S.Amdt. 2375

SA 2375. Mr. REED submitted an amendment intended to be proposed to
amendment SA 2301 proposed by Mr. Inhofe to the bill S. 4049, to
authorize appropriations for fiscal year 2021 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 appropriate place in title X, insert the following:

SEC. ___. INDEPENDENT STUDY ON IDENTIFYING AND ADDRESSING
THREATS THAT INDIVIDUALLY OR COLLECTIVELY
AFFECT NATIONAL SECURITY, FINANCIAL SECURITY,
OR BOTH.

(a) Independent Study.--Not later than 30 days after the
date of the enactment of this Act, the Director of National
Intelligence, in coordination with the Secretary of the
Treasury in the Secretary's capacity as the Chair of the
Financial Stability Oversight Council and the heads of other
relevant departments and agencies, shall seek to enter into a
contract with a federally funded research and development
center under which the center will conduct a study on
identifying and addressing threats that individually or
collectively affect national security, financial security, or
both.
(b) Elements of Study.--In carrying out the study referred
to in subsection (a), the selected Federally funded research
and development center shall be contractually obligated to --
(1) identify threats that individually or collectively
affect national security, financial security, or both,
including--

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(A) foreign entities and governments acquiring financial
interests in domestic companies that have access to critical
or sensitive national security materials, technologies, or
information;
(B) other currencies being used in lieu of the United
States Dollar in international transactions;
(C) foreign influence in companies seeking to access
capital markets by conducting initial public offerings in
other countries;
(D) the use of financial instruments, markets, payment
systems, or digital assets in ways that appear legitimate but
may be part of a foreign malign strategy to weaken or
undermine the economic security of the United States;
(E) the use of entities, such as corporations, companies,
limited liability companies, limited partnerships, business
trusts, business associations, or other similar entities to
obscure or hide the foreign beneficial owner of such
entities; and
(F) any other known or potential threats that individually
or collectively affect national security, financial security,
or both currently or in the foreseeable future.
(2) assess the extent to which the United States Government
is currently able to identify and characterize the threats
identified under paragraph (1);
(3) assess the extent to which the United States Government
is currently able to mitigate the risk posed by the threats
identified under paragraph (1);
(4) assess whether current levels of information sharing
and cooperation between the United States Government and
allies and partners has been helpful or can be improved upon
in order for the United States Government to identify,
characterize, and mitigate the threats identified under
paragraph (1); and
(5) recommend opportunities, and any such authorities or
resources required, to improve the efficiency and
effectiveness of the United States Government in identifying
the threats identified under paragraph (1) and mitigating the
risk posed by such threats.
(c) Submission to Director of National Intelligence.--Not
later than 180 days after the date of the enactment of this
Act, the federally funded research and development center
selected to conduct the study under subsection (a) shall
submit to the Director of National Intelligence a report on
the results of the study in both classified and unclassified
form.
(d) Submission to Congress.--
(1) In general.--Not later than 30 days after the date on
which the Director of National Intelligence receives the
report under subsection (c), the Director shall submit to the
appropriate committees of Congress an unaltered copy of the
report in both classified and unclassified form, and such
comments as the Director, in coordination with the Secretary
of Treasury in his capacity as the Chair of the Financial
Stability Oversight Council and the heads of other relevant
departments and agencies, may have with respect to the
report.
(2) Appropriate committees of congress.--In this
subsection, the term ``appropriate committees of Congress''
means--
(A) the Committee on Armed Services, the Select Committee
on Intelligence, and the Committee on Banking, Housing, and
Urban Affairs, the Committee on Foreign Relations, and the
Committee on Appropriations of the Senate; and
(B) the Committee on Armed Services, the Permanent Select
Committee on Intelligence, and the Committee on Financial
Services, the Committee on Foreign Affairs, and the Committee
on Appropriations of the House of Representatives.
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