S.Amdt. 2911

SA 2911. Ms. ERNST (for herself and Mr. Fetterman) submitted an
amendment intended to be proposed by her to the bill S. 4638, to
authorize appropriations for fiscal year 2025 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, insert the following:

SEC. ____. AUTHORITY OF COMMITTEE ON FOREIGN INVESTMENT IN
THE UNITED STATES TO REVIEW CERTAIN REAL ESTATE
PURCHASES BY FOREIGN ENTITIES OF CONCERN.

(a) Definitions.--Section 721(a) of the Defense Production
Act of 1950 (50 U.S.C. 4565(a)) is amended--
(1) in paragraph (4)--
(A) in subparagraph (A)--
(i) in clause (i), by striking ``and'' at the end;
(ii) in clause (ii), by striking the period at the end and
inserting ``; and''; and
(iii) by adding at the end the following:

[[Page S5137]]

``(iii) any transaction described in subparagraph (B)(vi)
that is proposed or pending on or after the date of enactment
of this clause.''; and
(B) in subparagraph (B), by adding at the end the
following:
``(vi) Subject to subparagraph (C), the purchase or lease
by, or a concession to, a foreign entity of concern of
private or public real estate in the United States if--

``(I)(aa) the value of the purchase, lease, or concession--

``(AA) exceeds $5,000,000; or
``(BB) in combination with the value of other such
purchases or leases by, or concessions to, the same foreign
entity of concern during the preceding 3 years, exceeds
$5,000,000; or

``(bb) the real estate--

``(AA) exceeds 320 acres; or
``(BB) in combination with other private or public real
estate in the United States purchased or leased by, or for
which a concession is provided to, the same foreign entity of
concern during the preceding 3 years, exceeds 320 acres; and

``(II) the real estate is primarily used for--

``(aa) agriculture, including raising of livestock and
forestry;
``(bb) the extraction of fossil fuels or natural gas or the
purchase or lease of a renewable energy source; or
``(cc) the extraction of critical precursor materials for
biological technology industries, information technology
components, or national defense technologies.'';
(2) by redesignating paragraphs (7) through (13) as
paragraphs (8) through (14), respectively; and
(3) by inserting after paragraph (6) the following:
``(7) Foreign entity of concern.--The term `foreign entity
of concern' has the meaning given that term in section 9901
of the William M. (Mac) Thornberry National Defense
Authorization Act for Fiscal Year 2021 (15 U.S.C. 4651).''.
(b) Inclusion of Secretary of Agriculture and Commissioner
of Food and Drugs on Committee On Foreign Investment in the
United States.--Section 721(k)(2) of the Defense Production
Act of 1950 (50 U.S.C. 4565(k)(2)) is amended--
(1) by redesignating subparagraphs (H) through (J) as
subparagraphs (J) through (L), respectively; and
(2) by inserting after subparagraph (G) the following:
``(H) The Secretary of Agriculture.
``(I) The Commissioner of Food and Drugs.''.
(c) Annual Report.--Section 721(m) of the Defense
Production Act of 1950 (50 U.S.C. 4565(m)) is amended--
(1) by redesignating paragraph (4) as paragraph (5); and
(2) by inserting after paragraph (3) the following:
``(4) List of real estate owned by foreign entities of
concern.--The President and such agencies as the President
shall designate shall include in the annual report submitted
under paragraph (1) a list of all real estate in the United
States owned by--
``(A) a foreign entity of concern; or
``(B) a person closely associated with a foreign entity of
concern.''.
(d) Effective Date.--The amendments made by this section
shall--
(1) take effect on the date of enactment of this Act; and
(2) apply with respect to any covered transaction (as
defined in section 721(a) of the Defense Production Act of
1950 (50 U.S.C. 4565(a))) the review or investigation of
which is initiated under section 721 of the Defense
Production Act of 1950 (50 U.S.C. 4565) on or after that date
of enactment.
(e) Assessment and Report.--Not later than 180 days after
the date of enactment of this Act, the Secretary of the
Treasury shall conduct, and submit to Congress a report
describing the results of, an assessment of the feasibility
of requiring retroactive divestment of real estate owned by
foreign entities of concern (as defined in section 721(a) of
the Defense Production Act of 1950 (50 U.S.C. 4565(a))) (as
amended by subsection (a)).
______