Foreign Investment and National Security Act of 2007
PL 110-49 (H.R.556), enacted 07/26/2007

121 STAT. 246 
PUBLIC LAW 110–49—JULY 26, 2007 
Public Law 110–49 
110th Congress 
An Act 
To ensure national security while promoting foreign investment and the creation 
and maintenance of jobs, to reform the process by which such investments are 
examined for any effect they may have on national security, to establish the 
Committee on Foreign Investment in the United States, and for other purposes. 
Be it enacted by the Senate and House of Representatives of 
the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Foreign Invest-
ment and National Security Act of 2007’’. 
(b) TABLE OF CONTENTS.—The table of contents for this Act 
is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. United States security improvement amendments; clarification of review 
and investigation process. 
Sec. 3. Statutory establishment of the Committee on Foreign Investment in the 
United States. 
Sec. 4. Additional factors for consideration. 
Sec. 5. Mitigation, tracking, and postconsummation monitoring and enforcement. 
Sec. 6. Action by the President. 
Sec. 7. Increased oversight by Congress. 
Sec. 8. Certification of notices and assurances. 
Sec. 9. Regulations. 
Sec. 10. Effect on other law. 
Sec. 11. Clerical amendments 
Sec. 12. Effective date. 
SEC. 2. UNITED STATES SECURITY IMPROVEMENT AMENDMENTS; 
CLARIFICATION 
OF 
REVIEW 
AND 
INVESTIGATION 
PROCESS. 
Section 721 of the Defense Production Act of 1950 (50 U.S.C. 
App. 2170) is amended by striking subsections (a) and (b) and 
inserting the following: 
‘‘(a) DEFINITIONS.—For purposes of this section, the following 
definitions shall apply: 
‘‘(1) COMMITTEE; CHAIRPERSON.—The terms ‘Committee’ 
and ‘chairperson’ mean the Committee on Foreign Investment 
in the United States and the chairperson thereof, respectively. 
‘‘(2) CONTROL.—The term ‘control’ has the meaning given 
to such term in regulations which the Committee shall pre-
scribe. 
‘‘(3) COVERED
TRANSACTION.—The term ‘covered trans-
action’ means any merger, acquisition, or takeover that is pro-
posed or pending after August 23, 1988, by or with any foreign 
person which could result in foreign control of any person 
engaged in interstate commerce in the United States. 
Foreign 
Investment and 
National Security 
Act of 2007. 
50 USC 
app. 2061 note. 
July 26, 2007 
[H.R. 556] 
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121 STAT. 247 
PUBLIC LAW 110–49—JULY 26, 2007 
‘‘(4) FOREIGN
GOVERNMENT-CONTROLLED
TRANSACTION.— 
The term ‘foreign government-controlled transaction’ means any 
covered transaction that could result in the control of any 
person engaged in interstate commerce in the United States 
by a foreign government or an entity controlled by or acting 
on behalf of a foreign government. 
‘‘(5) CLARIFICATION.—The term ‘national security’ shall be 
construed so as to include those issues relating to ‘homeland 
security’, including its application to critical infrastructure. 
‘‘(6) CRITICAL INFRASTRUCTURE.—The term ‘critical infra-
structure’ means, subject to rules issued under this section, 
systems and assets, whether physical or virtual, so vital to 
the United States that the incapacity or destruction of such 
systems or assets would have a debilitating impact on national 
security. 
‘‘(7) CRITICAL
TECHNOLOGIES.—The term ‘critical tech-
nologies’ means critical technology, critical components, or crit-
ical technology items essential to national defense, identified 
pursuant to this section, subject to regulations issued at the 
direction of the President, in accordance with subsection (h). 
‘‘(8) LEAD
AGENCY.—The term ‘lead agency’ means the 
agency, or agencies, designated as the lead agency or agencies 
pursuant to subsection (k)(5) for the review of a transaction. 
‘‘(b) NATIONAL SECURITY REVIEWS AND INVESTIGATIONS.— 
‘‘(1) NATIONAL SECURITY REVIEWS.— 
‘‘(A) IN GENERAL.—Upon receiving written notification 
under subparagraph (C) of any covered transaction, or 
pursuant to a unilateral notification initiated under 
subparagraph (D) with respect to any covered transaction, 
the President, acting through the Committee— 
‘‘(i) shall review the covered transaction to deter-
mine the effects of the transaction on the national 
security of the United States; and 
‘‘(ii) shall consider the factors specified in sub-
section (f) for such purpose, as appropriate. 
‘‘(B) CONTROL BY FOREIGN GOVERNMENT.—If the Com-
mittee determines that the covered transaction is a foreign 
government-controlled transaction, the Committee shall 
conduct an investigation of the transaction under para-
graph (2). 
‘‘(C) WRITTEN NOTICE.— 
‘‘(i) IN GENERAL.—Any party or parties to any cov-
ered transaction may initiate a review of the trans-
action under this paragraph by submitting a written 
notice of the transaction to the Chairperson of the 
Committee. 
‘‘(ii) WITHDRAWAL OF NOTICE.—No covered trans-
action for which a notice was submitted under clause 
(i) may be withdrawn from review, unless a written 
request for such withdrawal is submitted to the Com-
mittee by any party to the transaction and approved 
by the Committee. 
‘‘(iii) CONTINUING
DISCUSSIONS.—A request for 
withdrawal under clause (ii) shall not be construed 
to preclude any party to the covered transaction from 
continuing informal discussions with the Committee 
President. 
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121 STAT. 248 
PUBLIC LAW 110–49—JULY 26, 2007 
or any member thereof regarding possible resubmission 
for review pursuant to this paragraph. 
‘‘(D) UNILATERAL
INITIATION
OF
REVIEW.—Subject to 
subparagraph (F), the President or the Committee may 
initiate a review under subparagraph (A) of— 
‘‘(i) any covered transaction; 
‘‘(ii) any covered transaction that has previously 
been reviewed or investigated under this section, if 
any party to the transaction submitted false or mis-
leading material information to the Committee in 
connection with the review or investigation or omitted 
material information, including material documents, 
from information submitted to the Committee; or 
‘‘(iii) any covered transaction that has previously 
been reviewed or investigated under this section, if— 
‘‘(I) any party to the transaction or the entity 
resulting from consummation of the transaction 
intentionally materially breaches a mitigation 
agreement or condition described in subsection 
(l)(1)(A); 
‘‘(II) such breach is certified to the Committee 
by the lead department or agency monitoring and 
enforcing such agreement or condition as an inten-
tional material breach; and 
‘‘(III) the Committee determines that there are 
no other remedies or enforcement tools available 
to address such breach. 
‘‘(E) TIMING.—Any review under this paragraph shall 
be completed before the end of the 30-day period beginning 
on the date of the acceptance of written notice under 
subparagraph (C) by the chairperson, or beginning on the 
date of the initiation of the review in accordance with 
subparagraph (D), as applicable. 
‘‘(F) LIMIT ON DELEGATION OF CERTAIN AUTHORITY.— 
The authority of the Committee to initiate a review under 
subparagraph (D) may not be delegated to any person, 
other than the Deputy Secretary or an appropriate Under 
Secretary of the department or agency represented on the 
Committee. 
‘‘(2) NATIONAL SECURITY INVESTIGATIONS.— 
‘‘(A) IN GENERAL.—In each case described in subpara-
graph (B), the Committee shall immediately conduct an 
investigation of the effects of a covered transaction on 
the national security of the United States, and take any 
necessary actions in connection with the transaction to 
protect the national security of the United States. 
‘‘(B) APPLICABILITY.—Subparagraph (A) shall apply in 
each case in which— 
‘‘(i) a review of a covered transaction under para-
graph (1) results in a determination that— 
‘‘(I) the transaction threatens to impair the 
national security of the United States and that 
threat has not been mitigated during or prior to 
the review of a covered transaction under para-
graph (1); 
‘‘(II) the transaction is a foreign government- 
controlled transaction; or 
Deadline. 
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121 STAT. 249 
PUBLIC LAW 110–49—JULY 26, 2007 
‘‘(III) the transaction would result in control 
of any critical infrastructure of or within the 
United States by or on behalf of any foreign person, 
if the Committee determines that the transaction 
could impair national security, and that such 
impairment to national security has not been miti-
gated by assurances provided or renewed with the 
approval of the Committee, as described in sub-
section (l), during the review period under para-
graph (1); or 
‘‘(ii) the lead agency recommends, and the Com-
mittee concurs, that an investigation be undertaken. 
‘‘(C) TIMING.—Any investigation under subparagraph 
(A) shall be completed before the end of the 45-day period 
beginning on the date on which the investigation com-
menced. 
‘‘(D) EXCEPTION.— 
‘‘(i) IN GENERAL.—Notwithstanding subparagraph 
(B)(i), an investigation of a foreign government-con-
trolled transaction described in subclause (II) of 
subparagraph (B)(i) or a transaction involving critical 
infrastructure described in subclause (III) of subpara-
graph (B)(i) shall not be required under this paragraph, 
if the Secretary of the Treasury and the head of the 
lead agency jointly determine, on the basis of the 
review of the transaction under paragraph (1), that 
the transaction will not impair the national security 
of the United States. 
‘‘(ii) NONDELEGATION.—The authority of the Sec-
retary or the head of an agency referred to in clause 
(i) may not be delegated to any person, other than 
the Deputy Secretary of the Treasury or the deputy 
head (or the equivalent thereof) of the lead agency, 
respectively. 
‘‘(E) GUIDANCE
ON
CERTAIN
TRANSACTIONS
WITH 
NATIONAL SECURITY IMPLICATIONS.—The Chairperson shall, 
not later than 180 days after the effective date of the 
Foreign Investment and National Security Act of 2007, 
publish in the Federal Register guidance on the types of 
transactions that the Committee has reviewed and that 
have presented national security considerations, including 
transactions that may constitute covered transactions that 
would result in control of critical infrastructure relating 
to United States national security by a foreign government 
or an entity controlled by or acting on behalf of a foreign 
government. 
‘‘(3) CERTIFICATIONS TO CONGRESS.— 
‘‘(A) CERTIFIED NOTICE AT COMPLETION OF REVIEW.— 
Upon completion of a review under subsection (b) that 
concludes action under this section, the chairperson and 
the head of the lead agency shall transmit a certified 
notice to the members of Congress specified in subpara-
graph (C)(iii). 
‘‘(B) CERTIFIED REPORT AT COMPLETION OF INVESTIGA-
TION.—As soon as is practicable after completion of an 
investigation under subsection (b) that concludes action 
under this section, the chairperson and the head of the 
Deadline. 
Federal Register, 
publication. 
Deadline. 
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121 STAT. 250 
PUBLIC LAW 110–49—JULY 26, 2007 
lead agency shall transmit to the members of Congress 
specified in subparagraph (C)(iii) a certified written report 
(consistent with the requirements of subsection (c)) on the 
results of the investigation, unless the matter under inves-
tigation has been sent to the President for decision. 
‘‘(C) CERTIFICATION PROCEDURES.— 
‘‘(i) IN GENERAL.—Each certified notice and report 
required under subparagraphs (A) and (B), respec-
tively, shall be submitted to the members of Congress 
specified in clause (iii), and shall include— 
‘‘(I) a description of the actions taken by the 
Committee with respect to the transaction; and 
‘‘(II) identification of the determinative factors 
considered under subsection (f). 
‘‘(ii) CONTENT OF CERTIFICATION.—Each certified 
notice and report required under subparagraphs (A) 
and (B), respectively, shall be signed by the chairperson 
and the head of the lead agency, and shall state that, 
in the determination of the Committee, there are no 
unresolved national security concerns with the trans-
action that is the subject of the notice or report. 
‘‘(iii) MEMBERS
OF
CONGRESS.—Each certified 
notice and report required under subparagraphs (A) 
and (B), respectively, shall be transmitted— 
‘‘(I) to the Majority Leader and the Minority 
Leader of the Senate; 
‘‘(II) to the chair and ranking member of the 
Committee on Banking, Housing, and Urban 
Affairs of the Senate and of any committee of 
the Senate having oversight over the lead agency; 
‘‘(III) to the Speaker and the Minority Leader 
of the House of Representatives; 
‘‘(IV) to the chair and ranking member of the 
Committee on Financial Services of the House of 
Representatives and of any committee of the House 
of Representatives having oversight over the lead 
agency; and 
‘‘(V) with respect to covered transactions 
involving critical infrastructure, to the members 
of the Senate from the State in which the principal 
place of business of the acquired United States 
person is located, and the member from the 
Congressional District in which such principal 
place of business is located. 
‘‘(iv) SIGNATURES; LIMIT ON DELEGATION.— 
‘‘(I) IN
GENERAL.—Each certified notice and 
report required under subparagraphs (A) and (B), 
respectively, shall be signed by the chairperson 
and the head of the lead agency, which signature 
requirement may only be delegated in accordance 
with subclause (II). 
‘‘(II) LIMITATION ON DELEGATION OF CERTIFI-
CATIONS.—The chairperson and the head of the 
lead agency may delegate the signature require-
ment under subclause (I)— 
‘‘(aa) only to an appropriate employee of 
the Department of the Treasury (in the case 
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121 STAT. 251 
PUBLIC LAW 110–49—JULY 26, 2007 
of the Secretary of the Treasury) or to an 
appropriate employee of the lead agency (in 
the case of the lead agency) who was appointed 
by the President, by and with the advice and 
consent of the Senate, with respect to any 
notice provided under paragraph (1) following 
the completion of a review under this section; 
or 
‘‘(bb) only to a Deputy Secretary of the 
Treasury (in the case of the Secretary of the 
Treasury) or a person serving in the Deputy 
position or the equivalent thereof at the lead 
agency (in the case of the lead agency), with 
respect to any report provided under subpara-
graph (B) following an investigation under this 
section. 
‘‘(4) ANALYSIS BY DIRECTOR OF NATIONAL INTELLIGENCE.— 
‘‘(A) IN
GENERAL.—The Director of National Intel-
ligence shall expeditiously carry out a thorough analysis 
of any threat to the national security of the United States 
posed by any covered transaction. The Director of National 
Intelligence shall also seek and incorporate the views of 
all affected or appropriate intelligence agencies with respect 
to the transaction. 
‘‘(B) TIMING.—The analysis required under subpara-
graph (A) shall be provided by the Director of National 
Intelligence to the Committee not later than 20 days after 
the date on which notice of the transaction is accepted 
by the Committee under paragraph (1)(C), but such anal-
ysis may be supplemented or amended, as the Director 
considers necessary or appropriate, or upon a request for 
additional information by the Committee. The Director may 
begin the analysis at any time prior to acceptance of the 
notice, in accordance with otherwise applicable law. 
‘‘(C) INTERACTION WITH INTELLIGENCE COMMUNITY.— 
The Director of National Intelligence shall ensure that 
the intelligence community remains engaged in the collec-
tion, analysis, and dissemination to the Committee of any 
additional relevant information that may become available 
during the course of any investigation conducted under 
subsection (b) with respect to a transaction. 
‘‘(D) INDEPENDENT ROLE OF DIRECTOR.—The Director 
of National Intelligence shall be a nonvoting, ex officio 
member of the Committee, and shall be provided with 
all notices received by the Committee under paragraph 
(1)(C) regarding covered transactions, but shall serve no 
policy role on the Committee, other than to provide analysis 
under subparagraphs (A) and (C) in connection with a 
covered transaction. 
‘‘(5) SUBMISSION OF ADDITIONAL INFORMATION.—No provi-
sion of this subsection shall be construed as prohibiting any 
party to a covered transaction from submitting additional 
information concerning the transaction, including any proposed 
restructuring of the transaction or any modifications to any 
agreements in connection with the transaction, while any 
review or investigation of the transaction is ongoing. 
Deadline. 
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121 STAT. 252 
PUBLIC LAW 110–49—JULY 26, 2007 
‘‘(6) NOTICE OF RESULTS TO PARTIES.—The Committee shall 
notify the parties to a covered transaction of the results of 
a review or investigation under this section, promptly upon 
completion of all action under this section. 
‘‘(7) REGULATIONS.—Regulations prescribed under this sec-
tion shall include standard procedures for— 
‘‘(A) submitting any notice of a covered transaction 
to the Committee; 
‘‘(B) submitting a request to withdraw a covered trans-
action from review; 
‘‘(C) resubmitting a notice of a covered transaction 
that was previously withdrawn from review; and 
‘‘(D) providing notice of the results of a review or 
investigation to the parties to the covered transaction, upon 
completion of all action under this section.’’. 
SEC. 3. STATUTORY ESTABLISHMENT OF THE COMMITTEE ON FOR-
EIGN INVESTMENT IN THE UNITED STATES. 
Section 721 of the Defense Production Act of 1950 (50 U.S.C. 
App. 2170) is amended by striking subsection (k) and inserting 
the following: 
‘‘(k) COMMITTEE
ON FOREIGN INVESTMENT
IN
THE UNITED 
STATES.— 
‘‘(1) ESTABLISHMENT.—The Committee on Foreign Invest-
ment 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. 
‘‘(2) MEMBERSHIP.—The Committee shall be comprised of 
the following members or the designee of any such member: 
‘‘(A) The Secretary of the Treasury. 
‘‘(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 of the United States. 
‘‘(G) The Secretary of Energy. 
‘‘(H) The Secretary of Labor (nonvoting, ex officio). 
‘‘(I) The Director of National Intelligence (nonvoting, 
ex officio). 
‘‘(J) The heads of any other executive department, 
agency, or office, as the President determines appropriate, 
generally or on a case-by-case basis. 
‘‘(3) CHAIRPERSON.—The Secretary of the Treasury shall 
serve as the chairperson of the Committee. 
‘‘(4) ASSISTANT SECRETARY FOR THE DEPARTMENT OF THE 
TREASURY.—There shall be established an additional position 
of Assistant Secretary of the Treasury, who shall be appointed 
by the President, by and with the advice and consent of the 
Senate. The Assistant Secretary appointed under this para-
graph shall report directly to the Undersecretary of the 
Treasury for International Affairs. The duties of the Assistant 
Secretary shall include duties related to the Committee on 
Foreign Investment in the United States, as delegated by the 
Secretary of the Treasury under this section. 
‘‘(5) DESIGNATION OF LEAD AGENCY.—The Secretary of the 
Treasury shall designate, as appropriate, a member or members 
Establishment. 
President. 
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121 STAT. 253 
PUBLIC LAW 110–49—JULY 26, 2007 
of the Committee to be the lead agency or agencies on behalf 
of the Committee— 
‘‘(A) for each covered transaction, and for negotiating 
any mitigation agreements or other conditions necessary 
to protect national security; and 
‘‘(B) for all matters related to the monitoring of the 
completed transaction, to ensure compliance with such 
agreements or conditions and with this section. 
‘‘(6) OTHER MEMBERS.—The chairperson shall consult with 
the heads of such other Federal departments, agencies, and 
independent establishments in any review or investigation 
under subsection (a), as the chairperson determines to be appro-
priate, on the basis of the facts and circumstances of the covered 
transaction under review or investigation (or the designee of 
any such department or agency head). 
‘‘(7) MEETINGS.—The Committee shall meet upon the direc-
tion of the President or upon the call of the chairperson, without 
regard to section 552b of title 5, United States Code (if other-
wise applicable).’’. 
SEC. 4. ADDITIONAL FACTORS FOR CONSIDERATION. 
Section 721(f) of the Defense Production Act of 1950 (50 U.S.C. 
App. 2170(f)) is amended— 
(1) in the matter preceding paragraph (1), by striking 
‘‘among other factors’’; 
(2) in paragraph (4)— 
(A) in subparagraph (A) by striking ‘‘or’’ at the end; 
(B) by redesignating subparagraph (B) as subpara-
graph (C); 
(C) by inserting after subparagraph (A) the following: 
‘‘(B) identified by the Secretary of Defense as posing 
a potential regional military threat to the interests of the 
United States; or’’; and 
(D) by striking ‘‘and’’ at the end; 
(3) in paragraph (5), by striking the period at the end 
and inserting a semicolon; and 
(4) by adding at the end the following: 
‘‘(6) the potential national security-related effects on United 
States critical infrastructure, including major energy assets; 
‘‘(7) the potential national security-related effects on United 
States critical technologies; 
‘‘(8) whether the covered transaction is a foreign govern-
ment-controlled transaction, as determined under subsection 
(b)(1)(B); 
‘‘(9) as appropriate, and particularly with respect to trans-
actions requiring an investigation under subsection (b)(1)(B), 
a review of the current assessment of— 
‘‘(A) the adherence of the subject country to non-
proliferation control regimes, including treaties and multi-
lateral supply guidelines, which shall draw on, but not 
be limited to, the annual report on ‘Adherence to and 
Compliance with Arms Control, Nonproliferation and Disar-
mament Agreements and Commitments’ required by section 
403 of the Arms Control and Disarmament Act; 
‘‘(B) the relationship of such country with the United 
States, specifically on its record on cooperating in counter- 
terrorism efforts, which shall draw on, but not be limited 
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121 STAT. 254 
PUBLIC LAW 110–49—JULY 26, 2007 
to, the report of the President to Congress under section 
7120 of the Intelligence Reform and Terrorism Prevention 
Act of 2004; and 
‘‘(C) the potential for transshipment or diversion of 
technologies with military applications, including an anal-
ysis of national export control laws and regulations; 
‘‘(10) the long-term projection of United States require-
ments for sources of energy and other critical resources and 
material; and 
‘‘(11) such other factors as the President or the Committee 
may determine to be appropriate, generally or in connection 
with a specific review or investigation.’’. 
SEC. 5. MITIGATION, TRACKING, AND POSTCONSUMMATION MONI-
TORING AND ENFORCEMENT. 
Section 721 of the Defense Production Act of 1950 (50 U.S.C. 
App. 2170) is amended by adding at the end the following: 
‘‘(l) MITIGATION, TRACKING, AND POSTCONSUMMATION MONI-
TORING AND ENFORCEMENT.— 
‘‘(1) MITIGATION.— 
‘‘(A) IN GENERAL.—The Committee or a lead agency 
may, on behalf of the Committee, negotiate, enter into 
or impose, and enforce any agreement or condition with 
any party to the covered transaction in order to mitigate 
any threat to the national security of the United States 
that arises as a result of the covered transaction. 
‘‘(B) RISK-BASED ANALYSIS REQUIRED.—Any agreement 
entered into or condition imposed under subparagraph (A) 
shall be based on a risk-based analysis, conducted by the 
Committee, of the threat to national security of the covered 
transaction. 
‘‘(2) TRACKING AUTHORITY FOR WITHDRAWN NOTICES.— 
‘‘(A) IN GENERAL.—If any written notice of a covered 
transaction that was submitted to the Committee under 
this section is withdrawn before any review or investigation 
by the Committee under subsection (b) is completed, the 
Committee shall establish, as appropriate— 
‘‘(i) interim protections to address specific concerns 
with such transaction that have been raised in connec-
tion with any such review or investigation pending 
any resubmission of any written notice under this sec-
tion with respect to such transaction and further action 
by the President under this section; 
‘‘(ii) specific time frames for resubmitting any such 
written notice; 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 lead agency, other 
than any entity of the intelligence community (as defined 
in the National Security Act of 1947), shall, on behalf 
of the Committee, ensure that the requirements of subpara-
graph (A) with respect to any covered transaction that 
is subject to such subparagraph are met. 
‘‘(3) 
NEGOTIATION, 
MODIFICATION, 
MONITORING, 
AND 
ENFORCEMENT.— 
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121 STAT. 255 
PUBLIC LAW 110–49—JULY 26, 2007 
‘‘(A) DESIGNATION OF LEAD AGENCY.—The lead agency 
shall negotiate, modify, monitor, and enforce, on behalf 
of the Committee, any agreement entered into or condition 
imposed under paragraph (1) with respect to a covered 
transaction, based on the expertise with and knowledge 
of the issues related to such transaction on the part of 
the designated department or agency. Nothing in this para-
graph shall prohibit other departments or agencies in 
assisting the lead agency in carrying out the purposes 
of this paragraph. 
‘‘(B) REPORTING BY DESIGNATED AGENCY.— 
‘‘(i) MODIFICATION REPORTS.—The lead agency in 
connection with any agreement entered into or condi-
tion imposed with respect to a covered transaction 
shall— 
‘‘(I) provide periodic reports to the Committee 
on any material modification to any such agree-
ment or condition imposed with respect to the 
transaction; and 
‘‘(II) ensure that any material modification to 
any such agreement or condition is reported to 
the Director of National Intelligence, the Attorney 
General of the United States, and any other Fed-
eral department or agency that may have a mate-
rial interest in such modification. 
‘‘(ii) COMPLIANCE.—The Committee shall develop 
and agree upon methods for evaluating compliance 
with any agreement entered into or condition imposed 
with respect to a covered transaction that will allow 
the Committee to adequately assure compliance, with- 
out— 
‘‘(I) 
unnecessarily 
diverting 
Committee 
resources from assessing any new covered trans-
action for which a written notice has been filed 
pursuant to subsection (b)(1)(C), and if necessary, 
reaching a mitigation agreement with or imposing 
a condition on a party to such covered transaction 
or any covered transaction for which a review has 
been reopened for any reason; or 
‘‘(II) placing unnecessary burdens on a party 
to a covered transaction.’’. 
SEC. 6. ACTION BY THE PRESIDENT. 
Section 721 of the Defense Production Act of 1950 (50 U.S.C. 
App. 2170) is amended by striking subsections (d) and (e) and 
inserting the following: 
‘‘(d) ACTION BY THE PRESIDENT.— 
‘‘(1) IN GENERAL.—Subject to paragraph (4), the President 
may take such action for such time as the President considers 
appropriate to suspend or prohibit any covered transaction 
that threatens to impair the national security of the United 
States. 
‘‘(2) ANNOUNCEMENT
BY
THE
PRESIDENT.—The President 
shall announce the decision on whether or not to take action 
pursuant to paragraph (1) not later than 15 days after the 
date on which an investigation described in subsection (b) is 
completed. 
Deadline. 
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121 STAT. 256 
PUBLIC LAW 110–49—JULY 26, 2007 
‘‘(3) 
ENFORCEMENT.—The 
President 
may 
direct 
the 
Attorney General of the United States to seek appropriate 
relief, including divestment relief, in the district courts of the 
United States, in order to implement and enforce this sub-
section. 
‘‘(4) FINDINGS OF THE PRESIDENT.—The President may exer-
cise the authority conferred by paragraph (1), only if the Presi-
dent finds that— 
‘‘(A) there is credible evidence that leads the President 
to believe that the foreign interest exercising control might 
take action that threatens to impair the national security; 
and 
‘‘(B) provisions of law, other than this section and 
the International Emergency Economic Powers Act, do not, 
in the judgment of the President, provide adequate and 
appropriate authority for the President to protect the 
national security in the matter before the President. 
‘‘(5) FACTORS TO BE CONSIDERED.—For purposes of deter-
mining whether to take action under paragraph (1), the Presi-
dent shall consider, among other factors each of the factors 
described in subsection (f), as appropriate. 
‘‘(e) ACTIONS AND FINDINGS NONREVIEWABLE.—The actions of 
the President under paragraph (1) of subsection (d) and the findings 
of the President under paragraph (4) of subsection (d) shall not 
be subject to judicial review.’’. 
SEC. 7. INCREASED OVERSIGHT BY CONGRESS. 
(a) REPORT ON ACTIONS.—Section 721(g) of the Defense Produc-
tion Act of 1950 (50 U.S.C. App. 2170(g)) is amended to read 
as follows: 
‘‘(g) ADDITIONAL
INFORMATION
TO
CONGRESS; CONFIDEN-
TIALITY.— 
‘‘(1) BRIEFING REQUIREMENT ON REQUEST.—The Committee 
shall, upon request from any Member of Congress specified 
in subsection (b)(3)(C)(iii), promptly provide briefings on a cov-
ered transaction for which all action has concluded under this 
section, or on compliance with a mitigation agreement or condi-
tion imposed with respect to such transaction, on a classified 
basis, if deemed necessary by the sensitivity of the information. 
Briefings under this paragraph may be provided to the congres-
sional staff of such a Member of Congress having appropriate 
security clearance. 
‘‘(2) APPLICATION OF CONFIDENTIALITY PROVISIONS.— 
‘‘(A) IN GENERAL.—The disclosure of information under 
this subsection shall be consistent with the requirements 
of subsection (c). Members of Congress and staff of either 
House of Congress or any committee of Congress, shall 
be subject to the same limitations on disclosure of informa-
tion as are applicable under subsection (c). 
‘‘(B) PROPRIETARY INFORMATION.—Proprietary informa-
tion which can be associated with a particular party to 
a covered transaction shall be furnished in accordance with 
subparagraph (A) only to a committee of Congress, and 
only when the committee provides assurances of confiden-
tiality, unless such party otherwise consents in writing 
to such disclosure.’’. 
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121 STAT. 257 
PUBLIC LAW 110–49—JULY 26, 2007 
(b) ANNUAL REPORT.—Section 721 of the Defense Production 
Act of 1950 (50 U.S.C. App. 2170) is amended by adding at the 
end the following: 
‘‘(m) ANNUAL REPORT TO CONGRESS.— 
‘‘(1) IN GENERAL.—The chairperson shall transmit a report 
to the chairman and ranking member of the committee of 
jurisdiction in the Senate and the House of Representatives, 
before July 31 of each year on all of the reviews and investiga-
tions of covered transactions completed under subsection (b) 
during the 12-month period covered by the report. 
‘‘(2) CONTENTS OF REPORT RELATING TO COVERED TRANS-
ACTIONS.—The annual report under paragraph (1) shall contain 
the following information, with respect to each covered trans-
action, for the reporting period: 
‘‘(A) A list of all notices filed and all reviews or inves-
tigations completed during the period, with basic informa-
tion on each party to the transaction, the nature of the 
business activities or products of all pertinent persons, 
along with information about any withdrawal from the 
process, and any decision or action by the President under 
this section. 
‘‘(B) Specific, cumulative, and, as appropriate, trend 
information on the numbers of filings, investigations, with-
drawals, and decisions or actions by the President under 
this section. 
‘‘(C) Cumulative and, as appropriate, trend information 
on the business sectors involved in the filings which have 
been made, and the countries from which the investments 
have originated. 
‘‘(D) Information on whether companies that withdrew 
notices to the Committee in accordance with subsection 
(b)(1)(C)(ii) have later refiled such notices, or, alternatively, 
abandoned the transaction. 
‘‘(E) The types of security arrangements and conditions 
the Committee has used to mitigate national security con-
cerns about a transaction, including a discussion of the 
methods that the Committee and any lead agency are 
using to determine compliance with such arrangements 
or conditions. 
‘‘(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 take into account in its deliberations during 
the period before delivery of the next report, to the extent 
possible. 
‘‘(3) CONTENTS
OF
REPORT
RELATING
TO
CRITICAL
TECH-
NOLOGIES.— 
‘‘(A) IN GENERAL.—In order to assist Congress in its 
oversight responsibilities with respect to this section, the 
President and such agencies as the President shall des-
ignate shall include in the annual report submitted under 
paragraph (1)— 
‘‘(i) an evaluation of whether there is credible evi-
dence of a coordinated strategy by 1 or more countries 
or companies to acquire United States companies 
involved in research, development, or production of 
President. 
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121 STAT. 258 
PUBLIC LAW 110–49—JULY 26, 2007 
critical technologies for which the United States is 
a leading producer; and 
‘‘(ii) an evaluation of whether there are industrial 
espionage activities directed or directly assisted by for-
eign governments against private United States compa-
nies aimed at obtaining commercial secrets related to 
critical technologies. 
‘‘(B) RELEASE OF UNCLASSIFIED STUDY.—All appropriate 
portions of the annual report under paragraph (1) may 
be classified. An unclassified version of the report, as appro-
priate, consistent with safeguarding national security and 
privacy, shall be made available to the public.’’. 
(c) STUDY AND REPORT.— 
(1) STUDY REQUIRED.—Before the end of the 120-day period 
beginning on the date of enactment of this Act and annually 
thereafter, the Secretary of the Treasury, in consultation with 
the Secretary of State and the Secretary of Commerce, shall 
conduct a study on foreign direct investments in the United 
States, especially investments in critical infrastructure and 
industries affecting national security, by— 
(A) foreign governments, entities controlled by or acting 
on behalf of a foreign government, or persons of foreign 
countries which comply with any boycott of Israel; or 
(B) foreign governments, entities controlled by or acting 
on behalf of a foreign government, or persons of foreign 
countries which do not ban organizations designated by 
the Secretary of State as foreign terrorist organizations. 
(2) REPORT.—Before the end of the 30-day period beginning 
upon the date of completion of each study under paragraph 
(1), and thereafter in each annual report under section 721(m) 
of the Defense Production Act of 1950 (as added by this section), 
the Secretary of the Treasury shall submit a report to Congress, 
for transmittal to all appropriate committees of the Senate 
and the House of Representatives, containing the findings and 
conclusions of the Secretary with respect to the study described 
in paragraph (1), together with an analysis of the effects of 
such investment on the national security of the United States 
and on any efforts to address those effects. 
(d) INVESTIGATION BY INSPECTOR GENERAL.— 
(1) IN GENERAL.—The Inspector General of the Department 
of the Treasury shall conduct an independent investigation 
to determine all of the facts and circumstances concerning 
each failure of the Department of the Treasury to make any 
report to the Congress that was required under section 721(k) 
of the Defense Production Act of 1950, as in effect on the 
day before the date of enactment of this Act. 
(2) REPORT TO THE CONGRESS.—Before the end of the 270- 
day period beginning on the date of enactment of this Act, 
the Inspector General of the Department of the Treasury shall 
submit a report on the investigation under paragraph (1) con-
taining the findings and conclusions of the Inspector General, 
to the chairman and ranking member of each committee of 
the Senate and the House of Representatives having jurisdiction 
over any aspect of the report, including, at a minimum, the 
Committee on Foreign Relations, the Committee on Banking, 
Housing, and Urban Affairs, and the Committee on Commerce, 
Science, and Transportation of the Senate, and the Committee 
50 USC 
app. 2170 note. 
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121 STAT. 259 
PUBLIC LAW 110–49—JULY 26, 2007 
on Foreign Affairs, the Committee on Financial Services, and 
the Committee on Energy and Commerce of the House of Rep-
resentatives. 
SEC. 8. CERTIFICATION OF NOTICES AND ASSURANCES. 
Section 721 of the Defense Production Act of 1950 (50 U.S.C. 
App. 2170) is amended by adding at the end the following: 
‘‘(n) CERTIFICATION OF NOTICES AND ASSURANCES.—Each notice, 
and any followup information, submitted under this section and 
regulations prescribed under this section to the President or the 
Committee by a party to a covered transaction, and any information 
submitted by any such party in connection with any action for 
which a report is required pursuant to paragraph (3)(B) of sub-
section (l), with respect to the implementation of any mitigation 
agreement or condition described in paragraph (1)(A) of subsection 
(l), or any material change in circumstances, shall be accompanied 
by a written statement by the chief executive officer or the designee 
of the person required to submit such notice or information certi-
fying that, to the best of the knowledge and belief of that person— 
‘‘(1) the notice or information submitted fully complies with 
the requirements of this section or such regulation, agreement, 
or condition; and 
‘‘(2) the notice or information is accurate and complete 
in all material respects.’’. 
SEC. 9. REGULATIONS. 
Section 721(h) of the Defense Production Act of 1950 (50 U.S.C. 
App. 2170(h)) is amended to read as follows: 
‘‘(h) REGULATIONS.— 
‘‘(1) IN GENERAL.—The President shall direct, subject to 
notice and comment, the issuance of regulations to carry out 
this section. 
‘‘(2) EFFECTIVE DATE.—Regulations issued under this sec-
tion shall become effective not later than 180 days after the 
effective date of the Foreign Investment and National Security 
Act of 2007. 
‘‘(3) CONTENT.—Regulations issued under this subsection 
shall— 
‘‘(A) provide for the imposition of civil penalties for 
any violation of this section, including any mitigation agree-
ment entered into or conditions imposed pursuant to sub-
section (l); 
‘‘(B) to the extent possible— 
‘‘(i) minimize paperwork burdens; and 
‘‘(ii) coordinate reporting requirements under this 
section with reporting requirements under any other 
provision of Federal law; and 
‘‘(C) provide for an appropriate role for the Secretary 
of Labor with respect to mitigation agreements.’’. 
SEC. 10. EFFECT ON OTHER LAW. 
Section 721(i) of the Defense Production Act of 1950 (50 U.S.C. 
App. 2170(i)) is amended to read as follows: 
‘‘(i) EFFECT ON OTHER LAW.—No provision of this section shall 
be construed as altering or affecting any other authority, process, 
regulation, investigation, enforcement measure, or review provided 
by or established under any other provision of Federal law, 
including the International Emergency Economic Powers Act, or 
President. 
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121 STAT. 260 
PUBLIC LAW 110–49—JULY 26, 2007 
LEGISLATIVE HISTORY—H.R. 556 (S. 1610): 
HOUSE REPORTS: No. 110–24, Pt. 1 (Comm. on Financial Services). 
SENATE REPORTS: No. 110–80 accompanying S. 1610 (Comm. on Banking, 
Housing, and Urban Affairs). 
CONGRESSIONAL RECORD, Vol. 153 (2007): 
Feb. 28, considered and passed House. 
June 29, considered and passed Senate, amended, in lieu of S. 1610. 
June 10, 11, House considered and concurred in Senate amendment. 
any other authority of the President or the Congress under the 
Constitution of the United States.’’. 
SEC. 11. CLERICAL AMENDMENTS. 
(a) TITLE 31.—Section 301(e) of title 31, United States Code, 
is amended by striking ‘‘8 Assistant’’ and inserting ‘‘9 Assistant’’. 
(b) TITLE 5.—Section 5315 of title 5, United States Code, is 
amended in the item relating to ‘‘Assistant Secretaries of the 
Treasury’’, by striking ‘‘(8)’’ and inserting ‘‘(9)’’. 
SEC. 12. EFFECTIVE DATE. 
The amendments made by this Act shall apply after the end 
of the 90-day period beginning on the date of enactment of this 
Act. 
Approved July 26, 2007. 
5 USC 5315 note. 
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