Text of Senate Amendment 6606

On 2026-07-13, Senator David McCormick (R-PA) delivered a floor speech titled "Text Of Senate Amendment 6606" in the Senate.

Text of Senate Amendment 6606

Congressional Record, Volume 172 Issue 113 (Monday, July 13, 2026) [Congressional Record Volume 172, Number 113 (Monday, July 13, 2026)] [Senate] [Pages S3797-S3798] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 6606. Mr. McCORMICK 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) Amendment of Bankruptcy Filings to Require Information Relevant to CFIUS.--Section 721(b) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)) is amended by adding at the end the following: ``(9) Amendment of bankruptcy filings to require information relevant to cfius.--The chairperson, the Attorney General, and relevant bankruptcy officials, as appropriate, including each United States trustee appointed under section 581 of title 28, United States Code, the Director of the United States Trustee Program, and bankruptcy court authorities, shall establish a process to identify and evaluate covered transactions that arise pursuant to a bankruptcy proceeding or other form of default on debt.''. (j) 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,'' ; (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)''. (k) 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''. (l) 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)''. (m) 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''. (n) 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), 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); [[Page S3798]] ``(C) allocate personnel and resources to support the Known Investor Program; and ``(D) make such adjustments to the 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. ``(5) Report to congress.--Not later than 180 days after the date of the enactment of this subsection, and annually thereafter, the Committee shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report containing-- ``(A) an assessment of the implementation of the Known Investor Program; ``(B) an assessment of participation of foreign persons in the Known Investor Program, including an identification of the beneficial owners of each entity that is a participating foreign person; and ``(C) data regarding the fees collected under the Known Investor Program. ``(6) Sunset.--The auth