Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9284 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 9284

   To establish the Foreign Investment Review Authority to determine
whether foreign countries that have made investment commitments to the
   United States have complied with those commitments, and for other
                               purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             June 11, 2026

   Mr. Khanna (for himself, Mrs. Dingell, Ms. Brown, and Mr. Suozzi)
 introduced the following bill; which was referred to the Committee on
 Ways and Means, 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 establish the Foreign Investment Review Authority to determine
whether foreign countries that have made investment commitments to the
   United States have complied with those commitments, 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; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Foreign Investment
Review Monitoring and Commitment Tracking Oversight Board Act'' or the
``FIRM Commitment Tracking Oversight Board Act''.
    (b) Table of Contents.--The table of contents for this Act is as
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Foreign Investment Review Authority.
Sec. 4. Identification of covered foreign investment commitments.
Sec. 5. Notice requirements.
Sec. 6. Review of investments.
Sec. 7. Mediation and prohibition authority.
Sec. 8. Application of Federal ethics and transparency laws.
Sec. 9. Fulfillment of covered foreign investment commitments.
Sec. 10. Reporting requirements.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Covered foreign investment commitment.--The term
        ``covered foreign investment commitment'' means a commitment by
        a foreign country to invest in the United States made--
                    (A) as part of a trade agreement;
                    (B) in response to tariffs, embargoes, or other
                punitive trade measures imposed or having the potential
                to be imposed pursuant to--
                            (i) section 122, 201, 232, 301, or 406 of
                        the Trade Act of 1974; or
                            (ii) any other trade or economic authority
                        of the United States; or
                    (C) as a result of negotiations or solicitations
                with representatives of the executive branch or any
                individual acting on behalf of or at the behest of the
                executive branch, including any persons affiliated with
                the executive branch.
            (2) Covered investment.--The term ``covered investment''
        means an investment intended by the person making the
        investment, the government of the country in which such person
        is located, or the United States Government to count towards a
        covered foreign investment commitment.
            (3) Family member.--With respect to an individual, the term
        ``family member'' has the meaning given that term in section
        9832(d) of the Internal Revenue Code of 1986.
            (4) FIRA.--The term ``FIRA'' means the Foreign Investment
        Review Authority.
            (5) Net economic benefit.--With respect to an investment,
        the investment provides a ``net economic benefit'' to the
        United States if the investment--
                    (A) promotes domestic growth and production;
                    (B) creates and retains quality jobs in the United
                States;
                    (C) creates and retains jobs that are accessible to
                workers without a college degree, such as through a
                registered apprenticeship program or other workforce
                training program;
                    (D) does not contribute to creating greater global
                or domestic excess capacity in the applicable sector of
                the economy;
                    (E) does not undermine existing businesses in the
                United States, including by undermining such
                businesses' ability to compete domestically or
                internationally; and
                    (F) creates integrated demand for domestically-
                sourced materials and does not primarily promote the
                creation or continuance of an assembly facility
                utilizing foreign-produced components.
            (6) Obligation date.--With respect to a covered foreign
        investment commitment, the obligation date is the date on which
        the commitment is made.
            (7) Person.--The term ``person''--
                    (A) has the meaning given that term in section 1 of
                title 1, United States Code; and
                    (B) includes an entity or government.
            (8) Qualified investment.--The term ``qualified
        investment'' means an investment that qualifies to count
        towards a covered foreign investment commitment, as determined
        by FIRA under section 6.
            (9) Quality job.--With respect to an investment, the term
        ``quality job'' means a job--
                    (A) that provides at least 30 hours of work per
                week;
                    (B) that is a job with compensation that--
                            (i) is equal to or exceeds the compensation
                        of existing similarly-situated jobs in the
                        United States;
                            (ii) except with respect to a managerial
                        job, includes a wage that is higher than the
                        median wage of the State in which the job is
                        located (or, if not located in a State, the
                        nearest State); and
                            (iii) includes comprehensive health care,
                        defined benefit pension, and other family-
                        sustaining benefits; and
                    (C) located at a facility in the United States
                where the employer--
                            (i) ensures neutrality in any union
                        organizing drive; and
                            (ii) with respect to an investment where
                        the investing person has a union or employees
                        works council at any facility in the home
                        country of the person, provides similar
                        opportunities to employees located at such
                        United States facility as are provided at the
                        facility in the home country.
            (10) Registered apprenticeship program.--The term
        ``registered apprenticeship program'' means an apprenticeship
        registered under the Act of August 16, 1937 (commonly known as
        the ``National Apprenticeship Act''; 50 Stat. 664, chapter 663;
        29 U.S.C. 50 et seq.) that meets the standards of subpart A of
        part 29 and part 30 of title 29, Code of Federal Regulations.
            (11) State.--The term ``State'' means each of the several
        States, the District of Columbia, and each territory of the
        United States.

SEC. 3. FOREIGN INVESTMENT REVIEW AUTHORITY.

    (a) Establishment.--There is established the Foreign Investment
Review Authority.
    (b) Board of Directors.--
            (1) Members.--The head of FIRA shall be a board of
        directors consisting of the following:
                    (A) The Chair, who shall be appointed by the
                President, by and with the advice and consent of the
                Senate.
                    (B) A designee of the Secretary of Commerce.
                    (C) A designee of the Attorney General.
                    (D) A designee of the Secretary of Labor.
                    (E) Four members appointed by the President, by and
                with the advice and consent of the Senate, from among
                individuals who are not of the same political party as
                the President.
            (2) Term.--Each member of the board of directors of FIRA
        shall serve a 4-year term.
    (c) Conflicts of Interest.--FIRA shall establish conflict of
interest requirements applicable to the members of the board of
directors and the employees of FIRA that ensure there are no conflicts
of interest regarding the review of investments by FIRA.
    (d) Office of the Chief Ethics Officer.--
            (1) In general.--There is established within FIRA the
        Office of the Chief Ethics Officer, which shall be headed by
        the Chief Ethics Officer.
            (2) Appointment.--The Chief Ethics Officer shall be
        appointed by FIRA, subject to the advice and consent of the
        Senate.
            (3) Term.--The Chief Ethics Officer shall serve a 6-year
        term.
            (4) Removal authority.--The Chief Ethics Officer may only
        be removed for gross misconduct.
    (e) Public Oversight Board.--
            (1) Establishment.--There is established within the Office
        of the Chief Ethics Officer a Public Oversight Board.
            (2) Members.--The Public Oversight Board shall consist of
        the following:
                    (A) One member appointed by the Speaker of the
                House of Representatives.
                    (B) One member appointed by the Minority Leader of
                the House of Representatives.
                    (C) One member appointed by the Majority Leader of
                the Senate.
                    (D) One member appointed by the Minority Leader of
                the Senate.
                    (E) One member representing organized labor
                organizations, appointed by the members appointed under
                subparagraphs (A) through (D).
            (3) Term.--The term of a member of the Public Oversight
        Board shall be 3 years, and an individual may not serve as a
        member of the Public Oversight Board for more than one term in
        any 10-year period.
    (f) Complaint Process.--
            (1) In general.--The Chief Ethics Officer shall establish a
        method for persons to submit complaints to the Chief Ethics
        Officer or Public Oversight Board. Both the Officer and the
        Board shall create mechanisms for such complaints to be
        received by identified persons or anonymous persons.
            (2) Deadline for response.--The Chief Ethics Officer and
        the Public Oversight Board shall respond to each complaint
        received under this subsection within the 30-day period
        beginning on the date the complaint was received, and such
        response shall include a substantive adjudication as to the
        merits of the complaint.
    (g) Rulemaking Authority.--FIRA may issue such rules as may be
necessary to carry out this Act.

SEC. 4. IDENTIFICATION OF COVERED FOREIGN INVESTMENT COMMITMENTS.

    (a) In General.--FIRA shall identify all covered foreign investment
commitments and make available to the public on a website--
            (1) a list of such commitments, including the name of the
        investing person (including any beneficial owners thereof), the
        name of the person receiving the investment (including any
        beneficial owners thereof), and the location of the commitment;
            (2) the amount of each such commitment;
            (3) the obligation date of each such commitment;
            (4) activities performed under any qualified investments
        with respect to each such commitment;
            (5) any potential or actual conflicts of interests examined
        or identified in the context of--
                    (A) each such commitment; and
                    (B) any qualified investment with respect to each
                such commitment; and
            (6) any other relevant information specified by the board
        of directors of FIRA.
    (b) Initial Covered Foreign Investment Commitments.--On the date of
enactment of this Act, the following covered foreign investment
commitments shall be deemed to exist:
            (1) A covered foreign investment commitment by the People's
        Republic of China by the U.S.-China Board of Trade or Board of
        Investment or any comparable institution, whether formal or
        informal in nature, in an amount and with an obligation date as
        determined by FIRA.
            (2) A covered foreign investment commitment by Japan in the
        amount of $550,000,000,000, with the obligation date of the
        date of enactment of this Act.
            (3) A covered foreign investment commitment by South Korea
        in the amount of $350,000,000,000, with the obligation date of
        the date of enactment of this Act.
            (4) A covered foreign investment commitment by Taiwan in
        the amount of $500,000,000,000 with the obligation date of the
        date of enactment of this Act.

SEC. 5. NOTICE REQUIREMENTS.

    (a) Investor Notice Requirement.--
            (1) In general.--Each person making an investment that the
        person believes is a covered investment shall--
                    (A) at the beginning of the investment--
                            (i) notify FIRA in writing of the
                        investment;
                            (ii) notify FIRA in writing of the covered
                        foreign investment commitment to which the
                        covered investment relates; and
                            (iii) provide FIRA in writing with--
                                    (I) a list of the owners of the
                                person making the investment, including
                                beneficial owners thereof;
                                    (II) a list of the owners of the
                                person receiving the investment,
                                including beneficial owners thereof;
                                    (III) a list of any financial
                                advisers involved in making the
                                investment;
                                    (IV) a list of any persons
                                participating in the financing or
                                underwriting of the investment; and
                                    (V) a list of any other interested
                                parties to the investment; and
                    (B) provide FIRA with written quarterly updates on
                the investment until the investment is complete.
            (2) Requirement applicable to all covered investments.--Any
        person making an investment that FIRA determines is a covered
        investment shall be subject to the requirements under paragraph
        (1) regardless of whether the person believes the investment is
        a covered investment.
            (3) Exception for certain unavailable information.--If a
        person is required to provide information under paragraph
        (1)(A)(iii) that the person does not have at the time the
        person is required to provide the information, the person may
        instead provide FIRA with such information not later than 5
        days after the information becomes known to such person.
            (4) Attestation requirement.--With respect to each notice
        and update required under this subsection, both a senior
        official of the person making the investment and a senior
        official of the recipient of the investment shall file a signed
        attestation stating whether--
                    (A) the investment provides a net economic benefit
                to the United States;
                    (B) with respect to each element of the net
                economic benefit definition described in subparagraphs
                (A) through (F) of section 2(5), the investment meets
                such element; and
                    (C) the persons making, receiving, or negotiating
                the investment have complied with any applicable ethics
                and transparency rules issued under section 8.
    (b) Disclosures by Senior Government Officials.--The President,
Vice President, and each cabinet level official shall file a disclosure
with FIRA if they determine or have reason to believe that they or any
family member is a beneficiary of any covered investment or any
investment that they believe is a covered investment.
    (c) Distribution of Notices.--FIRA shall ensure that the Chief
Ethics Officer and the Public Oversight Board have real-time access to
all notices, updates, attestations, and disclosures made under this
section.
    (d) Civil Penalty.--In addition to such other penalties that may be
available, including section 1001 of title 18, United States Code, any
person that fails to make a notice, update, or attestation, required
under this section, or who knowingly fails to file a disclosure
required under this section, or commits a material misstatement or
omission in connection with the foregoing, shall be subject to--
            (1) in the case of a notice, update, or attestation
        required under this section, a fine in an amount not to exceed
        10 percent of the value of the investment; or
            (2) in the case of a disclosure required under this
        section, a fine in an amount not to exceed 10 percent of the
        value of the undisclosed interest.

SEC. 6. REVIEW OF INVESTMENTS.

    (a) In General.--
            (1) In general.--In accordance with this section, FIRA
        shall review investments to determine--
                    (A) which investments are covered investments; and
                    (B) which investments qualify as a qualified
                investment.
            (2) Review.--
                    (A) Required review of certain investments.--If a
                person making or receiving an investment, a foreign
                government, the President, or the head of a Federal
                agency notifies FIRA that an investment is a covered
                investment, FIRA shall determine--
                            (i) whether such investment is a covered
                        investment; and
                            (ii) whether such investment is a qualified
                        investment.
                    (B) Identification of other investments.--
                            (i) By fira.--FIRA may review any
                        investment that FIRA identifies as possibly
                        being a covered investment or qualified
                        investment.
                            (ii) Petition process.--FIRA shall
                        establish a petition process under which
                        interested parties may petition FIRA to review
                        a specific investment.
                            (iii) Standard of review for undeclared
                        investments.--With respect to an investment for
                        which FIRA was not provided notice under
                        section 5 and that FIRA has determined is a
                        covered investment, the parties to the
                        investment may provide evidence to FIRA that
                        the investment is not a covered investment and
                        FIRA shall revoke the determination if the
                        parties prove by clear and convincing evidence
                        that the investment is not a covered
                        investment.
    (b) Qualified Investment Determination.--
            (1) In general.--FIRA may only determine that a covered
        investment is a qualified investment if--
                    (A) the Chief Ethics Officer determines that the
                parties to the investment have complied with any
                applicable ethics and transparency rules issued under
                section 8 or otherwise required under this Act;
                    (B) FIRA determines that the investment provides a
                net economic benefit to the United States; and
                    (C) the investment is not prohibited from being a
                qualified investment under paragraph (3).
            (2) Heightened review of certain investments.--FIRA shall
        provide heightened review for a investment if the person making
        or receiving the investment is located in a covered nation, as
        such term is defined in section 4872(f) of title 10, United
        States Code.
            (3) Prohibition on certain investments.--An investment is
        not a qualified investment if--
                    (A) the person making or receiving the investment
                is itself, is a subsidiary or parent company of, or is
                otherwise directly or indirectly controlled by--
                            (i) an entity listed on the UFLPA Entity
                        List maintained by the Department of Homeland
                        Security pursuant to the Uyghur Forced Labor
                        Prevention Act;
                            (ii) an entity subject to an active,
                        modified, or partially modified Withhold
                        Release Order issued by the U.S. Customs and
                        Border Protection; or
                            (iii) a person or entity with respect to
                        which an entity described in clause (i) or (ii)
                        holds a stake of fifteen percent or greater;
                    (B) the investment violates or could reasonably
                lead to a violation of a Federal ethics law, including
                section 208 of title 18, United States Code;
                    (C) FIRA determines that the investment more likely
                than not was entered into based on a foreign
                government's or foreign government official's desire to
                confer a personal financial benefit on a government
                official in the United States; or
                    (D) the investment allows for subsequent
                investments using all or part of the original
                investment and delegates the decision-making authority
                for such subsequent investments to another person,
                unless such other person executes a binding agreement
                to comply with the same requirements of this Act with
                respect to such subsequent investments as are
                applicable to a qualified investment.
            (4) Exception for certain investments.--FIRA may determine
        that an investment is a qualified investment under paragraph
        (1) without determining that the investment provides a net
        economic benefit to the United States if it is an investment
        in--
                    (A) bonds issued by the Federal Government, a
                State, or any subdivision of a State; or
                    (B) a diversified fund of publicly-traded
                securities that tracks a major market index.
            (5) Investors subject to certain orders.--
                    (A) In general.--Notwithstanding paragraph (1), if
                FIRA determines that the person making an investment or
                the person receiving an investment is subject to a
                Federal antidumping duty order, countervailing duty
                order, or court order in connection with the violation
                of Federal intellectual property laws--
                            (i) FIRA may not determine that such
                        investment is a qualified investment unless
                        FIRA enters into a mitigation agreement with
                        the person subject to such order; and
                            (ii) FIRA shall revoke such a determination
                        if FIRA determines that--
                                    (I) the person has failed to comply
                                with the mitigation agreement; or
                                    (II) the person is continuing the
                                violation with respect to which the
                                order was issued.
                    (B) Mitigation agreement terms.--In entering into
                any mitigation agreement under this paragraph, FIRA
                shall ensure the agreement includes an appropriate
                penalty clause, which may require the payment of a
                penalty, the divestment of property related to the
                investment, or the unwinding of the investment.
                    (C) Review of mitigation agreements.--FIRA shall
                review any mitigation agreement entered into under this
                paragraph not less often than quarterly.
    (c) Treatment of Charitable Donations.--A charitable donation to an
organization described in section 501(c)(3) of the Internal Revenue
Code of 1986 and exempt from tax under section 501(a) of such Code is
not a covered investment or a qualified investment.
    (d) Right To Appeal Determinations and Mitigation Agreements.--
            (1) Appeal with fira.--
                    (A) In general.--A person receiving an investment
                may appeal a determination under this section that the
                investment is or is not a qualified investment or the
                terms of a mitigation agreement proposed by FIRA by
                filing an appeal with FIRA.
                    (B) Limitation.--Notwithstanding subparagraph (A),
                a determination by FIRA that an investment is not a
                qualified investment may only be appealed based on a
                claim of a factual error or a procedural or due process
                violation.
                    (C) Supermajority decision required.--In an appeal
                made pursuant to subparagraph (A), FIRA may only
                overturn the determination or terms of the mitigation
                agreement by a vote of at least 6 members of the board
                of directors.
            (2) Appeal of determinations with united states district
        court.--A determination by FIRA under this section that an
        investment is or is not a qualified investment, including with
        respect to the reasonableness of FIRA's determination with
        respect to factors such as net economic benefit or the creation
        of quality jobs or FIRA's compliance or noncompliance with
        procedural safeguards under this Act, may be challenged in a
        United States district court of competent jurisdiction by--
                    (A) the person receiving the investment;
                    (B) the Chief Ethics Officer;
                    (C) a member of the Public Oversight Board; and
                    (D) any person harmed by the investment or who
                faces a tangible risk of being harmed by the
                investment.
    (e) Petition for Redetermination.--A person making a covered
investment that FIRA has determined is not a qualified investment may,
if the investor makes material changes to the investment proposal,
petition FIRA for a redetermination of whether the covered investment
is a qualified investment.
    (f) Review Period for Qualified Investments.--FIRA shall continue
to review a qualified investment for a 30-day period beginning on the
date that FIRA determines the investment is a qualified investment in
order to assess the net economic benefit to the United States provided
by the qualified investment, including jobs created by the qualified
investment.
    (g) Public Notice.--FIRA shall maintain a public website with a
list of all investments that FIRA has reviewed and, with respect to
each investment, stating whether FIRA has determined it is a covered
investment, a qualified investment, both, or neither.
    (h) Interagency Consultations.--In carrying out this section--
            (1) FIRA may consult with any Federal agency; and
            (2) a Federal agency shall reasonably cooperate with FIRA
        with any information requested by FIRA to assist in FIRA's
        duties prescribed under this section, subject to such
        safeguards as may be necessary to protect classified or law
        enforcement information.

SEC. 7. MEDIATION AND PROHIBITION AUTHORITY.

    (a) Mandatory Mediation Authority.--With respect to each covered
investment that FIRA determines is not a qualified investment, FIRA may
require mediation between FIRA and the person making the covered
investment in order to agree on new terms for the investment that would
allow FIRA to determine that the investment is a qualified investment.
    (b) Prohibition Authority.--FIRA may suspend or prohibit any
covered investment that is not a qualified investment.

SEC. 8. APPLICATION OF FEDERAL ETHICS AND TRANSPARENCY LAWS.

    (a) Application to Parties to Covered Investments.--FIRA shall
issue rules to apply the Federal ethics and transparency laws to any
person (including a Federal agency or foreign government) making,
receiving, or negotiating a covered investment or an investment that
the person believes is a covered investment, but only to the extent
such person is taking actions in connection with such investment.
    (b) Specific Laws.--The Federal ethics and transparency laws
described in subsection (a) shall, at a minimum, include the following:
            (1) Chapter 131 of title 5, United States Code.
            (2) Subchapter III of chapter 73 of title 5, United States
        Code.
            (3) Sections 201, 203, 205, 207, 208, and 209 of title 18,
        United States Code.
            (4) Section 2635.502 of title 5, Code of Federal
        Regulations.
            (5) Sections 552 and 552b of title 5, United States Code.

SEC. 9. FULFILLMENT OF COVERED FOREIGN INVESTMENT COMMITMENTS.

    (a) Public Notice.--FIRA shall maintain, and regularly update, on
the website described in section 4(a), a calculation of the amount of
all qualified investments related to a covered foreign investment
commitment.
    (b) Failure To Fulfill Covered Foreign Investment Commitments.--If,
after the end of the 4-year period beginning on the obligation date of
a covered foreign investment commitment, the amount of qualified
investments related to such covered foreign investment commitment is
less than the covered foreign investment commitment amount, the
President shall enter into negotiations with the country that made the
covered foreign investment commitment to address the deficit.

SEC. 10. REPORTING REQUIREMENTS.

    (a) Annual Report to Congress.--
            (1) In general.--FIRA shall issue an annual report to the
        Congress containing--
                    (A) information on the investments reviewed by
                FIRA; and
                    (B) any trends or risks identified by FIRA.
            (2) Classification.--Each report required under paragraph
        (1) shall be in unclassified form, but may include a classified
        annex.
    (b) Semiannual Report to the Public.--FIRA shall issue a semiannual
public report containing the following:
            (1) The progress made in implementing this Act and
        identifying qualified investments.
            (2) An identification of the jobs created by qualified
        investments, including, for each such investment--
                    (A) the compensation provided by such jobs;
                    (B) unionization information related to such jobs;
                and
                    (C) whether foreign employees have been brought
                into the United States to work directly at a facility
                funded by the investment or through a contractor.
            (3) An identification of the inputs used in any production
        facility resulting from a qualified investment and the
        origination of such inputs.
            (4) With respect to mitigation agreements entered into by
        FIRA--
                    (A) the compliance of the other parties to the
                mitigation agreement with the terms of the agreement;
                and
                    (B) any actions taken by FIRA to enforce the terms
                of a mitigation agreement.
    (c) Quarterly Report by the Chief Ethics Office.--The Chief Ethics
Officer shall issue a quarterly report to Congress, and make such
report available to the public online, containing a list of all
complaints received by the Chief Ethics Office of Public Oversight
Board and the resolution of each such complaint.
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