1. Short title
This Act may be cited as the “Improving Congressional Oversight of CFIUS Determinations Act”.
Improving Congressional Oversight of CFIUS Determinations Act
A BILL
To amend the Defense Production Act of 1950 to require congressional notice if the Committee on Foreign Investment in the United States notifies a party to a covered transaction that the Committee has completed all action with respect to such transaction, and for other purposes.
2. Certified notice at completion of an assessment
Section 721(b)(3) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(3)) is amended—
in subparagraph (A)—
in the heading, by adding “or assessment” at the end; and
by striking “subsection (b) that concludes action under this section” and inserting “this subsection that concludes action under this section, or upon the Committee making a notification under paragraph (1)(C)(v)(III)(aa)(DD)”; and
in subparagraph (C)(i)—
in subclause (I), by striking “and” at the end;
in subclause (II), by striking the period at the end and inserting “; and”; and
by adding at the end the following:
“(III) whether the transaction is described under clause (i), (ii), (iii), (iv), or (v) of subsection (a)(4)(B).”
3. Technical corrections
In general— Section 1727(a) of the Foreign Investment Risk Review Modernization Act of 2018 (Public Law 115–232) is amended—
in paragraph (3), by striking “(4)(C)(v)” and inserting “(4)(F)”; and
in paragraph (4), by striking “subparagraph (B)” and inserting “subparagraph (C)”.
Effective date— The amendments under subsection (a) shall take effect on the date of enactment of the Foreign Investment Risk Review Modernization Act of 2018.