Text of Senate Amendment 5880

On 2026-06-18, Senator David McCormick (R-PA) delivered a floor speech titled "Text Of Senate Amendment 5880" in the Senate.

Text of Senate Amendment 5880

Congressional Record, Volume 172 Issue 103 (Thursday, June 18, 2026) [Congressional Record Volume 172, Number 103 (Thursday, June 18, 2026)] [Senate] [Pages S2970-S2971] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 5880. Mr. McCORMICK (for himself and Mr. Hagerty) submitted an amendment intended to be proposed by him to the bill S. 4784, to authorize appropriations for fiscal year 2027 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 division A, add the following: TITLE XVII--COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES SEC. 1701. SHORT TITLE. This subtitle may be cited as the ``CFIUS Modernization Act of 2026''. SEC. 1702. STRENGTHENING AUTHORITIES AND PROCESSES OF COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES. (a) Revision of Term ``Urbanized Areas''.--Section 721(a)(4)(C)(i)(II) of the Defense Production Act of 1950 (50 U.S.C. 4565(a)(4)(C)(i)(II)) is amended by striking ``real estate in `urbanized areas' '' and inserting ``real estate in an `urban area' or any equivalent term or terms''. (b) Amendment to the Definition of ``Critical Technologies''.--Section 721(a)(6)(A) of the Defense Production Act of 1950 (50 U.S.C. 4565(a)(6)(A) is amended by adding at the end the following: ``(vii) Other technologies designated by the chairperson, in consultation with the Director of the Office of Science and Technology Policy and other members of the Committee, from the areas identified on the Critical and Emerging Technologies List published by the National Science and Technology Council.''. (c) Removal of 5-page Limitation for Declarations.--Section 721(b)(1)(C)(v)(II) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(1)(C)(v)(II)) is amended by striking ``that would not generally exceed 5 pages in length''. (d) Alignment of Timing of Committee Action With Respect to Declarations and Notices.--Section 721(b)(1)(C)(v)(III)(bb) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(1)(C)(v)(III)(bb)) is amended by striking ``receiving'' and inserting ``accepting''. (e) Authorization to Require Mandatory Declarations for Critical Infrastructure Transactions.--Section 721(b)(1)(C)(v)(IV)(cc) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(1)(C)(v)(IV)(cc)) is amended by striking ``subsection (a)(4)(B)(iii)(II)'' and inserting ``subclause (I) or (II) of subsection (a)(4)(B)(iii)''. (f) Stipulations Regarding Non-notified or Non-declared Transactions.--Section 721(b)(1)(C)(vi)(I) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(1)(C)(vi)(I)) is amended, in the matter preceding item (aa), by inserting ``, or in connection with a non-notified or non-declared transaction identified under subparagraph (H)'' after ``with respect to a transaction''. (g) Determination Regarding Investigations for Foreign Government-controlled Transactions.--Section 721(b)(2)(D)(ii) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(2)(D)(ii)) is amended by striking ``to any person'' and all that follows and inserting ``below the level of the Assistant Secretary of the Treasury or an equivalent official of the lead agency, respectively.''. (h) Modification of Tolling of Deadlines During a Lapse in Appropriations.--Section 721(b) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)) is amended by striking paragraph (8) and inserting the following: ``(8) Tolling of deadlines during lapse in appropriations.--Any deadline or time limitation imposed on the Committee or to which the Committee is subject under this section, regulations implementing this section, or any agreement or condition entered into or imposed under this section, shall be tolled during a lapse in appropriations.''. (i) Revision of Confidentiality Requirements to Enhance Cooperation on National Security With Allies and Partners of the United States and Authorize Disclosure of Enforcement Information.--Section 721(c) of the Defense Production Act of 1950 (50 U.S.C. 4565(c)) is amended-- (1) in paragraph (2)-- (A) in subparagraph (A), by inserting ``domestic or foreign'' before ``administrative''; (B) in subparagraph (C), by striking ``, or to any foreign governmental entity of a United States ally or partner,'' ; [[Page S2971]] (C) by redesignating subparagraph (D) as subparagraph (E); and (D) by inserting after subparagraph (C), the following: ``(D) Information important to the national security analysis or actions of the Committee or any foreign governmental entity of a United States ally or partner, to such ally or partner, under the exclusive direction and authorization of the chairperson, only to the extent necessary for national security purposes, and subject to appropriate confidentiality and classification requirements.''; and (E) by inserting after subparagraph (E) the following: ``(F) Information describing the outcome of a concluded enforcement action (including any final or settled penalty) under this section, including the identity of any party to, and a description of the circumstances that resulted in, such action, when disclosed by the chairperson.''; and (2) in paragraph (3)(A), by striking ``paragraph (2)(C)'' and inserting ``paragraph (2)(D)''. (j) Clarification of Authority to Prohibit Real Estate Transactions.--Section 721(d)(4)(A) of the Defense Production Act of 1950 (50 U.S.C. 4565(d)(4)(A)) is amended by inserting ``or obtain an interest in real estate in the United States'' after ``a United States business or its assets''. (k) Technical Corrections.--Section 721 of the Defense Production Act of 1950 (50 U.S.C. 4565) is amended-- (1) in subsection (b)(1)(C)(v)(IV)(gg), by striking ``subsection (h)(3)'' and inserting ``subsection (h)(2)''; and (2) in subsection (l)(6)(D), by striking ``subsection (h)(3)'' and inserting ``subsection (h)(2)''. (l) Interim Measures for Proposed, Pending, or Completed Covered Transactions.--Section 721(l)(3)(A)(iii) of the Defense Production Act of 1950 (50 U.S.C. 4565(l)(3)(A)(iii)) is amended-- (1) in the clause heading, by striking ``Agreements and conditions relating to completed transactions'' and inserting ``Interim measures''; and (2) by striking ``completed covered transaction'' and inserting ``proposed, pending, or completed covered transaction''. (m) Appropriations for Committee.--Section 721(p)(2) of the Defense Production Act of 1950 (50 U.S.C. 4565(p)(2)) is amended by striking ``through 2023'' and inserting ``through 2030''. SEC. 1703. KNOWN INVESTOR PROGRAM. (a) In General.--Section 721 of the Defense Production Act of 1950 ( 50 U.S.C. 4565) is amended by adding at the end the following: ``(r) Known Investor Program.-- ``(1) In general.--The chairperson may establish a program, to be known as the `Known Investor Program', under which-- ``(A) a foreign person may voluntarily provide information to the Committee in advance of filing a notice under clause (i) of subsection (b)(1)(C) or a declaration under clause (v) of that subsection with respect to a transaction; and ``(B) the Committee may, for foreign persons that have provided information under subparagraph (A)-- ``(i) limit the applicability of the requirement to submit a mandatory declaration under subsection (b)(1)(C)(v)(IV); and ``(ii) increase efficiencies in the process of submitting notices and declarations. ``(2) Implementation authorities.--In carrying out the Known Investor Program, the chairperson may-- ``(A) identify the information required for the Committee to consider a foreign person under the Known Investor Program; ``(B) require certification and assurance for the information provided in advance of filing a notice or declaration, consistent with subsection (n); ``(C) allocate personnel and resources to support the Known Investor Program; and ``(D) make such adjustments to the requirements or process for filing notices and declarations as the chairperson considers appropriate. ``(3) Fees.-- ``(A) In general.--The Committee may assess and collect, from each foreign person considered under the Known Investor Program, a fee to be deposited into the Committee on Foreign Investment in the United States Fund established under subsection (p). ``(B) Terms and conditions.--A fee assessed and collected under subparagraph (A) shall be subject to the same terms and conditions as a fee assessed and collected under subsection (p)(3). ``(4) Cooperation of other agencies.--Upon request from the chairperson, the head of a Federal agency shall provide support and cooperation to the chairperson to carry out the Known Investor Program.''. (b) Regulations.--The Committee on Foreign Investment in the United States shall prescribe such regulations as are necessary to implement the Known Investor Program under subsection (r) of section 721 of the Defense Production Act of 1950, as added by subsection (a), including regulations-- (1) providing for the application of the requirements of subsection (c) of such section 721 with respect to information provided to the Committee under the Program; and (2) expressly providing for the application of section 1001 of title 18, United States Code, to all information provided to the Committee under the Program, in accordance with subsection (n)(3) of such section 721. SEC. 1704. PILOT PROGRAM TO COLLECT INFORMATION ON GREENFIELD INVESTMENTS BY FOREIGN PERSONS IN STRATEGIC SECTORS. (a) In General.--The Secretary shall establish a pilot program to require the submission to the Committee on Foreign Investment in the United States of a short-form written notification of any greenfield investment in the United States by a foreign person in a strategic sector for the purpose of collecting information on such investment. (b) Duration of Pilot Program.--The pilot program required by subsection (a) shall