[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4617 Introduced in House (IH)]
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119th CONGRESS
1st Session
H. R. 4617
To monitor United States investments in entities that are controlled by
foreign adversaries, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 22, 2025
Ms. Stefanik introduced the following bill; which was referred to the
Committee on Financial Services, 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 monitor United States investments in entities that are controlled by
foreign adversaries, 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.
This Act may be cited as the ``American Investment Accountability
Act''.
SEC. 2. REPORTING REQUIREMENTS.
(a) Definitions.--In this section:
(1) Appropriate congressional committees.--The term
``appropriate congressional committees'' means--
(A) the Committee on Armed Services of the Senate;
(B) the Committee on Banking, Housing, and Urban
Affairs of the Senate;
(C) the Committee on Finance of the Senate;
(D) the Committee on Foreign Relations of the
Senate;
(E) the Select Committee on Intelligence of the
Senate;
(F) the Committee on Armed Services of the House of
Representatives;
(G) the Committee on Financial Services of the
House of Representatives;
(H) the Committee on Foreign Affairs of the House
of Representatives;
(I) the Permanent Select Committee on Intelligence
of the House of Representatives; and
(J) the Committee on Ways and Means of the House of
Representatives.
(2) Country of concern.--The term ``country of concern''--
(A) means a country the government of which is a
foreign adversary, as defined in section 8(c)(2) of the
Secure and Trusted Communications Networks Act of 2019
(47 U.S.C. 1607(c)(2)); and
(B) includes--
(i) the People's Republic of China
(including the Special Administrative Regions
of the People's Republic of China, including
Hong Kong and Macau);
(ii) the Russian Federation;
(iii) Iran;
(iv) North Korea;
(v) Cuba; and
(vi) Venezuela.
(3) Covered united states business.--The term ``covered
United States business'' means any entity that--
(A) is--
(i) a corporation, partnership, or other
association organized under the laws of the
United States or of any State, the District of
Columbia, or any commonwealth, territory, or
possession of the United States; or
(ii) a foreign corporation, partnership, or
other association, not less than 25 percent of
the ownership interest in which is held by
United States citizens or entities described in
clause (i); and
(B) is not a small business concern (as defined in
section 3 of the Small Business Act (15 U.S.C. 632)).
(4) Covered entity.--The term ``covered entity'' means any
entity--
(A) that--
(i) has its headquarters or principal place
of business in a country of concern;
(ii) is organized under the laws of, or
otherwise subject to the jurisdiction of, a
country of concern;
(iii) is owned by the government of a
country of concern;
(iv) is under the direct or indirect
control of such a government;
(v) is subject to the influence of such a
government; or
(vi) is subject to intimidation by a public
official of such a government;
(B) not less than 25 percent of the ownership
interest in which is held, in the aggregate, directly
or indirectly, by not less than 1 entity--
(i) included on a sanctions list; or
(ii) owned or controlled by the government
of a country of concern;
(C) that has a subsidiary or parent organization
that--
(i) has its headquarters or principal place
of business in a country of concern; or
(ii) is organized under the laws of, or
otherwise subject to the jurisdiction of, a
country of concern; or
(D) that the Secretary of the Treasury considers to
have an interest in property or interests in property
of an entity in which not less than 25 percent of the
ownership interest is held, in the aggregate, directly
or indirectly, by not less than 1 entity included on a
sanctions list.
(5) Direct investment.--The term ``direct investment'' has
the meaning given that term in section 3 of the International
Investment and Trade in Services Survey Act (22 U.S.C. 3102).
(6) Offshore financial center.--The term ``offshore
financial center'' means any country, special administrative
region, territory, or jurisdiction outside the United States
that acts as an intermediary for investments originating in the
United States and destined for countries of concern, through
which, on an annual basis--
(A) more than $100,000,000 in direct investments in
countries of concern or covered entities are made; or
(B) more than $500,000,000 in portfolio investments
in countries of concern or covered entities are made.
(7) Portfolio investment.--The term ``portfolio
investment'' has the meaning given that term in section 3 of
the International Investment and Trade in Services Survey Act
(22 U.S.C. 3102).
(8) Sanctions list.--The term ``sanctions list'' means--
(A) the Entity List maintained by the Bureau of
Industry and Security of the Department of Commerce and
set forth in Supplement No. 4 to part 744 of title 15,
Code of Federal Regulations;
(B) the list of specially designated nationals and
blocked persons maintained by the Office of Foreign
Assets Control of the Department of the Treasury
(commonly known as the ``SDN list'');
(C) the list of foreign financial institutions
subject to correspondent account or payable-through
account sanctions maintained by the Office of Foreign
Assets Control (commonly known as the ``CAPTA List'');
(D) the list of persons operating in sectors of the
Russian economy identified by the Secretary of the
Treasury pursuant to Executive Order 13662 (commonly
known as the ``Sectoral Sanctions Identifications
List''); or
(E) the Non-SDN Chinese Military Industrial Complex
List maintained by the Office of Foreign Assets
Control.
(9) United states.--The term ``United States'' means the 50
States, the District of Columbia, the Commonwealth of Puerto
Rico, Guam, the Virgin Islands, American Samoa, Wake Island,
Midway Islands, Kingman Reef, Johnston Atoll, the Northern
Mariana Islands, and any other territory or possession of the
United States.
(10) United states person.--The term ``United States
person'' has the meaning given that term in section 3 of the
International Investment and Trade in Services Survey Act (22
U.S.C. 3102).
(b) Report by Secretary of Commerce.--Not later than 1 year after
the date of the enactment of this Act, and every 90 days thereafter,
the Secretary of Commerce shall submit to the appropriate congressional
committees a report that identifies, for the period specified in
subsection (e)--
(1) the value of direct investments by United States
persons in countries of concern, which shall--
(A) be disaggregated by sector and by the State in
which the investment originated; and
(B) account for investment occurring through
offshore financial centers;
(2) the value of direct investments by United States
persons in covered entities, which shall--
(A) be disaggregated by sector; and
(B) account for investment occurring through
offshore financial centers; and
(3) the number of direct investments by United States
persons in countries of concern in excess of--
(A) $5,000,000 in a single transaction; or
(B) $10,000,000 in the aggregate.
(c) Report by Secretary of the Treasury.--Not later than 1 year
after the date of the enactment of this Act, and every 90 days
thereafter, the Secretary of the Treasury shall submit to the
appropriate congressional committees a report that identifies, for the
period specified in subsection (e)--
(1) the value of portfolio investments by United States
persons in countries of concern, which shall--
(A) be disaggregated by sector and by the State in
which the investment originated; and
(B) account for investment occurring through
offshore financial centers;
(2) the value of portfolio investments by United States
persons in covered entities, which shall--
(A) be disaggregated by sector; and
(B) account for investment occurring through
offshore financial centers;
(3) the number of portfolio investments by United States
persons in countries of concern in excess of--
(A) $10,000,000 in a single transaction; or
(B) $25,000,000 in the aggregate; and
(4) the value of portfolio investments by United States
persons in initial offerings for sale to the public of common
equity securities of covered entities and secondary market
trading in such securities.
(d) Report by Securities and Exchange Commission.--Not later than 1
year after the date of the enactment of this Act, and every 90 days
thereafter, the Securities and Exchange Commission shall submit to the
appropriate congressional committees a report that, for the period
specified in subsection (e), identifies the following:
(1) Each instance in which a covered United States business
spun off a separate entity that subsequently operated in a
country of concern.
(2) Each joint venture entered into between a covered
United States business and a covered entity.
(3) Each instance in which a covered United States business
merged with, acquired, or was acquired by a covered entity.
(4) Each instance in which the value of expanded operations
of a covered United States business in a country of concern
exceeds--
(A) $5,000,000 in a single transaction; or
(B) $10,000,000 in the aggregate.
(5) Each instance in which a covered United States business
made a direct investment in a country of concern.
(e) Period Specified.--The period specified in this subsection is--
(1) in the case of the first report required by subsection
(b), (c), or (d), the 1-year period preceding submission of the
report; and
(2) in the case of any subsequent report required by any
such subsection, the 90-day period preceding submission of the
report.
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