S.Amdt. 1353

1. Rewrites the text S.Amdt. 1311 would insert

   Rewrites S.Amdt. 1311In place of the text S.Amdt. 1311 would insert

   In S.Amdt. 1311 as proposed

   Struck: ECONOMIC AND ENERGY SECURITY

   Inserted: SEC. __. CONGRESSIONAL AUTHORITY UNDER DEFENSE PRODUCTION ACT.

   [struck: Sec. _. ]Section 721 of the Defense Production Act of 1950 (50 U.S.C. App. 2170) is amended--

   (1) in subsection ([struck: b][inserted: a])--

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

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

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

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

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

   Struck: "(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).

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

   Struck: "(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.

   Struck: "(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.";

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

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

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

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

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

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

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

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

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

   Struck: "(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.

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

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

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

   Struck: "(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

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

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

   (A) by striking "[struck: Quadrennial][inserted: 30]" [struck: in the heading ]and inserting "[struck: Annual][inserted: 60]"; and

   Inserted: (B) by adding at the end the following: "The findings and recommendations of any such investigation shall be sent immediately to the President and to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives for review.";

   ([struck: B][inserted: 2]) in [struck: paragraph][inserted: subsection] ([struck: 1][inserted: b])--

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

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

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

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

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

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

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

   [struck: "]([struck: 1][inserted: A]) [inserted: by inserting before ]the [struck: Committee on Banking, Housing, and Urban Affairs, ][inserted: first period ", or in such instance at ]the [struck: Committee on Armed Services, the Select ][inserted: request of the chairman and ranking member of the ]Committee on [struck: Intelligence, ][inserted: Banking, Housing, ]and [inserted: Urban Affairs of ]the [inserted: Senate or the ]Committee on [struck: Appropriations ][inserted: Financial Services ]of the [struck: Senate; and][inserted: House of Representatives";]

   Struck: "(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.

   Struck: "(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.".

   Inserted: (B) in paragraph (2), by inserting before the period ", and the findings and recommendations of such investigation shall be sent immediately to the President and to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives for review"; and

   Inserted: (C) by striking "30" and inserting "60";

   Inserted: (3) in subsection (f)--

   Inserted: (A) by striking "designee may" and inserting "designee shall";

   Inserted: (B) in paragraph (4), by striking "and" at the end;

   Inserted: (C) in paragraph (5), by striking the period at the end and inserting "; and"; and

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

   Inserted: "(6) the long-term projections of United States requirements for sources of energy and other critical resources and materials.".

   Inserted: (4) in subsection (g)--

   Inserted: (A) by striking "The President" and inserting the following:

   Inserted: "(1) In general.--The President"; and

   Inserted: (B) by adding at the end the following:

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   Inserted: "(2) Quarterly submissions.--The Secretary of the Treasury shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on a quarterly basis, a detailed summary and analysis of each merger, acquisition, or takeover that is being reviewed, was reviewed during the preceding 90-day period, or is likely to be reviewed in the coming quarter by the President or the President's designee under subsection (a) or (b). Each such summary and analysis shall be submitted in unclassified form, with classified annexes as the Secretary determines are required to protect company proprietary information and other sensitive information."; and

   Inserted: (5) by adding at the end the following new subsections:

   Inserted: "(l) Congressional Authority.--

   Inserted: "(1) In general.--If the President does not suspend or prohibit an acquisition, merger, or takeover under subsection (d), the Congress may enact a joint resolution suspending or prohibiting such acquisition, merger, or takeover, not later than 30 days after the date of receipt of findings and recommendations with respect to the transaction under subsection (a) or (b).

   Inserted: "(2) Considerations.--The Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives shall review any findings and recommendations submitted under subsection (a) or (b), and any joint resolution under paragraph (1) of this subsection shall be based on the factors outlined in subsection (f).

   Inserted: "(3) Senate procedure.--Any joint resolution under paragraph (1) shall be considered in the Senate in accordance with the provisions of section 601(b) of the International Security Assistance and Arms Export Control Act of 1976 (Public Law 94-329, 90 Stat. 765).

   Inserted: "(4) House consideration.--For the purpose of expediting the consideration and enactment of a joint resolution under paragraph (1), a motion to proceed to the consideration of any such joint resolution shall be treated as highly privileged in the House of Representatives.

   Inserted: "(m) Thorough Review.--The President, or the President's designee, shall ensure that an acquisition, merger, or takeover that is completed prior to a review or investigation under this section shall be fully reviewed for national security considerations, even in the event that a request for such review is withdrawn.".

   Original wording

   In lieu of the matter proposed to be inserted, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed