
on 
the 
Com-
mittee.’’; and 
(3) by adding at the following: 
‘‘(v) AUTHORITY
TO
CONSOLIDATE 
DOCUMENTS.—Instead of transmitting a 
separate certified notice or certified report 
under subparagraph (A) or (B) with re-
spect to each covered transaction, the 
Committee may, on a monthly basis, trans-
mit such notices and reports in a consoli-
dated document to the Members of Con-
gress specified in clause (iii).’’. 
SEC. 11. ANALYSIS BY DIRECTOR OF NATIONAL INTEL-
LIGENCE. 
Section 721(b)(4) of the Defense Production Act of 
1950 (50 U.S.C. 4565(b)(4)) is amended— 
(1) by striking subparagraph (A) and inserting 
the following: 
‘‘(A) ANALYSIS REQUIRED.— 
‘‘(i) IN
GENERAL.—The Director of 
National Intelligence shall expeditiously 
carry out a thorough analysis of any threat 
to the national security of the United 
States posed by any covered transaction, 
which shall include the identification of 
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any recognized gaps in the collection of in-
telligence relevant to the analysis. 
‘‘(ii) VIEWS OF INTELLIGENCE AGEN-
CIES.—The Director shall seek and incor-
porate into the analysis required by clause 
(i) the views of all affected or appropriate 
intelligence agencies with respect to the 
transaction. 
‘‘(iii) UPDATES.—At the request of 
the lead agency, the Director shall update 
the analysis conducted under clause (i) 
with respect to a covered transaction with 
respect to which an agreement was entered 
into under subsection (l)(3)(A). 
‘‘(iv) INDEPENDENCE
AND
OBJEC-
TIVITY.—The Committee shall ensure that 
its processes under this section preserve 
the ability of the Director to conduct anal-
ysis under clause (i) that is independent, 
objective, and consistent with all applicable 
directives, policies, and analytic tradecraft 
standards of the intelligence community.’’; 
(2) by redesignating subparagraphs (B), (C), 
and (D) as subparagraphs (C), (D), and (E), respec-
tively; 
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