II
119THCONGRESS
1
STSESSION 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
APRIL9, 2025
Mr. M
ORENO(for himself, Ms. SLOTKIN, and Mr. SHEEHY) introduced the fol-
lowing bill; which was read twice and referred to the Committee on Bank-
ing, Housing, and Urban Affairs
A BILL
To require the review by the Committee on Foreign Invest-
ment in the United States of greenfield and brownfield
investments by foreign countries of concern.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Providing Rigorous 4
Oversight Through Evaluation of Concerning Trans-5
actions Act of 2025’’ or the ‘‘PROTECT Act of 2025’’. 6
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•S 1388 IS
SEC. 2. REVIEW BY COMMITTEE ON FOREIGN INVESTMENT 1
IN THE UNITED STATES OF GREENFIELD AND 2
BROWNFIELD INVESTMENTS BY FOREIGN 3
COUNTRIES OF CONCERN. 4
(a) I
NCLUSION INDEFINITION OFCOVEREDTRANS-5
ACTION.—Section 721(a)(4) of the Defense Production 6
Act of 1950 (50 U.S.C. 4565(a)(4)) is amended— 7
(1) in subparagraph (A)— 8
(A) in clause (i), by striking ‘‘; and’’ and 9
inserting a semicolon; 10
(B) in clause (ii), by striking the period at 11
the end and inserting ‘‘; and’’; and 12
(C) by adding at the end the following: 13
‘‘(iii) any transaction described in 14
subparagraph (B)(vi) proposed or pending 15
on or after the date of the enactment of 16
this clause.’’; 17
(2) in subparagraph (B), by adding at the end 18
the following: 19
‘‘(vi) Subject to subparagraphs (C) 20
and (E), an investment by a foreign person 21
that— 22
‘‘(I) involves— 23
‘‘(aa) the completed or 24
planned purchase or lease by, or 25
a concession to, the foreign per-26
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•S 1388 IS
son of private or public real es-1
tate in the United States; and 2
‘‘(bb) the establishment of a 3
United States business to operate 4
a factory or other facility on that 5
real estate; and 6
‘‘(II) could result in control, in-7
cluding through formal or informal 8
arrangements to act in concert, of 9
that United States business by— 10
‘‘(aa) the government of a 11
foreign country of concern (as 12
defined in section 10612(a) of 13
the Research and Development, 14
Competition, and Innovation Act 15
(42 U.S.C. 19221(a))); 16
‘‘(bb) a person owned or 17
controlled by, or acting on behalf 18
of, such a government; 19
‘‘(cc) an entity in which 20
such a government has, directly 21
or indirectly, including through 22
formal or informal arrangements 23
to act in concert, a 5 percent or 24
greater interest; 25
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‘‘(dd) an entity in which 1
such a government has, directly 2
or indirectly, the right or power 3
to appoint, or approve the ap-4
pointment of, any members of 5
the board of directors, board of 6
supervisors, or an equivalent gov-7
erning body (including external 8
directors and other individuals 9
who perform the duties usually 10
associated with such titles) or of-11
ficers (including the president, 12
senior vice president, executive 13
vice president, and other individ-14
uals who perform duties normally 15
associated with such titles) of 16
any other entity that held, di-17
rectly or indirectly, including 18
through formal or informal ar-19
rangements to act in concert, a 5 20
percent or greater interest in the 21
entity in the preceding 3 years; 22
or 23
‘‘(ee) an entity in which any 24
members or officers described in 25
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item (dd) of any other entity 1
holding, directly or indirectly, in-2
cluding through formal or infor-3
mal arrangements to act in con-4
cert, a 5 percent or greater inter-5
est in the entity are officials of 6
such a government in the pre-7
ceding 3 years.’’; 8
(3) in subparagraph (C)(i), in the matter pre-9
ceding subclause (I), by striking ‘‘subparagraph 10
(B)(ii)’’ and inserting ‘‘clause (ii) or (vi) of subpara-11
graph (B)’’; and 12
(4) in subparagraph (E), by striking ‘‘clauses 13
(ii) and (iii)’’ and inserting ‘‘clauses (ii), (iii), and 14
(vi)’’. 15
(b) M
ANDATORYFILING OFDECLARATIONS.—Sec-16
tion 721(b)(1)(C)(v)(IV)(bb) of the Defense Production 17
Act of 1950 (50 U.S.C. 4565(b)(1)(C)(v)(IV)(bb)) is 18
amended by adding at the end the following: 19
‘‘(DD) G
REENFIELD 20
AND BROWNFIELD INVEST -21
MENTS BY FOREIGN COUN -22
TRIES OF CONCERN .—The 23
parties to a covered trans-24
action described in sub-25
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section (a)(4)(B)(vi) shall 1
submit a declaration de-2
scribed in subclause (I) with 3
respect to the transaction.’’. 4
Æ
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