ACCEPTANCE OF WRITTEN NOTICES.

SEC. 1704. ACCEPTANCE OF WRITTEN NOTICES. Section 721(b)(1)(C)(i) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(1)(C)(i)) is amended— (1) by striking “Any party” and inserting the following: “(I) In general.—Any party” ; and (2) by adding at the end the following: “(II) Comments and acceptance.— “(aa) In general.—Subject to item (cc), the Committee shall provide comments on a draft or formal written notice or accept a formal written notice submitted under subclause (I) with respect to a covered transaction not later than the date that is 10 business days after the date of submission of the draft or formal written notice. “(bb) Completeness.—If the Committee determines that a draft or formal written notice described in item (aa) is not complete, the Committee shall notify the party or parties to the transaction in writing that the notice is not complete and provide an explanation of all material respects in which the notice is incomplete. “(cc) Stipulations required.—The timing requirement under item (aa) shall apply only in a case in which the parties stipulate under clause (vi) that the transaction is a covered transaction.” .