Bill Summary
This bill, known as the "Improving Congressional Oversight of CFIUS Determinations Act", seeks to amend the Defense Production Act of 1950 by requiring congressional notice when the Committee on Foreign Investment in the United States completes all action on a covered transaction. This means that if the Committee notifies a party involved in the transaction that they have completed all necessary steps, they must also notify Congress. The bill also includes technical corrections to the Foreign Investment Risk Review Modernization Act of 2018.
Possible Impacts
1. This legislation could affect individuals who are involved in foreign investment transactions, as it mandates that the Committee on Foreign Investment in the United States must provide notice to both Congress and the parties involved in a transaction once the Committee has completed all necessary actions. This could potentially slow down the process and add additional bureaucracy to foreign investment deals.
2. The "Improving Congressional Oversight of CFIUS Determinations Act" could also impact the business world by requiring companies involved in foreign transactions to be more transparent and provide information on the specifics of the transaction, including how it falls under certain clauses of subsection (a)(4)(B). This could potentially hinder some companies from completing transactions or make them reconsider their investment strategies.
3. The technical corrections outlined in Section 3 could have a more indirect impact on people, as they involve minor changes to the language and organization of the legislation. However, these changes could still affect individuals by potentially causing confusion or delays in the implementation of the Foreign Investment Risk Review Modernization Act of 2018.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7603 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 7603
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.
_______________________________________________________________________
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
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Improving Congressional Oversight of
CFIUS Determinations Act''.
SEC. 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).''.
SEC. 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.
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