MODIFICATION OF ANNUAL REPORT AND OTHER REPORTING REQUIREMENTS.

SEC. 1719. MODIFICATION OF ANNUAL REPORT AND OTHER REPORTING REQUIREMENTS. (a) Modification of Annual Report.—Section 721(m) of the Defense Production Act of 1950 (50 U.S.C. 4565(m)) is amended— (1) in paragraph (2)— (A) by amending subparagraph (A) to read as follows: “(A) A list of all notices filed and all reviews or investigations of covered transactions completed during the period, with— “(i) a description of the outcome of each review or investigation, including whether an agreement was entered into or condition was imposed under subsection (l)(3)(A) with respect to the transaction being reviewed or investigated, and whether the President took any action under this section with respect to that transaction; “(ii) basic information on each party to each such transaction; “(iii) the nature of the business activities or products of the United States business with which the transaction was entered into or intended to be entered into; and “(iv) information about any withdrawal from the process.” ; and (B) by adding at the end the following: “(G) Statistics on compliance plans conducted and actions taken by the Committee under subsection (l)(6), including subparagraph (D) of that subsection, during that period, a general assessment of the compliance of parties with agreements entered into and conditions imposed under subsection (l)(3)(A) that are in effect during that period, including a description of any actions taken by the Committee to impose penalties or initiate a unilateral review pursuant to subsection (b)(1)(D)(iii), and any recommendations for improving the enforcement of such agreements and conditions. “(H) Cumulative and, as appropriate, trend information on the number of declarations filed under subsection (b)(1)(C)(v), the actions taken by the Committee in response to those declarations, the business sectors involved in those declarations, and the countries involved in those declarations. “(I) A description of— “(i) the methods used by the Committee to identify non-notified and non-declared transactions under subsection (b)(1)(H); “(ii) potential methods to improve such identification and the resources required to do so; and “(iii) the number of transactions identified through the process established under that subsection during the reporting period and the number of such transactions flagged for further review. “(J) A summary of the hiring practices and policies of the Committee pursuant to subsection (k)(4). “(K) A list of the waivers granted by the Committee under subsection (b)(1)(C)(v)(IV)(bb)(CC).” ; (2) in paragraph (3)— (A) by striking “critical technologies” and all that follows through “In order to assist” and inserting “critical technologies.—In order to assist”; (B) by striking subparagraph (B); (C) by redesignating clauses (i) and (ii) as subparagraphs (A) and (B), respectively, and by moving such subparagraphs, as so redesignated, 2 ems to the left; (D) in subparagraph (A), as redesignated by subparagraph (C), by striking “; and” and inserting a semicolon; (E) in subparagraph (B), as so redesignated, by striking the period and inserting “; and”; and (F) by adding at the end the following: “(C) a description of the technologies recommended by the chairperson under subsection (a)(6)(B) for identification under the interagency process set forth in section 1758(a) of the Export Control Reform Act of 2018.” . (3) by adding at the end the following: “(4) Form of report.— “(A) In general.—All appropriate portions of the annual report under paragraph (1) may be classified. An unclassified version of the report, as appropriate, consistent with safeguarding national security and privacy, shall be made available to the public. “(B) Inclusion in classified version.—If the Committee recommends that the President suspend or prohibit a covered transaction because the transaction threatens to impair the national security of the United States, the Committee shall, in the classified version of the report required under paragraph (1), notify Congress of the recommendation and, upon request, provide a classified briefing on the recommendation. “(C) Inclusions in unclassified version.—The unclassified version of the report required under paragraph (1) shall include, with respect to covered transactions for the reporting period— “(i) the number of notices submitted under subsection (b)(1)(C)(i); “(ii) the number of declarations submitted under subsection (b)(1)(C)(v) and the number of such declarations that were required under subclause (IV) of that subsection; “(iii) the number of declarations submitted under subsection (b)(1)(C)(v) for which the Committee required resubmission as notices under subsection (b)(1)(C)(i); “(iv) the average number of days that elapsed between submission of a declaration under subsection (b)(1)(C)(v) and the acceptance of the declaration by the Committee; “(v) the median and average number of days that elapsed between acceptance of a declaration by the Committee and a response described in subsection (b)(1)(C)(v)(III); “(vi) information on the time it took the Committee to provide comments on, or to accept, notices submitted under subsection (b)(1)(C)(i), including— “(I) the average number of business days that elapsed between the date of submission of a draft notice and the date on which the Committee provided written comments on the draft notice; “(II) the average number of business days that elapsed between the date of submission of a formal written notice and the date on which the Committee accepted or provided written comments on the formal written notice; and “(III) if the average number of business days for a response by the Committee reported under subclause (I) or (II) exceeded 10 business days— “(aa) an explanation of the causes of such delays, including whether such delays are caused by resource shortages, unusual fluctuations in the volume of notices, transaction characteristics, or other factors; and “(bb) an explanation of the steps that the Committee anticipates taking to mitigate the causes of such delays and otherwise to improve the ability of the Committee to provide comments on, or to accept, notices within 10 business days; “(vii) the number of reviews or investigations conducted under subsection (b); “(viii) the number of investigations that were subject to an extension under subsection (b)(2)(C)(ii); “(ix) information on the duration of those reviews and investigations, including the median and average number of days required to complete those reviews and investigations; “(x) the number of notices submitted under subsection (b)(1)(C)(i) and declarations submitted under subsection (b)(1)(C)(v) that were rejected by the Committee; “(xi) the number of such notices and declarations that were withdrawn by a party to the covered transaction; “(xii) the number of such withdrawals that were followed by the submission of a subsequent such notice or declaration relating to a substantially similar covered transaction; and “(xiii) such other specific, cumulative, or trend information that the Committee determines is advisable to provide for an assessment of the time required for reviews and investigations of covered transactions under this section.” . (b) Report on Chinese Investment.— (1) In general.—Not later than 2 years after the date of the enactment of this Act, and every 2 years thereafter through 2026, the Secretary of Commerce shall submit to Congress and the Committee on Foreign Investment in the United States a report on foreign direct investment transactions made by entities of the People’s Republic of China in the United States. (2) Elements.—Each report required by paragraph (1) shall include the following: (A) Total foreign direct investment from the People’s Republic of China in the United States, including total foreign direct investment disaggregated by ultimate beneficial owner. (B) A breakdown of investments from the People’s Republic of China in the United States by value using the following categories: (i) Less than $50,000,000. (ii) Greater than or equal to $50,000,000 and less than $100,000,000. (iii) Greater than or equal to $100,000,000 and less than $1,000,000,000. (iv) Greater than or equal to $1,000,000,000 and less than $2,000,000,000. (v) Greater than or equal to $2,000,000,000 and less than $5,000,000,000. (vi) Greater than or equal to $5,000,000,000. (C) A breakdown of investments from the People’s Republic of China in the United States by 2-digit North American Industry Classification System code. (D) A breakdown of investments from the People’s Republic of China in the United States by investment type, using the following categories: (i) Businesses established. (ii) Businesses acquired. (E) A breakdown of investments from the People’s Republic of China in the United States by government and non-government investments, including volume, sector, and type of investment within each category. (F) A list of companies incorporated in the United States purchased through government investment by the People’s Republic of China. (G) The number of United States affiliates of entities under the jurisdiction of the People’s Republic of China, the total employees at those affiliates, and the valuation for any publicly traded United States affiliate of such an entity. (H) An analysis of patterns in the investments described in subparagraphs (A) through (F), including in volume, type, and sector, and the extent to which those patterns of investments align with the objectives outlined by the Government of the People’s Republic of China in its Made in China 2025 plan, including a comparative analysis of investments from the People’s Republic of China in the United States and all foreign direct investment in the United States. (I) An identification of any limitations on the ability of the Secretary of Commerce to collect comprehensive information that is reasonably and lawfully available about foreign investment in the United States from the People’s Republic of China on a timeline necessary to complete reports every 2 years as required by paragraph (1), including— (i) an identification of any discrepancies between government and private sector estimates of investments from the People’s Republic of China in the United States; (ii) a description of the different methodologies or data collection methods, including by private sector entities, used to measure foreign investment that may result in different estimates; and (iii) recommendations for enhancing the ability of the Secretary of Commerce to improve data collection of information about foreign investment in the United States from the People’s Republic of China. (3) Extension of deadline.—If, as a result of a limitation identified under paragraph (2)(I), the Secretary of Commerce determines that the Secretary will be unable to submit a report at the time required by paragraph (1), the Secretary may request additional time to complete the report. (c) Report on Certain Rail Investments by State-owned or State-controlled Entities.— (1) In general.—Not later than one year after the date of the enactment of this Act, the Secretary of Homeland Security shall, in coordination with the appropriate members of the Committee on Foreign Investment in the United States, submit to Congress a report assessing— (A) national security risks, if any, related to investments in the United States by state-owned or state-controlled entities in the manufacture or assembly of rolling stock or other assets for use in freight rail, public transportation rail systems, or intercity passenger rail systems; and (B) how the number and types of such investments could affect any such risks. (2) Consultation.—The Secretary, in preparing the report required by paragraph (1), shall consult with the Secretary of Transportation and the head of any agency that is not represented on the Committee on Foreign Investment in the United States that has significant technical expertise related to the assessments required by that paragraph.