Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB1388 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 1388
5	5	To require the review by the Committee on Foreign Investment in the United
6	6	States of greenfield and brownfield investments by foreign countries
7	7	of concern.
8	8	IN THE SENATE OF THE UNITED STATES
9	9	APRIL9, 2025
10	10	Mr. M
11	11	ORENO(for himself, Ms. SLOTKIN, and Mr. SHEEHY) introduced the fol-
12	12	lowing bill; which was read twice and referred to the Committee on Bank-
13	13	ing, Housing, and Urban Affairs
14	14	A BILL
15	15	To require the review by the Committee on Foreign Invest-
16	16	ment in the United States of greenfield and brownfield
17	17	investments by foreign countries of concern.
18	18	Be it enacted by the Senate and House of Representa-1
19	19	tives of the United States of America in Congress assembled, 2
20	20	SECTION 1. SHORT TITLE. 3
21	21	This Act may be cited as the ‘‘Providing Rigorous 4
22	22	Oversight Through Evaluation of Concerning Trans-5
23	23	actions Act of 2025’’ or the ‘‘PROTECT Act of 2025’’. 6
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26	26	•S 1388 IS
27	27	SEC. 2. REVIEW BY COMMITTEE ON FOREIGN INVESTMENT 1
28	28	IN THE UNITED STATES OF GREENFIELD AND 2
29	29	BROWNFIELD INVESTMENTS BY FOREIGN 3
30	30	COUNTRIES OF CONCERN. 4
31	31	(a) I
32	32	NCLUSION INDEFINITION OFCOVEREDTRANS-5
33	33	ACTION.—Section 721(a)(4) of the Defense Production 6
34	34	Act of 1950 (50 U.S.C. 4565(a)(4)) is amended— 7
35	35	(1) in subparagraph (A)— 8
36	36	(A) in clause (i), by striking ‘‘; and’’ and 9
37	37	inserting a semicolon; 10
38	38	(B) in clause (ii), by striking the period at 11
39	39	the end and inserting ‘‘; and’’; and 12
40	40	(C) by adding at the end the following: 13
41	41	‘‘(iii) any transaction described in 14
42	42	subparagraph (B)(vi) proposed or pending 15
43	43	on or after the date of the enactment of 16
44	44	this clause.’’; 17
45	45	(2) in subparagraph (B), by adding at the end 18
46	46	the following: 19
47	47	‘‘(vi) Subject to subparagraphs (C) 20
48	48	and (E), an investment by a foreign person 21
49	49	that— 22
50	50	‘‘(I) involves— 23
51	51	‘‘(aa) the completed or 24
52	52	planned purchase or lease by, or 25
53	53	a concession to, the foreign per-26
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56	56	•S 1388 IS
57	57	son of private or public real es-1
58	58	tate in the United States; and 2
59	59	‘‘(bb) the establishment of a 3
60	60	United States business to operate 4
61	61	a factory or other facility on that 5
62	62	real estate; and 6
63	63	‘‘(II) could result in control, in-7
64	64	cluding through formal or informal 8
65	65	arrangements to act in concert, of 9
66	66	that United States business by— 10
67	67	‘‘(aa) the government of a 11
68	68	foreign country of concern (as 12
69	69	defined in section 10612(a) of 13
70	70	the Research and Development, 14
71	71	Competition, and Innovation Act 15
72	72	(42 U.S.C. 19221(a))); 16
73	73	‘‘(bb) a person owned or 17
74	74	controlled by, or acting on behalf 18
75	75	of, such a government; 19
76	76	‘‘(cc) an entity in which 20
77	77	such a government has, directly 21
78	78	or indirectly, including through 22
79	79	formal or informal arrangements 23
80	80	to act in concert, a 5 percent or 24
81	81	greater interest; 25
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84	84	•S 1388 IS
85	85	‘‘(dd) an entity in which 1
86	86	such a government has, directly 2
87	87	or indirectly, the right or power 3
88	88	to appoint, or approve the ap-4
89	89	pointment of, any members of 5
90	90	the board of directors, board of 6
91	91	supervisors, or an equivalent gov-7
92	92	erning body (including external 8
93	93	directors and other individuals 9
94	94	who perform the duties usually 10
95	95	associated with such titles) or of-11
96	96	ficers (including the president, 12
97	97	senior vice president, executive 13
98	98	vice president, and other individ-14
99	99	uals who perform duties normally 15
100	100	associated with such titles) of 16
101	101	any other entity that held, di-17
102	102	rectly or indirectly, including 18
103	103	through formal or informal ar-19
104	104	rangements to act in concert, a 5 20
105	105	percent or greater interest in the 21
106	106	entity in the preceding 3 years; 22
107	107	or 23
108	108	‘‘(ee) an entity in which any 24
109	109	members or officers described in 25
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112	112	•S 1388 IS
113	113	item (dd) of any other entity 1
114	114	holding, directly or indirectly, in-2
115	115	cluding through formal or infor-3
116	116	mal arrangements to act in con-4
117	117	cert, a 5 percent or greater inter-5
118	118	est in the entity are officials of 6
119	119	such a government in the pre-7
120	120	ceding 3 years.’’; 8
121	121	(3) in subparagraph (C)(i), in the matter pre-9
122	122	ceding subclause (I), by striking ‘‘subparagraph 10
123	123	(B)(ii)’’ and inserting ‘‘clause (ii) or (vi) of subpara-11
124	124	graph (B)’’; and 12
125	125	(4) in subparagraph (E), by striking ‘‘clauses 13
126	126	(ii) and (iii)’’ and inserting ‘‘clauses (ii), (iii), and 14
127	127	(vi)’’. 15
128	128	(b) M
129	129	ANDATORYFILING OFDECLARATIONS.—Sec-16
130	130	tion 721(b)(1)(C)(v)(IV)(bb) of the Defense Production 17
131	131	Act of 1950 (50 U.S.C. 4565(b)(1)(C)(v)(IV)(bb)) is 18
132	132	amended by adding at the end the following: 19
133	133	‘‘(DD) G
134	134	REENFIELD 20
135	135	AND BROWNFIELD INVEST -21
136	136	MENTS BY FOREIGN COUN -22
137	137	TRIES OF CONCERN .—The 23
138	138	parties to a covered trans-24
139	139	action described in sub-25
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142	142	•S 1388 IS
143	143	section (a)(4)(B)(vi) shall 1
144	144	submit a declaration de-2
145	145	scribed in subclause (I) with 3
146	146	respect to the transaction.’’. 4
147	147	Æ
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