GENE Act

Bill: 117-s-1745
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2021-05-20
Policy area: Foreign Trade and International Finance
Subjects: Congressional oversight

Corporate finance and management

Foreign and international corporations

Genetics

Government studies and investigations

Health information and medical records

Medical tests and diagnostic methods

U.S. and foreign investments
Latest action: action_date: 2021-05-20
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-05-20
action_desc: Introduced in Senate
text: <p><b>Genomics Expenditures and National security Enhancement Act of 2021 or the GENE Act</b></p> <p>This bill establishes oversight requirements for certain foreign investments in a U.S. business that maintains or collects information about the genetic tests of U.S. citizens (including information relating to genomic sequencing).</p> <p>Specifically, the Committee on Foreign Investment in the United States (CFIUS) must require the parties to specified transactions (e.g., mergers, acquisitions, or takeovers by or with any foreign person that could result in foreign control of any U.S. business) to submit a mandatory declaration containing basic information regarding the transaction.</p> <p>Further, CFIUS must consult with the Department of Health and Human Services in any review or investigation of a covered transaction that involves this type of investment by a foreign person in a U.S. business.</p> <p>The bill also expands the congressional committees to which CFIUS must give annual testimony concerning foreign investment in the United States to include (1) the Committee on Foreign Relations of the Senate, (2) the Select Committee on Intelligence of the Senate, (3) the Committee on Foreign Affairs of the House of Representatives, and (4) the Permanent Select Committee on Intelligence of the House of Representatives. Currently, such testimony is only given to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. </p>

tv_txt: II 117th CONGRESS 1st Session S. 1745 IN THE SENATE OF THE UNITED STATES May 20, 2021 Mr. Rubio (for himself and Mr. Cornyn ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To strengthen the requirements for reviews by the Committee on Foreign Investment in the United States of covered transactions involving genetic information, and for other purposes.

1. Short title This Act may be cited as the Genomics Expenditures and National security Enhancement Act of 2021 or the GENE Act . 2. Requirements for reviews of covered transactions involving genetic information (a) Mandatory declarations Section 721(b)(1)(C)(v)(IV) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(b)(1)(C)(v)(IV) ) is amended— (1) by redesignating items (cc) through (gg) as items (dd) through (hh), respectively; and (2) by inserting after item (bb) the following: (cc) Covered transactions involving genetic information The parties to a covered transaction shall submit a declaration described in subclause (I) with respect to the transaction if the transaction involves an investment described in subsection (a)(4)(B)(iii)(III) by a foreign person in a United States business that maintains or collects information about genetic tests of United States citizens, including any such information relating to genomic sequencing. . (b) Consultation with Secretary of Health and Human Services Section 721(k)(6) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(k)(6) ) is amended— (1) by striking The chairperson and inserting the following: (A) In general The chairperson ; and (2) by adding at the end the following: (B) Covered transactions involving genetic information The chairperson shall consult with the Secretary of Health and Human Services in any review or investigation under subsection (a) of a covered transaction that involves an investment described in subsection (a)(4)(B)(iii)(III) by a foreign person in a United States business that maintains or collects information about genetic tests of United States citizens, including any such information relating to genomic sequencing. . (c) Regulations Not later than 180 days after the date of the enactment of this Act, the Committee on Foreign Investment in the United States shall prescribe regulations to carry out the amendments made by this section. 3. Expansion of committees receiving annual testimony from Committee on Foreign Investment in the United States Section 721(o) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(o) ) is amended— (1) in paragraph (1), in the matter preceding subparagraph (A), by striking the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate and inserting the committees specified in paragraph (2) ; (2) by redesignating paragraph (2) as paragraph (3); and (3) by inserting after paragraph (1) the following: (2) Committees specified The committees specified in this paragraph are— (A) the Committee on Banking, Housing, and Urban Affairs, the Committee on Foreign Relations, and the Select Committee on Intelligence of the Senate; and (B) the Committee on Financial Services, the Committee on Foreign Affairs, and the Permanent Select Committee on Intelligence of the House of Representatives. . 4. Effective date; applicability The amendments made by this Act shall— (1) take effect on the date that is 90 days after the date of the enactment of this Act; and (2) apply with respect to any covered transaction the review or investigation of which is initiated under section 721 of the Defense Production Act of 1950 on or after the date described in paragraph (1).