[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1388 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 1388
To require the review by the Committee on Foreign Investment in the
United States of greenfield and brownfield investments by foreign
countries of concern.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 9, 2025
Mr. Moreno (for himself, Ms. Slotkin, and Mr. Sheehy) introduced the
following bill; which was read twice and referred to the Committee on
Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To require the review by the Committee on Foreign Investment in the
United States of greenfield and brownfield investments by foreign
countries of concern.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Providing Rigorous Oversight Through
Evaluation of Concerning Transactions Act of 2025'' or the ``PROTECT
Act of 2025''.
SEC. 2. REVIEW BY COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES
OF GREENFIELD AND BROWNFIELD INVESTMENTS BY FOREIGN
COUNTRIES OF CONCERN.
(a) Inclusion in Definition of Covered Transaction.--Section
721(a)(4) of the Defense Production Act of 1950 (50 U.S.C. 4565(a)(4))
is amended--
(1) in subparagraph (A)--
(A) in clause (i), by striking ``; and'' and
inserting a semicolon;
(B) in clause (ii), by striking the period at the
end and inserting ``; and''; and
(C) by adding at the end the following:
``(iii) any transaction described in
subparagraph (B)(vi) proposed or pending on or
after the date of the enactment of this
clause.'';
(2) in subparagraph (B), by adding at the end the
following:
``(vi) Subject to subparagraphs (C) and
(E), an investment by a foreign person that--
``(I) involves--
``(aa) the completed or
planned purchase or lease by,
or a concession to, the foreign
person of private or public
real estate in the United
States; and
``(bb) the establishment of
a United States business to
operate a factory or other
facility on that real estate;
and
``(II) could result in control,
including through formal or informal
arrangements to act in concert, of that
United States business by--
``(aa) the government of a
foreign country of concern (as
defined in section 10612(a) of
the Research and Development,
Competition, and Innovation Act
(42 U.S.C. 19221(a)));
``(bb) a person owned or
controlled by, or acting on
behalf of, such a government;
``(cc) an entity in which
such a government has, directly
or indirectly, including
through formal or informal
arrangements to act in concert,
a 5 percent or greater
interest;
``(dd) an entity in which
such a government has, directly
or indirectly, the right or
power to appoint, or approve
the appointment of, any members
of the board of directors,
board of supervisors, or an
equivalent governing body
(including external directors
and other individuals who
perform the duties usually
associated with such titles) or
officers (including the
president, senior vice
president, executive vice
president, and other
individuals who perform duties
normally associated with such
titles) of any other entity
that held, directly or
indirectly, including through
formal or informal arrangements
to act in concert, a 5 percent
or greater interest in the
entity in the preceding 3
years; or
``(ee) an entity in which
any members or officers
described in item (dd) of any
other entity holding, directly
or indirectly, including
through formal or informal
arrangements to act in concert,
a 5 percent or greater interest
in the entity are officials of
such a government in the
preceding 3 years.'';
(3) in subparagraph (C)(i), in the matter preceding
subclause (I), by striking ``subparagraph (B)(ii)'' and
inserting ``clause (ii) or (vi) of subparagraph (B)''; and
(4) in subparagraph (E), by striking ``clauses (ii) and
(iii)'' and inserting ``clauses (ii), (iii), and (vi)''.
(b) Mandatory Filing of Declarations.--Section
721(b)(1)(C)(v)(IV)(bb) of the Defense Production Act of 1950 (50
U.S.C. 4565(b)(1)(C)(v)(IV)(bb)) is amended by adding at the end the
following:
``(DD) Greenfield
and brownfield
investments by foreign
countries of concern.--
The parties to a
covered transaction
described in subsection
(a)(4)(B)(vi) shall
submit a declaration
described in subclause
(I) with respect to the
transaction.''.
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