H. R. 7603
IN THE HOUSE OF REPRESENTATIVES
July 13, 2020
Mr. Taylor (for himself and Mr. Himes) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
To amend the Defense Production Act of 1950 to require congressional notice if the Committee on Foreign Investment in the United States notifies a party to a covered transaction that the Committee has completed all action with respect to such transaction, and for other purposes.
This Act may be cited as the
Improving Congressional Oversight of CFIUS Determinations Act.
Certified notice at completion of an assessment
Section 721(b)(3) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(3)) is amended—
in subparagraph (A)—
in the heading, by adding
or assessment at the end; and
subsection (b) that concludes action under this section and inserting
this subsection that concludes action under this section, or upon the Committee making a notification under paragraph (1)(C)(v)(III)(aa)(DD); and
in subparagraph (C)(i)—
in subclause (I), by striking
and at the end;
in subclause (II), by striking the period at the end and inserting
; and; and
by adding at the end the following:
whether the transaction is described under clause (i), (ii), (iii), (iv), or (v) of subsection (a)(4)(B).
Section 1727(a) of the Foreign Investment Risk Review Modernization Act of 2018 (Public Law 115–232) is amended—
in paragraph (3), by striking
(4)(C)(v) and inserting
in paragraph (4), by striking
subparagraph (B) and inserting
The amendments under subsection (a) shall take effect on the date of enactment of the Foreign Investment Risk Review Modernization Act of 2018.