United States 119th Congress Status: In Committee Bipartisan · 3 R · 2 D cosponsors

HR 7688 — DPA Modernization Act of 2026

Last action — Placed on the Union Calendar, Calendar No. 529.

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    Introduced
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    In Committee
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    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced February 25, 2026. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

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Advancing 40% · moderate confidence

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Low

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  • In Committee

    Current position in the legislative process.

  • 5 sponsors

    1 primary, 4 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (3 R · 2 D) — cross-party backing.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

450 added · 165 removed

Plain-language change summary

The amendments to HR 7688 include a correction to the short title of the Defense Production Act of 1950, clarifying its citation. Additionally, the table of contents for the Act is updated to reflect the structure of its titles. In the provisions regarding priorities and allocations, certain phrases have been removed, including sections related to natural disasters and public health emergencies, which may affect how federal powers are utilized during such events. The changes streamline some of the legislative language and may impact the application of the powers under the Act.

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7688 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H.
7688 Reported in House (RH)] <DOC> Union Calendar No.
529 119th CONGRESS 2d Session H.
7688 To modernize and reauthorize the Defense Production Act of 1950, and for other purposes.
7688 [Report No.
119-611] To modernize and reauthorize the Defense Production Act of 1950, and for other purposes.
which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To modernize and reauthorize the Defense Production Act of 1950, and for other purposes.
which was referred to the Committee on Financial Services April 15, 2026 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed [Strike out all after the enacting clause and insert the part printed in italic] [For text of introduced bill, see copy of bill as introduced on February 25, 2026] _______________________________________________________________________ A BILL To modernize and reauthorize the Defense Production Act of 1950, and for other purposes.
FRONT MATTER.
(a) Short Title Correction.--The first undesignated section of the the Defense Production Act of 1950 is amended, effective on the date of enactment of such Act, by striking ``cited as `the Defense'' and inserting ``cited as the `Defense''.
(b) Table of Contents.--The table of contents for the Defense Production Act of 1950 is amended to read as follows:
``TABLE OF CONTENTS ``TITLE I.
``TITLE II.
EXPANSION OF PRODUCTIVE CAPACITY AND SUPPLY.
``TITLE III.
GENERAL PROVISIONS.
``TITLE IV.
PROHIBITION AND NOTIFICATION ON INVESTMENTS RELATING TO COVERED NATIONAL SECURITY TRANSACTIONS.''.
SEC.
3.
PRIORITIES AND ALLOCATIONS.
(C) in subsection (b)-- (i) by striking ``The powers'' and inserting ``(1) The powers'';
(C) in subsection (b)-- (i) by striking ``The powers'' and inserting ``(1) The powers'' (ii) by striking ``unless the President finds (1) that such'' and inserting the following:
(ii) by striking ``unless the President finds (1) that such'' and inserting the following:
and ``(I) that'';
and ``(ii) that'';
and (E) in subsection (d)-- (i) strike ``section shall'' and all that follows through ``issue, and annually review and update'' and insert the following:
and (E) in subsection (d)-- (i) strike ``section shall'' and all that follows through ``issue, and annually review and update whenever appropriate,'' and insert the following:
``section, in consultation with the Defense Production Act Committee-- ``(1) shall-- ``(A) issue and'';
``section, in consultation with the Defense Production Act Committee-- ``(1) shall-- ``(A) issue and, whenever appropriate, revise'';
3.
4.
and (IV) in subparagraph (G)(i), by striking ``the President'' and inserting ``Fund manager of the Defense Production Act Fund'';
and (IV) in subparagraph (G)(i), by striking ``President'' and inserting ``Fund manager of the Defense Production Act Fund'';
and (4) in section 202, as so redesignated-- (A) in subsection (a), by inserting ``authorize a lending agency, with the concurrence of the Fund manager of the Defense Production Act Fund and relevant members of the Defense Production Act Committee, to'' after ``President may'';
(4) in section 202, as so redesignated-- (A) in subsection (a), by inserting ``authorize a lending agency, with the concurrence of the Fund manager of the Defense Production Act Fund and relevant members of the Defense Production Act Committee, to'' after ``President may'';
(ii) in paragraph (2)-- (I) by inserting ``except'' before ``during'';
(ii) in paragraph (2)-- (I) by striking ``no such loan may be made unless the President'' and inserting ``no such loan may be made with respect to the national emergency unless the lending agency, in consultation with the Fund manager of the Defense Production Act Fund and relevant members of the Defense Production Act Committee,'';
(II) by striking ``no such loan may be made unless the President'' and inserting ``no such loan may be made with respect to the national emergency unless the lending agency, in consultation with the Fund manager of the Defense Production Act Fund and relevant members of the Defense Production Act Committee,'';
and (II) by striking the period at the end and inserting a semicolon;
and (III) by striking the period at the end and inserting a semicolon;
and (C) in subsection (d)-- (i) in paragraph (1)-- (I) by striking ``$50,000,000'' and inserting ``$100,000,000'';
and (C) in subsection (d)-- (i) by striking ``(1) In general.--'';
(II) by striking ``only--'' and all that follows through ``if the President'' and inserting ``only if the Fund manager of the Defense Production Act Fund'';
(ii) by striking ``$50,000,000'' and inserting ``$100,000,000'';
(III) in subparagraph (A), by striking ``;
(iii) by striking ``only--'' and all that follows through ``if the President'' and inserting ``only if the Fund manager of the Defense Production Act Fund'';
(iv) in subparagraph (A), by striking ``;
and (IV) by striking subparagraph (B);
(v) by striking subparagraph (B);
and (ii) by striking paragraph (2);
and (vi) by striking paragraph (2);
(B) in subsection (a)-- (i) in paragraph (1) by striking ``the President'' and inserting ``a member of the Defense Production Act Committee described under section 317(b)(1)(A), in consultation with the Executive Director of the Defense Production Act Committee,'';
(B) in subsection (a)-- (i) in paragraph (1), by striking ``the President'' and inserting ``a member of the Defense Production Act Committee described under section 317(b)(1)(A), in consultation with the Executive Director of the Defense Production Act Committee,'';
(III) by striking ``the President, on a non-delegable basis,'' and inserting ``member, on a non-delegable basis, and in consultation with the Executive Director of the Defense Production Act Committee,'';
(III) by striking ``the President, on a non-delegable basis,'' and inserting ``the member, on a non- delegable basis, and in consultation with the Executive Director of the Defense Production Act Committee,'';
``(8) Acquisition and liquidation.--A member of the Defense Production Act Committee described under section 317(b)(1)(A)-- ``(A) may make an equity investment in an entity under this section only after the Fund manager of the Defense Production Act Fund finds that the entity is unable to obtain additional equity investment from private sources on commercially reasonable terms;
``(8) Report on equity investments.--The Defense Production Act Committee shall include, in each annual report of the Committee required under section 317(d)-- ``(A) a description of any equity held by the Government pursuant to the authorities of this Act;
and ``(B) shall seek to sell and liquidate any equity support for an entity provided under this section as soon as commercially feasible, commensurate with other similar investors in the entity, taking into consideration the national security interests of the United States.'';
``(B) the rationale for, and valuation of, any such holding, including-- ``(i) the expected contribution of the holding to the objectives of this Act;
and ``(ii) the estimated gain or loss in value of the holding since the preceding report.
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``(9) Acquisition and liquidation.--A member of the Defense Production Act Committee described under section 317(b)(1)(A)-- ``(A) may make an equity investment in an entity under this section only after the Fund manager of the Defense Production Act Fund reports to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that the entity is unable to obtain additional equity investment from private sources on commercially reasonable terms;
``(B) shall, with respect to each equity investment made in an entity by the member under this section, transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives-- ``(i) not later than 10 days after making the equity investment, copies of all relevant documents concerning the terms of the investment, including any governance rights or contractual obligations;
and ``(ii) a certification that the equity investment advances the objectives of this Act, with a detailed explanation of the reasons therefor;
and ``(C) shall seek to sell and liquidate any equity support for an entity provided under this section as soon as commercially feasible, commensurate with other similar investors in the entity, taking into consideration the national security interests of the United States.'';
``(b) Critical Minerals Resilience.-- ``(1) Critical minerals resilience initiative.--There is established the Critical Minerals Resilience Initiative, under which a member of the Defense Production Act Committee described under section 317(b)(1)(A), in consultation with the Executive Director of the Defense Production Act Committee and the Fund manager of the Defense Production Act Fund, may make grants, purchases, and commitments to purchase involving an entity in the United States, a member country of the North Atlantic Treasury Organization, or a major non-NATO ally, to-- ``(A) ensure that the mining or processing of critical and strategic materials is not dominated by a foreign adversary;
``(b) Critical Minerals Resilience.-- ``(1) Critical minerals resilience initiative.--There is established the Critical Minerals Resilience Initiative, under which a member of the Defense Production Act Committee described under section 317(b)(1)(A), in consultation with the Executive Director of the Defense Production Act Committee and the Fund manager of the Defense Production Act Fund, may make grants, purchases, and commitments to purchase involving an entity in the United States, a member country of the North Atlantic Treaty Organization, or a major non-NATO ally, to-- ``(A) ensure that the mining or processing of critical and strategic materials is not dominated by a foreign adversary;
``(i) Waiver To Expedite Procurement.--In exercising the authorities under section 201, section 202, or this section, the President may waive or revise relevant regulations for the purpose of expediting-- ``(1) the procurement of critical technologies (as defined under section 316(a)) or critical minerals;
``(i) Waiver to Expedite Procurement.--In exercising the authorities under section 201, section 202, or this section, the President may waive or revise relevant regulations for the purpose of expediting-- ``(1) the procurement of critical technologies (as defined under section 316(a)) or critical minerals;
``(ii) short-term and long-term recommendations for administrative or legislative action to reduce any workforce gaps or skills gaps identified by the agency, especially through the simulation required under section 206(c), including recommendations on workforce training programs to recruit, train, place, and retain workers in occupations critical to the national defense, including any apprenticeships.
and ``(ii) short-term and long-term recommendations for administrative or legislative action to reduce any workforce gaps or skills gaps identified by the agency, especially through the simulation required under section 206(c), including recommendations on workforce training programs to recruit, train, place, and retain workers in occupations critical to the national defense, including any apprenticeships.'';
``(k) Special Hiring Authority for Subject Matter Experts.--Each agency represented on the Defense Production Act Committee may appoint, without regard to the provisions of sections 3309 through 3318 of title 5, subject matter experts directly to positions in the competitive service (as defined in section 2102 of that title) in the agency for the sole purpose of identifying, soliciting, evaluating, or approving activities that may receive financial assistance under this title.'';
``(c) Waiver To Expedite Procurement.--The President may waive or revise relevant regulations for the purpose of expediting-- ``(1) the procurement of critical technologies (as defined under section 316(a)) or critical minerals subject to the incentives described in subsection (a);
``(c) Waiver to Expedite Procurement.--The President may waive or revise relevant regulations for the purpose of expediting-- ``(1) the procurement of critical technologies (as defined under section 316(a)) or critical minerals subject to the incentives described in subsection (a);
(7) in section 205, as so redesignated-- (A) in subsection (a), insert before the period at the end the following:
(7) in section 205, as so redesignated-- (A) in subsection (a), by inserting before the period at the end the following:
(C) in subsection (e), by striking ``$750,000,000'' each place such term appears and inserting ``$2,000,000,000'';
(C) in subsection (c), by inserting ``and section 318'' after ``this title'';
(D) by redesignating subsections (f) and (g) as subsections (g) and (h), respectively;
(D) in subsection (e), by striking ``$750,000,000'' each place such term appears and inserting ``$2,000,000,000'';
(E) by inserting after subsection (e) the following:
(E) by redesignating subsections (f) and (g) as subsections (g) and (h), respectively;
(F) by inserting after subsection (e) the following:
(F) in subsection (g), as so redesignated-- (i) by striking ``President shall designate a'' and inserting ``Secretary of the Treasury shall serve as'';
(G) in subsection (g), as so redesignated-- (i) by striking ``President shall designate a'' and inserting ``Secretary of the Treasury shall serve as'';
and (G) by adding at the end the following:
and (H) by adding at the end the following:
``(i) Deferral.--The Executive Director of the Defense Production Act Committee shall defer budget authority involving the Fund for an agency that has repeatedly failed to submit complete reports described under section 101(e) and 206(a).'';
``(i) Deferral.--The Executive Director of the Defense Production Act Committee shall defer budget authority involving the Fund for an agency that has repeatedly failed to submit complete reports described under section 206(a).'';
(B) by striking subsections (a) and (b) and inserting the following:
(B) by redesignating subsection (c) as subsection (e);
(C) by striking subsections (a) and (b) and inserting the following:
``(c) Strategy Simulation.--At least once every 5 years, the Defense Production Act Committee shall conduct a discussion-based simulation (commonly known as a `table-top exercise') to determine the resources needed and the best use of the authorities under title I and this title to implement the strategy described in subsection (b)(2) contained in the most recent report required under subsection (a).'';
``(c) Strategy Simulation.--At least once every 5 years, the Defense Production Act Committee shall conduct a discussion-based simulation (commonly known as a `table-top exercise') to determine the resources needed and the best use of the authorities under title I and this title to implement the strategy described in subsection (b)(2) contained in the most recent report required under subsection (a).
(C) in subsection (c)(2), by striking ``section 702(7)(B)(ii)(II)(bb)'' and inserting ``section 302(7)(B)(ii)(II)(bb)'';
and (D) by adding at the end the following:
``(3) Any authorities provided by this Act to be used by the agency to ensure that essential components of such supply chains are not under the control of a foreign adversary.''.
``(3) Any authorities provided by this Act to be used by the agency to ensure that essential components of such supply chains are not under the control of a foreign adversary.'';
(9) in section 207, as redesignated and moved by section 3(5)-- (A) in subsection (a), by inserting ``, to the extent required for national defense purposes,'' after ``President shall'';
and (D) in paragraph (2) of subsection (e), as so redesignated, by striking ``section 702(7)(B)(ii)(II)(bb)'' and inserting ``section 302(7)(B)(ii)(II)(bb)'';
and (9) in section 207, as redesignated and moved by section 3(5)-- (A) in subsection (a), by inserting ``, to the extent required for national defense purposes,'' after ``President shall'';
``(a) In General.--A covered entity is not eligible for assistance authorized under this title.
``(a) In General.--Notwithstanding any other provision of this Act or any other Act, a covered entity is not eligible for assistance authorized under this title.
4.
5.
(3) by redesignating sections 701 through 711, section 713, sections 715 through 717, and sections 721 and 722 as sections through 317, respectively;
(3) by redesignating sections 701 through 711 as sections through 311, respectively;
(4) in section 301, as so redesignated, in subsection (e), by inserting ``and consistent with national defense requirements'' after ``practicable'';
(4) by redesignating section 713 as section 312;
(5) in section 302, as so redesignated-- (A) in paragraph (7)(B), by striking ``title III'' each place such term appears in a heading or text, and inserting ``title II'';
(5) by redesignating section 715 as section 313;
(6) by redesignating section 717 as section 315;
(7) by redesignating sections 721 and 722 as sections 316 and 317, respectively;
(8) in section 301, as so redesignated, in subsection (e), by inserting ``and consistent with national defense requirements'' after ``practicable'';
(9) in section 302, as so redesignated-- (A) in paragraph (7)(B), by striking ``title III'' each place such term appears in a heading or text, and inserting ``title II'';
(6) in section 303, as so redesignated-- (A) by striking ``Any officer'' and inserting the following:
(10) in section 303, as so redesignated-- (A) by striking ``Any officer'' and inserting the following:
(7) in section 304, as so redesignated-- (A) by striking ``(a) in general.--'';
(11) in section 304, as so redesignated-- (A) by striking ``(a) in general.--'';
(8) in section 305, as so redesignated-- (A) in subsection (a)-- (i) by striking ``or appropriate, in his discretion,'';
(12) in section 305, as so redesignated-- (A) in subsection (a)-- (i) by striking ``or appropriate, in his discretion,'';
(9) in section 306, as so redesignated-- (A) in subsection (a), by striking ``he'' and inserting ``the President'';
(13) in section 306, as so redesignated-- (A) in subsection (a), by striking ``he'' and inserting ``the President'';
(10) in section 308, as so redesignated-- (A) by striking ``he'' each place such term appears and inserting ``the President'';
(14) in section 308, as so redesignated-- (A) by striking ``he'' each place such term appears and inserting ``the President'';
(11) in section 309, as so redesignated-- (A) in subsection (a), by striking ``sections 551 through 559'' and inserting ``sections 552 through 552b and sections 554 through 559'';
(15) in section 309, as so redesignated-- (A) in subsection (a), by striking ``sections 551 through 559'' and inserting ``sections 552 through 552b and sections 554 through 559'';
(12) in section 310, as so redesignated-- (A) by redesignating subsections (b) through (g) as subsections (a) through (f), respectively;
(16) in section 310, as so redesignated-- (A) by striking subsection (e);
(B) in subsection (a), as so redesignated-- (i) in paragraph (1), by striking ``he'' each place such term appears and inserting ``the President'';
(B) by redesignating subsections (b), (c), (d), (f), and (g) as subsections (a) through (e), respectively;
(C) in subsection (a), as so redesignated-- (i) in paragraph (1), by striking ``he'' each place such term appears and inserting ``the President'';
(C) in subsection (b), as so redesignated-- (i) by striking ``he'' and inserting ``the President'';
(D) in subsection (b), as so redesignated-- (i) by striking ``he'' and inserting ``the President'';
(D) in subsection (e), as so redesignated, by striking ``$10,000'' and inserting ``$100,000'';
(E) in subsection (d), as so redesignated, by striking ``$10,000'' and inserting ``$100,000'';
and (E) in subsection (f), as so redesignated, by striking ``he'' and inserting ``the President'';
and (F) in subsection (e), as so redesignated, by striking ``he'' each place such term appears and inserting ``the President'';
(13) in section 311, as so redesignated-- (A) by striking ``he'' and inserting ``the President'';
(17) in section 311, as so redesignated-- (A) by striking ``he'' and inserting ``the President'';
(B) by striking ``$133,000,000 for fiscal year 2015'' and inserting ``$250,000,000 for fiscal year 2025'';
(B) by striking ``$133,000,000 for fiscal year 2015'' and inserting ``$250,000,000 for fiscal year 2026'';
(14) in section 315, as so redesignated-- (A) in subsection (a)-- (i) by striking ``title III, and title VII (except sections 707, 708, and 721)'' and inserting ``title II, and title III (except sections 307, 308, and 316)'';
(18) by inserting after section 313, as so redesignated, the following:
``SEC.
314.
NATIONAL DEFENSE EXECUTIVE RESERVE.
``(a) Establishment.--The President shall establish a National Defense Executive Reserve (in this section referred to as the `Reserve').
``(b) Purpose.--The purpose of the Reserve shall be to improve the preparedness of the Federal Government for national defense emergencies by allowing private persons with unique expertise to volunteer, be trained for, and be temporarily employed in Federal positions within any of the Federal agencies that has established a Reserve unit under subsection (c) that may be necessary during periods of national defense emergency, as determined by the President.
``(c) Reserve Units.-- ``(1) In general.--The President shall require the heads of each of the following agencies to establish a unit of the Reserve within the applicable agency:
``(A) The Department of Commerce.
``(B) The Department of Defense.
``(C) The Department of Homeland Security.
``(D) Such other agencies as the President determines appropriate.
``(2) Activities of reserve units.--Activities of such Reserve units within each agency shall be aligned with the contents of the reports required under-- ``(A) section 203(j)(2)(C), related to workforce and skills gaps;
``(B) section 206(b), related to overall strategy;
``(C) section 206(d), related to the strategy on securing supply chains essential to national defense;
and ``(D) section 317(h)(1), the report from the Subcommittee on Emerging Technology.
``(3) Deadline.--The units of the Reserve within the agencies described under subparagraphs (A), (B), and (C) shall be established not later than 180 days after the issuance of the final rules required under subsection (f).
``(d) Training.--The President may, without activating the Reserve, allow for periodic training and exercises to prepare the Reserve for duty during an activation.
``(e) Rulemaking.--Not later than 360 days after the date of enactment of this section, the Director of the Office of Personnel Management, in consultation with the Secretary of Commerce, the Secretary of Defense, and the Secretary of Homeland Security, shall issue rules, in accordance with section 553 of title 5, United States Code, to provide-- ``(1) criteria for determining the number of positions in and organization of Reserve units;
``(2) criteria for determining the appropriate level of seniority and job classifications of Reserve positions;
``(3) the advertisement of the Reserve to the public to generate interest in volunteers;
``(4) the selection of individuals for the Reserve and the job assignment process;
``(5) the appointment authorities to be used by the head of an agency during an activation of the applicable Reserve unit;
``(6) the appropriate levels of compensation for private individuals for service in the Reserve, dependent on the qualifications and expected roles of the individuals;
``(7) the appropriate levels of compensation for private individuals for service in the Reserve for additional expenses, such as travel and accommodation, to fulfill the responsibilities in the Reserve, including during training and exercise;
``(8) additional incentives to be provided to private individuals to encourage participation in the Reserve;
``(9) whether and how to issue security clearances to individuals selected to serve in the Reserve, both prior to and during activation;
``(10) the frequency and content of training and exercises for the Reserve;
``(11) the appropriate interaction between permanent Government employees and individuals in the Reserve during training, exercises, and activations of the Reserve;
``(12) the appointment of permanent Government employees to manage the Reserve for each agency with a Reserve unit, both prior to and during activation;
``(13) practices to ensure that ethics and conflict-of- interest standards are implemented and maintained throughout the activities of the Reserve;
and ``(14) all other matters necessary to effectively manage the Reserve, as determined by the Director of the Office of Personnel Management.
``(f) Additional Guidance.--The Director of the Office of Personnel Management may issue any additional internal guidance as the Director of the Office of Personnel determines is necessary to supplement the rules issued under subsection (e).
``(g) Employment Protection.--For purposes of chapter 43 of title 38, United States Code, an individual absent from a position of employment due to an appointment into service in the Reserve shall be subject to the same employment and reemployment protections as are provided under such chapter for an individual absent from a position of employment due to an appointment into service in the Federal Emergency Management Agency as intermittent personnel under section 306(b)(1) of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act.'';
(19) in section 315, as so redesignated-- (A) in subsection (a)-- (i) by striking ``title III, and title VII (except sections 707, 708, and 721)'' and inserting ``title II, and title III (except sections 307, 308, and 316)'';
(15) in section 316, as so redesignated, in subsection (l)(3)(D), by striking ``section 706(b)'' and inserting ``section 306(b)'';
(20) in section 316, as so redesignated-- (A) in subsection (a)(4)(C)(i)(II), by striking ``in `urbanized areas', as'' and inserting ``in an `urbanized area', or equivalent term, as'';
and (16) in section 317, as so redesignated-- (A) in subsection (a), by striking ``plan for on'' and inserting ``plan for'';
(B) in subsection (b)-- (i) in paragraph (1), by adding at the end the following:
``(I) Consideration of certain agricultural land transactions.-- ``(i) In general.--After receiving notification from the Secretary of Agriculture of a reportable agricultural land transaction, the Committee shall determine-- ``(I) whether the transaction is a covered transaction;
and ``(II) if the Committee determines that the transaction is a covered transaction, whether the Committee should initiate a review pursuant to subparagraph (D), or take another action authorized under this section, with respect to the reportable agricultural land transaction.
``(ii) Reportable agricultural land transaction..--In this subparagraph, the term `reportable agricultural land transaction' means a transaction-- ``(I) that the Secretary of Agriculture has reason to believe is a covered transaction, based on information from or in cooperation with the intelligence community;
``(II) that involves the acquisition of an interest in agricultural land by a foreign person of the People's Republic of China, the Democratic People's Republic of Korea, the Russian Federation, or the Islamic Republic of Iran;
and ``(III) with respect to which a person is required to submit a report to the Secretary of Agriculture under section 2(a) of the Agricultural Foreign Investment Disclosure Act of 1978.
``(iii) Sunset.--The requirements under this subparagraph shall terminate, with respect to a foreign person of the respective foreign country, on the date that the People's Republic of China, the Democratic People's Republic of Korea, the Russian Federation, or the Islamic Republic of Iran, as the case may be, is removed from the list of foreign adversaries in section 791.4 of title 15, Code of Federal Regulations.'';
(ii) in paragraph (3)-- (I) in subparagraph (A), by striking ``Upon completion of'' and inserting ``Not later than the seventh day of the month following the month in which the Committee completed'';
and (II) in subparagraph (C)(i)-- (aa) by striking ``shall be submitted to the members'' and inserting ``shall be submitted in a searchable, machine- readable format to the members'';
(bb) in subclause (II), by striking ``and'' at the end;
(cc) by redesignating subclause (III) as subclause (IV);
and (dd) by inserting after subclause (II) the following:
``(III) the date on which the transaction was accepted by the Committee and the date on which transaction parties were notified of the completion by the Committee of the Committee's review of the transaction pursuant to subsection (b)(6);
and'';
(C) in subsection (d)(4)(A), by striking ``assets as a result'' and inserting ``assets or in real estate in the United States as a result'';
(D) in subsection (k), by adding at the end the following:
``(8) Inclusion of the secretary of agriculture.--The Secretary of Agriculture shall be a member of the Committee with respect to a covered transaction that involves-- ``(A) agricultural land;
``(B) agriculture biotechnology;
or ``(C) the agriculture industry, including agricultural transportation, storage, and processing.'';
(E) in subsection (l)(3)(D), by striking ``section 706(b)'' and inserting ``section 306(b)'';
(F) in subsection (o)-- (i) in paragraph (1), by striking ``March 31'' and inserting ``September 30'';
and (ii) in paragraph (2), by striking ``the date that is 7 years after the date of the enactment of the Foreign Investment Risk Review Modernization Act of 2018'' and inserting ``November 30, 2030'';
and (G) in subsection (p)(2), by striking ``through $20,000,000'' and inserting ``through 2030 $21,000,000'';
and (21) in section 317, as so redesignated-- (A) in subsection (a), by striking ``plan for on'' and inserting ``plan for'';
(v) by redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively;
(v) by redesignating paragraphs (3), (4), and (6) as paragraphs (2), (3), and (7), respectively;
``(5) a summary of any steps taken to reduce fraud in transactions under this Act and a fraud risk assessment for all activities under undertaken under this Act;
``(5) a summary of any steps taken to reduce fraud in transactions under this Act and a fraud risk assessment for all activities undertaken under this Act;
``(6) a summary of activities by the National Defense Executive Reserve, along with any recommendations for regulatory and legislative improvements to support the National Defense Executive Reserve;
and (ix) in paragraph (4), as so redesignated, by striking ``each'' and inserting ``any'';
and (ix) in paragraph (7), as so redesignated, by striking ``each'' and inserting ``any'';
(E) by redesignating subsection (e) as subsection (f);
(E) by redesignating subsection (e) as subsection (k);
(F) by inserting after subsection (d) the following:
and (F) by inserting after subsection (d) the following:
``(e) Defense Production Act Dashboard.--The Executive Director of the Committee shall maintain a database that-- ``(1) compiles and categorizes the actions reported under section 206(b)(3);
``(e) Defense Production Act Dashboard.--The Executive Director of the Committee shall maintain a database that-- ``(1) compiles and categorizes the actions reported under section 206(b)(4);
``(2) is available to all members of the Committee, for the purpose of more effective coordination of actions authorized this Act;
``(2) is available to all members of the Committee, for the purpose of more effective coordination of actions authorized by this Act;
and ``(ii) how covered technology can be used within a single industry or Federal agency, or across industries and Federal agencies, to improve efficiencies, encourage innovation, and address supply chain gaps;
and ``(ii) how covered technology can be used within a single industry or Federal agency, or across industries and Federal agencies, to improve efficiencies, encourage innovation, and address supply chain gaps ``(C) Report elements.--The Subcommittee on Emerging Technology shall include, in the annual report of the Defense Production Act Committee, the analysis required under subparagraph (B)(ii), including a description of how covered technology can be used within a single industry or Federal agency, or across industries and Federal agencies, to improve efficiencies, conserve resources, and address supply chain gaps, in support of national defense priorities.
``(C) Report elements.--The Subcommittee on Emerging Technology shall include, in the annual report of the Defense Production Act Committee, the analysis required under subparagraph (B)(ii), including a description of how covered technology can be used within a single industry or Federal agency, or across industries and Federal agencies, to improve efficiencies, conserve resources, and address supply chain gaps, in support of national defense priorities.
``(2) General subcommittee authority.--The Executive Director may establish and convene such additional subcommittees of the Committee as the Executive Director determines appropriate to improve coordination among member agencies of the Committee regarding particular activities authorized under this Act.'';
``(2) General subcommittee authority.--The Executive Director may establish and convene such additional subcommittees of the Committee as the Executive Director determines appropriate to improve coordination among member agencies of the Committee regarding particular activities authorized under this Act.
and (G) by adding at the end the following:
``(i) Fraud Risk Management in Transactions Under This Act.--Not later than 1 year after the date of the enactment of this subsection, the Defense Production Act Committee shall-- ``(1) establish and implement processes and procedures consistent with leading practices in the Fraud Risk Framework established by the Government Accountability Office to combat fraud in transactions undertaken under this Act;
``(g) Fraud Risk Management in Transactions Under This Act.--Not later than 1 year after the date of the enactment of this subsection, the Defense Production Act Committee shall-- ``(1) establish and implement processes and procedures consistent with leading practices in the Fraud Risk Framework established by the Government Accountability Office to combat fraud in transactions undertaken under this Act;
and ``(3) designate a point of contact within the Defense Production Act Committee to be responsible for managing issues relating to fraud, including coordinating with agencies to review fraud-related issues.''.
and ``(3) designate a point of contact within the Defense Production Act Committee to be responsible for managing issues relating to fraud, including coordinating with agencies to review fraud-related issues.
``(j) Testimony.--The following persons, or their designees, shall provide testimony to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate not later than 90 days following submission of the report described under subsection (d):
``(1) The Executive Director.
``(2) Upon request of either such committee, the head of any Federal agency to which the President has delegated authority under this Act.''.
5.
6.
(B) in paragraph (2)-- (i) by striking ``section 801(e) and 802(b)'' and inserting ``section 401(e) or 402(b)'';
(B) in paragraph (2)-- (i) by striking ``section 801(e) or 802(b)'' and inserting ``section 401(e) or 402(b)'';
and (B) in subsection (b), by striking ``subsection 801(a)'' each place such term appears and inserting ``section 401(a)'';
and (B) in subsection (b)-- (i) in paragraph (3), by striking ``section 801(a)'' and inserting ``section 401(a)'';
and (ii) in paragraph (4), by striking ``subsection 801(a)'' and inserting ``section 401(a)'';
6.
GAO STUDY ON STOCKPILING AND LONG-LEAD ITEMS.
(a) In General.--The Comptroller General of the United States shall, not later than 1 year after the date of the enactment of this Act, begin a study on the efficacy of the current methods used by DPA agencies to address DPA-related long-lead items and related stockpiling challenges.
(b) Requirements.--When conducting the study required under subsection (a), the Comptroller General shall-- (1) examine how DPA-related long-lead items are currently procured and stockpiled by DPA agencies;
(2) identify ways in which Federal agencies can work together to better address procurement and stockpiling of DPA- related long-lead items;
and (3) provide legislative recommendations, including amendments to the DPA, to address procurement of DPA-related long-lead items and the stockpiling of such items.
(c) Definitions.--In this section:
(1) DPA.--The term ``DPA'' means the Defense Production Act of 1950.
(2) DPA agency.--The term ``DPA agency'' means a Federal agency to which the President has delegated authority under the DPA.
(3) Long-lead item.--The term ``long-lead item'' means components of a system or piece of equipment for which the times to design and fabricate are the longest, and therefore, to which an early commitment of funds may be desirable to complete the system by the earliest possible.
SEC.
STUDIES AND REPORTS.
(a) GAO Study on Stockpiling and Long-lead Items.-- (1) In general.--The Comptroller General of the United States shall, not later than 1 year after the date of the enactment of this Act, begin a study on the efficacy of the current methods used by DPA agencies to address DPA-related long-lead items and related stockpiling challenges.
(2) Requirements.--When conducting the study required under paragraph (1), the Comptroller General shall-- (A) examine how DPA-related long-lead items are currently procured and stockpiled by DPA agencies;
(B) identify ways in which Federal agencies can work together to better address procurement and stockpiling of DPA-related long-lead items;
and (C) provide legislative recommendations, including amendments to the DPA, to address procurement of DPA- related long-lead items and the stockpiling of such items.
(3) Definitions.--In this subsection:
(A) DPA.--The term ``DPA'' means the Defense Production Act of 1950.
(B) DPA agency.--The term ``DPA agency'' means a Federal agency to which the President has delegated authority under the DPA.
(C) Long-lead item.--The term ``long-lead item'' means components of a system or piece of equipment for which the times to design and fabricate are the longest, and therefore, to which an early commitment of funds may be desirable to complete the system by the earliest possible.
(b) GAO Report on the Defense Production Act Committee.--Not later than 2 years after the date of the enactment of this Act, the Comptroller General of the United States shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing and Urban Affairs of the Senate that includes-- (1) an assessment of the quality of coordination and planning for the effective use of the authorities provided under section 317 of the Defense Production Act of 1950;
(2) an identification of authorities and requirements provided for under Section 317 the Defense Production Act of that may call for greater use or compliance by the Defense Production Act Committee;
and (3) any other recommendations relating to how the Defense Production Act Committee could improve the Committee's coordination and planning.
(c) Subcommittee on Emerging Technology Report on Potential Strategic Reserve of Biological Inputs.--The Subcommittee on Emerging Technology of the Defense Production Act Committee shall, not later than 18 months after the date of the enactment of this Act, submit to Congress an evaluation of the potential benefits and drawbacks, and any resources required, in establishing a strategic reserve of critical biomanufacturing essential to national defense activities under the Defense Production Act of 1950.
SEC.
8.
(e) John S.
(e) National Defense Authorization Act for Fiscal Years 1988 and .--Section 272 of the National Defense Authorization Act for Fiscal Years 1988 and 1989 (15 U.S.C.
McCain National Defense Authorization Act for Fiscal Year 2019.--Section 1792 of the John S.
McCain National Defense Authorization Act for Fiscal Year 2019 (50 U.S.C.
4531 note) is hereby repealed.
(f) National Defense Authorization Act for Fiscal Years 1988 and 1989.--Section 272 of the National Defense Authorization Act for Fiscal Years 1988 and 1989 (15 U.S.C.
(g) National Defense Authorization Act for Fiscal Year 2018.-- Section 226 of the National Defense Authorization Act for Fiscal Year (50 U.S.C.
(f) National Defense Authorization Act for Fiscal Year 2020.-- Section 847(e) of the National Defense Authorization Act for Fiscal Year 2020 is amended by striking ``section 721'' and inserting ``section 316''.
4531 note) is amended-- (1) by striking subsection (e);
(g) National Defense Authorization Act for Fiscal Year 2022.-- Effective on the date of enactment of the National Defense Authorization Act for Fiscal Year 2022, section 1702(k)(4) of such Act is amended by striking ``Defense Production Act'' and inserting ``Defense Production Act of 1950''.
and (2) by redesignating subsection (f) as subsection (e).
(h) Title 10, United States Code.--Section 4891(b)(1) of title 10, United States Code, is amended by striking ``If the Secretary of Defense is acting as a designee of the President under section 721(a) of the Defense Production Act of 1950 (50 U.S.C.
(h) National Defense Authorization Act for Fiscal Year 2020.-- Section 847(e) of the National Defense Authorization Act for Fiscal Year 2020 is amended by striking ``section 721'' and inserting ``section 316''.
4565(a)) and if the Secretary determines'' and inserting ``If the Committee on Foreign Investment in the United States determines, under section 316 of the Defense Production Act of 1950 (50 U.S.C.
(i) National Defense Authorization Act for Fiscal Year 2022.-- Effective on the date of enactment of the National Defense Authorization Act for Fiscal Year 2022, section 1702(k)(4) of such Act is amended by striking ``Defense Production Act'' and inserting ``Defense Production Act of 1950''.
4565),''.
(j) Title 10, United States Code.--Section 4891(a) of title 10, United States Code, is amended by striking ``section 721(a)'' and inserting ``section 316(a)''.
(i) William M.
(k) William M.
<all>
Union Calendar No.
529 119th CONGRESS 2d Session H.
R.
7688 [Report No.
119-611] _______________________________________________________________________ A BILL To modernize and reauthorize the Defense Production Act of 1950, and for other purposes.
_______________________________________________________________________ April 15, 2026 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
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What Congress says this changes

H. Rept. 119-611

Published by the reporting committee Not generated — this is the committee's own “Changes in Existing Law Made by the Bill, as Reported”.

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changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italics, existing law in which no change 
is proposed is shown in roman):

 DEFENSE PRODUCTION ACT OF 1950

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That this Act, 
divided into titles, may be cited as the ``[the] Defense 
Production Act of 1950.''

 TABLE OF CONTENTS

 [Title I. Priorities and allocations.

 [Title II. Authority to requisition and condemn.

 [Title III. Expansion of productive capacity and supply.

 [Title IV. Price and wage stabilization.

 [Title V. Settlement of labor disputes.

 [Title VI. Control of consumer and real estate credit.

 [Title VII. General provisions.]

 Title I. Priorities and allocations.

 Title II. Expansion of productive capacity and supply.

 Title III. General provisions.

 Title IV. Prohibition and notification on investments relating to 
 covered national security transactions.

 TITLE I--PRIORITIES AND ALLOCATIONS

 Sec. 101. (a) The President is hereby authorized (1) to 
require that performance under contracts or orders (other than 
contracts of employment) which [he] the President deems 
necessary [or appropriate] to promote the national defense 
shall take priority over performance under any other contract 
or order, and, for the purpose of assuring such priority, to 
require acceptance and performance of such contracts or orders 
in preference to other contracts or orders by any person [he] 
the President finds to be capable of their performance, and (2) 
to allocate materials, services, and facilities in such manner, 
upon such conditions, and to such extent as [he] the President 
shall deem necessary [or appropriate] to promote the national 
defense.
 (b) [The powers] (1) The powers granted in this section 
shall not be used to control the general distribution of any 
material in the civilian market [unless the President finds (1) 
that such] unless--
 (A) the President finds that--
 (i) such material is a scarce and critical 
 material essential to the national [defense, 
 and (2) that] defense; and
 (ii) that the requirements of the national 
 defense for such material cannot otherwise be 
 met without creating a significant dislocation 
 of the normal distribution of such material in 
 the civilian market to such a degree as to 
 create appreciable hardship[.]; and
 (B) the powers are used to address--
 (i) a national emergency declared by the 
 President;
 (ii) a natural disaster declared by the 
 President pursuant to the Robert T. Stafford 
 Disaster Relief and Emergency Assistance Act; 
 or
 (iii) a public health emergency, as 
 determined by the Secretary of Health and Human 
 Services pursuant to section 319 of the Public 
 Health Service Act.
 (2) The powers described in this section may not be used to 
control the general distribution of any material in the 
civilian market for a period exceeding 1 year, except that the 
President may extend such 1-year period for up to 180 days upon 
reporting to Congress, on a non-delegable basis, that the 
extension is essential to meet national defense requirements.
 (c)(1) [Notwithstanding any other provision of this Act, the] 
The President may, by rule or order, require the allocation of, 
or the priority performance under contracts or orders (other 
than contracts of employment) relating to, materials, 
equipment, and services in order to maximize domestic energy 
supplies if [he] the President makes the findings required by 
paragraph (3) of this subsection.
 (2) The authority granted by this subsection may not be used 
to require priority performance of contracts or orders, or to 
control the distribution of any supplies of materials, 
services, and facilities in the marketplace, unless the 
President finds that--
 (A) such materials, services, and facilities are 
 scarce, critical, and essential--
 (i) to maintain or expand exploration, 
 production, refining, transportation;
 (ii) to conserve energy supplies; or
 (iii) to construct or maintain energy 
 facilities; and
 (B) maintenance or expansion of exploration, 
 production, refining, transportation, or conservation 
 of energy supplies or the construction and maintenance 
 of energy facilities cannot reasonably be accomplished 
 without exercising the authority specified in paragraph 
 (1) of this subsection.
 (3) During any period when the authority conferred by this 
subsection is being exercised, the [President] Executive 
Director of the Defense Production Act Committee shall take 
such action as may be appropriate to assure that such authority 
is being exercised in a manner which assures the coordinated 
administration of such authority with any priorities or 
allocations established under subsection (a) of this section 
and in effect during the same period.
 (d) The head of each Federal agency to which the President 
delegates authority under this [section shall--]
 [(1) issue, and annually review and update whenever 
 appropriate,] section, in consultation with the Defense 
 Production Act Committee--
 (1) shall--
 (A) issue and, whenever appropriate, revise 
 final rules, in accordance with section 553 of 
 title 5, United States Code, that establish 
 standards and procedures by which the 
 priorities and allocations authority under this 
 section is used to promote the national 
 defense, under both emergency and nonemergency 
 conditions; and
 [(2)] (B) as appropriate and to the extent 
 practicable, consult with the heads of other 
 Federal agencies to develop a consistent and 
 unified Federal priorities and allocations 
 system[.]; and
 (2) may waive or revise relevant regulations for the 
 purpose of expediting the procurement of critical 
 technologies (as defined under section 316(a)) or 
 critical minerals subject to the priorities and 
 allocations.
 Sec. 102. In order to prevent hoarding, no person shall 
accumulate (1) in excess of the reasonable demands of business, 
personal, or home consumption, or (2) for the purpose of resale 
at prices in excess of prevailing market prices, materials 
which have been designated by the President as scarce materials 
or materials the supply of which would be threatened by such 
accumulation. The President shall order published in the 
Federal Register, and in such other manner as [he] the 
President may deem appropriate, every designation of materials 
the accumulation of which is unlawful and any withdrawal of 
such designation. In making such designations the President may 
prescribe such conditions with respect to the accumulation of 
materials in excess of the reasonable demands of business, 
personal, or home consumption as [he] the President deems 
necessary to carry out the objectives of this Act. This section 
shall not be construed to limit the authority contained in 
[sections 101 and 704 of this Act] sections 101 and 304.
 Sec. 103. Any person who willfully performs any act 
prohibited, or willfully fails to perform any act required, by 
the provisions of this title or any rule, regulation, or order 
thereunder, shall, upon conviction, be fined not more than 
[$10,000] $100,000 or imprisoned for not more than one year, or 
both.

 * * * * * * *

 TITLE [III] II--EXPANSION OF PRODUCTIVE CAPACITY AND SUPPLY

[SEC. 301. PRESIDENTIAL AUTHORIZATION FOR THE NATIONAL DEFENSE.]

SEC. 201. LOAN GUARANTEES.

 (a) Expediting Production and Deliveries or Services.--
 (1) Authorized activities.--To reduce current or 
 projected shortfalls of industrial resources, critical 
 technology items, or essential materials needed for 
 national defense purposes, subject to such regulations 
 as the President may prescribe, the President may 
 authorize a guaranteeing agency, with the concurrence 
 of the Fund manager of the Defense Production Act Fund, 
 to provide guarantees of loans by private institutions 
 for the purpose of financing any contractor, 
 subcontractor, provider of critical infrastructure, or 
 other person in support of production capabilities or 
 supplies that are deemed by the guaranteeing agency to 
 be necessary to create, maintain, expedite, expand, 
 protect, or restore production and deliveries or 
 services essential to the national defense.
 (2) [Presidential determinations] Determinations 
 required.--Except [during a period of] with respect to 
 a national emergency declared by Congress or the 
 President, a loan guarantee may be entered into under 
 this section only [if the President] if the 
 guaranteeing agency, in coordination with the Fund 
 manager of the Defense Production Act Fund and relevant 
 members of the Defense Production Act Committee, 
 determines that--
 (A) the loan guarantee is for an activity 
 that supports the production or supply of an 
 industrial resource, critical technology item, 
 or material that is essential for national 
 defense purposes;
 (B) without a loan guarantee, credit is not 
 available to the loan applicant under 
 reasonable terms or conditions sufficient to 
 finance the activity;
 (C) the loan guarantee is the most cost 
 effective, expedient, and practical alternative 
 for meeting the needs of the Federal 
 Government;
 (D) the prospective earning power of the loan 
 applicant and the character and value of the 
 security pledged provide a reasonable assurance 
 of repayment of the loan to be guaranteed;
 (E) the loan to be guaranteed bears interest 
 at a rate determined by the Secretary of the 
 Treasury to be reasonable, taking into account 
 the then-current average yield on outstanding 
 obligations of the United States with remaining 
 periods of maturity comparable to the maturity 
 of the loan;
 (F) the loan agreement for the loan to be 
 guaranteed provides that no provision of the 
 loan agreement may be amended or waived without 
 the consent of the fiscal agent of the United 
 States for the guarantee; and
 (G) the loan applicant has provided or will 
 provide--
 (i) an assurance of repayment, as 
 determined by the [President] Fund 
 manager of the Defense Production Act 
 Fund; and
 (ii) security--
 (I) in the form of a 
 performance bond, insurance, 
 collateral, or other means 
 acceptable to the fiscal agent 
 of the United States; and
 (II) in an amount equal to 
 not less than 20 percent of the 
 amount of the loan.
 (3) Limitations on loans.--Loans under this section 
 may be--
 (A) made or guaranteed under the authority of 
 this section only to the extent that an 
 appropriations Act--
 (i) provides, in advance, budget 
 authority for the cost of such 
 guarantees, as defined in section 502 
 of the Federal Credit Reform Act of 
 1990 (2 U.S.C. 661a); and
 (ii) establishes a limitation on the 
 total loan principal that may be 
 guaranteed; and
 (B) made without regard to the limitations of 
 existing law, other than section 1341 of title 
 31, United States Code.
 (b) Fiscal Agents of the United States.--
 (1) In general.--Any Federal agency or any Federal 
 reserve bank, when designated by the [President] Fund 
 manager of the Defense Production Act Fund, is hereby 
 authorized to act, on behalf of any guaranteeing 
 agency, as fiscal agent of the United States in the 
 making of such contracts of guarantee and in otherwise 
 carrying out the purposes of this section.
 (2) Funds.--All such funds as may be necessary to 
 enable any fiscal agent described in paragraph (1) to 
 carry out any guarantee made by it on behalf of any 
 guaranteeing agency shall be supplied and disbursed by 
 or under authority from such guaranteeing agency.
 (3) Limit on liability.--No fiscal agent described in 
 paragraph (1) shall have any responsibility or 
 accountability, except as agent in taking any action 
 pursuant to or under authority of this section.
 (4) Reimbursements.--Each fiscal agent described in 
 paragraph (1) shall be reimbursed by each guaranteeing 
 agency for all expenses and losses incurred by such 
 fiscal agent in acting as agent on behalf of such 
 guaranteeing agency, including, notwithstanding any 
 other provision of law, attorneys' fees and expenses of 
 litigation.
 (c) Oversight.--
 (1) In general.--All actions and operations of fiscal 
 agents under authority of or pursuant to this section 
 shall be subject to the supervision of the [President] 
 Fund manager of the Defense Production Act Fund, and to 
 such regulations as the [President] Fund manager of the 
 Defense Production Act Fund may prescribe.
 (2) Other authority.--The [President] Fund manager of 
 the Defense Production Act Fund is authorized to 
 prescribe--
 (A) either specifically or by maximum limits 
 or otherwise, rates of interest, guarantee and 
 commitment fees, and other charges which may be 
 made in connection with loans, discounts, 
 advances, or commitments guaranteed by the 
 guaranteeing agencies through fiscal agents 
 under this section; and
 (B) regulations governing the forms and 
 procedures (which shall be uniform to the 
 extent practicable) to be utilized in 
 connection with such guarantees.
 (d) Aggregate Guarantee Amounts.--
 (1) Industrial resource and critical technology 
 [shortfalls.--]
 [(A) In general.--If the making] shortfalls._
 If the making of any guarantee or obligation 
 of the Federal Government under this title 
 relating to a domestic industrial base 
 shortfall would cause the aggregate outstanding 
 amount of all guarantees for such shortfall to 
 exceed [$50,000,000] $100,000,000, any such 
 guarantee may be made [only--]
 [(i) if the President] only if the 
 Fund manager of the Defense Production 
 Act Fund has notified the Committee on 
 Banking, Housing, and Urban Affairs of 
 the Senate and the Committee on 
 Financial Services of the House of 
 Representatives in writing of the 
 proposed [guarantee; and] guarantee.
 [(ii) after the 30-day period 
 following the date on which notice 
 under clause (i) is provided.]
 [(B) Waivers authorized.--The requirements of 
 subparagraph (A) may be waived--
 [(i) during a period of national 
 emergency declared by Congress or the 
 President; or
 [(ii) upon a determination by the 
 President, on a nondelegable basis, 
 that a specific guarantee is necessary 
 to avert an industrial resource or 
 critical technology item shortfall that 
 would severely impair national defense 
 capability.]
 (2) Other limitations.--The authority conferred by 
 this section shall not be used primarily to prevent the 
 financial insolvency or bankruptcy of any person, 
 unless--
 (A) the President certifies that the 
 insolvency or bankruptcy would have a direct 
 and substantially adverse effect upon national 
 defense production; and
 (B) a copy of the certification under 
 subparagraph (A), together with a detailed 
 justification thereof, is transmitted to the 
 Committee on Banking, Housing, and Urban 
 Affairs of the Senate and the Committee on 
 Financial Services of the House of 
 Representatives [not later than 10 days] prior 
 to the exercise of that authority for such use.

SEC. [302.] 202. LOANS TO PRIVATE BUSINESS ENTERPRISES.

 (a) Loan Authority.--To reduce current or projected 
shortfalls of industrial resources, critical technology items, 
or materials essential for the national defense, the President 
may authorize a lending agency, with the concurrence of the 
Fund manager of the Defense Production Act Fund and relevant 
members of the Defense Production Act Committee, to make 
provision for loans to private business enterprises (including 
nonprofit research corporations and providers of critical 
infrastructure) for the creation, maintenance, expansion, 
protection, or restoration of capacity, the development of 
technological processes, or the production of essential 
materials, including the exploration, development, and mining 
of strategic and critical metals and minerals.
 (b) Conditions of Loans.--Loans may be made under this 
section on such terms and conditions as the President deems 
necessary, except that--
 (1) financial assistance may be extended only to the 
 extent that it is not otherwise available from private 
 sources on reasonable terms; [and]
 (2) during periods of national emergency declared by 
 the Congress or the President, [no such loan may be 
 made unless the President] no such loan may be made 
 with respect to the national emergency unless the 
 lending agency, in consultation with the Fund manager 
 of the Defense Production Act Fund and relevant members 
 of the Defense Production Act Committee, determines 
 that--
 (A) the loan is for an activity that supports 
 the production or supply of an industrial 
 resource, critical technology item, or material 
 that is essential to the national defense;
 (B) without the loan, United States industry 
 cannot reasonably be expected to provide the 
 needed capacity, technological processes, or 
 materials in a timely manner;
 (C) the loan is the most cost-effective, 
 expedient, and practical alternative method for 
 meeting the need;
 (D) the prospective earning power of the loan 
 applicant and the character and value of the 
 security pledged provide a reasonable assurance 
 of repayment of the loan in accordance with the 
 terms of the loan, as determined by the 
 President; and
 (E) the loan bears interest at a rate 
 determined by the Secretary of the Treasury to 
 be reasonable, taking into account the then-
 current average yield on outstanding 
 obligations of the United States with remaining 
 periods of maturity comparable to the maturity 
 of the loan[.];
 (3) any such loan shall be secured by a first-
 priority lien on such collateral as the Fund manager of 
 the Defense Production Act Fund may require, and such 
 lien shall--
 (A) attach upon disbursement of funds;
 (B) be senior to all other liens and claims; 
 and
 (C) be deemed perfected upon attachment; and
 (4) in the event that the loan recipient defaults on 
 the repayment of the loan, any portion of such 
 repayment that is not satisfied from the collateral 
 described in paragraph (3) shall have priority in 
 payment over all other unsecured claims.
 (c) Limitations on Loans.--Loans under this section may be--
 (1) made or guaranteed under the authority of this 
 section only to the extent that an appropriations Act--
 (A) provides, in advance, budget authority 
 for the cost of such guarantees, as defined in 
 section 502 of the Federal Credit Reform Act of 
 1990 (2 U.S.C. 661a); and
 (B) establishes a limitation on the total 
 loan principal that may be guaranteed; and
 (2) made without regard to the limitations of 
 existing law, other than section 1341 of title 31, 
 United States Code.
 (d) Aggregate Loan Amounts.--
 [(1) In general.--]If the making of any loan under 
 this section to correct a shortfall would cause the 
 aggregate outstanding amount of all obligations of the 
 Federal Government under this title relating to such 
 shortfall to exceed [$50,000,000] $100,000,000, such 
 loan may be made [only--]
 [(A) if the President] only if the Fund 
 manager of the Defense Production Act Fund has 
 notified the Committee on Banking, Housing, and 
 Urban Affairs of the Senate and the Committee 
 on Financial Services of the House of 
 Representatives, in writing, of the proposed 
 loan[; and].
 [(B) after the 30-day period following the 
 date on which notice under subparagraph (A) is 
 provided.]
 [(2) Waivers authorized.--The requirements of 
 paragraph (1) may be waived--
 [(A) during a period of national emergency 
 declared by the Congress or the President; and
 [(B) upon a determination by the President, 
 on a nondelegable basis, that a specific loan 
 is necessary to avert an industrial resource or 
 critical technology shortfall that would 
 severely impair national defense capability.]

[SEC. 303. OTHER PRESIDENTIAL ACTION AUTHORIZED.]

SEC. 203. PURCHASES, COMMITMENTS TO PURCHASE, AND SUBSIDY PAYMENTS.

 (a) In General.--
 (1) In general.--To create, maintain, protect, 
 expand, or restore domestic industrial base 
 capabilities essential for the national defense, [the 
 President] a member of the Defense Production Act 
 Committee described under section 317(b)(1)(A), in 
 consultation with the Executive Director of the Defense 
 Production Act Committee, may make provision--
 (A) for purchases of or commitments to 
 purchase an industrial resource or a critical 
 technology item, for Government use or resale;
 (B) for the encouragement of exploration, 
 development, and mining of critical and 
 strategic materials, and other materials;
 (C) for the development of production 
 capabilities; and
 (D) for the increased use of emerging 
 technologies in security program applications 
 and the rapid transition of emerging 
 technologies--
 (i) from Government-sponsored 
 research and development to commercial 
 applications; and
 (ii) from commercial research and 
 development to national defense 
 applications.
 (2) Treatment of certain agricultural commodities.--A 
 purchase for resale under this subsection shall not 
 include that part of the supply of an agricultural 
 commodity which is domestically produced, except to the 
 extent that such domestically produced supply may be 
 purchased for resale for industrial use or stockpiling.
 (3) Terms of sales.--No commodity purchased under 
 this subsection shall be sold at less than--
 (A) the established ceiling price for such 
 commodity, except that minerals, metals, and 
 materials shall not be sold at less than the 
 established ceiling price, or the current 
 domestic market price, whichever is lower; or
 (B) if no ceiling price has been established, 
 the higher of--
 (i) the current domestic market price 
 for such commodity; or
 (ii) the minimum sale price 
 established for agricultural 
 commodities owned or controlled by the 
 Commodity Credit Corporation, as 
 provided in section 407 of the 
 Agricultural Act of 1949 (7 U.S.C. 
 1427).
 (4) Delivery dates.--No purchase or commitment to 
 purchase any imported agricultural commodity shall 
 specify a delivery date which is more than 1 year after 
 the date of termination of this section.
 (5) [Presidential] Federal agency determinations.--
 [Except as provided in paragraph (7), the President] 
 The member described under paragraph (1) may not 
 execute a contract under this subsection unless [the 
 President, on a non-delegable basis,] the member, on a 
 non-delegable basis, and in consultation with the 
 Executive Director of the Defense Production Act 
 Committee, determines, with appropriate explanatory 
 material and in writing, that--
 (A) the industrial resource, material, or 
 critical technology item is essential to the 
 national defense;
 (B) without [Presidential] action under this 
 section, United States industry cannot 
 reasonably be expected to provide the 
 capability for the needed industrial resource, 
 material, or critical technology item in a 
 timely manner; and
 (C) purchases, purchase commitments, or other 
 action pursuant to this section are the most 
 cost effective, expedient, and practical 
 alternative method for meeting the need.
 (6) Notification to congress of shortfall.--
 (A) In general.--[Except as provided in 
 paragraph (7), the President] The member 
 described under paragraph (1) shall provide 
 written notice to the Committee on Banking, 
 Housing, and Urban Affairs of the Senate and 
 the Committee on Financial Services of the 
 House of Representatives of a domestic 
 industrial base shortfall prior to taking 
 action under this subsection to remedy the 
 shortfall. The notice shall include the 
 determinations made [by the President] by the 
 member under paragraph (5).
 (B) Aggregate amounts.--If the taking of any 
 action under this subsection to correct a 
 domestic industrial base shortfall would cause 
 the aggregate outstanding amount of all such 
 actions for such shortfall to exceed 
 [$50,000,000] $100,000,000, the action or 
 actions may be taken only after [the 30-day 
 period following] the date on which the 
 Committee on Banking, Housing, and Urban 
 Affairs of the Senate and the Committee on 
 Financial Services of the House of 
 Representatives have been notified in writing 
 by the Fund manager of the Defense Production 
 Act Fund of the proposed action.
 [(C) Limitation.--If the taking of any action 
 or actions under this section to correct an 
 industrial resource shortfall would cause the 
 aggregate outstanding amount of all such 
 actions for such industrial resource shortfall 
 to exceed $50,000,000, no such action or 
 actions may be taken, unless such action or 
 actions are authorized to exceed such amount by 
 an Act of Congress.]
 [(7) Waivers authorized.--The requirements of 
 paragraphs (1) through (6) may be waived--
 [(A) during a period of national emergency 
 declared by the Congress or the President; or
 [(B) upon a determination by the President, 
 on a nondelegable basis, that action is 
 necessary to avert an industrial resource or 
 critical technology item shortfall that would 
 severely impair national defense capability.]
 (7) Limitations on equity investments.--The equity 
 shares of an entity may not be acquired under this 
 section if such acquisition would result in the 
 Government holding, in the aggregate, 15 percent or 
 more of the equity shares of the entity.
 (8) Report on equity investments.--The Defense 
 Production Act Committee shall include, in each annual 
 report of the Committee required under section 317(d)--
 (A) a description of any equity held by the 
 Government pursuant to the authorities of this 
 Act;
 (B) the rationale for, and valuation of, any 
 such holding, including--
 (i) the expected contribution of the 
 holding to the objectives of this Act; 
 and
 (ii) the estimated gain or loss in 
 value of the holding since the 
 preceding report.
 (9) Acquisition and liquidation.--A member of the 
 Defense Production Act Committee described under 
 section 317(b)(1)(A)--
 (A) may make an equity investment in an 
 entity under this section only after the Fund 
 manager of the Defense Production Act Fund 
 reports to the Committee on Banking, Housing, 
 and Urban Affairs of the Senate and the 
 Committee on Financial Services of the House of 
 Representatives that the entity is unable to 
 obtain additional equity investment from 
 private sources on commercially reasonable 
 terms;
 (B) shall, with respect to each equity 
 investment made in an entity by the member 
 under this section, transmit to the Committee 
 on Banking, Housing, and Urban Affairs of the 
 Senate and the Committee on Financial Services 
 of the House of Representatives--
 (i) not later than 10 days after 
 making the equity investment, copies of 
 all relevant documents concerning the 
 terms of the investment, including any 
 governance rights or contractual 
 obligations; and
 (ii) a certification that the equity 
 investment advances the objectives of 
 this Act, with a detailed explanation 
 of the reasons therefor; and
 (C) shall seek to sell and liquidate any 
 equity support for an entity provided under 
 this section as soon as commercially feasible, 
 commensurate with other similar investors in 
 the entity, taking into consideration the 
 national security interests of the United 
 States.
 (b) Critical Minerals Resilience.--
 (1) Critical minerals resilience initiative.--There 
 is established the Critical Minerals Resilience 
 Initiative, under which a member of the Defense 
 Production Act Committee described under section 
 317(b)(1)(A), in consultation with the Executive 
 Director of the Defense Production Act Committee and 
 the Fund manager of the Defense Production Act Fund, 
 may make grants, purchases, and commitments to purchase 
 involving an entity in the United States, a member 
 country of the North Atlantic Treaty Organization, or a 
 major non-NATO ally, to--
 (A) ensure that the mining or processing of 
 critical and strategic materials is not 
 dominated by a foreign adversary; and
 (B) provide for offtake agreements, price 
 floors, or incentives in order to ensure the 
 viability of mines or processing facilities for 
 critical and strategic materials outside the 
 control of a foreign adversary.
 (2) Cooperation among entities.--To the extent 
 practicable, the Defense Production Act Committee shall 
 develop a process to encourage cooperation among, and 
 manage potential conflicts between--
 (A) entities that are domestic sources, and 
 the countries where they are located; and
 (B) for the purpose of carrying out the 
 Critical Minerals Resilience Initiative, 
 countries involved in the Initiative.
 [(b)] (c) Exemption for Certain Limitations.--Subject to the 
limitations in subsection (a), purchases and commitments to 
purchase and sales under subsection (a) may be made without 
regard to the limitations of existing law (other than section 
1341 of title 31, United States Code), for such quantities, and 
on such terms and conditions, including advance payments, and 
for such periods, but not extending beyond a date that is [not 
more than 10 years] more than 10 years from the date on which 
such purchase, purchase commitment, or sale was initially made, 
as the President deems necessary, except that purchases or 
commitments to purchase involving higher than established 
ceiling prices (or if no such established ceiling prices exist, 
currently prevailing market prices) or anticipated loss on 
resale shall not be made, unless it is determined that supply 
of the materials could not be effectively increased at lower 
prices or on terms more favorable to the Government, or that 
such purchases are necessary to assure the availability to the 
United States of overseas supplies.
 [(c)] (d) Presidential Findings.--
 (1) In general.--The President may take the actions 
 described in paragraph (2), if the President finds 
 that--
 (A) under generally fair and equitable 
 ceiling prices, for any raw or nonprocessed 
 material, there will result a decrease in 
 supplies from high-cost sources of such 
 material, and that the continuation of such 
 supplies is [necessary to carry out the 
 objectives of this title] essential for 
 national defense requirements; or
 (B) an increase in cost of transportation is 
 temporary in character and threatens to impair 
 maximum production or supply in any area at 
 stable prices of any materials.
 (2) Subsidy payments authorized.--Upon a finding 
 under paragraph (1), the [President may make provision 
 for subsidy payments] President, in consultation with 
 the Executive Director of the Defense Production Act 
 Committee and the Fund manager of the Defense 
 Production Act Fund, may make provision for subsidy 
 payments, for a period not to exceed 1 year, on any 
 such domestically produced material, other than an 
 agricultural commodity, in such amounts and in such 
 manner (including purchases of such material and its 
 resale at a loss), and on such terms and conditions, as 
 the [President determines] Fund manager determines to 
 be necessary to ensure that supplies from such high-
 cost sources are continued, or that maximum production 
 or supply in such area at stable prices of such 
 materials is maintained, as the case may be.
 (3) Renewal of subsidy.--The President may renew 
 subsidy payments authorized under paragraph (2) for up 
 to 180 days after submitting a report to the Committee 
 on Financial Services of the House of Representatives 
 and the Committee on Banking, Housing, and Urban 
 Affairs of the Senate that--
 (A) certifies that the subsidy payment is the 
 most efficient means to ensure objectives 
 described under paragraph (2); and
 (B) explains why market conditions do not 
 allow for the achievement of the objectives.
 [(d)] (e) Incidental Authority.--The procurement power 
granted to the President by this section shall include the 
power to transport and store and have processed and refined any 
materials procured under this section.
 [(e)] (f) Installation of Equipment in Industrial 
Facilities.--
 (1) Installation authorized.--If the President 
 determines that such action will aid the national 
 defense, the President is authorized--
 (A) to procure and install additional 
 equipment, facilities, processes or 
 improvements to plants, factories, and other 
 industrial facilities owned by the Federal 
 Government;
 (B) to procure and install equipment owned by 
 the Federal Government in plants, factories, 
 and other industrial facilities owned by 
 private persons;
 (C) to provide for the modification or 
 expansion of privately owned facilities, 
 including the modification or improvement of 
 production processes, when taking actions under 
 [section 301, 302] section 201, 202, or this 
 section; and
 (D) to sell or otherwise transfer equipment 
 owned by the Federal Government and installed 
 under this subsection to the owners of such 
 plants, factories, or other industrial 
 facilities.
 (2) Indemnification.--The owner of any plant, 
 factory, or other industrial facility that receives 
 equipment owned by the Federal Government under this 
 section shall agree--
 (A) to waive any claim against the United 
 States under section 107 or 113 of the 
 Comprehensive Environmental Response, 
 Compensation, and Liability Act of 1980 (42 
 U.S.C. 9607 and 9613); and
 (B) to indemnify the United States against 
 any claim described in paragraph (1) made by a 
 third party that arises out of the presence or 
 use of equipment owned by the Federal 
 Government.
 [(f)] (g) Excess Metals, Minerals, and Materials.--
 (1) In general.--Notwithstanding any other provision 
 of law to the contrary, metals, minerals, and materials 
 acquired pursuant to this section which, in the 
 judgment of the President, are excess to the needs of 
 programs under this Act, shall be transferred to the 
 National Defense Stockpile established by the Strategic 
 and Critical Materials Stock Piling Act (50 U.S.C. 98 
 et seq.), when the President deems such action to be in 
 the public interest.
 (2) Transfers at no charge.--Transfers made pursuant 
 to this subsection shall be made without charge against 
 or reimbursement from funds appropriated for the 
 purposes of the Strategic and Critical Materials Stock 
 Piling Act (50 U.S.C. 98 et seq.), except that costs 
 incident to such transfer, other than acquisition 
 costs, shall be paid or reimbursed from such funds.
 [(g)] (h) Substitutes.--When, in the judgement of the 
President, it will aid the national defense, the President may 
[make provision] exercise the authorities under title I and 
this title for the development of substitutes for strategic and 
critical materials, critical components, critical technology 
items, and other industrial resources.
 (i) Waiver to Expedite Procurement.--In exercising the 
authorities under section 201, section 202, or this section, 
the President may waive or revise relevant regulations for the 
purpose of expediting--
 (1) the procurement of critical technologies (as 
 defined under section 316(a)) or critical minerals; or
 (2) the permitting of critical infrastructure 
 required to produce or refine the critical technologies 
 or critical minerals described in paragraph (1).
 (j) Additional Requirements.--
 (1) Use of commercially available software.--Software 
 procured using funds appropriated pursuant to this Act 
 shall be commercially available off-the-shelf software, 
 unless no commercially available off-the-shelf software 
 that meets the applicable requirements is available, 
 more cost-effective, or is practicable to procure.
 (2) Use of funds for skilled labor.--
 (A) Identification of workforce and skills 
 gaps.--Each Federal agency to which the 
 President has delegated authority under this 
 Act shall identify any workforce gaps or skills 
 gaps that affect the ability of the domestic 
 industrial base to supply the materials and 
 services necessary to satisfy the objectives 
 set forth in section 2(b).
 (B) Use of funds.--With respect to an entity 
 receiving financial assistance under title I or 
 this title, the agency making such financial 
 assistance may direct that a portion of the 
 financial assistance be used to recruit, train, 
 place, or retain workers in defense-critical 
 occupations directly related to the activities 
 funded by the assistance, if such entity keeps 
 records of performance standards for workers 
 recruited, trained, placed, or retained using 
 such assistance.
 (C) Information included in annual report.--
 Each Federal agency to which the President has 
 delegated authority under this Act shall 
 include in the annual report of the Defense 
 Production Act Committee--
 (i) a discussion of the 
 identification required under 
 subparagraph (A) and the authority 
 provided under subparagraph (B); and
 (ii) short-term and long-term 
 recommendations for administrative or 
 legislative action to reduce any 
 workforce gaps or skills gaps 
 identified by the agency, especially 
 through the simulation required under 
 section 206(c), including 
 recommendations on workforce training 
 programs to recruit, train, place, and 
 retain workers in occupations critical 
 to the national defense, including any 
 apprenticeships.

SEC. [107.] 204. STRENGTHENING DOMESTIC CAPABILITY.

 (a) In General.--Utilizing the authority of [title III of 
this Act or any other provision of law, the President may] this 
title, a member of the Defense Production Act Committee may, in 
consultation with the Executive Director of the Defense 
Production Act Committee, provide appropriate incentives to 
develop, maintain, modernize, restore, and expand the 
productive capacities of domestic sources for critical 
components, critical technology items, essential materials, and 
industrial resources essential for the execution of the 
national security strategy of the United States.
 (b) Critical Components and Critical Technology Items.--
 (1) Maintenance of reliable sources of supply.--The 
 President shall take appropriate actions to [assure] 
 ensure that critical components, critical technology 
 items, essential materials, and industrial resources 
 are available from reliable sources when needed to meet 
 defense requirements during peacetime, graduated 
 mobilization, and national emergency.
 (2) Appropriate action.--For purposes of this 
 subsection, appropriate action may include--
 (A) restricting contract solicitations to 
 reliable sources;
 (B) restricting contract solicitations to 
 domestic sources pursuant to--
 (i) section 3203(a)(1)(B) or 
 3204(a)(3) of title 10, United States 
 Code;
 (ii) section 3303(a)(1)(B) or 
 3304(a)(3) of title 41, United States 
 Code; or
 (iii) other statutory authority;
 (C) stockpiling critical components; and
 (D) developing substitutes for a critical 
 component or a critical technology item.
 (c) Waiver to Expedite Procurement.--The President may waive 
or revise relevant regulations for the purpose of expediting--
 (1) the procurement of critical technologies (as 
 defined under section 316(a)) or critical minerals 
 subject to the incentives described in subsection (a); 
 or
 (2) the permitting of critical infrastructure 
 required to produce or refine the critical technologies 
 or critical minerals described in paragraph (1).

SEC. [304.] 205. DEFENSE PRODUCTION ACT FUND.

 (a) Establishment of Fund.--There is established in the 
Treasury of the United States a separate fund to be known as 
the ``Defense Production Act Fund'' (in this section referred 
to as the ``Fund''), to be administered by the Secretary of the 
Treasury.
 (b) Moneys in Fund.--There shall be credited to the Fund--
 (1) all moneys appropriated for the Fund, as 
 authorized by [section 711] section 311; [and]
 (2) all moneys appropriated for activities pursuant 
 to this title; and
 [(2)] (3) all moneys received by the Fund on 
 transactions entered into pursuant to [section 303] 
 this title.
 (c) Use of Fund.--The Fund shall be available to carry out 
the provisions and purposes of this title and section 318, 
subject to the limitations set forth in this Act and in 
appropriations Acts.
 (d) Duration of Fund.--Moneys in the Fund shall remain 
available until expended.
 (e) Fund Balance.--The Fund balance at the close of each 
fiscal year shall not exceed [$750,000,000] $2,000,000,000, 
excluding any moneys appropriated to the Fund during that 
fiscal year or obligated funds. If, at the close of any fiscal 
year, the Fund balance exceeds [$750,000,000] $2,000,000,000, 
the amount in excess of [$750,000,000] $2,000,000,000 shall be 
paid into the general fund of the Treasury.
 (f) Waiver.--The Executive Director of the Defense Production 
Act Committee may waive the requirement described under 
subsection (e) for up to 1 year at a time upon notifying the 
Committee on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban Affairs of the 
Senate in writing that the waiver is in the national security 
interests of the United States.
 [(f)] (g) Fund Manager.--The [President shall designate a] 
Secretary of the Treasury shall serve as Fund manager. The 
duties of the Fund manager shall include--
 (1) determining the liability of the Fund in 
 accordance with [subsection (g)] subsection (h);
 (2) ensuring the visibility and accountability of 
 transactions engaged in through the Fund; [and]
 (3) reporting to the Congress and the Defense 
 Production Act Committee each year regarding activities 
 of the Fund during the previous fiscal year[.], 
 including an analysis of the effectiveness of 
 investments made during the previous fiscal year;
 (4) designating financial institutions as financial 
 agents of the Federal Government, as appropriate, for 
 the purposes of this title;
 (5) delegating authorities, as the Fund manager finds 
 appropriate, to members of the Defense Production Act 
 Committee; and
 (6) issuing rules and guidance regarding financing 
 activities authorized by this title.
 [(g)] (h) Liabilities Against Fund.--When any agreement 
entered into pursuant to this title after December 31, 1991, 
imposes any contingent liability upon the United States, such 
liability shall be considered an obligation against the Fund.
 (i) Deferral.--The Executive Director of the Defense 
Production Act Committee shall defer budget authority involving 
the Fund for an agency that has repeatedly failed to submit 
complete reports described under section 206(a).

[SEC. 305. REPORTS ON EXERCISE OF AUTHORITIES.]

SEC. 206. DPA STRATEGY.

 [(a) In General.--The President, or the head of an agency to 
which the President has delegated authorities under this title, 
shall submit a report and provide a briefing to the appropriate 
congressional committees with respect to any action taken 
pursuant to such authorities--
 [(1) except as provided by paragraph (2), not later 
 than 30 days after taking the action; and
 [(2) in the case of an action that involves a 
 business concern in the United Kingdom or Australia, 
 not later than 30 days before taking the action.
 [(b) Elements.--
 [(1) In general.--Each report and briefing required 
 by subsection (a) with respect to an action described 
 in that subsection shall include--
 [(A) a justification of the necessity of the 
 use of authorities under this title; and
 [(B) a description of the financial terms of 
 any related financial transaction.
 [(2) Additional elements relating to business 
 concerns in the united kingdom or australia.--Each 
 report and briefing required by subsection (a) with 
 respect to an action described in paragraph (2) of that 
 subsection shall include, in addition to the elements 
 under paragraph (1)--
 [(A) a certification that business concerns 
 in the United States or Canada were not 
 available with respect to the action; and
 [(B) an analysis of why such business 
 concerns were not available.]
 (a) In General.--Not later than 180 days after the effective 
date of this subsection, and annually thereafter, the head of 
each agency to which the President has delegated authorities 
under title I or this title shall submit the report described 
under subsection (b) to the Executive Director of the Defense 
Production Act Committee and the Fund manager of the Defense 
Production Act Fund.
 (b) DPA Strategy.--A report described under this subsection 
is a report that includes--
 (1) an assessment, in consultation with the Defense 
 Production Act Committee and the private sector, of 
 industrial base needs required by the head of the 
 agency to meet the highest priorities arising from 
 national defense requirements, as determined by the 
 President;
 (2) a detailed strategy, timeline, and spending plan, 
 in consultation with the Defense Production Act 
 Committee, to deploy the authorities under title I and 
 this title to address the needs identified under 
 paragraph (1);
 (3) the results of the most recent simulation 
 described in subsection (c);
 (4) a comprehensive list of actions (including all 
 priority ratings, the exercise or non-exercise of such 
 ratings and any allocations or financing) taken by the 
 agency pursuant to the authorities since the previous 
 report, and an explanation of how the actions support 
 the strategy described under paragraph (2);
 (5) any use of authorities under section 308 or 
 section 310 in support of the strategy described under 
 paragraph (2);
 (6) a description of any waivers exercised pursuant 
 to section 101(d)(2), section 107(c), or section 
 203(h); and
 (7) in the case of an action taken pursuant to title 
 I or this title involving a business concern in Canada, 
 the United Kingdom, or Australia, a justification of 
 the necessity of the use of authorities under the 
 applicable title.
 (c) Strategy Simulation.--At least once every 5 years, the 
Defense Production Act Committee shall conduct a discussion-
based simulation (commonly known as a ``table-top exercise'') 
to determine the resources needed and the best use of the 
authorities under title I and this title to implement the 
strategy described in subsection (b)(2) contained in the most 
recent report required under subsection (a).
 (d) Strategy on Securing Supply Chains Essential to National 
Defense.--The head of any relevant agency, as determined by the 
President, shall, in the first report submitted under 
subsection (a) after the date of enactment of this subsection, 
include in such report the following:
 (1) A detailed plan to ensure the supply of the 
 following, to the extent necessary for national 
 defense:
 (A) Medical materials (including drugs, 
 devices, and biological products (as that term 
 is defined in section 351 of the Public Health 
 Service Act (42 U.S.C. 262)) to diagnose, cure, 
 mitigate, treat, or prevent disease).
 (B) Critical minerals.
 (C) Naval shipbuilding capacity, materials, 
 and components.
 (2) An analysis of vulnerabilities to existing supply 
 chains for the materials, minerals, and capacity 
 described in paragraph (1).
 (3) Any authorities provided by this Act to be used 
 by the agency to ensure that essential components of 
 such supply chains are not under the control of a 
 foreign adversary.
 [(c)] (e) Appropriate Congressional Committees Defined.--In 
this section, the term ``appropriate congressional committees'' 
means--
 (1) the Committee on Banking, Housing, and Urban 
 Affairs of the Senate and the Committee on Financial 
 Services of the House of Representatives; and
 (2) in the case of an action described in subsection 
 (a) involving materials critical to national security 
 (as defined in [section 702(7)(B)(ii)(II)(bb)] section 
 302(7)(B)(ii)(II)(bb)), the Committee on Energy and 
 Natural Resources of the Senate and the Committee on 
 Natural Resources of the House of Representatives.

SEC. [108.] 207. MODERNIZATION OF SMALL BUSINESS SUPPLIERS.

 (a) In General.--In providing any assistance under this Act, 
the President shall, to the extent required for national 
defense purposes, accord a strong preference for small business 
concerns which are subcontractors or suppliers, and, to the 
maximum extent practicable, to such small business concerns 
located in areas of high unemployment or areas that have 
demonstrated a continuing pattern of economic decline, as 
identified by the Secretary of Labor.
 (b) Modernization of Equipment.--
 (1) In general.--Funds authorized under [title III] 
 this title may be used to guarantee the purchase or 
 lease of [advance] advanced manufacturing equipment, 
 and any related services with respect to any such 
 equipment for purposes of this Act.
 (2) Small business suppliers.--In considering 
 proposals for [title III] this title projects under 
 paragraph (1), the President shall provide a strong 
 preference for proposals submitted by a small business 
 supplier or subcontractor whose proposal--
 (A) has the support of the department or 
 agency which will provide the guarantee;
 (B) reflects that the small business concern 
 has made arrangements to obtain qualified 
 outside assistance to support the effective 
 utilization of the advanced manufacturing 
 equipment being proposed for installation; and
 (C) meets the requirements of [section 301, 
 302, or 303] section 201, 202, or 203.

SEC. 208. PROHIBITION ON DISCRIMINATION BASED ON ENERGY SOURCE.

 In using the authorities under this title, the President may 
not deny financial support pursuant to sections 201, 202, 203, 
or 204, other than for the production of energy, based on the 
energy source involved in the exploration, development, 
production, utilization, transportation, or sale of energy.

SEC. 209. LIMITATION ON ELIGIBILITY FOR ASSISTANCE.

 (a) In General.--Notwithstanding any other provision of this 
Act or any other Act, a covered entity is not eligible for 
assistance authorized under this title.
 (b) Definitions.--In this section:
 (1) Covered entity.--The term ``covered entity'' 
 means an entity in which a covered individual directly 
 or indirectly holds a significant interest. For the 
 purpose of determining whether an entity is a covered 
 entity, if securities of the entity are owned, 
 controlled, or held by 2 or more individuals who are 
 related as described in paragraph (2), such securities 
 shall be aggregated.
 (2) Covered individual.--The term ``covered 
 individual'' means--
 (A) the President, the Vice President, or a 
 member of the Defense Production Act Committee; 
 and
 (B) the spouse, child, son-in-law, or 
 daughter-in-law of an individual described in 
 subparagraph (A).
 (3) Equity interest.--The term ``equity interest'' 
 means--
 (A) a share in an entity, without regard to 
 whether the share is--
 (i) transferable; or
 (ii) classified as stock or anything 
 similar;
 (B) a capital or profit interest in a limited 
 liability company or partnership; and
 (C) a warrant or right (other than a right to 
 convert) to purchase, sell, or subscribe to a 
 share or interest described in subparagraph (A) 
 or (B), respectively.
 (4) Significant interest.--The term ``significant 
 interest'' means owning, controlling, or holding not 
 less than 20 percent, by vote or value, of the 
 outstanding amount of any class of equity interest in 
 an entity.

 TITLE [VII] III--GENERAL PROVISIONS

SEC. [701.] 301. SMALL BUSINESS.

 (a) Participation.--Small business concerns shall be given 
the maximum practicable opportunity to participate as 
contractors, and subcontractors at various tiers, in all 
programs to maintain and strengthen the Nation's industrial 
base and technology base undertaken pursuant to this Act.
 (b) Administration of Act.--In administering the programs, 
implementing regulations, policies, and procedures under this 
Act, requests, applications, or appeals from small business 
concerns shall, to the maximum extent practicable, be 
expeditiously handled.
 (c) Advisory Committee Participation.--Representatives of 
small business concerns shall be afforded the maximum 
opportunity to participate in such advisory committees as may 
be established pursuant to this Act.
 (d) Information.--Information about this Act and activities 
undertaken in accordance with this Act shall be made available 
to small business concerns.
 (e) Allocations Under Section 101.--Whenever the President 
makes a determination to exercise any authority to allocate any 
material pursuant to section 101, small business concerns shall 
be accorded, to the extent practicable and consistent with 
national defense requirements, a fair share of such material, 
in proportion to the share received by such business concerns 
under normal conditions, giving such special consideration as 
may be possible to emerging small business concerns.

SEC. [702.] 302. DEFINITIONS.

 For purposes of this Act, the following definitions shall 
apply:
 (1) Critical component.--The term ``critical 
 component'' includes such components, subsystems, 
 systems, and related special tooling and test equipment 
 essential to the production, repair, maintenance, or 
 operation of weapon systems or other items of equipment 
 identified by the President as being essential to the 
 execution of the national security strategy of the 
 United States. Components identified as critical by a 
 National Security Assessment conducted pursuant to 
 section 113(i) of title 10, United States Code, or by a 
 Presidential determination as a result of a petition 
 filed under section 232 of the Trade Expansion Act of 
 1962 shall be designated as critical components for 
 purposes of this Act, unless the President determines 
 that the designation is unwarranted.
 (2) Critical infrastructure.--The term ``critical 
 infrastructure'' means any systems and assets, whether 
 physical or cyber-based, so vital to the United States 
 that the degradation or destruction of such systems and 
 assets would have a debilitating impact on national 
 security, including, but not limited to, national 
 economic security and national public health or safety.
 (3) Critical technology.--The term ``critical 
 technology'' includes any technology designated by the 
 President to be essential to the national defense.
 (4) Critical technology item.--The term ``critical 
 technology item'' means materials directly employing, 
 derived from, or utilizing a critical technology.
 (5) Defense contractor.--The term ``defense 
 contractor'' means any person who enters into a 
 contract with the United States--
 (A) to furnish materials, industrial 
 resources, or a critical technology for the 
 national defense; or
 (B) to perform services for the national 
 defense.
 (6) Domestic industrial base.--The term ``domestic 
 industrial base'' means domestic sources which are 
 providing, or which would be reasonably expected to 
 provide, materials or services to meet national defense 
 requirements during peacetime, national emergency, or 
 war.
 (7) Domestic source.--
 (A) In general.--Except as provided in 
 subparagraph (B), the term``domestic source'' 
 means a business concern--
 (i) that performs in the United 
 States or Canada substantially all of 
 the research and development, 
 engineering, manufacturing, and 
 production activities required of such 
 business concern under a contract with 
 the United States relating to a 
 critical component or a critical 
 technology item; and
 (ii) that procures from business 
 concerns described in clause (i) 
 substantially all of any components and 
 assemblies required under a contract 
 with the United States relating to a 
 critical component or critical 
 technology item.
 (B) Domestic source for [title III]title 
 II.--
 (i) In general.--For purposes of 
 [title III] title II, the term 
 ``domestic source'' means a business 
 concern that--
 (I) performs substantially 
 all of the research and 
 development, engineering, 
 manufacturing, and production 
 activities required of such 
 business concern under a 
 contract with the United States 
 relating to a critical 
 component or a critical 
 technology item in--
 (aa) the United 
 States or Canada; or
 (bb) subject to 
 clause (ii), Australia 
 or the United Kingdom; 
 and
 (II) procures from business 
 concerns described in subclause 
 (I) substantially all of any 
 components or assemblies 
 required under a contract with 
 the United States relating to a 
 critical component or critical 
 technology item.
 (ii) Limitations on use of business 
 concerns in australia and united 
 kingdom.--
 (I) In general.--A business 
 concern described in clause 
 (i)(I)(bb) may be treated as a 
 domestic source only for 
 purposes of the exercise of 
 authorities under [title III] 
 title II relating to national 
 defense matters that cannot be 
 fully addressed with business 
 concerns described in clause 
 (i)(I)(aa).
 (II) National defense matter 
 defined.--For purposes of 
 subclause (I), the term 
 ``national defense matter'' is 
 a matter relating to the 
 development or production of--
 (aa) a defense 
 article, as defined in 
 section 301 of title 
 10, United States Code; 
 or
 (bb) materials 
 critical to national 
 security, as defined in 
 section 10(f) of the 
 Strategic and Critical 
 Materials Stock Piling 
 Act (50 U.S.C. 98h-
 1(f)).
 (8) Facilities.--The term ``facilities'' includes all 
 types of buildings, structures, or other improvements 
 to real property (but excluding farms, churches or 
 other places of worship, and private dwelling houses), 
 and services relating to the use of any such building, 
 structure, or other improvement.
 (9) Foreign source.--The term ``foreign source'' 
 means a business entity other than a ``domestic 
 source''.
 (10) Guaranteeing agency.--The term ``guaranteeing 
 agency'' means a department or agency of the United 
 States engaged in procurement for the national defense.
 (11) Homeland security.--The term ``homeland 
 security'' includes efforts--
 (A) to prevent terrorist attacks within the 
 United States;
 (B) to reduce the vulnerability of the United 
 States to terrorism;
 (C) to minimize damage from a terrorist 
 attack in the United States; and
 (D) to recover from a terrorist attack in the 
 United States.
 (12) Industrial resources.--The term ``industrial 
 resources'' means materials, services, processes, or 
 manufacturing equipment (including the processes, 
 technologies, and ancillary services for the use of 
 such equipment) needed to establish or maintain an 
 efficient and modern national defense industrial base.
 (13) Materials.--The term ``materials'' includes--
 (A) any raw materials (including minerals, 
 metals, and advanced processed materials), 
 commodities, articles, components (including 
 critical components), products, and items of 
 supply; and
 (B) any technical information or services 
 ancillary to the use of any such materials, 
 commodities, articles, components, products, or 
 items.
 (14) National defense.--The term ``national defense'' 
 means programs for military and energy production or 
 construction, military or critical infrastructure 
 assistance to any foreign nation, homeland security, 
 stockpiling, space, and any directly related activity. 
 Such term includes emergency preparedness activities 
 conducted pursuant to title VI of The Robert T. 
 Stafford Disaster Relief and Emergency Assistance Act 
 or section 319 of the Public Health Service Act, [and 
 critical infrastructure protection and restoration], 
 critical infrastructure protection and restoration, and 
 public health emergency preparedness and response 
 activities.
 (15) Person.--The term ``person'' includes an 
 individual, corporation, partnership, association, or 
 any other organized group of persons, or legal 
 successor or representative thereof, or any State or 
 local government or agency thereof.
 (16) Services.--The term ``services'' includes any 
 effort that is needed for or incidental to--
 (A) the development, production, processing, 
 distribution, delivery, or use of an industrial 
 resource or a critical technology item;
 (B) the construction of facilities;
 (C) the movement of individuals and property 
 by all modes of civil transportation; or
 (D) other national defense programs and 
 activities.
 (17) Small business concern.--The term ``small 
 business concern'' means a business concern that meets 
 the requirements of section 3(a) of the Small Business 
 Act and the regulations promulgated pursuant to that 
 section, and includes such business concerns owned and 
 controlled by socially and economically disadvantaged 
 individuals or by women.

SEC. [703.] 303. CIVILIAN PERSONNEL.

 [Any officer] (a) In General._Any officer or agency head 
may--
 (1) appoint civilian personnel without regard to 
 section 5331(b) of title 5, United States Code, and 
 without regard to the provisions of title 5, United 
 States Code, governing appointments in the competitive 
 service; and
 (2) fix the rate of basic pay for such personnel 
 without regard to the provisions of chapter 51 and 
 subchapter III of chapter 53 of title 5, United States 
 Code, relating to classification and General Schedule 
 pay rates,
except that no individual so appointed may receive pay in 
excess of the annual rate of basic pay payable for [GS-18 of 
the General Schedule, as the President deems appropriate to 
carry out this Act] senior-level positions described under 
section 5376 of title 5, United States Code, as the President 
deems appropriate to carry out title I or title II.
 (b) Outreach Representative During a Public Health 
Emergency.--
 (1) In general.--Consistent with the authorities in 
 this title, the Administrator of the Federal Emergency 
 Management Agency, in consultation with the Secretary 
 of Health and Human Services, may designate or appoint, 
 pursuant to subsection (a), an individual to be known 
 as the ``Outreach Representative'' for the period of a 
 public health emergency. Such individual shall--
 (A) be appointed from among individuals with 
 substantial experience in the production or 
 distribution of medical supplies or equipment; 
 and
 (B) act as the Government-wide single point 
 of contact during the public health emergency 
 for outreach to manufacturing companies and 
 their suppliers who may be interested in 
 producing medical supplies or equipment.
 (2) Encouraging partnerships.--During the period of a 
 public health emergency, the Outreach Representative 
 shall seek to develop partnerships between companies, 
 in coordination with any overall coordinator appointed 
 by the President to oversee the response to the public 
 health emergency, including through the exercise of the 
 authorities delegated by the President under section 
 308.

SEC. [704.] 304. REGULATIONS AND ORDERS.

 [(a) In General.--] Subject to [section 709 and subsection 
(b), the President may prescribe] section 309 and subsection 
(b), the President, not later than 360 days after the date of 
enactment of the DPA Modernization Act of 2026, shall issue 
such regulations and issue such orders as the President may 
determine to be appropriate to carry out this Act.
 [(b) Procurement Regulations.--Any procurement regulation, 
procedure, or form issued pursuant to subsection (a) shall be 
issued pursuant to section 25 of the Office of Federal 
Procurement Policy Act, and shall conform to any governmentwide 
procurement policy or regulation issued pursuant to section 6 
or 25 of that Act.]
 Sec. [705.] 305. (a) The President shall be entitled, while 
this Act is in effect and for a period of two years thereafter, 
by regulation, subpoena, or otherwise, to obtain such 
information from, require such reports and the keeping of such 
records by, make such inspection of the books, records, and 
other writings, premises or property of, and take the sworn 
testimony of, and administer oaths and affirmations to, any 
person as may be necessary [or appropriate, in his discretion,] 
to the enforcement or the administration of this Act and the 
regulations or orders issued thereunder. The authority of the 
President under this section includes the authority to obtain 
information [in order] essential to perform industry studies 
assessing the capabilities of the United States industrial base 
to support the national defense. The President shall issue 
regulations insuring that the authority of this subsection will 
be utilized only after the scope and purpose of the 
investigation, inspection, or inquiry to be made have been 
defined by competent authority, and it is assured that no 
adequate and authoritative data are available from any Federal 
or other responsible agency. In case of contumacy by, or 
refusal to obey a subpoena served upon, any person referred to 
in this subsection, the district court of the United States for 
any district in which such person is found or resides or 
transacts business, upon application by the President, shall 
have jurisdiction to issue an order requiring such person to 
appear and give testimony or to appear and produce documents, 
or both; and any failure to obey such order of the court may be 
punished by such court as a contempt thereof.
 (b) The production of a person's books, records, or other 
documentary evidence shall not be required at any place other 
than the place where such person usually keeps them, if prior 
to the return date specified in the regulations, subpoena, or 
other document issued with respect thereto, such person 
furnishes the President with a true copy of such books, 
records, or other documentary evidence (certified by such 
person under oath to be a true and correct copy) or enters into 
a stipulation with the President as to the information 
contained in such books, records, or other documentary 
evidence. Witnesses shall be paid the same fees and mileage 
that are paid witnesses in the courts of the United States.
 (c) Any person who willfully performs any act prohibited or 
willfully fails to perform any act required by the above 
provisions of this section, or any rule, regulation, or order 
thereunder, shall upon conviction be fined not more than 
[$10,000] $100,000 or imprisoned for not more than one year or 
both.
 (d) Information obtained under this section which the 
President deems confidential or with reference to which a 
request for confidential treatment is made by the person 
furnishing such information shall not be published or disclosed 
unless the President determines that the withholding thereof is 
contrary to the interest of the national defense, and any 
person willfully violating this provision shall, upon 
conviction, be fined not more than [$10,000] $100,000, or 
imprisoned for not more than one year, or both.
 (e) Any person subpoenaed under this section shall have the 
right to make a record of his testimony and to be represented 
by counsel.
 (f) The authority of the President under this section may not 
be used to obtain sensitive personally identifiable 
information. In this subsection, the term ``sensitive 
personally identifiable information'' means personally 
identifiable information which, if lost, compromised, or 
disclosed without authorization, could result in substantial 
harm, embarrassment, inconvenience, or unfairness to an 
individual.
 Sec. [706.] 306. (a) Whenever in the judgment of the 
President any person has engaged or is about to engage in any 
acts or practices which constitute or will constitute a 
violation of any provision of this Act, [he] the President may 
make application to the appropriate court for an order 
enjoining such acts or practices, or for an order enforcing 
compliance with such provision, and upon a showing by the 
President that such person has engaged or is about to engage in 
any such acts or practices a permanent or temporary injunction, 
restraining order, or other order, with or without such 
injunction or restraining order, shall be granted without bond.
 (b) The district courts of the United States and the United 
States courts of any Territory or other place subject to the 
jurisdiction of the United States shall have jurisdiction of 
violations of this Act or any rule, regulation, order, or 
[subpena] subpoena thereunder, and of all civil actions under 
this Act to enforce any liability or duty created by, or to 
enjoin any violation of, this Act or any rule, regulation, 
order, or [subpena] subpoena thereunder. Any criminal 
proceeding on account of any such violation may be brought in 
any district in which any act, failure to act, or transaction 
constituting the violation occurred. Any such civil action may 
be brought in any such district or in the district in which the 
defendant resides or transacts business. Process in such cases, 
criminal or civil, may be served in any district wherein the 
defendant resides or transacts business or wherever the 
defendant may be found; the [subpena] subpoena for witnesses 
who are required to attend a court in any district in such case 
may run into any other district. The termination of the 
authority granted in any title or section of this Act, or of 
any rule, regulation, or order issued thereunder, shall not 
operate to defeat any suit, action, or prosecution, whether 
theretofore or thereafter commenced, with respect to any right, 
liability, or offense incurred or committed prior to the 
termination date of such title or of such rule, regulation, or 
order. No costs shall be assessed against the United States in 
any proceeding under this Act. All litigation arising under 
this Act or the regulations promulgated thereunder shall be 
under the supervision and control of the Attorney General.
 (c) Civil Actions.--A civil action challenging an action 
taken under this Act may be brought only in the United States 
Court of Appeals for the District of Columbia Circuit.
 Sec. [707.] 307. No person shall be held liable for damages 
or penalties for any act or failure to act resulting directly 
or indirectly from compliance with a rule, regulation, or order 
issued pursuant to this Act notwithstanding that any such rule, 
regulation, or order shall thereafter be declared by judicial 
or other competent authority to be invalid. No person shall 
discriminate against orders or contracts to which priority is 
assigned or for which materials or facilities are allocated 
under title I of this Act or under any rule, regulation, or 
order issued thereunder, by charging higher prices or by 
imposing different terms and conditions for such orders or 
contracts than for other generally comparable orders or 
contracts, on in any other manner.
 Sec. [708.] 308. (a) Except as specifically provided in 
subsection (j) of this section, no provision of this Act shall 
be deemed to convey to any person any immunity from civil or 
criminal liability, or to create defenses to actions, under the 
antitrust laws.
 (b) Definitions.--For purposes of this Act--
 (1) Antitrust Laws.--The term ``antitrust laws'' has 
 the meaning given to such term in subsection (a) of the 
 first section of the Clayton Act, except that such term 
 includes section 5 of the Federal Trade Commission Act 
 to the extent that such section 5 applies to unfair 
 methods of competition.
 (2) Plan of action.--The term ``plan of action'' 
 means any of 1 or more documented methods adopted by 
 participants in an existing voluntary agreement 
 implement that agreement.
 (c)(1) Upon finding that conditions exist which may pose a 
direct threat to the national defense or its preparedness 
programs, the President may consult with representatives of 
industry, business, financing, agriculture, labor, and other 
interests in order to provide for the making by such persons, 
with the approval of the President, of voluntary agreements and 
plans of action to help provide for the national defense.
 (2) The authority granted to the President in paragraph (1) 
and subsection (d) may be delegated by him (A) to individuals 
who are appointed by and with the advice and consent of the 
Senate, or are holding offices to which they have been 
appointed by and with the advice and consent of the Senate, (B) 
upon the condition that such individuals consult with the 
Attorney General and with the Federal Trade Commission [not 
less than ten days] before consulting with any persons under 
paragraph (1), and (C) upon the condition that such individuals 
obtain the prior approval of the Attorney General, after 
consultation by the Attorney General with the Federal Trade 
Commission, to consult under paragraph (1).
 (3) Upon a determination by the President, on a nondelegable 
basis, that a specific voluntary agreement or plan of action is 
necessary to meet national defense requirements resulting from 
an event that degrades or destroys critical infrastructure--
 (A) an individual that has been delegated authority 
 under paragraph (1) with respect to such agreement or 
 plan shall not be required to consult with the Attorney 
 General or the Federal Trade Commission under paragraph 
 (2)(B); and
 (B) the President shall publish a rule in accordance 
 with subsection (e)(2)(B) and publish notice in 
 accordance with subsection (e)(3)(B) with respect to 
 such agreement or plan as soon as is practicable under 
 the circumstances.
 (d)(1) To achieve the objectives of subsection (c)(1) of this 
section, the President or any individual designated pursuant to 
subsection (c)(2) may provide for the establishment of such 
advisory committees as [he] the President determines are 
necessary. In addition to the requirement specified in this 
section and except as provided in subsection (n), any such 
advisory committee shall be subject to the provisions of 
chapter 10 of title 5, United States Code, whether or not such 
chapter or any of its provisions expire or terminate during the 
term of this Act or of such committees, and in all cases such 
advisory committees shall be chaired by a Federal employee 
(other than an individual employed pursuant to section 3109 of 
title 5, United States Code) and shall include representatives 
of the public. The Attorney General and the Federal Trade 
Commission shall have adequate advance notice of any meeting 
and may have an official representative attend and participate 
in any such meeting.
 (2) A full and complete verbatim transcript shall be kept of 
such advisory committee meetings, and shall be taken and 
deposited, together with any agreement resulting therefrom, 
with the Attorney General and the Federal Trade Commission. 
Such transcript and agreement shall be made available for 
public inspection and copying, subject to the provisions of 
paragraphs (1), (3), and (4) of section 552(b) of title 5, 
United States Code.
 (e)[VII(1) The individual] The individual or individuals 
referred to in subsection (c)(2) shall, after approval of the 
Attorney General, after consultation by the Attorney General 
with the Chairman of the Federal Trade Commission, promulgate 
rules, in accordance with [section 553 of title 5, United 
States Code] section 309, incorporating standards and 
procedures by which voluntary agreements and plans of action 
may be developed and carried out.
 [(2) In addition to the requirements of section 553 of title 
5, United States Code--
 [(A) general notice of the proposed rulemaking 
 referred to in paragraph (1) shall be published in the 
 Federal Register, and such notice shall include--
 [(i) a statement of the time, place, and 
 nature of the proposed rulemaking proceedings;
 [(ii) reference to the legal authority under 
 which the rule is being proposed; and
 [(iii) either the terms of substance of the 
 proposed rule or a description of the subjects 
 and issues involved;
 [(B) the required publication of a rule shall be made 
 not less than thirty days before its effective date; 
 and
 [(C) the individual or individuals referred to in 
 paragraph (1) shall give interested persons the right 
 to petition for the issuance, amendment, or repeal of a 
 rule.
 [(3) The rules promulgated pursuant to this subsection 
incorporating standards and procedures by which voluntary 
agreements may be developed shall provide, among other things, 
that--
 [(A) such agreements shall be developed at meetings 
 which include--
 [(i) the Attorney General or his delegate,
 [(ii) the Chairman of the Federal Trade 
 Commission or his delegate, and
 [(iii) an individual designated by the 
 President in subsection (c)(2) or his delegate,
 and which are chaired by the individual referred to in 
 clause (iii);
 [(B) at least seven days prior to any such meeting, 
 notice of the time, place, and nature of the meeting 
 shall be published in the Federal Register;
 [(C) interested persons may submit written data and 
 views concerning the proposed voluntary agreement, with 
 or without opportunity for oral presentation;
 [(D) interested persons may attend any such meeting 
 unless the individual designated by the President in 
 subsection (c)(2) finds that the matter or matters to 
 be discussed at such meeting falls within the purview 
 of matters described in section 552b(c) of title 5, 
 United States Code;
 [(E) a full and verbatim transcript shall be made of 
 any such meeting and shall be transmitted by the 
 chairman of the meeting to the Attorney General and to 
 the Chairman of the Federal Trade Commission;
 [(F) any voluntary agreement resulting from the 
 meetings shall be transmitted by the chairman of the 
 meetings to the Attorney General, the Chairman of the 
 Federal Trade Commission, and the Congress; and
 [(G) any transcript referred to in subparagraph (E) 
 and any voluntary agreement referred to in subparagraph 
 (F) shall be available for public inspection and 
 copying, subject to paragraphs (1), (3), and (4) of 
 section 552(b) of title 5, United States Code.]
 (f)(1) A voluntary agreement or plan of action may not become 
effective unless and until--
 (A) the individual referred to in subsection (c)(2) 
 who is to administer the agreement or plan approves it 
 and certifies, in writing, that the agreement or plan 
 is necessary to carry out the purposes of subsection 
 (c)(1) and submits a copy of such agreement or plan to 
 the Congress; and
 (B) the Attorney General (after consultation with the 
 Chairman of the Federal Trade Commission) finds, in 
 writing, that such purpose may not reasonably be 
 achieved through a voluntary agreement or plan of 
 action having less anticompetitive effects or without 
 any voluntary agreement or plan of action and publishes 
 such finding in the Federal Register.
 (2) Each voluntary agreement or plan of action which becomes 
effective under paragraph (1) shall expire 5 years after the 
date it becomes effective (and at 5-year intervals thereafter, 
as the case may be), unless (immediately prior to such 
expiration date) the individual referred to in subsection 
(c)(2) who administers the agreement or plan and the Attorney 
General (after consultation with the Chairman of the Federal 
Trade Commission) make the certification or finding, as the 
case may be, described in paragraph (1) with respect to such 
voluntary agreement or plan of action and publishes such 
certification or finding in the Federal Register, in which 
case, the voluntary agreement or plan of action may be extended 
for an additional period of 5 years.
 (g) The Attorney General and the Chairman of the Federal 
Trade Commission shall monitor the carrying out of any 
voluntary agreement or plan of action to assure--
 (1) that the agreement or plan is carrying out the 
 purposes of subsection (c)(1);
 (2) that the agreement or plan is being carried out 
 under rules promulgated pursuant to subsection (e);
 (3) that the participants are acting in accordance 
 with the terms of the agreement or plan; and
 (4) the protection and fostering of competition and 
 the prevention of anticompetitive practices and 
 effects.
 (h) The rules promulgated under subsection (e) with respect 
to the carrying out of voluntary agreements and plans of action 
shall provide--
 (1) for the maintenance, by participants in any 
 voluntary agreement or plan of action, of documents, 
 minutes of meetings, transcripts, records, and other 
 data related to the carrying out of any voluntary 
 agreement or plan of action;
 (2) that participants in any voluntary agreement or 
 plan of action agree, in writing, to make available to 
 the individual designated by the President in 
 subsection (c)(2) to administer the voluntary agreement 
 or plan of action, the Attorney General and the 
 Chairman of the Federal Trade Commission for inspection 
 and copying at reasonable times and upon reasonable 
 notice any item maintained pursuant to paragraph (1);
 (3) that any item made available to the individual 
 designated by the President in subsection (c)(2) to 
 administer the voluntary agreement or plan of action, 
 the Attorney General, or the Chairman of the Federal 
 Trade Commission pursuant to paragraph (2) shall be 
 available from such individual, the Attorney General, 
 or the Chairman of the Federal Trade Commission, as the 
 case may be, for public inspection and copying, subject 
 to paragraph (1), (3), or (4) of section 552(b) of 
 title 5, United States Code;
 (4) that the individual designated by the President 
 in subsection (c)(2) to administer the voluntary 
 agreement or plan of action, the Attorney General, and 
 the Chairman of the Federal Trade Commission, or their 
 delegates, may attend meetings to carry out any 
 voluntary agreement or plan of action;
 (5) that a Federal employee (other than an individual 
 employed pursuant to section 3109 of title 5 of the 
 United States Code) shall attend meetings to carry out 
 any voluntary agreement or plan of action;
 (6) that participants in any voluntary agreement or 
 plan of action provide the individual designated by the 
 President in subsection (c)(2) to administer the 
 voluntary agreement or plan of action, the Attorney 
 General, and the Chairman of the Federal Trade 
 Commission with adequate prior notice of the time, 
 place, and nature of any meeting to be held to carry 
 out the voluntary agreement or plan of action;
 (7) for the attendance by interested persons of any 
 meeting held to carry out any voluntary agreement or 
 plan of action, unless the individual designated by the 
 President in subsection (c)(2) to administer the 
 voluntary agreement or plan of action finds that the 
 matter or matters to be discussed at such meeting falls 
 within the purview of matters described in section 
 552b(c) of title 5, United States Code;
 (8) that the individual designated by the President 
 in subsection (c)(2) to administer the voluntary 
 agreement or plan of action has published in the 
 Federal Register prior notification of the time, place, 
 and nature of any meeting held to carry out any 
 voluntary agreement or plan of action, unless [he] the 
 President finds that the matter or matters to be 
 discussed at such meeting falls within the purview of 
 matters described in section 552b(c) of title 5, United 
 States Code, in which case, notification of the time, 
 place, and nature of such meeting shall be published in 
 the Federal Register within ten days of the date of 
 such meeting;
 (9) that--
 (A) the Attorney General (after consultation 
 with the Chairman of the Federal Trade 
 Commission and the individual designated by the 
 President in subsection (c)(2) to administer a 
 voluntary agreement or plan of action), or
 (B) the individual designated by the 
 President in subsection (c)(2) to administer a 
 voluntary agreement or plan of action (after 
 consultation with the Attorney General and the 
 Chairman of the Federal Trade Commission),
 may terminate or modify, in writing, the voluntary 
 agreement or plan of action at any time, and that 
 effective, immediately upon such termination or 
 modification, any antitrust immunity conferred upon the 
 participants in the voluntary agreement or plan of 
 action by subsection (j) shall not apply to any act or 
 omission occurring after the time of such termination 
 or modification;
 (10) that participants in any voluntary agreement or 
 plan of action be reasonably representative of the 
 appropriate industry or segment of such industry; and
 (11) that the individual designated by the President 
 in subsection (c)(2) to administer the voluntary 
 agreement or plan of action shall provide prior written 
 notification of the time, place, and nature of any 
 meeting to carry out a voluntary agreement or plan of 
 action to the Attorney General, the Chairman of the 
 Federal Trade Commission and the Congress.
 (i) The Attorney General and the Chairman of the Federal 
Trade Commission shall each promulgate such rules as each deems 
necessary or appropriate to carry out his responsibility under 
this section.
 (j) Defenses.--
 (1) In general.--Subject to paragraph (4), there 
 shall be available as a defense for any person to any 
 civil or criminal action brought under the antitrust 
 laws (or any similar law of any State) with respect to 
 any action taken to develop or carry out any voluntary 
 agreement or plan of action under this section that--
 (A) such action was taken--
 (i) in the course of developing a 
 voluntary agreement initiated by the 
 President or a plan of action adopted 
 under any such agreement; or
 (ii) to carry out a voluntary 
 agreement initiated by the President 
 and approved in accordance with this 
 section or a plan of action adopted 
 under any such agreement, and
 (B) such person--
 (i) complied with the requirements of 
 this section and any regulation 
 prescribed under this section; and
 (ii) acted in accordance with the 
 terms of the voluntary agreement or 
 plan of action.
 (2) Scope of defense.--Except in the case of actions 
 taken to develop a voluntary agreement or plan of 
 action, the defense established in paragraph (1) shall 
 be available only if and to the extent that the person 
 asserting the defense demonstrates that the action was 
 specified in, or was within the scope of, an approved 
 voluntary agreement initiated by the President and 
 approved in accordance with this section or a plan of 
 action adopted under any such agreement and approved in 
 accordance with this section. The defense established 
 in paragraph (1) shall not be available unless the 
 President or the President's designee has authorized 
 and actively supervised the voluntary agreement or plan 
 of action.
 (3) Burden of persuasion.--Any person raising the 
 defense established in paragraph (1) shall have the 
 burden of proof to establish the elements of the 
 defense.
 (4) Exception for actions taken to violate the 
 antitrust laws.--The defense established in paragraph 
 (1) shall not be available if the person against whom 
 the defense is asserted shows that the action was taken 
 for the purpose of violating the antitrust laws.
 (k) The Attorney General and the Federal Trade Commission 
shall each make surveys for the purpose of determining any 
factors which may tend to eliminate competition, create or 
strengthen monopolies, injure small business, or otherwise 
promote undue concentration of economic power in the course of 
the administration of this section. Such surveys shall include 
studies of the voluntary agreements and plans of action 
authorized by this section. The Attorney General shall (after 
consultation with the Federal Trade Commission) submit to the 
Congress and the President at least once every year reports 
setting forth the results of such studies of voluntary 
agreements and plans of action.
 (l) The individual or individuals designated by the President 
in subsection (c)(2) shall submit to the Congress and the 
President at least once every year reports describing each 
voluntary agreement or plan of action in effect and its 
contribution to achievement of the purpose of subsection 
(c)(1).
 (m) On complaint, the United States District Court for the 
District of Columbia shall have jurisdiction to enjoin any 
exemption or suspension pursuant to subsections (d)(2), (e)(3) 
(D) and (G), and (h) (3), (7), and (8), and to order the 
production of transcripts, agreements, items, or other records 
maintained pursuant to this section by the Attorney General, 
the Federal Trade Commission or any individual designated under 
subsection (c)(2), where the court determines that such 
transcripts, agreements, items, or other records have been 
improperly withheld from the complainant. In such a case the 
court shall determine the matter de novo, and may examine the 
contents of such transcripts, agreements, items, or other 
records in camera to determine whether such transcripts, 
agreements, items, or other records or any parts thereof shall 
be withheld under any of the exemption or suspension provisions 
referred to in this subsection, and the burden is on the 
Attorney General, the Federal Trade Commission, or such 
designated individual, as the case may be, to sustain its 
action.
 (n) Exemption From Chapter 10 of Title 5, United States 
Code,.--Notwithstanding any other provision of law, chapter 10 
of title 5, United States Code, and any other provision of 
Federal law relating to advisory committees shall not apply 
to--
 (1) the consultations referred to in subsection 
 (c)(1); or
 (2) any activity conducted under a voluntary 
 agreement or plan of action approved pursuant to this 
 section that complies with the requirements of this 
 section.
 (o) Preemption of Contract Law in Emergencies.--In any action 
in any Federal or State court for breach of contract, there 
shall be available as a defense that the alleged breach of 
contract was caused predominantly by action taken during an 
emergency to carry out a voluntary agreement or plan of action 
authorized and approved in accordance with this section. Such 
defense shall not release the party asserting it from any 
obligation under applicable law to mitigate damages to the 
greatest extent possible.

SEC. [709.] 309. PUBLIC PARTICIPATION IN RULEMAKING.

 (a) Exemption From the Administrative Procedure Act.--Any 
regulation issued under this Act shall not be subject to 
[sections 551 through 559] sections 552 through 552b and 
sections 554 through 559 of title 5, United States Code.
 (b) Opportunity for Notice and Comment.--
 (1) In general.--Except as provided in subsection 
 (c), any regulation issued under this Act shall be 
 published in the Federal Register and opportunity for 
 public comment shall be provided for not less than 30 
 days, consistent with the requirements of section 
 553(b) of title 5, United States Code.
 (2) Waiver for temporary provisions.--The 
 requirements of paragraph (1) may be waived, if--
 (A) the officer authorized to issue the 
 regulation finds that urgent and compelling 
 circumstances make compliance with such 
 requirements impracticable;
 (B) the regulation is issued on a temporary 
 basis; and
 (C) the publication of such temporary 
 regulation is accompanied by the finding made 
 under subparagraph (A) (and a brief statement 
 of the reasons for such finding) and an 
 opportunity for public comment is provided for 
 not less than 30 days before any regulation 
 becomes final.
 (3) Consideration of public comments.--All comments 
 received during the public comment period specified 
 pursuant to paragraph (1) or (2) shall be considered 
 and the publication of the final regulation shall 
 contain written responses to such comments.
 [(c) Public Comment on Procurement Regulations.--Any 
procurement policy, regulation, procedure, or form (including 
any amendment or modification of any such policy, regulation, 
procedure, or form) issued under this Act shall be subject to 
section 22 of the Office of Federal Procurement Policy Act.]
 Sec. 310. [(b)] (a)(1) The President is further authorized, 
to the extent [(b)he] the President deems it necessary and 
appropriate in order to carry out the provisions of this Act 
and subject to such regulations as [(b)he] the President may 
issue, to employ persons of outstanding experience and ability 
without compensation;
 (2) The President shall be guided in the exercise of the 
authority provided in this subsection by the following 
policies:
 
 (i) So far as possible, operations under the Act 
 shall be carried on by full-time salaried employees of 
 the Government, and appointments under this authority 
 shall be to advisory or consultative positions only.
 (ii) Appointments to positions other than advisory or 
 consultative may be made under this authority only when 
 the requirements of the positions are such that the 
 incumbent must personally possess outstanding 
 experience and ability not obtainable on a full-time, 
 salaried basis.
 (3) Appointees under this subsection (b) shall when policy 
matters are involved, be limited to advising appropriate full-
time salaried Government officials who are responsible for 
making policy decisions.
 (4) Appointments under this subsection (b) shall be supported 
by written certification by the head of the employing 
department or agency--
 
 (i) that the appointment is necessary and appropriate 
 in order to carry out the provisions of the Act;
 (ii) that the duties of the position to which the 
 appointment is being made require outstanding 
 experience and ability;
 (iii) that the appointee has the outstanding 
 experience and ability required by the position; and
 (iv) that the department or agency head has been 
 unable to obtain a person with the qualifications 
 necessary for the position on a full-time, salaried 
 basis.
 (5) Notice and financial disclosure requirements.--
 (A) Public notice of appointment.--The head of any 
 department or agency who appoints any individual under 
 this subsection shall publish a notice of such 
 appointment in the Federal Register, including the name 
 of the appointee, the employing department or agency, 
 the title of the appointee's position, and the name of 
 the appointee's private employer.
 (B) Financial disclosure.--Any individual appointed 
 under this subsection who is not required to file a 
 financial disclosure report pursuant to section 13103 
 of title 5, United States Code, shall file a 
 confidential financial disclosure report pursuant to 
 section 13109 of title 5, United States Code, with the 
 appointing department or agency.
 (6) The Director of the Office of Personnel Management shall 
carry out a biennial survey of appointments made under this 
subsection and shall report [his or her] the Director's 
findings to the President and make such recommendations as [he 
or she] the Director may deem proper.
 (7) Persons appointed under the authority of this subsection 
may be allowed reimbursement for travel, subsistence, and other 
necessary expenses incurred by them in carrying out the 
functions for which they were appointed in the same manner as 
persons employed intermittently in the Federal Government are 
allowed expenses under section 5703 of title 5, United States 
Code.
 [(c)] (b) The President is authorized, to the extent [he] the 
President deems it necessary and appropriate in order to carry 
out the provisions of this Act, to employ experts and 
consultants or organizations thereof, as authorized by [section 
55a of title 5 of the United States Code. Individuals so 
employed may be compensated at rates not in excess of $50 per 
diem and while away from their homes or regular places of 
business they may be allowed transportation and not to exceed 
$15 per diem in lieu of subsistence and other expenses while so 
employed] section 3109 of title 5, United States Code.
 [(d)] (c) The President may utilize the services of Federal, 
State, and local agencies and may utilize and establish such 
regional, local, or other agencies and, utilize such voluntary 
and uncompensated services, as may from time to time be needed.
 [(e) The President is further authorized to provide for the 
establishment and training of a nucleus executive reserve for 
employment in executive positions in Government during periods 
of national defense emergency, as determined by the President. 
Members of this executive reserve who are not full-time 
Government employees may be allowed transportation and per diem 
in lieu of subsistence, in accordance with title 5 of the 
United States Code (with respect to individuals serving without 
pay, while away from their homes or regular places of 
business), for the purpose of participating in the executive 
reserve training program.]
 [(f)] (d) Whoever, being an officer or employee of the United 
States or any department or agency thereof (including any 
Member of the Senate or House of Representatives), receives, by 
virtue of his office or employment, confidential information, 
and (1) uses such information in speculating directly or 
indirectly on any commodity exchange, or (2) discloses such 
information for the purpose of aiding any other person so to 
speculate, shall be fined not more than [$10,000] $100,000 or 
imprisoned not more than one year, or both. As used in this 
section, the term ``speculate'' shall not include a legitimate 
hedging transaction, or a purchase or sale which is accompanied 
by actual delivery of the commodity.
 [(g)] (e) The President, when [he] the President deems such 
action necessary, may make provision for the printing and 
distribution of reports, in such number and in such manner as 
[he] the President deems appropriate, concerning the actions 
taken to carry out the objectives of this Act.

SEC. [711.] 311.

 There is authorized to be appropriated [$133,000,000 for 
fiscal year 2015] $250,000,000 for fiscal year 2026 and each 
fiscal year thereafter for the carrying out of the provisions 
and purposes of this Act by the President and such agencies as 
[he] the President may designate or create. In addition to the 
appropriations authorized by the previous sentence, there is 
authorized to be appropriated [$117,000,000 for each of fiscal 
years 2020 through 2024 to carry out title III] $5,000,000 for 
each of fiscal years 2026 through 2031 to the Executive 
Director of the Defense Production Act Committee and the Fund 
manager of the Defense Production Act Fund to carry out this 
Act.
 Sec. [713.] 312. The provisions of this Act shall be 
applicable to the United States, its Territories and 
possessions, and the District of Columbia.
 [Sec. 714. Omitted. This section was terminated and succeeded 
by another Act.]
 Sec. [715.] 313. If any provision of this Act or the 
application of such provision to any person or circumstances 
shall be held invalid, the remainder of the Act, and the 
application of such provision to persons or circumstances other 
than those as to which it is held invalid, shall not be 
affected thereby.

SEC. 314. NATIONAL DEFENSE EXECUTIVE RESERVE.

 (a) Establishment.--The President shall establish a National 
Defense Executive Reserve (in this section referred to as the 
``Reserve'').
 (b) Purpose.--The purpose of the Reserve shall be to improve 
the preparedness of the Federal Government for national defense 
emergencies by allowing private persons with unique expertise 
to volunteer, be trained for, and be temporarily employed in 
Federal positions within any of the Federal agencies that has 
established a Reserve unit under subsection (c) that may be 
necessary during periods of national defense emergency, as 
determined by the President.
 (c) Reserve Units.--
 (1) In general.--The President shall require the 
 heads of each of the following agencies to establish a 
 unit of the Reserve within the applicable agency:
 (A) The Department of Commerce.
 (B) The Department of Defense.
 (C) The Department of Homeland Security.
 (D) Such other agencies as the President 
 determines appropriate.
 (2) Activities of Reserve units.--Activities of such 
 Reserve units within each agency shall be aligned with 
 the contents of the reports required under--
 (A) section 203(j)(2)(C), related to 
 workforce and skills gaps;
 (B) section 206(b), related to overall 
 strategy;
 (C) section 206(d), related to the strategy 
 on securing supply chains essential to national 
 defense; and
 (D) section 317(h)(1), the report from the 
 Subcommittee on Emerging Technology.
 (3) Deadline.--The units of the Reserve within the 
 agencies described under subparagraphs (A), (B), and 
 (C) shall be established not later than 180 days after 
 the issuance of the final rules required under 
 subsection (f).
 (d) Training.--The President may, without activating the 
Reserve, allow for periodic training and exercises to prepare 
the Reserve for duty during an activation.
 (e) Rulemaking.--Not later than 360 days after the date of 
enactment of this section, the Director of the Office of 
Personnel Management, in consultation with the Secretary of 
Commerce, the Secretary of Defense, and the Secretary of 
Homeland Security, shall issue rules, in accordance with 
section 553 of title 5, United States Code, to provide--
 (1) criteria for determining the number of positions 
 in and organization of Reserve units;
 (2) criteria for determining the appropriate level of 
 seniority and job classifications of Reserve positions;
 (3) the advertisement of the Reserve to the public to 
 generate interest in volunteers;
 (4) the selection of individuals for the Reserve and 
 the job assignment process;
 (5) the appointment authorities to be used by the 
 head of an agency during an activation of the 
 applicable Reserve unit;
 (6) the appropriate levels of compensation for 
 private individuals for service in the Reserve, 
 dependent on the qualifications and expected roles of 
 the individuals;
 (7) the appropriate levels of compensation for 
 private individuals for service in the Reserve for 
 additional expenses, such as travel and accommodation, 
 to fulfill the responsibilities in the Reserve, 
 including during training and exercise;
 (8) additional incentives to be provided to private 
 individuals to encourage participation in the Reserve;
 (9) whether and how to issue security clearances to 
 individuals selected to serve in the Reserve, both 
 prior to and during activation;
 (10) the frequency and content of training and 
 exercises for the Reserve;
 (11) the appropriate interaction between permanent 
 Government employees and individuals in the Reserve 
 during training, exercises, and activations of the 
 Reserve;
 (12) the appointment of permanent Government 
 employees to manage the Reserve for each agency with a 
 Reserve unit, both prior to and during activation;
 (13) practices to ensure that ethics and conflict-of-
 interest standards are implemented and maintained 
 throughout the activities of the Reserve; and
 (14) all other matters necessary to effectively 
 manage the Reserve, as determined by the Director of 
 the Office of Personnel Management.
 (f) Additional guidance The Director of the Office of 
Personnel Management may issue any additional internal guidance 
as the Director of the Office of Personnel determines is 
necessary to supplement the rules issued under subsection (e).
 (g) Employment Protection.--For purposes of chapter 43 of 
title 38, United States Code, an individual absent from a 
position of employment due to an appointment into service in 
the Reserve shall be subject to the same employment and 
reemployment protections as are provided under such chapter for 
an individual absent from a position of employment due to an 
appointment into service in the Federal Emergency Management 
Agency as intermittent personnel under section 306(b)(1) of the 
Robert T. Stafford Disaster Relief and Emergency Assistance 
Act.
 Sec. [717.] 315. (a) Title I (except section 104), [title 
III, and title VII (except sections 707, 708, and 721)] title 
II, and title III (except sections 307, 308, and 316) shall 
terminate on September 30, [2026] 2031, except that all 
authority extended [under title III] under title II shall be 
effective for any fiscal year only to such extent or in such 
amounts as are provided in advance in appropriations Acts.
 (b) Notwithstanding subsection (a), any agency created under 
a provision of law that is terminated under subsection (a) may 
continue in existence, for purposes of liquidation, for a 
period not to exceed 6 months, beginning on the date of 
termination of the provision authorizing the creation of such 
agency under subsection (a).
 (c) The termination of any section of this Act, or of any 
agency or corporation utilized under this Act, shall not affect 
the disbursement of funds under, or the carrying out of, any 
contract, guarantee, commitment or other obligation entered 
into pursuant to this Act prior to the date of such 
termination, or the taking of any action necessary to preserve 
or protect the interests of the United States in any amounts 
advanced or paid out in carrying on operations under this Act, 
or the taking of any action (including the making of new 
guarantees) deemed by a guaranteeing agency to be necessary to 
accomplish the orderly liquidation, adjustment or settlement of 
any loans guaranteed under this Act, including actions deemed 
necessary to avoid undue hardship to borrowers in reconverting 
to normal civilian production; and all of the authority granted 
to the President, guaranteeing agencies, and fiscal agents, 
under [section 301 of this Act] section 201 shall be applicable 
to actions taken pursuant to the authority contained in this 
subsection.
 [(d) No action for the recovery of any cooperative payment 
made to a cooperative association by a Market Administrator 
under an invalid provision of a milk marketing order issued by 
the Secretary of Agriculture pursuant to the Agricultural 
Marketing Agreement Act of 1937 shall be maintained unless such 
action is brought by producers specifically named as party 
plaintiffs to recover their respective share of such payments 
within ninety days after the date of enactment of the Defense 
Production Act Amendments of 1952 with respect to any cause of 
action heretofore accrued and not otherwise barred, or within 
ninety days after accrual with respect to future payments, and 
unless each claimant shall allege and prove (1) that he 
objected at the hearing to the provisions of the order under 
which such payments were made and (2) that he either refused to 
accept payments computed with such deduction or accepted them 
under protest to either the Secretary or the Administrator. The 
district courts of the United States shall have exclusive 
original jurisdiction of all such actions regardless of the 
amount involved. This subsection shall not apply to funds held 
in escrow pursuant to court order. Notwithstanding any other 
provision of this Act, no termination date shall be applicable 
to this subsection.]

 authority to review certain mergers, acquisitions, and takeovers

 Sec. [721.] 316. (a) Definitions.--For purposes of this 
section, the following definitions shall apply:
 (1) Clarification.--The term ``national security'' 
 shall be construed so as to include those issues 
 relating to ``homeland security'', including its 
 application to critical infrastructure.
 (2) Committee; chairperson.--The terms ``Committee'' 
 and ``chairperson'' mean the Committee on Foreign 
 Investment in the United States and the chairperson 
 thereof, respectively.
 (3) Control.--The term ``control'' means the power, 
 direct or indirect, whether exercised or not exercised, 
 to determine, direct, or decide important matters 
 affecting an entity, subject to regulations prescribed 
 by the Committee.
 (4) Covered transaction.--
 (A) In general.--Except as otherwise 
 provided, the term ``covered transaction'' 
 means--
 (i) any transaction described in 
 subparagraph (B)(i); and
 (ii) any transaction described in 
 clauses (ii) through (v) of 
 subparagraph (B) that is proposed, 
 pending, or completed on or after the 
 effective date set forth in section 
 1727 of the Foreign Investment Risk 
 Review Modernization Act of 2018.
 (B) Transactions described.--A transaction 
 described in this subparagraph is any of the 
 following:
 (i) Any merger, acquisition, or 
 takeover that is proposed or pending 
 after August 23, 1988, by or with any 
 foreign person that could result in 
 foreign control of any United States 
 business, including such a merger, 
 acquisition, or takeover carried out 
 through a joint venture.
 (ii) Subject to subparagraphs (C) and 
 (E), the purchase or lease by, or a 
 concession to, a foreign person of 
 private or public real estate that--
 (I) is located in the United 
 States;
 (II)(aa) is, is located 
 within, or will function as 
 part of, an air or maritime 
 port; or
 (bb)(AA) is in close 
 proximity to a United States 
 military installation or 
 another facility or property of 
 the United States Government 
 that is sensitive for reasons 
 relating to national security;
 (BB) could reasonably 
 provide the foreign 
 person the ability to 
 collect intelligence on 
 activities being 
 conducted at such an 
 installation, facility, 
 or property; or
 (CC) could otherwise 
 expose national 
 security activities at 
 such an installation, 
 facility, or property 
 to the risk of foreign 
 surveillance; and
 (III) meets such other 
 criteria as the Committee 
 prescribes by regulation, 
 except that such criteria may 
 not expand the categories of 
 real estate to which this 
 clause applies beyond the 
 categories described in 
 subclause (II).
 (iii) Any other investment, subject 
 to regulations prescribed under 
 subparagraphs (D) and (E), by a foreign 
 person in any unaffiliated United 
 States business that--
 (I) owns, operates, 
 manufactures, supplies, or 
 services critical 
 infrastructure;
 (II) produces, designs, 
 tests, manufactures, 
 fabricates, or develops one or 
 more critical technologies; or
 (III) maintains or collects 
 sensitive personal data of 
 United States citizens that may 
 be exploited in a manner that 
 threatens national security.
 (iv) Any change in the rights that a 
 foreign person has with respect to a 
 United States business in which the 
 foreign person has an investment, if 
 that change could result in--
 (I) foreign control of the 
 United States business; or
 (II) an investment described 
 in clause (iii).
 (v) Any other transaction, transfer, 
 agreement, or arrangement, the 
 structure of which is designed or 
 intended to evade or circumvent the 
 application of this section, subject to 
 regulations prescribed by the 
 Committee.
 (C) Real estate transactions.--
 (i) Exception for certain real estate 
 transactions.--A real estate purchase, 
 lease, or concession described in 
 subparagraph (B)(ii) does not include a 
 purchase, lease, or concession of--
 (I) a single ``housing 
 unit'', as defined by the 
 Census Bureau; or
 (II) real estate [in 
 ``urbanized areas'', as] in an 
 ``urbanized area'', or 
 equivalent term, as defined by 
 the Census Bureau in the most 
 recent census, except as 
 otherwise prescribed by the 
 Committee in regulations in 
 consultation with the Secretary 
 of Defense.
 (ii) Definition of close proximity.--
 With respect to a real estate purchase, 
 lease, or concession described in 
 subparagraph (B)(ii)(II)(bb)(AA), the 
 Committee shall prescribe regulations 
 to ensure that the term ``close 
 proximity'' refers only to a distance 
 or distances within which the purchase, 
 lease, or concession of real estate 
 could pose a national security risk in 
 connection with a United States 
 military installation or another 
 facility or property of the United 
 States Government described in that 
 subparagraph.
 (iii) List of sites.--
 (I) In general.--For purposes 
 of subparagraph 
 (B)(ii)(II)(bb), the Committee 
 may prescribe, through 
 regulations, a list of military 
 installations or other 
 facilities or properties of the 
 United States Government that 
 are sensitive for reasons 
 relating to national security. 
 Such list may include certain 
 facilities or properties of the 
 intelligence community and 
 National Laboratories (as 
 defined in section 2 of the 
 Energy Policy Act of 2005 (42 
 U.S.C. 15801)).
 (II) Periodic review of 
 list.--Not later than one year 
 after the date of the enactment 
 of this clause, and 
 periodically thereafter, each 
 member of the Committee shall--
 (aa) review the 
 installations, 
 facilities, and 
 properties, if any, 
 included by that member 
 on the list developed 
 under subclause (I); 
 and
 (bb) submit to the 
 chairperson a report on 
 that review, after 
 approval of the report 
 by the Assistant 
 Secretary or equivalent 
 official designated for 
 the agency under 
 subsection 
 (k)(4)(A)(i), which 
 shall include--
 (AA) any 
 recommended 
 updates or 
 revisions to 
 the list 
 regarding 
 installations, 
 facilities, and 
 properties 
 administered by 
 the member of 
 the Committee;
 (BB) any 
 recommendations 
 with respect to 
 what distance, 
 including close 
 proximity or 
 extended range, 
 should apply 
 for purposes of 
 real estate 
 described in 
 subparagraph 
 (B)(ii)(II)(bb);
 and
 (CC) a 
 detailed 
 justification 
 and risk 
 assessment 
 underlying any 
 recommendations 
 made under 
 subitem (BB).
 (D) Other investments.--
 (i) Other investment defined.--For 
 purposes of subparagraph (B)(iii), the 
 term ``other investment'' means an 
 investment, direct or indirect, by a 
 foreign person in a United States 
 business described in that subparagraph 
 that is not an investment described in 
 subparagraph (B)(i) and that affords 
 the foreign person--
 (I) access to any material 
 nonpublic technical information 
 in the possession of the United 
 States business;
 (II) membership or observer 
 rights on the board of 
 directors or equivalent 
 governing body of the United 
 States business or the right to 
 nominate an individual to a 
 position on the board of 
 directors or equivalent 
 governing body; or
 (III) any involvement, other 
 than through voting of shares, 
 in substantive decisionmaking 
 of the United States business 
 regarding--
 (aa) the use, 
 development, 
 acquisition, 
 safekeeping, or release 
 of sensitive personal 
 data of United States 
 citizens maintained or 
 collected by the United 
 States business;
 (bb) the use, 
 development 
 acquisition, or release 
 of critical 
 technologies; or
 (cc) the management, 
 operation, manufacture, 
 or supply of critical 
 infrastructure.
 (ii) Material nonpublic technical 
 information defined.--
 (I) In general.--For purposes 
 of clause (i)(I), and subject 
 to regulations prescribed by 
 the Committee, the term 
 ``material nonpublic technical 
 information'' means information 
 that--
 (aa) provides 
 knowledge, know-how, or 
 understanding, not 
 available in the public 
 domain, of the design, 
 location, or operation 
 of critical 
 infrastructure; or
 (bb) is not available 
 in the public domain, 
 and is necessary to 
 design, fabricate, 
 develop, test, produce, 
 or manufacture critical 
 technologies, including 
 processes, techniques, 
 or methods.
 (II) Exemption for financial 
 information.--Notwithstanding 
 subclause (I), for purposes of 
 this subparagraph, the term 
 ``material nonpublic technical 
 information'' does not include 
 financial information regarding 
 the performance of a United 
 States business.
 (iii) Regulations.--
 (I) In general.--The 
 Committee shall prescribe 
 regulations providing guidance 
 on the types of transactions 
 that the Committee considers to 
 be ``other investment'' for 
 purposes of subparagraph 
 (B)(iii).
 (II) United States businesses 
 that own, operate, manufacture, 
 supply, or service critical 
 infrastructure.--The 
 regulations prescribed by the 
 Committee with respect to an 
 investment described in 
 subparagraph (B)(iii)(I) 
 shall--
 (aa) specify the 
 critical infrastructure 
 subject to that 
 subparagraph based on 
 criteria intended to 
 limit application of 
 that subparagraph to 
 the subset of critical 
 infrastructure that is 
 likely to be of 
 importance to the 
 national security of 
 the United States; and
 (bb) enumerate 
 specific types and 
 examples of such 
 critical 
 infrastructure.
 (iv) Specific clarification for 
 investment funds.--
 (I) Treatment of certain 
 investment fund investments.--
 Notwithstanding clause (i)(II) 
 and subject to regulations 
 prescribed by the Committee, an 
 indirect investment by a 
 foreign person in a United 
 States business described in 
 subparagraph (B)(iii) through 
 an investment fund that affords 
 the foreign person (or a 
 designee of the foreign person) 
 membership as a limited partner 
 or equivalent on an advisory 
 board or a committee of the 
 fund shall not be considered an 
 ``other investment'' for 
 purposes of subparagraph 
 (B)(iii) if--
 (aa) the fund is 
 managed exclusively by 
 a general partner, a 
 managing member, or an 
 equivalent;
 (bb) the general 
 partner, managing 
 member, or equivalent 
 is not a foreign 
 person;
 (cc) the advisory 
 board or committee does 
 not have the ability to 
 approve, disapprove, or 
 otherwise control--
 (AA) 
 investment 
 decisions of 
 the fund; or
 (BB) 
 decisions made 
 by the general 
 partner, 
 managing 
 member, or 
 equivalent 
 related to 
 entities in 
 which the fund 
 is invested;
 (dd) the foreign 
 person does not 
 otherwise have the 
 ability to control the 
 fund, including the 
 authority--
 (AA) to 
 approve, 
 disapprove, or 
 otherwise 
 control 
 investment 
 decisions of 
 the fund;
 (BB) to 
 approve, 
 disapprove, or 
 otherwise 
 control 
 decisions made 
 by the general 
 partner, 
 managing 
 member, or 
 equivalent 
 related to 
 entities in 
 which the fund 
 is invested; or
 (CC) to 
 unilaterally 
 dismiss, 
 prevent the 
 dismissal of, 
 select, or 
 determine the 
 compensation of 
 the general 
 partner, 
 managing 
 member, or 
 equivalent;
 (ee) the foreign 
 person does not have 
 access to material 
 nonpublic technical 
 information as a result 
 of its participation on 
 the advisory board or 
 committee; and
 (ff) the investment 
 otherwise meets the 
 requirements of this 
 subparagraph.
 (II) Treatment of certain 
 waivers.--
 (aa) In general.--For 
 the purposes of items 
 (cc) and (dd) of 
 subclause (I) and 
 except as provided in 
 item (bb), a waiver of 
 a potential conflict of 
 interest, a waiver of 
 an allocation 
 limitation, or a 
 similar activity, 
 applicable to a 
 transaction pursuant to 
 the terms of an 
 agreement governing an 
 investment fund shall 
 not be considered to 
 constitute control of 
 investment decisions of 
 the fund or decisions 
 relating to entities in 
 which the fund is 
 invested.
 (bb) Exception.--The 
 Committee may prescribe 
 regulations providing 
 for exceptions to item 
 (aa) for extraordinary 
 circumstances.
 (v) Exception for air carriers.--For 
 purposes of subparagraph (B)(iii), the 
 term ``other investment'' does not 
 include an investment involving an air 
 carrier, as defined in section 
 40102(a)(2) of title 49, United States 
 Code, that holds a certificate issued 
 under section 41102 of that title.
 (vi) Rule of construction.--Any 
 definition of ``critical 
 infrastructure'' established under any 
 provision of law other than this 
 section shall not be determinative for 
 purposes of this section.
 (E) Country specification.--The Committee 
 shall prescribe regulations that further define 
 the term ``foreign person'' for purposes of 
 clauses (ii) and (iii) of subparagraph (B). In 
 prescribing such regulations, the Committee 
 shall specify criteria to limit the application 
 of such clauses to the investments of certain 
 categories of foreign persons. Such criteria 
 shall take into consideration how a foreign 
 person is connected to a foreign country or 
 foreign government, and whether the connection 
 may affect the national security of the United 
 States.
 (F) Transfers of certain assets pursuant to 
 bankruptcy proceedings or other defaults.--The 
 Committee shall prescribe regulations to 
 clarify that the term ``covered transaction'' 
 includes any transaction described in 
 subparagraph (B) that arises pursuant to a 
 bankruptcy proceeding or other form of default 
 on debt.
 (5) Critical infrastructure.--The term ``critical 
 infrastructure'' means, subject to regulations 
 prescribed by the Committee, 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.
 (6) Critical technologies.--
 (A) In general.--The term ``critical 
 technologies'' means the following:
 (i) Defense articles or defense 
 services included on the United States 
 Munitions List set forth in the 
 International Traffic in Arms 
 Regulations under subchapter M of 
 chapter I of title 22, Code of Federal 
 Regulations.
 (ii) Items included on the Commerce 
 Control List set forth in Supplement 
 No. 1 to part 774 of the Export 
 Administration Regulations under 
 subchapter C of chapter VII of title 
 15, Code of Federal Regulations, and 
 controlled--
 (I) pursuant to multilateral 
 regimes, including for reasons 
 relating to national security, 
 chemical and biological weapons 
 proliferation, nuclear 
 nonproliferation, or missile 
 technology; or
 (II) for reasons relating to 
 regional stability or 
 surreptitious listening.
 (iii) Specially designed and prepared 
 nuclear equipment, parts and 
 components, materials, software, and 
 technology covered by part 810 of title 
 10, Code of Federal Regulations 
 (relating to assistance to foreign 
 atomic energy activities).
 (iv) Nuclear facilities, equipment, 
 and material covered by part 110 of 
 title 10, Code of Federal Regulations 
 (relating to export and import of 
 nuclear equipment and material).
 (v) Select agents and toxins covered 
 by part 331 of title 7, Code of Federal 
 Regulations, part 121 of title 9 of 
 such Code, or part 73 of title 42 of 
 such Code.
 (vi) Emerging and foundational 
 technologies controlled pursuant to 
 section 1758 of the Export Control 
 Reform Act of 2018.
 (B) Recommendations.--
 (i) In general.--The chairperson may 
 recommend technologies for 
 identification under the interagency 
 process set forth in section 1758(a) of 
 the Export Control Reform Act of 2018.
 (ii) Matters informing 
 recommendations.--Recommendations by 
 the chairperson under clause (i) shall 
 draw upon information arising from 
 reviews and investigations conducted 
 under subsection (b), notices submitted 
 under subsection (b)(1)(C)(i), 
 declarations filed under subsection 
 (b)(1)(C)(v), and non-notified and non-
 declared transactions identified under 
 subsection (b)(1)(H).
 (7) Foreign government-controlled transaction.--The 
 term ``foreign government-controlled transaction'' 
 means any covered transaction that could result in the 
 control of any United States business by a foreign 
 government or an entity controlled by or acting on 
 behalf of a foreign government.
 (8) Intelligence community.--The term ``intelligence 
 community'' has the meaning given that term in section 
 3(4) of the National Security Act of 1947 (50 U.S.C. 
 3003(4)).
 (9) Investment.--The term ``investment'' means the 
 acquisition of equity interest, including contingent 
 equity interest, as further defined in regulations 
 prescribed by the Committee.
 (10) Lead agency.--The term ``lead agency'' means the 
 agency or agencies designated as the lead agency or 
 agencies pursuant to subsection (k)(5).
 (11) Party.--The term ``party'' has the meaning given 
 that term in regulations prescribed by the Committee.
 (12) United states.--The term ``United States'' means 
 the several States, the District of Columbia, and any 
 territory or possession of the United States.
 (13) United States business.--The term ``United 
 States business'' means a person engaged in interstate 
 commerce in the United States.
 (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 determine the effects of 
 the transaction on the national 
 security of the United States; and
 (ii) shall consider the factors 
 specified in subsection (f) for such 
 purpose, as appropriate.
 (B) Control by foreign government.--If the 
 Committee determines that the covered 
 transaction is a foreign government-controlled 
 transaction, the Committee shall conduct an 
 investigation of the transaction under 
 paragraph (2).
 (C) Written notice.--
 (i) In general.--
 (I) In general.--Any party or 
 parties to any covered 
 transaction may initiate a 
 review of the transaction under 
 this paragraph by submitting a 
 written notice of the 
 transaction to the Chairperson 
 of the Committee.
 (II) Comments and 
 acceptance.--
 (aa) In general.--
 Subject to item (cc), 
 the Committee shall 
 provide comments on a 
 draft or formal written 
 notice or accept a 
 formal written notice 
 submitted under 
 subclause (I) with 
 respect to a covered 
 transaction not later 
 than the date that is 
 10 business days after 
 the date of submission 
 of the draft or formal 
 written notice.
 (bb) Completeness.--
 If the Committee 
 determines that a draft 
 or formal written 
 notice described in 
 item (aa) is not 
 complete, the Committee 
 shall notify the party 
 or parties to the 
 transaction in writing 
 that the notice is not 
 complete and provide an 
 explanation of all 
 material respects in 
 which the notice is 
 incomplete.
 (cc) Stipulations 
 required.--The timing 
 requirement under item 
 (aa) shall apply only 
 in a case in which the 
 parties stipulate under 
 clause (vi) that the 
 transaction is a 
 covered transaction.
 (ii) Withdrawal of notice.--No 
 covered transaction 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 Committee 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 or any member 
 thereof regarding possible resubmission 
 for review pursuant to this paragraph.
 (iv) Inclusion of partnership and 
 side agreements.--The Committee may 
 require a written notice submitted 
 under clause (i) to include a copy of 
 any partnership agreements, integration 
 agreements, or other side agreements 
 relating to the transaction, as 
 specified in regulations prescribed by 
 the Committee.
 (v) Declarations for certain covered 
 transactions.--
 (I) In general.--A party to 
 any covered transaction may 
 submit to the Committee a 
 declaration with basic 
 information regarding the 
 transaction instead of a 
 written notice under clause 
 (i).
 (II) Regulations.--The 
 Committee shall prescribe 
 regulations establishing 
 requirements for declarations 
 submitted under this clause. In 
 prescribing such regulations, 
 the Committee shall ensure that 
 such declarations are submitted 
 as abbreviated notifications 
 that would not generally exceed 
 5 pages in length.
 (III) Committee response to 
 declaration.--
 (aa) In general.--
 Upon receiving a 
 declaration under this 
 clause with respect to 
 a covered transaction, 
 the Committee may, at 
 the discretion of the 
 Committee--
 (AA) request 
 that the 
 parties to the 
 transaction 
 file a written 
 notice under 
 clause (i);
 (BB) inform 
 the parties to 
 the transaction 
 that the 
 Committee is 
 not able to 
 complete action 
 under this 
 section with 
 respect to the 
 transaction on 
 the basis of 
 the declaration 
 and that the 
 parties may 
 file a written 
 notice under 
 clause (i) to 
 seek written 
 notification 
 from the 
 Committee that 
 the Committee 
 has completed 
 all action 
 under this 
 section with 
 respect to the 
 transaction;
 (CC) initiate 
 a unilateral 
 review of the 
 transaction 
 under 
 subparagraph 
 (D); or
 (DD) notify 
 the parties in 
 writing that 
 the Committee 
 has completed 
 all action 
 under this 
 section with 
 respect to the 
 transaction.
 (bb) Timing.--The 
 Committee shall take 
 action under item (aa) 
 not later than 30 days 
 after receiving a 
 declaration under this 
 clause.
 (cc) Rule of 
 construction.--Nothing 
 in this subclause 
 (other than item 
 (aa)(CC)) shall be 
 construed to affect the 
 authority of the 
 President or the 
 Committee to take any 
 action authorized by 
 this section with 
 respect to a covered 
 transaction.
 (IV) Mandatory 
 declarations.--
 (aa) Regulations.--
 The Committee shall 
 prescribe regulations 
 specifying the types of 
 covered transactions 
 for which the Committee 
 requires a declaration 
 under this subclause.
 (bb) Certain covered 
 transactions with 
 foreign government 
 interests.--
 (AA) In 
 general.--
 Except as 
 provided in 
 subitem (BB), 
 the parties to 
 a covered 
 transaction 
 shall submit a 
 declaration 
 described in 
 subclause (I) 
 with respect to 
 the transaction 
 if the 
 transaction 
 involves an 
 investment that 
 results in the 
 acquisition, 
 directly or 
 indirectly, of 
 a substantial 
 interest in a 
 United States 
 business 
 described in 
 subsection 
 (a)(4)(B)(iii) 
 by a foreign 
 person in which 
 a foreign 
 government has, 
 directly or 
 indirectly, a 
 substantial 
 interest.
 (BB) 
 Substantial 
 interest 
 defined.--In 
 this item, the 
 term 
 ``substantial 
 interest'' has 
 the meaning 
 given that term 
 in regulations 
 which the 
 Committee shall 
 prescribe. In 
 developing 
 those 
 regulations, 
 the Committee 
 shall consider 
 the means by 
 which a foreign 
 government 
 could influence 
 the actions of 
 a foreign 
 person, 
 including 
 through board 
 membership, 
 ownership 
 interest, or 
 shareholder 
 rights. An 
 interest that 
 is excluded 
 under 
 subparagraph 
 (D) of 
 subsection 
 (a)(4) from the 
 term ``other 
 investment'' as 
 used in 
 subparagraph 
 (B)(iii) of 
 that subsection 
 or that is less 
 than a 10 
 percent voting 
 interest shall 
 not be 
 considered a 
 substantial 
 interest.
 (CC) 
 Waiver.--The 
 Committee may 
 waive, with 
 respect to a 
 foreign person, 
 the requirement 
 under subitem 
 (AA) for the 
 submission of a 
 declaration 
 described in 
 subclause (I) 
 if the 
 Committee 
 determines that 
 the foreign 
 person 
 demonstrates 
 that the 
 investments of 
 the foreign 
 person are not 
 directed by a 
 foreign 
 government and 
 the foreign 
 person has a 
 history of 
 cooperation 
 with the 
 Committee.
 (cc) Other 
 declarations required 
 by committee.--The 
 Committee may require 
 the submission of a 
 declaration described 
 in subclause (I) with 
 respect to any covered 
 transaction identified 
 under regulations 
 prescribed by the 
 Committee for purposes 
 of this item, at the 
 discretion of the 
 Committee, that 
 involves a United 
 States business 
 described in subsection 
 (a)(4)(B)(iii)(II).
 (dd) Exception.--The 
 submission of a 
 declaration described 
 in subclause (I) shall 
 not be required 
 pursuant to this 
 subclause with respect 
 to an investment by an 
 investment fund if--
 (AA) the fund 
 is managed 
 exclusively by 
 a general 
 partner, a 
 managing 
 member, or an 
 equivalent;
 (BB) the 
 general 
 partner, 
 managing 
 member, or 
 equivalent is 
 not a foreign 
 person; and
 (CC) the 
 investment fund 
 satisfies, with 
 respect to any 
 foreign person 
 with membership 
 as a limited 
 partner on an 
 advisory board 
 or a committee 
 of the fund, 
 the criteria 
 specified in 
 items (cc) and 
 (dd) of 
 subsection 
 (a)(4)(D)(iv).
 (ee) Submission of 
 written notice as an 
 alternative.--Parties 
 to a covered 
 transaction for which a 
 declaration is required 
 under this subclause 
 may instead elect to 
 submit a written notice 
 under clause (i).
 (ff) Timing and 
 refiling of 
 submission.--
 (AA) In 
 general.--In 
 the regulations 
 prescribed 
 under item 
 (aa), the 
 Committee may 
 not require a 
 declaration to 
 be submitted 
 under this 
 subclause with 
 respect to a 
 covered 
 transaction 
 more than 45 
 days before the 
 completion of 
 the 
 transaction.
 (BB) Refiling 
 of 
 declaration.--Th
 e Committee may 
 not request or 
 recommend that 
 a declaration 
 submitted under 
 this subclause 
 be withdrawn 
 and refiled, 
 except to 
 permit parties 
 to a covered 
 transaction to 
 correct 
 material errors 
 or omissions in 
 the declaration 
 submitted with 
 respect to that 
 transaction.
 (gg) Penalties.--The 
 Committee may impose a 
 penalty pursuant to 
 subsection (h)(3) with 
 respect to a party that 
 fails to comply with 
 this subclause.
 (vi) Stipulations regarding 
 transactions.--
 (I) In general.--In a written 
 notice submitted under clause 
 (i) or a declaration submitted 
 under clause (v) with respect 
 to a transaction, a party to 
 the transaction may--
 (aa) stipulate that 
 the transaction is a 
 covered transaction; 
 and
 (bb) if the party 
 stipulates that the 
 transaction is a 
 covered transaction 
 under item (aa), 
 stipulate that the 
 transaction is a 
 foreign government-
 controlled transaction.
 (II) Basis for stipulation.--
 A written notice submitted 
 under clause (i) or a 
 declaration submitted under 
 clause (v) that includes a 
 stipulation under subclause (I) 
 shall include a description of 
 the basis for the stipulation.
 (D) Unilateral initiation of review.--Subject 
 to subparagraph (G), the President or the 
 Committee may initiate a review under 
 subparagraph (A) of--
 (i) any covered transaction (other 
 than a covered transaction described in 
 subparagraph (E));
 (ii) any covered transaction 
 described in subparagraph (E), if any 
 party to the transaction submitted 
 false or misleading material 
 information to the Committee in 
 connection with the Committee's 
 consideration of the transaction or 
 omitted material information, including 
 material documents, from information 
 submitted to the Committee; or
 (iii) any covered transaction 
 described in subparagraph (E), if--
 (I) any party to the 
 transaction or the entity 
 resulting from consummation of 
 the transaction materially 
 breaches a mitigation agreement 
 or condition described in 
 subsection (l)(3)(A);
 (II) such breach is certified 
 to the Committee by the lead 
 department or agency monitoring 
 and enforcing such agreement or 
 condition as a material breach; 
 and
 (III) the Committee 
 determines that there are no 
 other adequate and appropriate 
 remedies or enforcement tools 
 available to address such 
 breach.
 (E) Covered transactions described.--A 
 covered transaction is described in this 
 subparagraph if--
 (i) the Committee has informed the 
 parties to the transaction in writing 
 that the Committee has completed all 
 action under this section with respect 
 to the transaction; or
 (ii) the President has announced a 
 decision not to exercise the 
 President's authority under subsection 
 (d) with respect to the transaction.
 (F) Timing.--Any review under this paragraph 
 shall be completed before the end of the 45-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.
 (G) 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.
 (H) Identification of non-notified and non-
 declared transactions.--The Committee shall 
 establish a process to identify covered 
 transactions for which--
 (i) a notice under clause (i) of 
 subparagraph (C) or a declaration under 
 clause (v) of that subparagraph is not 
 submitted to the Committee; and
 (ii) information is reasonably 
 available.
 (I) Consideration of certain agricultural 
 land transactions.--
 (i) In general.--After receiving 
 notification from the Secretary of 
 Agriculture of a reportable 
 agricultural land transaction, the 
 Committee shall determine--
 (I) whether the transaction 
 is a covered transaction; and
 (II) if the Committee 
 determines that the transaction 
 is a covered transaction, 
 whether the Committee should 
 initiate a review pursuant to 
 subparagraph (D), or take 
 another action authorized under 
 this section, with respect to 
 the reportable agricultural 
 land transaction.
 (ii) Reportable agricultural land 
 transaction.--In this subparagraph, the 
 term ``reportable agricultural land 
 transaction'' means a transaction--
 (I) that the Secretary of 
 Agriculture has reason to 
 believe is a covered 
 transaction, based on 
 information from or in 
 cooperation with the 
 intelligence community;
 (II) that involves the 
 acquisition of an interest in 
 agricultural land by a foreign 
 person of the People's Republic 
 of China, the Democratic 
 People's Republic of Korea, the 
 Russian Federation, or the 
 Islamic Republic of Iran; and
 (III) with respect to which a 
 person is required to submit a 
 report to the Secretary of 
 Agriculture under section 2(a) 
 of the Agricultural Foreign 
 Investment Disclosure Act of 
 1978.
 (iii) Sunset.--The requirements under 
 this subparagraph shall terminate, with 
 respect to a foreign person of the 
 respective foreign country, on the date 
 that the People's Republic of China, 
 the Democratic People's Republic of 
 Korea, the Russian Federation, or the 
 Islamic Republic of Iran, as the case 
 may be, is removed from the list of 
 foreign adversaries in section 791.4 of 
 title 15, Code of Federal Regulations.
 (2) National security investigations.--
 (A) In general.--In each case described in 
 subparagraph (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 paragraph (1) results in a 
 determination that--
 (I) the transaction threatens 
 to impair the national security 
 of the United States and the 
 risk has not been mitigated 
 during or prior to the review 
 of a covered transaction under 
 paragraph (1);
 (II) the transaction is a 
 foreign government-controlled 
 transaction; or
 (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 
 mitigated by assurances 
 provided or renewed with the 
 approval of the Committee, as 
 described in subsection (l), 
 during the review period under 
 paragraph (1); or
 (ii) the lead agency recommends, and 
 the Committee concurs, that an 
 investigation be undertaken.
 (C) Timing.--
 (i) In general.--Except as provided 
 in clause (ii), any investigation under 
 subparagraph (A) shall be completed 
 before the end of the 45-day period 
 beginning on the date on which the 
 investigation commenced.
 (ii) Extension for extraordinary 
 circumstances.--
 (I) In general.--In 
 extraordinary circumstances (as 
 defined by the Committee in 
 regulations), the chairperson 
 may, at the request of the head 
 of the lead agency, extend an 
 investigation under 
 subparagraph (A) for one 15-day 
 period.
 (II) Nondelegation.--The 
 authority of the chairperson 
 and the head of the lead agency 
 referred to in subclause (I) 
 may not be delegated to any 
 person other than the Deputy 
 Secretary of the Treasury or 
 the deputy head (or equivalent 
 thereof) of the lead agency, as 
 the case may be.
 (III) Notification to 
 parties.--If the Committee 
 extends the deadline under 
 subclause (I) with respect to a 
 covered transaction, the 
 Committee shall notify the 
 parties to the transaction of 
 the extension.
 (D) Exception.--
 (i) In general.--Notwithstanding 
 subparagraph (B)(i), an investigation 
 of a foreign government-controlled 
 transaction described in subclause (II) 
 of subparagraph (B)(i) or a transaction 
 involving critical infrastructure 
 described in subclause (III) of 
 subparagraph (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 Secretary 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 
 or assessment.--[Upon completion of] Not later 
 than the seventh day of the month following the 
 month in which the Committee completed a review 
 under this subsection that concludes action 
 under this section, or upon the Committee 
 making a notification under paragraph 
 (1)(C)(v)(III)(aa)(DD), the chairperson and the 
 head of the lead agency shall transmit a 
 certified notice to the members of Congress 
 specified in subparagraph (C)(iii).
 (B) Certified report at completion of 
 investigation.--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 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 
 investigation 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), 
 respectively, [shall be submitted to 
 the members] shall be submitted in a 
 searchable, machine-readable format 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;
 (II) a certification that all 
 relevant national security 
 factors have received full 
 consideration; [and]
 (III) the date on which the 
 transaction was accepted by the 
 Committee and the date on which 
 transaction parties were 
 notified of the completion by 
 the Committee of the 
 Committee's review of the 
 transaction pursuant to 
 subsection (b)(6); and
 [(III)] (IV) whether the 
 transaction is described under 
 clause (i), (ii), (iii), (iv), 
 or (v) of subsection (a)(4)(B).
 (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 transaction 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) Delegation of 
 certifications.--
 (aa) In general.--
 Subject to item (bb), 
 the chairperson, in 
 consultation with the 
 Committee, may 
 determine the level of 
 official to whom the 
 signature requirement 
 under subclause (I) for 
 the chairperson and the 
 head of the lead agency 
 may be delegated. The 
 level of official to 
 whom the signature 
 requirement may be 
 delegated may differ 
 based on any factor 
 relating to a 
 transaction that the 
 chairperson, in 
 consultation with the 
 Committee, deems 
 appropriate, including 
 the type or value of 
 the transaction.
 (bb) Limitation on 
 delegation with respect 
 to certain 
 transactions.--The 
 signature requirement 
 under subclause (I) may 
 be delegated not below 
 the level of the 
 Assistant Secretary of 
 the Treasury or an 
 equivalent official of 
 the lead agency.
 (v) Authority to consolidate 
 documents.--Instead of transmitting a 
 separate certified notice or certified 
 report under subparagraph (A) or (B) 
 with respect to each covered 
 transaction, the Committee may, on a 
 monthly basis, transmit such notices 
 and reports in a consolidated document 
 to the Members of Congress specified in 
 clause (iii).
 (4) Analysis by director of national intelligence.--
 (A) Analysis required.--
 (i) In general.--Except as provided 
 in subparagraph (B), the Director of 
 National Intelligence shall 
 expeditiously carry out a thorough 
 analysis of any threat to the national 
 security of the United States posed by 
 any covered transaction, which shall 
 include the identification of any 
 recognized gaps in the collection of 
 intelligence relevant to the analysis.
 (ii) Views of intelligence 
 community.--The Director shall seek and 
 incorporate into the analysis required 
 by clause (i) the views of all affected 
 or appropriate agencies of the 
 intelligence community with respect to 
 the transaction.
 (iii) Updates.--At the request of the 
 lead agency, the Director shall update 
 the analysis conducted under clause (i) 
 with respect to a covered transaction 
 with respect to which an agreement was 
 entered into under subsection 
 (l)(3)(A).
 (iv) Independence and objectivity.--
 The Committee shall ensure that its 
 processes under this section preserve 
 the ability of the Director to conduct 
 analysis under clause (i) that is 
 independent, objective, and consistent 
 with all applicable directives, 
 policies, and analytic tradecraft 
 standards of the intelligence 
 community.
 (B) Basic threat information.--
 (i) In general.--The Director of 
 National Intelligence may provide the 
 Committee with basic information 
 regarding any threat to the national 
 security of the United States posed by 
 a covered transaction described in 
 clause (ii) instead of conducting the 
 analysis required by subparagraph (A).
 (ii) Covered transaction described.--
 A covered transaction is described in 
 this clause if--
 (I) the transaction is 
 described in subsection 
 (a)(4)(B)(ii);
 (II) the Director of National 
 Intelligence has completed an 
 analysis pursuant to 
 subparagraph (A) involving each 
 foreign person that is a party 
 to the transaction during the 
 12 months preceding the review 
 or investigation of the 
 transaction under this section; 
 or
 (III) the transaction 
 otherwise meets criteria agreed 
 upon by the Committee and the 
 Director for purposes of this 
 subparagraph.
 (C) Timing.--The analysis required under 
 subparagraph (A) shall be provided by the 
 Director of National Intelligence to the 
 Committee not later than 30 days after the date 
 on which notice of the transaction is accepted 
 by the Committee under paragraph (1)(C), but 
 such analysis 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.
 (D) Interaction with intelligence 
 community.--The Director of National 
 Intelligence shall ensure that the intelligence 
 community remains engaged in the collection, 
 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.
 (E) 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.
 (F) Assessment of operational impact.--The 
 Director may provide to the Committee an 
 assessment, separate from the analyses under 
 subparagraphs (A) and (B), of any operational 
 impact of a covered transaction on the 
 intelligence community and a description of any 
 actions that have been or will be taken to 
 mitigate any such impact.
 (G) Submission to congress.--The Committee 
 shall submit the analysis required by 
 subparagraph (A) with respect to a covered 
 transaction to the Select Committee on 
 Intelligence of the Senate and the Permanent 
 Select Committee on Intelligence of the House 
 of Representatives upon the conclusion of 
 action under this section (other than 
 compliance plans under subsection (l)(6)) with 
 respect to the transaction.
 (5) Submission of additional information.--No 
 provision 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.
 (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 
 section shall include standard procedures for--
 (A) submitting any notice of a covered 
 transaction to the Committee;
 (B) submitting a request to withdraw a 
 covered transaction 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.
 (8) Tolling of deadlines during lapse in 
 appropriations.--Any deadline or time limitation under 
 this subsection shall be tolled during a lapse in 
 appropriations.
 (c) Confidentiality of Information.--
 (1) In general.--Except as provided in paragraph (2), 
 any information or documentary material filed with the 
 President or the President's designee pursuant to this 
 section shall be exempt from disclosure under section 
 552 of title 5, United States Code, and no such 
 information or documentary material may be made public.
 (2) Exceptions.--Paragraph (1) shall not prohibit the 
 disclosure of the following:
 (A) Information relevant to any 
 administrative or judicial action or 
 proceeding.
 (B) Information to Congress or any duly 
 authorized committee or subcommittee of 
 Congress.
 (C) Information important to the national 
 security analysis or actions of the Committee 
 to any domestic governmental entity, or to any 
 foreign governmental entity of a United States 
 ally or partner, under the exclusive direction 
 and authorization of the chairperson, only to 
 the extent necessary for national security 
 purposes, and subject to appropriate 
 confidentiality and classification 
 requirements.
 (D) Information that the parties have 
 consented to be disclosed to third parties.
 (3) Cooperation with allies and partners.--
 (A) In general.--The chairperson, in 
 consultation with other members of the 
 Committee, should establish a formal process 
 for the exchange of information under paragraph 
 (2)(C) with governments of countries that are 
 allies or partners of the United States, in the 
 discretion of the chairperson, to protect the 
 national security of the United States and 
 those countries.
 (B) Requirements.--The process established 
 under subparagraph (A) should, in the 
 discretion of the chairperson--
 (i) be designed to facilitate the 
 harmonization of action with respect to 
 trends in investment and technology 
 that could pose risks to the national 
 security of the United States and 
 countries that are allies or partners 
 of the United States;
 (ii) provide for the sharing of 
 information with respect to specific 
 technologies and entities acquiring 
 such technologies as appropriate to 
 ensure national security; and
 (iii) include consultations and 
 meetings with representatives of the 
 governments of such countries on a 
 recurring basis.
 (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) with respect to a 
 covered transaction not later than 15 days after the 
 earlier of--
 (A) the date on which the investigation of 
 the transaction under subsection (b) is 
 completed; or
 (B) the date on which the Committee otherwise 
 refers the transaction to the President under 
 subsection (l)(2).
 (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 subsection.
 (4) Findings of the president.--The President may 
 exercise the authority conferred by paragraph (1), only 
 if the President finds that--
 (A) there is credible evidence that leads the 
 President to believe that a foreign person that 
 would acquire an interest in a United States 
 business or its [assets as a result] assets or 
 in real estate in the United States as a result 
 of the covered transaction 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 
 determining whether to take action under paragraph (1), 
 the President shall consider, among other factors each 
 of the factors described in subsection (f), as 
 appropriate.
 (e) Actions and Findings Nonreviewable.--
 (1) In general.--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.
 (2) Civil actions.--A civil action challenging an 
 action or finding under this section may be brought 
 only in the United States Court of Appeals for the 
 District of Columbia Circuit.
 (3) Procedures for review of privileged 
 information.--If a civil action challenging an action 
 or finding under this section is brought, and the court 
 determines that protected information in the 
 administrative record, including classified or other 
 information subject to privilege or protections under 
 any provision of law, is necessary to resolve the 
 challenge, that information shall be submitted ex parte 
 and in camera to the court and the court shall maintain 
 that information under seal.
 (4) Applicability of use of information provisions.--
 The use of information provisions of sections 106, 305, 
 405, and 706 of the Foreign Intelligence Surveillance 
 Act of 1978 (50 U.S.C. 1806, 1825, 1845, and 1881e) 
 shall not apply in a civil action brought under this 
 subsection.
 (f) Factors To Be Considered.--For purposes of this section, 
the President or the President's designee may, taking into 
account the requirements of national security, consider--
 (1) domestic production needed for projected national 
 defense requirements,
 (2) the capability and capacity of domestic 
 industries to meet national defense requirements, 
 including the availability of human resources, 
 products, technology, materials, and other supplies and 
 services,
 (3) the control of domestic industries and commercial 
 activity by foreign citizens as it affects the 
 capability and capacity of the United States to meet 
 the requirements of national security,
 (4) the potential effects of the proposed or pending 
 transaction on sales of military goods, equipment, or 
 technology to any country--
 (A) identified by the Secretary of State--
 (i) under section 6(j) of the Export 
 Administration Act of 1979, as a 
 country that supports terrorism;
 (ii) under section 6(l) of the Export 
 Administration Act of 1979, as a 
 country of concern regarding missile 
 proliferation; or
 (iii) under section 6(m) of the 
 Export Administration Act of 1979, as a 
 country of concern regarding the 
 proliferation of chemical and 
 biological weapons;
 (B) identified by the Secretary of Defense as 
 posing a potential regional military threat to 
 the interests of the United States; or
 (C) listed under section 309(c) of the 
 Nuclear Non-Proliferation Act of 1978 on the 
 ``Nuclear Non-Proliferation-Special Country 
 List'' (15 C.F.R. Part 778, Supplement No. 4) 
 or any successor list;
 (5) the potential effects of the proposed or pending 
 transaction on United States international 
 technological leadership in areas affecting United 
 States national security;
 (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 
 government-controlled transaction, as determined under 
 subsection (b)(1)(B);
 (9) as appropriate, and particularly with respect to 
 transactions requiring an investigation under 
 subsection (b)(1)(B), a review of the current 
 assessment of--
 (A) the adherence of the subject country to 
 nonproliferation control regimes, including 
 treaties and multilateral supply guidelines, 
 which shall draw on, but not be limited to, the 
 annual report on ``Adherence to and Compliance 
 with Arms Control, Nonproliferation and 
 Disarmament 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 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 analysis of national 
 export control laws and regulations;
 (10) the long-term projection of United States 
 requirements 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.
 (g) Additional Information to Congress; Confidentiality.--
 (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 covered transaction for which 
 all action has concluded under this section, or on 
 compliance with a mitigation agreement or condition 
 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 congressional 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 information as are applicable 
 under subsection (c).
 (B) Proprietary information.--Proprietary 
 information 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 
 confidentiality, unless such party otherwise 
 consents in writing to such disclosure.
 (h) Regulations.--
 (1) In general.--The President shall direct, subject 
 to notice and comment, the issuance of regulations to 
 carry out this section.
 (2) Content.--Regulations issued under this 
 subsection shall--
 (A) provide for the imposition of civil 
 penalties for any violation of this section, 
 including any mitigation agreement entered 
 into, conditions imposed, or order issued 
 pursuant to this section;
 (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;
 (C) provide for an appropriate role for the 
 Secretary of Labor with respect to mitigation 
 agreements; and
 (D) provide that, in any review or 
 investigation of a covered transaction 
 conducted by the Committee under subsection 
 (b), the Committee should--
 (i) consider the factors specified in 
 subsection (f); and
 (ii) as appropriate, require parties 
 to provide to the Committee the 
 information necessary to consider such 
 factors.
 (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 any other authority of the President or the 
Congress under the Constitution of the United States.
 (j) Technology Risk Assessments.--In any case in which an 
assessment of the risk of diversion of defense critical 
technology is performed by a designee of the President, a copy 
of such assessment shall be provided to any other designee of 
the President responsible for reviewing or investigating a 
transaction under this section.
 (k) Committee on Foreign Investment in the United States.--
 (1) Establishment.--The Committee on Foreign 
 Investment 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) Hiring authority.--
 (A) Senior officials.--
 (i) In general.--Each member of the 
 Committee shall designate an Assistant 
 Secretary, or an equivalent official, 
 who is appointed by the President, by 
 and with the advice and consent of the 
 Senate, to carry out such duties 
 related to the Committee as the member 
 of the Committee may delegate.
 (ii) Department of the treasury.--
 (I) In general.--There shall 
 be established in the Office of 
 International Affairs at the 
 Department of the Treasury 2 
 additional positions of 
 Assistant Secretary of the 
 Treasury, who shall be 
 appointed by the President, by 
 and with the advice and consent 
 of the Senate, to carry out 
 such duties related to the 
 Committee as the Secretary of 
 the Treasury may delegate, 
 consistent with this section.
 (II) Assistant secretary for 
 investment security.--One of 
 the positions of Assistant 
 Secretary of the Treasury 
 authorized under subclause (I) 
 shall be the Assistant 
 Secretary for Investment 
 Security, whose duties shall be 
 principally related to the 
 Committee, as delegated by the 
 Secretary of the Treasury under 
 this section.
 (B) Special hiring authority.--The heads of 
 the departments and agencies represented on the 
 Committee may appoint, without regard to the 
 provisions of sections 3309 through 3318 of 
 title 5, United States Code, candidates 
 directly to positions in the competitive 
 service (as defined in section 2102 of that 
 title) in their respective departments and 
 agencies. The primary responsibility of 
 positions authorized under the preceding 
 sentence shall be to administer this section.
 (5) Designation of lead agency.--The Secretary of the 
 Treasury shall designate, as appropriate, a member or 
 members 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 appropriate, 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 
 direction of the President or upon the call of the 
 chairperson, without regard to section 552b of title 5, 
 United States Code (if otherwise applicable).
 (8) Inclusion of the secretary of agriculture.--The 
 Secretary of Agriculture shall be a member of the 
 Committee with respect to a covered transaction that 
 involves--
 (A) agricultural land;
 (B) agriculture biotechnology; or
 (C) the agriculture industry, including 
 agricultural transportation, storage, and 
 processing.
 (l) Actions by the Committee to Address National Security 
Risks.--
 (1) Suspension of transactions.--The Committee, 
 acting through the chairperson, may suspend a proposed 
 or pending covered transaction that may pose a risk to 
 the national security of the United States for such 
 time as the covered transaction is under review or 
 investigation under subsection (b).
 (2) Referral to president.--The Committee may, at any 
 time during the review or investigation of a covered 
 transaction under subsection (b), complete the action 
 of the Committee with respect to the transaction and 
 refer the transaction to the President for action 
 pursuant to subsection (d).
 (3) Mitigation.--
 (A) Agreements and conditions.--
 (i) 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 
 risk to the national security of the 
 United States that arises as a result 
 of the covered transaction.
 (ii) Abandonment of transactions.--If 
 a party to a covered transaction has 
 voluntarily chosen to abandon the 
 transaction, the Committee or lead 
 agency, as the case may be, may 
 negotiate, enter into or impose, and 
 enforce any agreement or condition with 
 any party to the covered transaction 
 for purposes of effectuating such 
 abandonment and mitigating any risk to 
 the national security of the United 
 States that arises as a result of the 
 covered transaction.
 (iii) Agreements and conditions 
 relating to completed transactions.--
 The Committee or lead agency, as the 
 case may be, may negotiate, enter into 
 or impose, and enforce any agreement or 
 condition with any party to a completed 
 covered transaction in order to 
 mitigate any interim risk to the 
 national security of the United States 
 that may arise as a result of the 
 covered transaction until such time 
 that the Committee has completed action 
 pursuant to subsection (b) or the 
 President has taken action pursuant to 
 subsection (d) with respect to the 
 transaction.
 (B) Treatment of outdated agreements or 
 conditions.--The chairperson and the head of 
 the lead agency shall periodically review the 
 appropriateness of an agreement or condition 
 imposed under subparagraph (A) and terminate, 
 phase out, or otherwise amend the agreement or 
 condition if a threat no longer requires 
 mitigation through the agreement or condition.
 (C) Limitations.--An agreement may not be 
 entered into or condition imposed under 
 subparagraph (A) with respect to a covered 
 transaction unless the Committee determines 
 that the agreement or condition resolves the 
 national security concerns posed by the 
 transaction, taking into consideration whether 
 the agreement or condition is reasonably 
 calculated to--
 (i) be effective;
 (ii) allow for compliance with the 
 terms of the agreement or condition in 
 an appropriately verifiable way; and
 (iii) enable effective monitoring of 
 compliance with and enforcement of the 
 terms of the agreement or condition.
 (D) Jurisdiction.--The provisions of [section 
 706(b)] section 306(b) shall apply to any 
 mitigation agreement entered into or condition 
 imposed under subparagraph (A).
 (4) Risk-based analysis required.--
 (A) In general.--Any determination of the 
 Committee to suspend a covered transaction 
 under paragraph (1), to refer a covered 
 transaction to the President under paragraph 
 (2), or to negotiate, enter into or impose, or 
 enforce any agreement or condition under 
 paragraph (3)(A) with respect to a covered 
 transaction, shall be based on a risk-based 
 analysis, conducted by the Committee, of the 
 effects on the national security of the United 
 States of the covered transaction, which shall 
 include an assessment of the threat, 
 vulnerabilities, and consequences to national 
 security related to the transaction.
 (B) Actions of members of the committee.--
 (i) In general.--Any member of the 
 Committee who concludes that a covered 
 transaction poses an unresolved 
 national security concern shall 
 recommend to the Committee that the 
 Committee suspend the transaction under 
 paragraph (1), refer the transaction to 
 the President under paragraph (2), or 
 negotiate, enter into or impose, or 
 enforce any agreement or condition 
 under paragraph (3)(A) with respect to 
 the transaction. In making that 
 recommendation, the member shall 
 propose or contribute to the risk-based 
 analysis required by subparagraph (A).
 (ii) Failure to reach consensus.--If 
 the Committee fails to reach consensus 
 with respect to a recommendation under 
 clause (i) regarding a covered 
 transaction, the members of the 
 Committee who support an alternative 
 recommendation shall produce--
 (I) a written statement 
 justifying the alternative 
 recommendation; and
 (II) as appropriate, a risk-
 based analysis that supports 
 the alternative recommendation.
 (C) Definitions.--For purposes of 
 subparagraph (A), the terms ``threat'', 
 ``vulnerabilities'', and ``consequences to 
 national security'' shall have the meanings 
 given those terms by the Committee by 
 regulation.
 (5) 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 connection 
 with any such review or investigation 
 pending any resubmission of any written 
 notice under this section 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, shall, on behalf of the Committee, 
 ensure that the requirements of subparagraph 
 (A) with respect to any covered transaction 
 that is subject to such subparagraph are met.
 (6) Negotiation, modification, monitoring, and 
 enforcement.--
 (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 (3) 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. The lead agency may, at 
 its discretion, seek and receive the assistance 
 of other departments or agencies in carrying 
 out the purposes of this paragraph.
 (B) Reporting by designated agency.--The lead 
 agency in connection with any agreement entered 
 into or condition imposed with respect to a 
 covered transaction shall--
 (i) provide periodic reports to the 
 Committee on any material modification 
 to any such agreement 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 Federal department or agency that 
 may have a material interest in such 
 modification.
 (C) Compliance plans.--
 (i) In general.--In the case of a 
 covered transaction with respect to 
 which an agreement is entered into 
 under paragraph (3)(A), the Committee 
 or lead agency, as the case may be, 
 shall formulate, adhere to, and keep 
 updated a plan for monitoring 
 compliance with the agreement.
 (ii) Elements.--Each plan required by 
 clause (i) with respect to an agreement 
 entered into under paragraph (3)(A) 
 shall include an explanation of--
 (I) which member of the 
 Committee will have primary 
 responsibility for monitoring 
 compliance with the agreement;
 (II) how compliance with the 
 agreement will be monitored;
 (III) how frequently 
 compliance reviews will be 
 conducted;
 (IV) whether an independent 
 entity will be utilized under 
 subparagraph (E) to conduct 
 compliance reviews; and
 (V) what actions will be 
 taken if the parties fail to 
 cooperate regarding monitoring 
 compliance with the agreement.
 (D) Effect of lack of compliance.--If, at any 
 time after a mitigation agreement or condition 
 is entered into or imposed under paragraph 
 (3)(A), the Committee or lead agency, as the 
 case may be, determines that a party or parties 
 to the agreement or condition are not in 
 compliance with the terms of the agreement or 
 condition, the Committee or lead agency may, in 
 addition to the authority of the Committee to 
 impose penalties pursuant to subsection (h)(3) 
 and to unilaterally initiate a review of any 
 covered transaction under subsection 
 (b)(1)(D)(iii)--
 (i) negotiate a plan of action for 
 the party or parties to remediate the 
 lack of compliance, with failure to 
 abide by the plan or otherwise 
 remediate the lack of compliance 
 serving as the basis for the Committee 
 to find a material breach of the 
 agreement or condition;
 (ii) require that the party or 
 parties submit a written notice under 
 clause (i) of subsection (b)(1)(C) or a 
 declaration under clause (v) of that 
 subsection with respect to a covered 
 transaction initiated after the date of 
 the determination of noncompliance and 
 before the date that is 5 years after 
 the date of the determination to the 
 Committee to initiate a review of the 
 transaction under subsection (b); or
 (iii) seek injunctive relief.
 (E) Use of independent entities to monitor 
 compliance.--If the parties to an agreement 
 entered into under paragraph (3)(A) enter into 
 a contract with an independent entity from 
 outside the United States Government for the 
 purpose of monitoring compliance with the 
 agreement, the Committee shall take such action 
 as is necessary to prevent a conflict of 
 interest from arising by ensuring that the 
 independent entity owes no fiduciary duty to 
 the parties.
 (F) Successors and assigns.--Any agreement or 
 condition entered into or imposed under 
 paragraph (3)(A) shall be considered binding on 
 all successors and assigns unless and until the 
 agreement or condition terminates on its own 
 terms or is otherwise terminated by the 
 Committee in its sole discretion.
 (G) Additional compliance measures.--Subject 
 to subparagraphs (A) through (F), 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 ensure compliance 
 without unnecessarily diverting Committee 
 resources from assessing any new covered 
 transaction for which a written notice under 
 clause (i) of subsection (b)(1)(C) or 
 declaration under clause (v) of that subsection 
 has been filed, 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.
 (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 investigations of covered 
 transactions completed under subsection (b) during the 
 12-month period covered by the report.
 (2) Contents of report relating to covered 
 transactions.--The annual report under paragraph (1) 
 shall contain the following information, with respect 
 to each covered transaction, for the reporting period:
 (A) A list of all notices filed and all 
 reviews or investigations of covered 
 transactions completed during the period, 
 with--
 (i) a description of the outcome of 
 each review or investigation, including 
 whether an agreement was entered into 
 or condition was imposed under 
 subsection (l)(3)(A) with respect to 
 the transaction being reviewed or 
 investigated, and whether the President 
 took any action under this section with 
 respect to that transaction;
 (ii) basic information on each party 
 to each such transaction;
 (iii) the nature of the business 
 activities or products of the United 
 States business with which the 
 transaction was entered into or 
 intended to be entered into; and
 (iv) information about any withdrawal 
 from the process.
 (B) Specific, cumulative, and, as 
 appropriate, trend information on the numbers 
 of filings, investigations, withdrawals, 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 concerns 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.
 (G) Statistics on compliance plans conducted 
 and actions taken by the Committee under 
 subsection (l)(6), including subparagraph (D) 
 of that subsection, during that period, a 
 general assessment of the compliance of parties 
 with agreements entered into and conditions 
 imposed under subsection (l)(3)(A) that are in 
 effect during that period, including a 
 description of any actions taken by the 
 Committee to impose penalties or initiate a 
 unilateral review pursuant to subsection 
 (b)(1)(D)(iii), and any recommendations for 
 improving the enforcement of such agreements 
 and conditions.
 (H) Cumulative and, as appropriate, trend 
 information on the number of declarations filed 
 under subsection (b)(1)(C)(v), the actions 
 taken by the Committee in response to those 
 declarations, the business sectors involved in 
 those declarations, and the countries involved 
 in those declarations.
 (I) A description of--
 (i) the methods used by the Committee 
 to identify non-notified and non-
 declared transactions under subsection 
 (b)(1)(H);
 (ii) potential methods to improve 
 such identification and the resources 
 required to do so; and
 (iii) the number of transactions 
 identified through the process 
 established under that subsection 
 during the reporting period and the 
 number of such transactions flagged for 
 further review.
 (J) A summary of the hiring practices and 
 policies of the Committee pursuant to 
 subsection (k)(4).
 (K) A list of the waivers granted by the 
 Committee under subsection 
 (b)(1)(C)(v)(IV)(bb)(CC).
 (L) Information on whether the most recent 
 list of sites identified under subsection 
 (a)(4)(C)(iii) reflects consideration of any 
 recommended updates and revisions submitted 
 under subclause (II) of that subsection. Upon 
 request from the Committee on Financial 
 Services of the House of Representatives or the 
 Committee on Banking, Housing, and Urban 
 Affairs of the Senate, the Committee shall 
 provide to that committee a classified briefing 
 regarding that list.
 (3) Contents of report relating to critical 
 technologies.--In order to assist Congress in its 
 oversight responsibilities with respect to this 
 section, the President and such agencies as the 
 President shall designate shall include in the annual 
 report submitted under paragraph (1)--
 (A) an evaluation of whether there is 
 credible evidence of a coordinated strategy by 
 1 or more countries or companies to acquire 
 United States companies involved in research, 
 development, or production of critical 
 technologies for which the United States is a 
 leading producer;
 (B) an evaluation of whether there are 
 industrial espionage activities directed or 
 directly assisted by foreign governments 
 against private United States companies aimed 
 at obtaining commercial secrets related to 
 critical technologies; and
 (C) a description of the technologies 
 recommended by the chairperson under subsection 
 (a)(6)(B) for identification under the 
 interagency process set forth in section 
 1758(a) of the Export Control Reform Act of 
 2018.
 (4) Form of report.--
 (A) In general.--All appropriate portions of 
 the annual report under paragraph (1) may be 
 classified. An unclassified version of the 
 report, as appropriate, consistent with 
 safeguarding national security and privacy, 
 shall be made available to the public.
 (B) Inclusion in classified version.--If the 
 Committee recommends that the President suspend 
 or prohibit a covered transaction because the 
 transaction threatens to impair the national 
 security of the United States, the Committee 
 shall, in the classified version of the report 
 required under paragraph (1), notify Congress 
 of the recommendation and, upon request, 
 provide a classified briefing on the 
 recommendation.
 (C) Inclusions in unclassified version.--The 
 unclassified version of the report required 
 under paragraph (1) shall include, with respect 
 to covered transactions for the reporting 
 period--
 (i) the number of notices submitted 
 under subsection (b)(1)(C)(i);
 (ii) the number of declarations 
 submitted under subsection (b)(1)(C)(v) 
 and the number of such declarations 
 that were required under subclause (IV) 
 of that subsection;
 (iii) the number of declarations 
 submitted under subsection (b)(1)(C)(v) 
 for which the Committee required 
 resubmission as notices under 
 subsection (b)(1)(C)(i);
 (iv) the average number of days that 
 elapsed between submission of a 
 declaration under subsection 
 (b)(1)(C)(v) and the acceptance of the 
 declaration by the Committee;
 (v) the median and average number of 
 days that elapsed between acceptance of 
 a declaration by the Committee and a 
 response described in subsection 
 (b)(1)(C)(v)(III);
 (vi) information on the time it took 
 the Committee to provide comments on, 
 or to accept, notices submitted under 
 subsection (b)(1)(C)(i), including--
 (I) the average number of 
 business days that elapsed 
 between the date of submission 
 of a draft notice and the date 
 on which the Committee provided 
 written comments on the draft 
 notice;
 (II) the average number of 
 business days that elapsed 
 between the date of submission 
 of a formal written notice and 
 the date on which the Committee 
 accepted or provided written 
 comments on the formal written 
 notice; and
 (III) if the average number 
 of business days for a response 
 by the Committee reported under 
 subclause (I) or (II) exceeded 
 10 business days--
 (aa) an explanation 
 of the causes of such 
 delays, including 
 whether such delays are 
 caused by resource 
 shortages, unusual 
 fluctuations in the 
 volume of notices, 
 transaction 
 characteristics, or 
 other factors; and
 (bb) an explanation 
 of the steps that the 
 Committee anticipates 
 taking to mitigate the 
 causes of such delays 
 and otherwise to 
 improve the ability of 
 the Committee to 
 provide comments on, or 
 to accept, notices 
 within 10 business 
 days;
 (vii) the number of reviews or 
 investigations conducted under 
 subsection (b);
 (viii) the number of investigations 
 that were subject to an extension under 
 subsection (b)(2)(C)(ii);
 (ix) information on the duration of 
 those reviews and investigations, 
 including the median and average number 
 of days required to complete those 
 reviews and investigations;
 (x) the number of notices submitted 
 under subsection (b)(1)(C)(i) and 
 declarations submitted under subsection 
 (b)(1)(C)(v) that were rejected by the 
 Committee;
 (xi) the number of such notices and 
 declarations that were withdrawn by a 
 party to the covered transaction;
 (xii) the number of such withdrawals 
 that were followed by the submission of 
 a subsequent such notice or declaration 
 relating to a substantially similar 
 covered transaction; and
 (xiii) such other specific, 
 cumulative, or trend information that 
 the Committee determines is advisable 
 to provide for an assessment of the 
 time required for reviews and 
 investigations of covered transactions 
 under this section.
 (n) Certification of Notices and Assurances.--
 (1) In general.--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 (6)(B) of subsection 
 (l), with respect to the implementation of any 
 mitigation agreement or condition described in 
 paragraph (3)(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 certifying that, to the best of the 
 knowledge and belief of that person--
 (A) the notice or information submitted fully 
 complies with the requirements of this section 
 or such regulation, agreement, or condition; 
 and
 (B) the notice or information is accurate and 
 complete in all material respects.
 (2) Effect of failure to submit.--The Committee may 
 not complete a review under this section of a covered 
 transaction and may recommend to the President that the 
 President suspend or prohibit the transaction under 
 subsection (d) if the Committee determines that a party 
 to the transaction has--
 (A) failed to submit a statement required by 
 paragraph (1); or
 (B) included false or misleading information 
 in a notice or information described in 
 paragraph (1) or omitted material information 
 from such notice or information.
 (3) Applicability of law on fraud and false 
 statements.--The Committee shall prescribe regulations 
 expressly providing for the application of section 1001 
 of title 18, United States Code, to all information 
 provided to the Committee under this section by any 
 party to a covered transaction.
 (o) Testimony.--
 (1) In general.--Not later than [March 31] September 
 30 of each year, the chairperson, or the designee of 
 the chairperson, shall appear before the Committee on 
 Financial Services of the House of Representatives and 
 the Committee on Banking, Housing, and Urban Affairs of 
 the Senate to present testimony on--
 (A) anticipated resources necessary for 
 operations of the Committee in the following 
 fiscal year at each of the departments or 
 agencies represented on the Committee;
 (B) the adequacy of appropriations for the 
 Committee in the current and the previous 
 fiscal year to--
 (i) ensure that thorough reviews and 
 investigations are completed as 
 expeditiously as possible;
 (ii) monitor and enforce mitigation 
 agreements; and
 (iii) identify covered transactions 
 for which a notice under clause (i) of 
 subsection (b)(1)(C) or a declaration 
 under clause (v) of that subsection was 
 not submitted to the Committee;
 (C) management efforts to strengthen the 
 ability of the Committee to meet the 
 requirements of this section; and
 (D) activities of the Committee undertaken in 
 order to--
 (i) educate the business community, 
 with a particular focus on the 
 technology sector and other sectors of 
 importance to national security, on the 
 goals and operations of the Committee;
 (ii) disseminate to the governments 
 of countries that are allies or 
 partners of the United States best 
 practices of the Committee that--
 (I) strengthen national 
 security reviews of relevant 
 investment transactions; and
 (II) expedite such reviews 
 when appropriate; and
 (iii) promote openness to foreign 
 investment, consistent with national 
 security considerations.
 (2) Sunset.--This subsection shall have no force or 
 effect on or after [the date that is 7 years after the 
 date of the enactment of the Foreign Investment Risk 
 Review Modernization Act of 2018] November 30, 2030.
 (p) Funding.--
 (1) Establishment of fund.--There is established in 
 the Treasury of the United States a fund, to be known 
 as the ``Committee on Foreign Investment in the United 
 States Fund'' (in this subsection referred to as the 
 ``Fund''), to be administered by the chairperson.
 (2) Authorization of appropriations for the 
 committee.--There are authorized to be appropriated to 
 the Fund for each of fiscal years 2019 [through 2023 
 $20,000,000] through 2030 $21,000,000 to perform the 
 functions of the Committee.
 (3) Filing fees.--
 (A) In general.--The Committee may assess and 
 collect a fee in an amount determined by the 
 Committee in regulations, to the extent 
 provided in advance in appropriations Acts, 
 without regard to section 9701 of title 31, 
 United States Code, and subject to subparagraph 
 (B), with respect to each covered transaction 
 for which a written notice is submitted to the 
 Committee under subsection (b)(1)(C)(i). The 
 total amount of fees collected under this 
 paragraph may not exceed the costs of 
 administering this section.
 (B) Determination of amount of fee.--
 (i) In general.--The amount of the 
 fee to be assessed under subparagraph 
 (A) with respect to a covered 
 transaction--
 (I) may not exceed an amount 
 equal to the lesser of--
 (aa) 1 percent of the 
 value of the 
 transaction; or
 (bb) $300,000, 
 adjusted annually for 
 inflation pursuant to 
 regulations prescribed 
 by the Committee; and
 (II) shall be based on the 
 value of the transaction, 
 taking into account--
 (aa) the effect of 
 the fee on small 
 business concerns (as 
 defined in section 3 of 
 the Small Business Act 
 (15 U.S.C. 632));
 (bb) the expenses of 
 the Committee 
 associated with 
 conducting activities 
 under this section;
 (cc) the effect of 
 the fee on foreign 
 investment; and
 (dd) such other 
 matters as the 
 Committee considers 
 appropriate.
 (ii) Updates.--The Committee shall 
 periodically reconsider and adjust the 
 amount of the fee to be assessed under 
 subparagraph (A) with respect to a 
 covered transaction to ensure that the 
 amount of the fee does not exceed the 
 costs of administering this section and 
 otherwise remains appropriate.
 (C) Deposit and availability of fees.--
 Notwithstanding section 3302 of title 31, 
 United States Code, fees collected under 
 subparagraph (A) shall--
 (i) be deposited into the Fund solely 
 for use in carrying out activities 
 under this section;
 (ii) to the extent and in the amounts 
 provided in advance in appropriations 
 Acts, be available to the chairperson;
 (iii) remain available until 
 expended; and
 (iv) be in addition to any 
 appropriations made available to the 
 members of the Committee.
 (D) Study on prioritization fee.--
 (i) In general.--Not later than 270 
 days after the date of the enactment of 
 the Foreign Investment Risk Review 
 Modernization Act of 2018, the 
 chairperson, in consultation with the 
 Committee, shall complete a study of 
 the feasibility and merits of 
 establishing a fee or fee scale to 
 prioritize the timing of the response 
 of the Committee to a draft or formal 
 written notice during the period before 
 the Committee accepts the formal 
 written notice under subsection 
 (b)(1)(C)(i), in the event that the 
 Committee is unable to respond during 
 the time required by subclause (II) of 
 that subsection because of an unusually 
 large influx of notices, or for other 
 reasons.
 (ii) Submission to congress.--After 
 completing the study required by clause 
 (i), the chairperson, or a designee of 
 the chairperson, shall submit to the 
 Committee on Banking, Housing, and 
 Urban Affairs of the Senate and the 
 Committee on Financial Services of the 
 House of Representatives a report on 
 the findings of the study.
 (4) Transfer of funds.--To the extent provided in 
 advance in appropriations Acts, the chairperson may 
 transfer any amounts in the Fund to any other 
 department or agency represented on the Committee for 
 the purpose of addressing emerging needs in carrying 
 out activities under this section. Amounts so 
 transferred shall be in addition to any other amounts 
 available to that department or agency for that 
 purpose.
 (q) Centralization of Certain Committee Functions.--
 (1) In general.--The chairperson, in consultation 
 with the Committee, may centralize certain functions of 
 the Committee within the Department of the Treasury for 
 the purpose of enhancing interagency coordination and 
 collaboration in carrying out the functions of the 
 Committee u

Source: H. Rept. 119-611 · govinfo

Sections of law this bill changes

5 sections in 4 laws

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-121).

Other technology base policies and programs · 10 U.S.C. ch. 385 1 section
  • § 4891 Improved national defense control of technology diversions overseas Amends

    10 U.S.C. § 4891 — at 4891(b)(1)

    The law today

    (a) Collection of Information on Foreign-Controlled Contractors.— The Secretary of Defense and the Secretary of Energy shall each collect and maintain a data base containing a list of, and other pertinent information on, all contractors with the Department of Defense and the Department of Energy, respectively, that are controlled by foreign persons. The data base shall contain information on such contractors for 1988 and thereafter in all cases where they are awarded contracts exceeding $10,000,000 in any single year by the Department of Defense or the Department of Energy. (b) Technology Risk Assessment Requirement.— (1) If the Secretary of Defense is acting as a designee of the President under section 721(a) 1 of the Defense Production Act of 1950 (50 U.S.C. 4565(a)) and if the Secretary determines that a proposed or pending merger, acquisition, or takeover may involve a firm engaged in the development of a defense critical technology or is otherwise important to the defense industrial and technology base, then the Secretary shall require the appropriate entity or entities from the list set forth in paragraph (2) to conduct an assessment of the risk of diversion of defense critical technology posed by such proposed or pending action. (2) The entities referred to in paragraph (1) are the following: (A) The Defense Intelligence Agency. (B) The Army Foreign Technology Science Center. (C) The Naval Maritime Intelligence Center. (D) The Air Force Foreign Aerospace Science and Technology Center.

    Follow this section → Official text at uscode.house.gov ↗

Semiconductor research · 15 U.S.C. ch. 72 1 section
  • § 4602 Grants to Sematech Amends

    15 U.S.C. § 4602 — at 4602(c)

    The law today

    (a) Authority to make grants The Secretary of Defense shall make grants, in accordance with section 6304 of title 31, to Sematech in order to defray expenses incurred by Sematech in conducting research on and development of semiconductor manufacturing technology. The grants shall be made in accordance with a memorandum of understanding entered into under subsection (b). (b) Memorandum of understanding The Secretary of Defense shall enter into a memorandum of understanding with Sematech for the purposes of this subchapter. The memorandum of understanding shall require the following: (1) That Sematech have— (A) a charter agreed to by all representatives of the semiconductor industry that are participating members of Sematech; and (B) an annual operating plan that is developed in consultation with the Secretary of Defense and the Semiconductor Technology Council. (2) That the total amount of funds made available to Sematech by Federal, State, and local government agencies for any fiscal year for the support of research and development activities of Sematech under this section may not exceed 50 percent of the total cost of such activities. (3) That Sematech, in conducting research and development activities pursuant to the memorandum of understanding, cooperate with and draw on the expertise of the national laboratories of the Department of Energy and of colleges and universities in the United States in the field of semiconductor manufacturing technology. (4) That an independent, commercial auditor be retained (A) to determine the extent to which the funds made available to Sematech by the United States for the research and development activities of Sematech have been expended in a manner that is consistent with the purposes of this subchapter, the charter of Sematech, and the annual operating plan of Sematech, and (B) to submit to the Secretary of Defense, Sematech, and the Comptroller General of the United States an annual report containing the findings and determinations of such auditor. (5) That (A) the Secretary of Defense be permitted to use intellectual property, trade secrets, and technical data owned and developed by Sematech in the same manner as a participant in Sematech and to transfer such intellectual property, trade secrets, and technical data to Department of Defense contractors for use in connection with Department of Defense requirements, and (B) the Secretary not be permitted to transfer such property to any person for commercial use. (6) That Sematech take all steps necessary to maximize the expeditious and timely transfer of technology developed and owned by Sematech to the participants in Sematech in accordance with the agreement between Sematech and those participants and for the purpose of improving manufacturing productivity of United States semiconductor firms. (c) Construction of memorandum of understanding The memorandum of understanding entered into under subsection (b) shall not be considered to be a contract for the purpose of any law or regulation relating to the formation, content, and administration of contracts awarded by the Federal Government and subcontracts under such contracts, including chapter 271 of title 10, section 719 of the Defense Production Act of 1950 (50 U.S.C. App. 2168),1 and the Federal Acquisition Regulations, and such provisions of law and regulation shall not apply with respect to the memorandum of understanding. (d) Funding for FY88 Of the amounts appropriated to the Defense Agencies for fiscal year 1988 for research, development, test, and evaluation, $100,000,000 may be obligated only to make grants under this section.

    2 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Energy conservation · 42 U.S.C. ch. 77 1 section
  • § 6272 International voluntary agreements Amends

    42 U.S.C. § 6272 — at 6272(h)

    The law today

    (a) Exclusiveness of section’s requirements Effective 90 days after December 22, 1975, the requirements of this section shall be the sole procedures applicable to— (1) the development or carrying out of voluntary agreements and plans of action to implement the international emergency response provisions, and (2) the availability of immunity from the antitrust laws with respect to the development or carrying out of such voluntary agreements and plans of action. (b) Prescription by Secretary of standards and procedures for developing and carrying out voluntary agreements and plans of action The Secretary, with the approval of the Attorney General, after each of them has consulted with the Federal Trade Commission and the Secretary of State, shall prescribe, by rule, standards and procedures by which persons engaged in the business of producing, transporting, refining, distributing, or storing petroleum products may develop and carry out voluntary agreements, and plans of action, which are required to implement the international emergency response provisions. (c) Requirements for standards and procedures The standards and procedures prescribed under subsection (b) shall include the following requirements: (1) (A) (i) Except as provided in clause (ii) or (iii) of this subparagraph, meetings held to develop or carry out a voluntary agreement or plan of action under this subsection shall permit attendance by representatives of committees of Congress and interested persons, including all interested segments of the petroleum industry, consumers, and the public; shall be preceded by timely and adequate notice with identification of the agenda of such meeting to the Attorney General, the Federal Trade Commission, committees of Congress, and (except during an international energy supply emergency with respect to meetings to carry out a voluntary agreement or to develop or carry out a plan of action) the public; and shall be initiated and chaired by a regular full-time Federal employee. (ii) Meetings of bodies created by the International Energy Agency established by the international energy program need not be open to interested persons and need not be initiated and chaired by a regular full-time Federal employee. (iii) The President, in consultation with the Secretary, the Secretary of State, and the Attorney General, may determine that a meeting held to carry out a voluntary agreement or to develop or carry out a plan of action shall not be open to interested persons or that attendance by interested persons may be limited, if the President finds that a wider disclosure would be detrimental to the foreign policy interests of the United States. (B) No meetings may be held to develop or carry out a voluntary agreement or plan of action under this section unless a regular full-time Federal employee is present. (2) Interested persons permitted to attend such a meeting shall be afforded an opportunity to present, in writing and orally, data, views, and arguments at such meetings, subject to any reasonable limitations with respect to the manner of presentation of data, views, and arguments as the Secretary may impose. (3) A full and complete record, and where practicable a verbatim transcript, shall be kept of any meeting held, and a full and complete record shall be kept of any communication (other than in a meeting) made, between or among participants or potential participants, to develop, or carry out a voluntary agreement or a plan of action under this section. Such record or transcript shall be deposited, together with any agreement resulting therefrom, with the Secretary, and shall be available to the Attorney General and the Federal Trade Commission. Such records or transcripts shall be available for public inspection and copying in accordance with section 552 of title 5; except that (A) matter may not be withheld from disclosure under section 552(b) of such title on grounds other than the grounds specified in section 552(b)(1), (b)...

    Follow this section → Official text at uscode.house.gov ↗

Defense production · 50 U.S.C. ch. 55 Amends the act as a whole

Also cites: 5 U.S.C. § 553, 5 U.S.C. § 3109, 5 U.S.C. § 5376, 15 U.S.C. § 632, 42 U.S.C. § 262, 50 U.S.C. § 4565

How this bill changes current law

16 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill modernizes and reauthorizes the Defense Production Act of 1950 by making various amendments to the existing provisions regarding priorities, allocations, and the roles of federal authorities.

  • 50 U.S.C. § 4501

    ``cited as `the Defense'' → ``cited as the `Defense''

    Corrects the citation format in the short title of the Act.

  • 50 U.S.C. § 4511

    he → the President

    Clarifies that the actions are to be taken by the President.

  • 50 U.S.C. § 4511(b)

    The powers → (1) The powers

    Structurally reformulates the section for clarity.

  • 50 U.S.C. § 4511(b)

    unless the President finds (1) that such → unless-- (A) the President finds that-- (i) such

    Restructures the conditional clause for clarity and adds a sub-clause format.

  • 50 U.S.C. § 4511(b)

    defense, and (2) that → defense; and (ii) that

    Reformulates the conditions under which powers may be used, adding clarity.

  • 50 U.S.C. § 4511(b)

    period. → period; and

    Restructures the ending of the clause to allow for an additional condition.

  • 50 U.S.C. § 4511(b)

    that → the powers are used to address-- (i) a national emergency declared by the President; (ii) a natural disaster declared by the President pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act; or (iii) a public health emergency, as determined by the Secretary of Health and Human Services pursuant to section 319 of the Public Health Service Act.

    Adds conditions under which the President can exercise those powers related to national emergencies and public health.

  • 50 U.S.C. § 4511(b)

    defense. → defense.

    Clarifies the structure of the section.

  • 50 U.S.C. § 4511(c)(1)

    Notwithstanding any other provision of this chapter, the → The

    Removes the unnecessary qualification for clarity.

  • 50 U.S.C. § 4511(d)(1)

    section shall → section, in consultation with the Defense Production Act Committee-- (1) shall-- (A) issue and, whenever appropriate, revise

    Changes the formulation of rules to include consultation with the Defense Production Act Committee.

  • 50 U.S.C. § 4511(d)(2)

    shall → may

    Provides discretion rather than obligation to waive or revise regulations for expedited procurement.

  • 50 U.S.C. § 4511(d)(2)(B)

    non-delegable basis, that → non-delegable basis, and in consultation with the Executive Director of the Defense Production Act Committee,

    Informs the need for additional consultation when exercising powers.

  • 50 U.S.C. § 4511(d)(2)(B)

    not later than 10 days

    Removes the requirement for a specific reporting timeframe.

  • 50 U.S.C. § 4511(c)(3)

    President → Executive Director of the Defense Production Act Committee

    Updates the responsible authority from the President to an Executive Director position.

  • 50 U.S.C. § 4511(d)(1)

    review and update whenever appropriate, → revise,

    Simplifies language for easier understanding.

  • 50 U.S.C. § 4511(d)(2)

    standards and procedures by which the priorities and allocations authority under this section is used to promote the national defense, under both emergency and nonemergency conditions; → used to promote the national defense, under both emergency and nonemergency conditions;

    Clarifies the purpose of the standards and procedures.

Action History

  1. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-611.

  2. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-611.

  3. Placed on the Union Calendar, Calendar No. 529.

  4. Committee Consideration and Mark-up Session Held

  5. Ordered to be Reported by the Yeas and Nays: 41 - 0.

  6. Introduced in House

  7. Introduced in House

  8. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 4 co-sponsors · 542 not signed on

Sponsors (1)

Co-sponsors (4)

Not signed on (542)

542 members have not signed on to this bill.

Show all 542 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

public-safety healthcare health-insurance technology
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Frequently asked questions

Who sponsors HR 7688?
HR 7688 is sponsored by Beatty, Joyce (Democratic), Huizenga, Bill (Republican), Vargas, Juan (Democratic), Nunn, Zachary (Republican), and Davidson, Warren (Republican).
What is the current status of HR 7688?
This bill is in committee in the House. Introduced February 25, 2026. It must pass committee before a floor vote.
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