119-s1388

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1388 Introduced in Senate

    (IS) ]

<DOC>

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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