This bill amends section 721 of the Defense Production Act of 1950 to add the Secretary of the Interior as a member of the Committee on Foreign Investment in the United States for certain transactions. The Interior Secretary would participate when a covered transaction involves land or resources adjacent to sites managed by the Bureau of Land Management, Bureau of Reclamation, Bureau of Indian Affairs, Bureau of Ocean Energy Management, National Park Service, or U.S. Fish and Wildlife Service. The bill also requires the Committee to consider notifications from the Interior Secretary about "reportable land or resource transactions." A reportable transaction is one the Interior Secretary believes may be a covered transaction and that involves the acquisition of an interest in land or a resource by a foreign person of the People's Republic of China, the Democratic People's Republic of Korea, the Russian Federation, or the Islamic Republic of Iran. The added notification and review requirements end for a listed country if that country is removed from the list of foreign adversaries in 15 C.F.R. 791.4.
Federal officials would formally include the Interior Secretary in Committee reviews when foreign purchases touch land or resources next to federally managed sites listed in the bill. The Committee must decide if a notified transaction is a covered transaction and whether to open a formal review or take other action. The rule in the bill applies only to transactions involving persons from the four named countries, and it ends for a country if it is removed from the named adversary list.
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The bill's short title and text show its aim: to involve the Interior Secretary and have the Committee consider certain land or resource deals by persons from the named countries. The sponsors introduced the bill to add Interior's role in these Committee reviews.
No publicly available information.