S.Amdt. 2752

SA 2752. Mr. RUBIO submitted an amendment intended to be proposed to
amendment SA 2282 submitted by Mr. Inhofe (for himself and Mr. McCain)
and intended to be proposed to the bill H.R. 5515, to authorize
appropriations for fiscal year 2019 for military activities of the
Department of Defense, for military construction, and for defense
activities of the Department of Energy, to prescribe military personnel
strengths for such fiscal year, and for other purposes; which was
ordered to lie on the table; as follows:

At the end of title XVII, add the following:

SEC. 1734. FEDERAL FOREIGN INVESTMENT ADVISORY COMMISSION.

(a) Establishment.--There is established an advisory
commission to be known as the ``Federal Foreign Investment
Advisory Commission'' (in this section referred to as the
``Commission'').
(b) Membership.--
(1) Appointment.--The Commission shall be composed of 12
members, of whom--
(A) three shall be appointed by the majority leader of the
Senate;
(B) three shall be appointed by the minority leader of the
Senate;
(C) three shall be appointed by the Speaker of the House of
Representatives; and
(D) three shall be appointed by the minority leader of the
House of Representatives.
(2) Expertise.--In making appointments under paragraph (1),
consideration shall be given to individuals with expertise in
national security, international trade, economic
competitiveness, emerging technologies, the health and
sustainability of the United States defense industrial base,
or critical infrastructure.
(3) Security clearances.--Members of the Commission shall
be issued, pending a security background investigation, an
appropriate-level security clearance for the purpose of
executing the duties of the Commission.
(4) Period of appointment.--
(A) Initial terms.--
(i) In general.--Members of the Commission shall be
appointed for initial terms on a staggered-term basis, so
that the majority leader and minority leader of the Senate
and the Speaker and minority leader of the House of
Representatives shall each select one appointee for an
initial three-year term, with all other appointments being
made for terms of two years each.
(ii) Commencement.--The initial terms referred to in clause
(i) shall commence on January 1, 2019.
(B) Subsequent appointments.--A member of the Commission
may be reappointed for additional terms of two years each.
(5) Vacancies.--Any vacancy on the Commission shall not
affect its powers, and shall be filled in the same manner as
the original appointment.
(c) Chairperson.--The President shall appoint a Chairperson
of the Commission from among the members of the Commission.
(d) Duties.--
(1) In general.--Not less frequently than annually, the
Commission shall--
(A) conduct a review on the effect of foreign investment on
the national and economic security of the United States; and
(B) submit to Congress a report on the review.
(2) Elements.--The review of the Commission required by
paragraph (1)(A) shall include consideration of--
(A) the economic and national security effects of--
(i) trends in foreign investment by economic sector;
(ii) foreign purchases of United States financial assets,
including government obligations, corporate equity, real
estate, and derivatives;
(iii) transactions subject to review by the Committee on
Foreign Investment in the United States;
(iv) greenfield investments by foreign entities, including
state-owned entities;
(v) joint ventures between United States and foreign
entities;
(vi) strategic goals identified by the governments of
foreign countries and supported by state-owned or state-
influenced foreign and sovereign wealth fund investments in
the United States;
(B) the health and sustainability of the United States
defense industrial base and United States manufacturing;
(C) the protection of critical infrastructure in the United
States; and
(D) the safety and security of United States financial
markets.
(e) Provision of Information From Committee on Foreign
Investment in the United States.--The Committee on Foreign
Investment in the United States shall provide the Commission
with timely access to information about reviews and
investigations conducted under section 721 of the Defense
Production Act of 1950, as amended by this title.
(f) Submission of Information to Congress.--The Commission
shall, in the discretion of the chairperson of the
Commission, share any economic and national security concerns
regarding reviews or investigations conducted by the
Committee on Foreign Investment in the United States under
section 721 of the Defense Production Act of 1950, as amended
by this title, with Congress as the chairperson considers
appropriate.
(g) Applicability of Federal Advisory Committee Act.--The
Federal Advisory Commission Act (5 U.S.C. App.) shall not
apply with respect to the Commission.
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