Foreign Investment Risk Review Modernization Act of 2018

Bill: 115-s-2098
Sponsor: Sen. Cornyn, John [R-TX]
Introduced: 2017-11-08 in the Senate
Policy area: Foreign Trade and International Finance
Subjects: Administrative law and regulatory procedures
Administrative remedies
Advisory bodies
Alliances
Asia
China
Civil actions and liability
Computer security and identity theft
Congressional oversight
Corporate finance and management
Criminal investigation, prosecution, interrogation
Defense spending
Department of Commerce
Department of Defense
Elections, voting, political campaign regulation
Executive agency funding and structure
Federal officials
Financial services and investments
Foreign and international corporations
Freedom of information
Government employee pay, benefits, personnel management
Government ethics and transparency, public corruption
Government information and archives
Government studies and investigations
Government trust funds
Industrial policy and productivity
Infrastructure development
Intellectual property
Intelligence activities, surveillance, classified information
Judicial review and appeals
Licensing and registrations
Manufacturing
Military facilities and property
Military procurement, research, weapons development
Presidents and presidential powers, Vice Presidents
Public contracts and procurement
Public transit
Railroads
Real estate business
Research and development
Sanctions
Technology transfer and commercialization
Trade restrictions
U.S. and foreign investments
User charges and fees

Summary:
action_date: 2017-11-08
text: 

Foreign Investment Risk Review Modernization Act of 2017

 
This bill amends the Defense Production Act of 1950 to expand the scope of "covered transaction" subject to the review of the Committee on Foreign Investment in the United States (CFIUS). CFIUS analyzes the national security implications of foreign investment in the United States.
 
A covered transaction includes: 
 
 
any merger, acquisition, or takeover that could result in foreign control of any U.S. business, 
 
the purchase or lease of real estate located in the United States that is in close proximity to a U.S. military installation or to another U.S. government facility or property that is sensitive for reasons relating to national security, 
 
other investment in a U.S. critical technology company or U.S. critical infrastructure company, 
 
any change in a foreign investor's rights that results in foreign control of a U.S. business, 
 
the contribution of intellectual property to a foreign person, or 
 
any other transaction, transfer, agreement, or arrangement designed to evade or circumvent the authority of CFIUS. 

 
The bill revises other provisions relating to CFIUS, including the length of its review period, special hiring authority and funding, and authority to mandate reviews or take unilateral action.


Legislative actions:
action_date: 2018-05-22
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 426.
action_date: 2018-05-22
text: Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with an amendment in the nature of a substitute and an amendment to the title. Without written report.
action_date: 2018-05-22
text: Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with an amendment in the nature of a substitute and an amendment to the title. Without written report.
action_date: 2018-05-22
text: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
action_date: 2018-01-30
text: Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-161.
action_date: 2018-01-25
text: Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-160.
action_date: 2018-01-18
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2017-11-08
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S7111-7118)
action_date: 2017-11-08
text: Introduced in Senate