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H.R. 7603 (116th): Improving Congressional Oversight of CFIUS Determinations Act


The text of the bill below is as of Jul 13, 2020 (Introduced). The bill was not enacted into law.


I

116th CONGRESS

2d Session

H. R. 7603

IN THE HOUSE OF REPRESENTATIVES

July 13, 2020

(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

A BILL

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.

1.

Short title

This Act may be cited as the Improving Congressional Oversight of CFIUS Determinations Act.

2.

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—

(1)

in subparagraph (A)—

(A)

in the heading, by adding or assessment at the end; and

(B)

by striking 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

(2)

in subparagraph (C)(i)—

(A)

in subclause (I), by striking and at the end;

(B)

in subclause (II), by striking the period at the end and inserting ; and; and

(C)

by adding at the end the following:

(III)

whether the transaction is described under clause (i), (ii), (iii), (iv), or (v) of subsection (a)(4)(B).

.

3.

Technical corrections

(a)

In general

Section 1727(a) of the Foreign Investment Risk Review Modernization Act of 2018 (Public Law 115–232) is amended—

(1)

in paragraph (3), by striking (4)(C)(v) and inserting (4)(F); and

(2)

in paragraph (4), by striking subparagraph (B) and inserting subparagraph (C).

(b)

Effective date

The amendments under subsection (a) shall take effect on the date of enactment of the Foreign Investment Risk Review Modernization Act of 2018.