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 and National Security Act of 2007''.
(b) Table of Contents.—
The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents. Sec. 2. United States security improvement amendments; clarification of review and investigation process. Sec. 3. Statutory establishment of the Committee on Foreign Investment in the United States. Sec. 4. Additional factors for consideration. Sec. 5. Mitigation, tracking, and postconsummation monitoring and enforcement. Sec. 6. Action by the President. Sec. 7. Increased oversight by Congress. Sec. 8. Certification of notices and assurances. Sec. 9. Regulations. Sec. 10. Effect on other law. Sec. 11. Clerical amendments Sec. 12. Effective date.
SEC. 2. UNITED STATES SECURITY IMPROVEMENT AMENDMENTS; CLARIFICATION OF REVIEW AND INVESTIGATION PROCESS.
Section 721 of the Defense Production Act of 1950 (50 U.S.C. App. 2170) is amended by striking subsections (a) and (b) and inserting the following: ``(a) Definitions.—For purposes of this section, the following definitions shall apply: ``(1) Committee; chairperson.—The terms `Committee' and `chairperson' mean the Committee on Foreign Investment in the United States and the chairperson thereof, respectively. ``(2) Control.—The term `control' has the meaning given to such term in regulations which the Committee shall prescribe. ``(3) Covered transaction.—The term `covered transaction' means any merger, acquisition, or takeover that is proposed or pending after August 23, 1988, by or with any foreign person which could result in foreign control of any person engaged in interstate commerce in the United States. ``(4) Foreign government-controlled transaction.—The term `foreign government-controlled transaction' means any covered transaction that could result in the control of any person engaged in interstate commerce in the United States by a foreign government or an entity controlled by or acting on behalf of a foreign government. ``(5) Clarification.—The term `national security' shall be construed so as to include those issues relating to `homeland security', including its application to critical infrastructure. ``(6) Critical infrastructure.—The term `critical infrastructure' means, subject to rules issued under this section, systems and assets, whether physical or virtual, so vital to the United States that the incapacity or destruction of such systems or assets would have a debilitating impact on national security. ``(7) Critical technologies.—The term `critical technologies' means critical technology, critical components, or critical technology items essential to national defense, identified pursuant to this section, subject to regulations issued at the direction of the President, in accordance with subsection (h). ``(8) Lead agency.—The term `lead agency' means the agency, or agencies, designated as the lead agency or agencies pursuant to subsection (k)(5) for the review of a transaction.