Protecting American Investment in Shipbuilding Act of 2024

Bill: 118-hr-9326
Sponsor: full_name: Rep. Higgins, Clay [R-LA-3]
Introduced: 2024-08-09
Policy area: Armed Forces and National Security
Latest action: action_date: 2024-08-09
text: Referred to the House Committee on Armed Services.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9326 IN THE HOUSE OF REPRESENTATIVES August 9, 2024 Mr. Higgins of Louisiana introduced the following bill; which was referred to the Committee on Armed Services A BILL To require United States shipyards to repay Federal financial assistance if they are sold to foreign persons, to prohibit the use of Federal funds for capital improvements at foreign-owned shipyards, and for other purposes.

1. Short title This Act may be cited as the Protecting American Investment in Shipbuilding Act of 2024 . 2. Repayment of Federal financial assistance by shipyards purchased by foreign persons (a) In general With respect to a United States shipyard that has received Federal financial assistance, if the shipyard becomes majority-owned or controlled by foreign persons or entities, the shipyard shall immediately pay to the Secretary of the Treasury, for deposit in the general fund, an amount equal to all Federal financial assistance previously received by the shipyard. (b) Rulemaking The Secretary of the Treasury shall issue such rules as may be necessary to carry out this section. (c) Definitions In this section: (1) Federal financial assistance The term Federal financial assistance means any type of financial assistance (including grants, financing, tax credits, or otherwise) provided under any Federal program, including— (A) title III of the Defense Production Act of 1950; or (B) the CARES Act or any amendment made by the CARES Act. (2) United States shipyard The term United States shipyard means a shipyard that is majority-owned by United States persons. 3. Prohibition on using Federal funds for capital improvements for shipyards not wholly-owned by United States persons Notwithstanding any other provision of law, a shipyard that is not wholly-owned by United States persons may not use Federal funds for capital improvements.