‘‘(iii) any covered transaction 
that 
has 
previously 
been 
re-
viewed or investigated under this 
section, if any party to the trans-
action or the entity resulting 
from consummation of the trans-
action 
intentionally 
materially 
breaches a mitigation agreement 
or condition described in sub-
section (l)(1)(A), and— 
‘‘(I) such breach is cer-
tified by the lead department 
or agency monitoring and en-
forcing such agreement or 
condition as an intentional 
material breach; and 
‘‘(II) such department or 
agency certifies that there is 
no other remedy or enforce-
ment tool available to address 
such breach. 
‘‘(E) TIMING.—Any review under 
this paragraph shall be completed be-
fore the end of the 30-day period be-
ginning on the date of the receipt of 
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written notice under subparagraph 
(C) by the Chairperson of the Com-
mittee, or the date of the initiation of 
the review in accordance with a mo-
tion under subparagraph (D). 
‘‘(2) 
NATIONAL
SECURITY
INVESTIGA-
TIONS.— 
‘‘(A) IN GENERAL.—In each case in 
which— 
‘‘(i) a review of a covered 
transaction under paragraph (1) 
results in a determination that— 
‘‘(I) the transaction threat-
ens to impair the national se-
curity of the United States 
and that threat has not been 
mitigated during or prior to 
the review of a covered trans-
action under paragraph (1); or 
‘‘(II) the transaction is a 
foreign 
government-con-
trolled transaction; or 
‘‘(ii) the Director of National 
Intelligence 
identifies 
particu-
larly complex national security or 
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intelligence 
issues 
that 
could 
threaten to impair the national 
security of the United States and 
were not resolved during the ini-
tial review period under para-
graph (1), 
the President, acting through the 
Committee, shall immediately con-
duct an investigation of the effects of 
the transaction on the national secu-
rity of the United States and take any 
necessary actions in connection with 
the transaction to protect the na-
tional security of the United States. 
‘‘(B) TIMING.— 
‘‘(i) IN
GENERAL.—Any inves-
tigation under subparagraph (A) 
shall be completed before the end 
of the 45-day period beginning on 
the date of the investigation com-
menced. 
‘‘(ii) EXTENSIONS OF TIME.—The 
period 
established 
under 
sub-
paragraph (B) for any investiga-
tion of a covered transaction may 
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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 inves-
tigation by the amount of time 
specified by the President or the 
Committee at the time of the ex-
tension, not to exceed 45 days, as 
necessary to collect and fully 
evaluate information relating to— 
‘‘(I) 
the 
covered 
trans-
action or parties to the trans-
action; and 
‘‘(II) 
any 
effect 
of 
the 
transaction that could threat-
en to impair the national se-
curity of the United States. 
‘‘(3) APPROVAL
OF
CHAIRPERSON
RE-
QUIRED.— 
‘‘(A) IN GENERAL.—A review or in-
vestigation under this subsection of a 
covered 
transaction 
shall 
not 
be 
treated as final or complete until the 
findings and the report resulting 
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ccoleman on PROD1PC71 with BILLS
from such review or investigation are 
approved and signed by the Chair-
person of the Committee after ap-
proval by a majority vote of the Com-
mittee. 
‘‘(B) ADDITIONAL ACTIONS REQUIRED 
IN CERTAIN CASES.—In the case of an 
investigation under paragraph (2) of 
any 
foreign 
government-controlled 
transaction, an investigation shall not 
be treated as final or complete until 
the findings and report resulting 
from such investigation— 
‘‘(i) are approved by a major-
ity of the members of the Com-
mittee in a roll call vote; and 
‘‘(ii) in the case of any roll call 
vote pursuant to clause (i) in 
which there is at least 1 vote by a 
Committee member against ap-
proving a foreign government- 
controlled transaction, are signed 
by the President (in addition to 
the Chairperson and the Vice 
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ccoleman on PROD1PC71 with BILLS
Chairperson of the Committee 
under subparagraph (A)). 
‘‘(4) ANALYSIS
BY
DIRECTOR
OF
NA-
TIONAL INTELLIGENCE.— 
‘‘(A) IN GENERAL.—The Director of 
National Intelligence shall expedi-
tiously carry out a thorough analysis 
of any threat to the national security 
of the United States of any covered 
transaction, including an affirmative 
inquiry for information to the Direc-
tor of the Office of Foreign Assets 
Control within the Department of the 
Treasury and the Director of the Fi-
nancial 
Crimes 
Enforcement 
Net-
work. 
‘‘(B) 30-DAY
MINIMUM.—The anal-
ysis required under subparagraph (A) 
shall take no less than 30 days and be 
completed no less than 7 days before 
the end of the initial review period 
under paragraph (1), except in any in-
stance 
described 
in 
paragraph 
(2)(A)(ii). 
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‘‘(C) INDEPENDENT ROLE OF DIREC-
TOR.—The Director of National Intel-
ligence shall not be a member of the 
Committee and shall serve no policy 
role with the Committee other than 
to provide analysis under subpara-
graph (A) in connection with a cov-
ered transaction. 
‘‘(5) RESUBMITTALS OF NOTICE AND RE-
QUESTS FOR ADDITIONAL REVIEW OR INVES-
TIGATION.— 
‘‘(A) IN GENERAL.—No provision of 
this subsection shall be construed as 
prohibiting any party to a covered 
transaction from— 
‘‘(i) submitting additional in-
formation concerning the trans-
action, including any proposed re-
structuring of the transaction or 
any modifications to any agree-
ments in connection with the 
transaction, while any review or 
investigation of the transaction is 
on-going; or 
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‘‘(ii) requesting a review or in-
vestigation 
of 
the 
transaction 
after any previous review or in-
vestigation of the same or a simi-
lar transaction has become final 
if information material to the 
prior review or investigation and 
not previously submitted to the 
Committee becomes known or if 
any 
material 
change 
in 
cir-
cumstances to the covered trans-
action has occurred since the re-
view or investigation. 
‘‘(B) APPROVAL
OF
REQUEST.—In 
the case of a request referred to in 
subparagraph (A)(ii), the Committee 
shall determine by consensus wheth-
er to grant a request. 
‘‘(6) REGULATIONS.—Regulations pre-
scribed under this section shall include 
standard procedures for— 
‘‘(A) submitting any notice of a 
proposed or pending covered trans-
action to the Committee; 
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‘‘(B) submitting a request to with-
draw a proposed or pending covered 
transaction from review; and 
‘‘(C) resubmitting a notice of pro-
posed 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 De-
fense Production 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 designate. 
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‘‘(2) 
MEMBERSHIP.—The 
Committee 
shall be comprised of the following mem-
bers or the designee of any such member: 
‘‘(A) The Secretary of the Treas-
ury. 
‘‘(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 Economic Advisors. 
‘‘(I) The United States Trade Rep-
resentative. 
‘‘(J) The Director of the Office of 
Management and Budget. 
‘‘(K) The Director of the National 
Economic Council. 
‘‘(L) The Director of the Office of 
Science and Technology Policy. 
‘‘(M) The President’s Assistant for 
National Security Affairs. 
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‘‘(3) CHAIRPERSON.—The Secretary of 
Commerce shall be the Chairperson of 
the Committee. 
‘‘(4) OTHER MEMBERS.—Subject to sub-
section (b)(4)(B), the Chairperson of the 
Committee shall involve the heads of 
such other Federal departments, agen-
cies, and independent establishments in 
any review or investigation under sub-
section (b) as the Chairperson 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 to section 
552b of title 5, United States Code (if oth-
erwise applicable). 
‘‘(6) COLLECTION
OF
EVIDENCE.—Sub-
ject to subsection (c), the Committee may, 
for the purpose of carrying out this sec-
tion— 
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‘‘(A) sit and act at such times and 
places, take such testimony, receive 
such evidence, administer such oaths; 
and 
‘‘(B) require the attendance and 
testimony of such witnesses and the 
production of such books, records, 
correspondence, memoranda, papers, 
and documents as the Chairperson of 
the Committee may determine advis-
able. 
‘‘(7) 
AUTHORIZATION
OF
APPROPRIA-
TIONS.—There are authorized to be appro-
priated to the Secretary of the Treasury 
for each of fiscal years 2007, 2008, 2009, 
and 2010, expressly and solely for the op-
erations of the Committee that are con-
ducted by the Secretary, the sum of 
$10,000,000.’’. 
(b) TECHNICAL
AND CONFORMING AMEND-
MENT.—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 inserting ‘‘material, including propri-
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ccoleman on PROD1PC71 with BILLS
etary business information, filed with, or 
testimony presented to,’’; and 
(2) by striking ‘‘or documentary mate-
rial’’ the 2nd place such term appears 
and inserting ‘‘, documentary 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 amend-
ed— 
(1) in the matter preceding paragraph 
(1)— 
(A) by striking ‘‘may’’ and insert-
ing ‘‘shall’’; and 
(B) by striking ‘‘among other fac-
tors’’; 
(2) by striking ‘‘and’’ at the end of 
paragraph (4); 
(3) by striking the period at the end 
of paragraph (5) and inserting a semi-
colon; and 
(4) by adding at the end the following 
new paragraphs: 
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‘‘(6) whether the covered transaction 
has a security-related impact on critical 
infrastructure in the United States; 
‘‘(7) whether the covered transaction 
is a foreign government-controlled trans-
action; and 
‘‘(8) such other factors as the Presi-
dent or the President’s designee may de-
termine to be appropriate, generally or in 
connection with a specific review or in-
vestigation.’’. 
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 sen-
tence: ‘‘The United States shall not be held lia-
ble for any losses or other expenses incurred 
by any party to a covered transaction as a re-
sult 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 completion of any review or 
investigation under subsection (b), or the end 
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of the 15-day period referred to in this sub-
section, 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 in-
serting after subsection (k) (as amended by 
section 3 of this Act) the following new sub-
section: 
‘‘(l) 
MITIGATION, 
TRACKING, 
AND 
POSTCONSUMMATION
MONITORING
AND
EN-
FORCEMENT.— 
‘‘(1) MITIGATION.— 
‘‘(A) IN GENERAL.—The Committee 
may negotiate, enter into or impose, 
and enforce any agreement or condi-
tion with any party to a covered 
transaction in order to mitigate any 
threat to the national security of the 
United States. 
‘‘(B) 
RISK-BASED
ANALYSIS
RE-
QUIRED.—Any agreement entered into 
or condition imposed under subpara-
graph (A) shall be based on a risk- 
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based analysis of the threat to na-
tional security of the covered trans-
action. 
‘‘(2) TRACKING
AUTHORITY
FOR
WITH-
DRAWN NOTICES.— 
‘‘(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 Committee under subsection (b) is 
completed, the Committee shall estab-
lish, as appropriate— 
‘‘(i) interim protections to ad-
dress specific concerns with such 
transaction that have been raised 
in connection with any such re-
view or investigation pending any 
resubmission of any written no-
tice under this section with re-
spect to such transaction and fur-
ther 
action 
by 
the 
President 
under this section; 
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‘‘(ii) specific timeframes for 
resubmitting any such written no-
tice; and 
‘‘(iii) a process for tracking 
any actions 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 an appro-
priate Federal department or agency, 
other than any entity of the intel-
ligence community (as defined in the 
National Security Act of 1947), as the 
lead agency to carry out the require-
ments of subparagraph (A) with re-
spect to any covered transaction that 
is subject to such subparagraph. 
‘‘(3) NEGOTIATION, MODIFICATION, MONI-
TORING, AND ENFORCEMENT.— 
‘‘(A) DESIGNATION OF AGENCY.—The 
Committee shall designate a Federal 
department or agency as the lead 
agency to negotiate, modify, monitor, 
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and enforce any agreement entered 
into or condition imposed under 
paragraph (1) with respect to a cov-
ered 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 
AGENCY.— 
‘‘(i) 
IMPLEMENTATION
RE-
PORTS.—The Federal department 
or agency designated by the Com-
mittee as a lead agency under 
subparagraph (A) in connection 
with any agreement entered into 
or condition imposed under para-
graph (1) with respect to a cov-
ered transaction shall— 
‘‘(I) provide periodic re-
ports to the Chairperson of 
the Committee on the imple-
mentation of such agreement 
or condition; and 
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‘‘(II) require, as appro-
priate, any party to the cov-
ered transaction to report to 
the head of such department 
or agency (or the designee of 
such department or agency 
head) on the implementation 
or any material change in cir-
cumstances. 
‘‘(ii) MODIFICATION
REPORTS.— 
The Federal department or agen-
cy designated by the Committee 
as a lead agency under subpara-
graph (A) in connection with any 
agreement entered into or condi-
tion imposed with respect to a 
covered transaction shall— 
‘‘(I) provide periodic re-
ports to the Chairperson of 
the Committee on any modi-
fication to any such agree-
ment or condition imposed 
with respect to the trans-
action; and 
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‘‘(II) ensure that any sig-
nificant 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.’’. 
SEC. 7. INCREASED OVERSIGHT BY THE CONGRESS. 
(a) REPORT ON ACTIONS.—Section 721(g) of 
the Defense 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
COM-
MITTEE INVESTIGATIONS.— 
‘‘(A) IN GENERAL.—Not later than 5 
days after the completion of a Com-
mittee investigation of a covered 
transaction under subsection (b)(2), 
or, if the President indicates an in-
tent to take any action authorized 
under subsection (d) with respect to 
the transaction, after the end of 15- 
day period referred to in subsection 
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(d), the 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 subsection (d), 
an explanation of the findings under 
subsection (e), and the factors consid-
ered under subsection (f), with re-
spect to such transaction, to— 
‘‘(i) the Majority Leader and 
the Minority Leader of the Sen-
ate; 
‘‘(ii) the Speaker and the Mi-
nority Leader of the House of 
Representatives; and 
‘‘(iii) the chairman and rank-
ing member of each committee of 
the House of Representatives and 
the Senate with jurisdiction over 
any aspect of the covered trans-
action and its possible effects on 
national security, including the 
Committee on International Rela-
tions, the Committee on Financial 
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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 Committee by any 
Senator or Member of Congress who 
receives a report on the transaction 
under subparagraph (A), the Chair-
person (or such other person as the 
Chairperson 
may 
designate) 
shall 
provide 1 classified briefing to each 
House of the Congress from which 
any such briefing request originates 
in a secure facility of appropriate size 
and location that shall be open only 
to the Majority Leader and the Minor-
ity Leader of the Senate, the Speaker 
and the Minority Leader of the House 
of Representatives, (as the case may 
be) the chairman and ranking mem-
ber of each committee of the House of 
Representatives or the Senate (as the 
case may be) with jurisdiction over 
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any aspect of the covered transaction 
and its possible effects on national se-
curity, including the Committee on 
International 
Relations, 
the 
Com-
mittee 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
PROVI-
SION.— 
‘‘(A) IN
GENERAL.—The disclosure 
of information under this subsection 
shall be consistent with the require-
ments 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 ap-
plicable under such subsection. 
‘‘(B) PROPRIETARY
INFORMATION.— 
Proprietary information which can 
be associated with a particular party 
to a covered transaction shall be fur-
nished in accordance with subpara-
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graph (A) only to a committee of the 
Congress and only when the com-
mittee provides assurances of con-
fidentiality, unless such party other-
wise consents in writing to such dis-
closure.’’. 
(b) SEMI-ANNUAL REPORT.—Section 721 of 
the Defense Production Act of 1950 (50 U.S.C. 
App. 2170) is amended by inserting after sub-
section (l) (as added by section 6 of this Act) 
the following new subsection: 
‘‘(m) SEMI-ANNUAL REPORT
TO
THE CON-
GRESS.— 
‘‘(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 Rep-
resentatives and the Senate with jurisdic-
tion over any aspect of the report, includ-
ing the Committee on International Rela-
tions, the Committee on Financial Serv-
ices, and the Committee on Energy and 
Commerce of the House of Representa-
tives, before January 31 and July 31 of 
each year on all the reviews and inves-
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tigations of covered transactions con-
ducted under subsection (b) during the 6- 
month period covered by the report. 
‘‘(2) CONTENTS OF REPORT RELATING TO 
COVERED
TRANSACTIONS.—The 
report 
under paragraph (1) shall contain the fol-
lowing information with respect to each 
covered transaction: 
‘‘(A) A list of all notices filed and 
all reviews or investigations con-
ducted during the period with basic 
information on each party to the 
transaction, the nature of the busi-
ness activities or products of all per-
tinent persons, along with informa-
tion about the status of the review or 
investigation, 
information 
on 
any 
withdrawal from the process, any 
rollcall votes by the Committee under 
this section, any extension of time for 
any investigation, and any presi-
dential decision or action under this 
section. 
‘‘(B) Specific, cumulative, and, as 
appropriate, trend information on the 
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numbers of filings, investigations, 
withdrawals, and presidential deci-
sions or actions under this section. 
‘‘(C) Cumulative and, as appro-
priate, trend information on the busi-
ness sectors involved in the filings 
which have been made, and the coun-
tries from which the investments 
have originated. 
‘‘(D) Information on whether com-
panies that withdrew notices to the 
Committee in accordance with sub-
section (b)(1)(C)(ii) have later re-filed 
such notices, or, alternatively, aban-
doned the transaction. 
‘‘(E) The types of security ar-
rangements and conditions the Com-
mittee has used to mitigate national 
security 
concerns 
about 
a 
trans-
action. 
‘‘(F) A detailed discussion of all 
perceived adverse effects of covered 
transactions on the national security 
or 
critical 
infrastructure 
of 
the 
United States that the Committee will 
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take into account in its deliberations 
during the period before delivery of 
the next such report, to the extent 
possible. 
‘‘(3) CONTENTS OF REPORT RELATING TO 
CRITICAL TECHNOLOGIES.— 
‘‘(A) IN GENERAL.—In order to as-
sist the Congress in its oversight re-
sponsibilities with respect to this sec-
tion, the President and such agencies 
as the President shall designate shall 
include in the semi-annual report 
submitted under paragraph (1) the 
following: 
‘‘(i) An evaluation of whether 
there is credible evidence of a co-
ordinated strategy by 1 or more 
countries or companies to acquire 
United States companies involved 
in research, development, or pro-
duction of critical technologies 
for which the United States is a 
leading producer. 
‘‘(ii) An evaluation of whether 
there are industrial espionage ac-
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