II 119th CONGRESS 1st Session S. 1388 IN THE SENATE OF THE UNITED STATES April 9, 2025 Mr. Moreno (for himself, Ms. Slotkin , and Mr. Sheehy ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require the review by the Committee on Foreign Investment in the United States of greenfield and brownfield investments by foreign countries of concern.

1. Short title This Act may be cited as the Providing Rigorous Oversight Through Evaluation of Concerning Transactions Act of 2025 or the PROTECT Act of 2025 . 2. Review by Committee on Foreign Investment in the United States of greenfield and brownfield investments by foreign countries of concern (a) Inclusion in definition of covered transaction Section 721(a)(4) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(a)(4) ) is amended— (1) in subparagraph (A)— (A) in clause (i), by striking ; and and inserting a semicolon; (B) in clause (ii), by striking the period at the end and inserting ; and ; and (C) by adding at the end the following: (iii) any transaction described in subparagraph (B)(vi) proposed or pending on or after the date of the enactment of this clause. ; (2) in subparagraph (B), by adding at the end the following: (vi) Subject to subparagraphs (C) and (E), an investment by a foreign person that— (I) involves— (aa) the completed or planned purchase or lease by, or a concession to, the foreign person of private or public real estate in the United States; and (bb) the establishment of a United States business to operate a factory or other facility on that real estate; and (II) could result in control, including through formal or informal arrangements to act in concert, of that United States business by— (aa) the government of a foreign country of concern (as defined in section 10612(a) of the Research and Development, Competition, and Innovation Act ( 42 U.S.C. 19221(a) )); (bb) a person owned or controlled by, or acting on behalf of, such a government; (cc) an entity in which such a government has, directly or indirectly, including through formal or informal arrangements to act in concert, a 5 percent or greater interest; (dd) an entity in which such a government has, directly or indirectly, the right or power to appoint, or approve the appointment of, any members of the board of directors, board of supervisors, or an equivalent governing body (including external directors and other individuals who perform the duties usually associated with such titles) or officers (including the president, senior vice president, executive vice president, and other individuals who perform duties normally associated with such titles) of any other entity that held, directly or indirectly, including through formal or informal arrangements to act in concert, a 5 percent or greater interest in the entity in the preceding 3 years; or (ee) an entity in which any members or officers described in item (dd) of any other entity holding, directly or indirectly, including through formal or informal arrangements to act in concert, a 5 percent or greater interest in the entity are officials of such a government in the preceding 3 years. ; (3) in subparagraph (C)(i), in the matter preceding subclause (I), by striking subparagraph (B)(ii) and inserting clause (ii) or (vi) of subparagraph (B) ; and (4) in subparagraph (E), by striking clauses (ii) and (iii) and inserting clauses (ii), (iii), and (vi) . (b) Mandatory filing of declarations Section 721(b)(1)(C)(v)(IV)(bb) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(1)(C)(v)(IV)(bb)) is amended by adding at the end the following: (DD) Greenfield and brownfield investments by foreign countries of concern The parties to a covered transaction described in subsection (a)(4)(B)(vi) shall submit a declaration described in subclause (I) with respect to the transaction. .