Improving Congressional Oversight of CFIUS Determinations Act

Improving Congressional Oversight of CFIUS Determinations Act

This bill modifies the review process of the Committee on Foreign Investment in the United States (CFIUS) to require notice to Congress when it completes a review of certain expedited transactions with a foreign entity.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7603 Introduced in House (IH)]

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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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