[Pages S8291-S8292]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4703. Mr. SHELBY proposed an amendment to the bill S. 3549, to 
amend the Defense Production Act of 1950 to strengthen Government 
review and oversight of foreign investment in the United States, to 
provide for enhanced Congressional Oversight with respect thereto, and 
for other purposes; as follows:

       On page 3, line 8, strike ``written notification'' and 
     insert the following: ``a written request for review by a 
     person involved in the transaction, or by one or more members 
     of CFIUS,''.
       On page 3, line 10, strike ``under this section'' and 
     insert ``in accordance with paragraph (1)(A)''.

[[Page S8292]]

       On page 3, line 24, strike ``entity'' and insert 
     ``person''.
       On page 4, beginning on line 19, strike ``additional 
     assurances'' and insert ``assurances provided or renewed with 
     the approval of CFIUS''.
       On page 4, line 22, strike ``and'' and insert ``or''.
       On page 5, line 2, insert before the period the following: 
     ``, and the issues that could result in an impairment to 
     national security are not resolved through negotiation of 
     assurances between one or more members of CFIUS and the 
     entities involved in the transaction''.
       On page 5, strike line 22 and all that follows through page 
     6, line 6 and insert the following:
       `` `(4) Monitoring of withdrawn transactions.--If the 
     notification or filing with respect to a proposed transaction 
     is withdrawn or rescinded, CFIUS shall continue to monitor 
     such transaction, unless the transaction is terminated by 
     agreement of the parties to the transaction. If CFIUS has 
     reason to believe that the proposed transaction has not been 
     so terminated, CFIUS shall initiate a review or investigation 
     under this section if the parties do not resubmit the 
     notification or filing within an appropriate period of 
     time.''.
       On page 6, strike lines 7 through 23 and insert the 
     following:
       `` `(5) Mandatory notification related to certain 
     transactions affecting national security.--The chairperson 
     and vice chairperson of CFIUS shall, not later than 90 days 
     after the date of enactment of the Foreign Investment and 
     National Security Act of 2006, issue rules, including the 
     imposition of appropriate penalties for failure to comply 
     with this paragraph, that require each person controlled by 
     or acting on behalf of a foreign government to notify the 
     chairperson of CFIUS in writing of any proposed transaction 
     involving such person and United States critical 
     infrastructure relating to United States national 
     security.''.
       On page 8, line 17, strike ``(or longer)''.
       On page 9, line 3, strike ``and classifications''.
       On page 9, line 15, strike ``and classifying''.
       On page 10, line 17, strike ``and classification''.
       On page 15, line 1, strike ``ranking'' and insert 
     ``assessments''.
       On page 16, line 5, strike ``Additional''.
       On page 17, line 6, insert ``of CFIUS'' after ``vice 
     chairperson''.
       On page 19, line 12, strike ``transaction'' and all that 
     follows through line 16 and insert ``transaction; and''.
       On page 20, line 3, insert ``does or'' before ``does not''.
       On page 23, strike lines 21 through 24.
       On page 24, line 1, strike ``(vi)'' and insert ``(v)''.
       On page 24, line 10, strike ``(vii)'' and insert ``(vi)''
       On page 24, line 17, strike ``(vii)'' and insert ``(vii)''.
       On page 27, line 4, strike ``the term'' and insert the 
     following: ``the term `assurances' means any term, 
     understanding, commitment, agreement, or limitation, however 
     described, that relates to ameliorating in any way the 
     potential effect of a transaction on the national security;
       ``(2) the term''.
       On page 27, line 12, strike ``(2)'' and insert ``(3)''.
       On page 27, line 19, strike ``(3)'' and insert ``(4)''.
       On page 27, line 22, strike ``(4)'' and insert ``(5)''.
       On page 27, line 25, strike the period and all that follows 
     through ``The term includes'' on page 28, line 1 and insert 
     ``, and includes''.
       On page 28, line 5, strike ``(5)'' and insert ``(6)''.
       On page 28, line 11, strike ``(6)'' and insert ``(7)''.
       On page 28, line 14, strike ``(7)'' and insert ``(8)''.
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