119-hr4617

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4617 Introduced in House

    (IH) ]

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119th CONGRESS
 1st Session
 H. R. 4617

To monitor United States investments in entities that are controlled by 
 foreign adversaries, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 July 22, 2025

 Ms. Stefanik introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
 Foreign Affairs, for a period to be subsequently determined by the 
 Speaker, in each case for consideration of such provisions as fall 
 within the jurisdiction of the committee concerned

_______________________________________________________________________

 A BILL

To monitor United States investments in entities that are controlled by 
 foreign adversaries, and for other purposes.

 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 ``American Investment Accountability 
Act''.

SEC. 2. REPORTING REQUIREMENTS.

    (a) 

=== Definitions. ===
-In this section:

    (1) Appropriate congressional committees.--The term 
 ``appropriate congressional committees'' means--
        (A) the Committee on Armed Services of the Senate;
        (B) the Committee on Banking, Housing, and Urban 
 Affairs of the Senate;
            (C) the Committee on Finance of the Senate;
            (D) the Committee on Foreign Relations of the 
 Senate;
        (E) the Select Committee on Intelligence of the 
 Senate;
        (F) the Committee on Armed Services of the House of 
 Representatives;
        (G) the Committee on Financial Services of the 
 House of Representatives;
        (H) the Committee on Foreign Affairs of the House 
 of Representatives;
            (I) the Permanent Select Committee on Intelligence 
 of the House of Representatives; and
        (J) the Committee on Ways and Means of the House of 
 Representatives.

    (2) Country of concern.--The term ``country of concern''--
        (A) means a country the government of which is a 
 foreign adversary, as defined in 

section 8
            (c) (2) of the 
 Secure and Trusted Communications Networks Act of 2019 
 (47 U.S.C. 1607
            (c) (2) ); and
        (B) includes--
            (i) the People's Republic of China 
 (including the Special Administrative Regions 
 of the People's Republic of China, including 
 Hong Kong and Macau);
            (ii) the Russian Federation;
            (iii) Iran;
            (iv) North Korea;
            (v) Cuba; and
            (vi) Venezuela.

    (3) Covered united states business.--The term ``covered 
 United States business'' means any entity that--
        (A) is--
            (i) a corporation, partnership, or other 
 association organized under the laws of the 
 United States or of any State, the District of 
 Columbia, or any commonwealth, territory, or 
 possession of the United States; or
            (ii) a foreign corporation, partnership, or 
 other association, not less than 25 percent of 
 the ownership interest in which is held by 
 United States citizens or entities described in 
 clause
            (i) ; and
        (B) is not a small business concern (as defined in 
 

section 3 of the Small Business Act (15 U.S.C. 632)).

    (4) Covered entity.--The term ``covered entity'' means any 
 entity--
        (A) that--
            (i) has its headquarters or principal place 
 of business in a country of concern;
            (ii) is organized under the laws of, or 
 otherwise subject to the jurisdiction of, a 
 country of concern;
            (iii) is owned by the government of a 
 country of concern;
            (iv) is under the direct or indirect 
 control of such a government;
            (v) is subject to the influence of such a 
 government; or
            (vi) is subject to intimidation by a public 
 official of such a government;
        (B) not less than 25 percent of the ownership 
 interest in which is held, in the aggregate, directly 
 or indirectly, by not less than 1 entity--
            (i) included on a sanctions list; or
            (ii) owned or controlled by the government 
 of a country of concern;
            (C) that has a subsidiary or parent organization 
 that--
            (i) has its headquarters or principal place 
 of business in a country of concern; or
            (ii) is organized under the laws of, or 
 otherwise subject to the jurisdiction of, a 
 country of concern; or
            (D) that the Secretary of the Treasury considers to 
 have an interest in property or interests in property 
 of an entity in which not less than 25 percent of the 
 ownership interest is held, in the aggregate, directly 
 or indirectly, by not less than 1 entity included on a 
 sanctions list.

    (5) Direct investment.--The term ``direct investment'' has 
 the meaning given that term in 

section 3 of the International 
 Investment and Trade in Services Survey Act (22 U.S.C. 3102).

    (6) Offshore financial center.--The term ``offshore 
 financial center'' means any country, special administrative 
 region, territory, or jurisdiction outside the United States 
 that acts as an intermediary for investments originating in the 
 United States and destined for countries of concern, through 
 which, on an annual basis--
        (A) more than $100,000,000 in direct investments in 
 countries of concern or covered entities are made; or
        (B) more than $500,000,000 in portfolio investments 
 in countries of concern or covered entities are made.

    (7) Portfolio investment.--The term ``portfolio 
 investment'' has the meaning given that term in 

section 3 of 
 the International Investment and Trade in Services Survey Act 
 (22 U.S.C. 3102).

    (8) Sanctions list.--The term ``sanctions list'' means--
        (A) the Entity List maintained by the Bureau of 
 Industry and Security of the Department of Commerce and 
 set forth in Supplement No. 4 to part 744 of title 15, 
 Code of Federal Regulations;
        (B) the list of specially designated nationals and 
 blocked persons maintained by the Office of Foreign 
 Assets Control of the Department of the Treasury 
 (commonly known as the ``SDN list'');
            (C) the list of foreign financial institutions 
 subject to correspondent account or payable-through 
 account sanctions maintained by the Office of Foreign 
 Assets Control (commonly known as the ``CAPTA List'');
            (D) the list of persons operating in sectors of the 
 Russian economy identified by the Secretary of the 
 Treasury pursuant to Executive Order 13662 (commonly 
 known as the ``Sectoral Sanctions Identifications 
 List''); or
        (E) the Non-SDN Chinese Military Industrial Complex 
 List maintained by the Office of Foreign Assets 
 Control.

    (9) United states.--The term ``United States'' means the 50 
 States, the District of Columbia, the Commonwealth of Puerto 
 Rico, Guam, the Virgin Islands, American Samoa, Wake Island, 
 Midway Islands, Kingman Reef, Johnston Atoll, the Northern 
 Mariana Islands, and any other territory or possession of the 
 United States.

    (10) United states person.--The term ``United States 
 person'' has the meaning given that term in 

section 3 of the 
 International Investment and Trade in Services Survey Act (22 
 U.S.C. 3102).

    (b) Report by Secretary of Commerce.--Not later than 1 year after 
the date of the enactment of this Act, and every 90 days thereafter, 
the Secretary of Commerce shall submit to the appropriate congressional 
committees a report that identifies, for the period specified in 
subsection

    (e) --

    (1) the value of direct investments by United States 
 persons in countries of concern, which shall--
        (A) be disaggregated by sector and by the State in 
 which the investment originated; and
        (B) account for investment occurring through 
 offshore financial centers;

    (2) the value of direct investments by United States 
 persons in covered entities, which shall--
        (A) be disaggregated by sector; and
        (B) account for investment occurring through 
 offshore financial centers; and

    (3) the number of direct investments by United States 
 persons in countries of concern in excess of--
        (A) $5,000,000 in a single transaction; or
        (B) $10,000,000 in the aggregate.
            (c) Report by Secretary of the Treasury.--Not later than 1 year 
after the date of the enactment of this Act, and every 90 days 
thereafter, the Secretary of the Treasury shall submit to the 
appropriate congressional committees a report that identifies, for the 
period specified in subsection

    (e) --

    (1) the value of portfolio investments by United States 
 persons in countries of concern, which shall--
        (A) be disaggregated by sector and by the State in 
 which the investment originated; and
        (B) account for investment occurring through 
 offshore financial centers;

    (2) the value of portfolio investments by United States 
 persons in covered entities, which shall--
        (A) be disaggregated by sector; and
        (B) account for investment occurring through 
 offshore financial centers;

    (3) the number of portfolio investments by United States 
 persons in countries of concern in excess of--
        (A) $10,000,000 in a single transaction; or
        (B) $25,000,000 in the aggregate; and

    (4) the value of portfolio investments by United States 
 persons in initial offerings for sale to the public of common 
 equity securities of covered entities and secondary market 
 trading in such securities.
            (d) Report by Securities and Exchange Commission.--Not later than 1 
year after the date of the enactment of this Act, and every 90 days 
thereafter, the Securities and Exchange Commission shall submit to the 
appropriate congressional committees a report that, for the period 
specified in subsection

    (e) , identifies the following:

    (1) Each instance in which a covered United States business 
 spun off a separate entity that subsequently operated in a 
 country of concern.

    (2) Each joint venture entered into between a covered 
 United States business and a covered entity.

    (3) Each instance in which a covered United States business 
 merged with, acquired, or was acquired by a covered entity.

    (4) Each instance in which the value of expanded operations 
 of a covered United States business in a country of concern 
 exceeds--
        (A) $5,000,000 in a single transaction; or
        (B) $10,000,000 in the aggregate.

    (5) Each instance in which a covered United States business 
 made a direct investment in a country of concern.

    (e) Period Specified.--The period specified in this subsection is--

    (1) in the case of the first report required by subsection

    (b) ,
            (c) , or
            (d) , the 1-year period preceding submission of the 
 report; and

    (2) in the case of any subsequent report required by any 
 such subsection, the 90-day period preceding submission of the 
 report.
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