S.Amdt. 1244

1. Inserts new text on page 326, between lines 10 and 11

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   Inserted: ECONOMIC AND ENERGY SECURITY

   Inserted: Sec. 6113. Section 721 of the Defense Production Act of 1950 (50 U.S.C. App. 2170) is amended--

   Inserted: (1) in subsection (b)--

   Inserted: (A) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively;

   Inserted: (B) by striking "The President" and inserting "(1) In General.--The President";

   Inserted: (C) by inserting ", including national economic and energy security," after "national security";

   Inserted: (D) by adding at the end the following new paragraph:

   Inserted: "(2) Notice and wait requirement.--

   Inserted: "(A) Notification of approval.--The President shall notify the appropriate congressional committees of each approval of any proposed merger, acquisition, or takeover that is investigated under paragraph (1).

   Inserted: "(B) Joint resolution objecting to transaction.--

   Inserted: "(i) Delay pending consideration of resolution.--A transaction described in subparagraph (A) may not be consummated until 10 legislative days after the President provides the notice required under such subparagraph. If a joint resolution objecting to the proposed transaction is introduced in either House of Congress by the chairman of one of the appropriate congressional committees during such period, the transaction may not be consummated until 30 legislative days after such resolution.

   Inserted: "(ii) Disapproval upon passage of resolution.--If a joint resolution introduced under clause (i) is agreed to by both Houses of Congress, the transaction may not be consummated.";

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   Inserted: (E) in paragraph (1)(B) (as so designated by this paragraph), by striking "shall";

   Inserted: (2) in subsection (d), by striking "subsection (d)" and inserting "subsection (e)";

   Inserted: (3) in subsection (e), by striking "subsection (c)" and inserting "subsection (d)";

   Inserted: (4) in subsection (f)(3), by inserting ", including national economic and energy security," after "national security";

   Inserted: (5) in subsection (g)--

   Inserted: (A) by striking "Report to the Congress" in the heading and inserting "Reports to Congress";

   Inserted: (B) by striking "The President" and inserting the following: "(1) Reports on determinations.--The President";

   Inserted: (C) by adding at the end the following new paragraph:

   Inserted: "(2) Reports on considered transactions.--

   Inserted: "(A) In general.--The President or the President's designee shall transmit to the appropriate congressional committees on a monthly basis a report containing a detailed summary and analysis of each transaction the consideration of which was completed by the Committee on Foreign Acquisitions Affecting National Security since the most recent report.

   Inserted: "(B) Content.--Each report submitted under subparagraph (A) shall include--

   Inserted: "(i) a description of all of the elements of each transaction; and

   Inserted: "(ii) a description of the standards and criteria used by the Committee to assess the impact of each transaction on national security.

   Inserted: "(C) Form.--The reports submitted under subparagraph (A) shall be submitted in both classified and unclassified form, and company proprietary information shall be appropriately protected."; and

   Inserted: (D) by striking "of this Act";

   Inserted: (6) in subsection (k)--

   Inserted: (A) by striking "Quadrennial" in the heading and inserting "Annual"; and

   Inserted: (B) in paragraph (1)--

   Inserted: (i) by striking "upon the expiration of every 4 years" and inserting "annually";

   Inserted: (ii) in subparagraph (A), by striking "; and" and inserting a semicolon;

   Inserted: (iii) in subparagraph (B), by striking the period at the end and inserting "; and"; and

   Inserted: (iv) by adding at the end the following new subparagraph:

   Inserted: "(C) evaluates the cumulative effect on national security of foreign investment in the United States."; and

   Inserted: (7) by adding at the end the following new subsections:

   Inserted: "(l) Appropriate Congressional Committees Defined.--In this section, the term 'appropriate congressional committees' means--

   Inserted: "(1) the Committee on Banking, Housing, and Urban Affairs, the Committee on Armed Services, the Select Committee on Intelligence, and the Committee on Appropriations of the Senate; and

   Inserted: "(2) the Committee on Financial Services, the Committee on Armed Services, the Permanent Select Committee on Intelligence, and the Committee on Appropriations of the House of Representatives.

   Inserted: "(m) Designee.--Notwithstanding any other provision of law, the designee of the President for purposes of this section shall be known as the 'Committee on Foreign Acquisitions Affecting National Security', and such committee shall be chaired by the Secretary of Defense.".

   Original wording

   On page 326, between lines 10 and 11, insert the following:

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