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116TH CONGRESS
2D SESSION
H. R. 7603
To amend the Defense Production Act of 1950 to require congressional
notice if the Committee on Foreign Investment in the United States
notifies a party to a covered transaction that the Committee has com-
pleted all action with respect to such transaction, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JULY 13, 2020
Mr. TAYLOR (for himself and Mr. HIMES) introduced the following bill; which
was referred to the Committee on Financial Services, and in addition to
the Committees on Energy and Commerce, and Foreign Affairs, for a pe-
riod to be subsequently determined by the Speaker, in each case for con-
sideration of such provisions as fall within the jurisdiction of the com-
mittee concerned
A BILL
To amend the Defense Production Act of 1950 to require
congressional notice if the Committee on Foreign Invest-
ment in the United States notifies a party to a covered
transaction that the Committee has completed all action
with respect to such transaction, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Improving Congres-
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sional Oversight of CFIUS Determinations Act’’.
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•HR 7603 IH
SEC. 2. CERTIFIED NOTICE AT COMPLETION OF AN ASSESS-
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MENT.
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Section 721(b)(3) of the Defense Production Act of
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1950 (50 U.S.C. 4565(b)(3)) is amended—
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(1) in subparagraph (A)—
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(A) in the heading, by adding ‘‘OR ASSESS-
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MENT’’ at the end; and
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(B) by striking ‘‘subsection (b) that con-
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cludes action under this section’’ and inserting
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‘‘this subsection that concludes action under
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this section, or upon the Committee making a
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notification
under
paragraph
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(1)(C)(v)(III)(aa)(DD)’’; and
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(2) in subparagraph (C)(i)—
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(A) in subclause (I), by striking ‘‘and’’ at
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the end;
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(B) in subclause (II), by striking the pe-
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riod at the end and inserting ‘‘; and’’; and
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(C) by adding at the end the following:
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‘‘(III) whether the transaction is
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described under clause (i), (ii), (iii),
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(iv), or (v) of subsection (a)(4)(B).’’.
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SEC. 3. TECHNICAL CORRECTIONS.
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(a) IN GENERAL.—Section 1727(a) of the Foreign
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Investment Risk Review Modernization Act of 2018 (Pub-
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lic Law 115–232) is amended—
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(1) in paragraph (3), by striking ‘‘(4)(C)(v)’’
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and inserting ‘‘(4)(F)’’; and
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(2) in paragraph (4), by striking ‘‘subpara-
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graph (B)’’ and inserting ‘‘subparagraph (C)’’.
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(b) EFFECTIVE DATE.—The amendments under sub-
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section (a) shall take effect on the date of enactment of
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the Foreign Investment Risk Review Modernization Act
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of 2018.
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Æ
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