What does Preamble of Critical Defense Ownership Review Act do?

This bill aims to require a review of acquisitions by investment companies. The review pertains to acquisitions involving the controlling interest of major defense suppliers. The bill includes provisions for 'other purposes' beyond the stated review.

What does SHORT TITLE. of Critical Defense Ownership Review Act do?

This bill is formally titled the Critical Defense Ownership Review Act.

What does REVIEW OF ACQUISITIONS BY INVESTMENT COMPANIES INVOLVING of Critical Defense Ownership Review Act do?

This section establishes a review process for acquisitions by investment companies involving a major defense supplier. Investment companies are prohibited from acquiring a 25% or greater equity interest or control of a major defense supplier without prior review by the Department of Defense. Parties to covered transactions must submit a premerger notification to the Department of Defense, consistent with section 857 of the National Defense Authorization Act for Fiscal Year 2024. The Department of Defense review will assess impacts on national security, competition for defense contracts, and the financial stability of the supplier. The review must consider potential risks to the completion of Department of Defense programs and operations. The Secretary of Defense must submit a report on the review to the Federal Trade Commission or the Department of Justice's Antitrust Division within 30 days of receiving the premerger notification. The definition of 'covered transaction' includes mergers, acquisitions, joint ventures, strategic alliances, or investments occurring after the Act's enactment.

What does TRIENNIAL REVIEW OF MERGER AND ACQUISITION ACTIVITY ASSOCIATED of Critical Defense Ownership Review Act do?

This section requires the Assistant Secretary of Defense for Industrial Base Policy to conduct a triennial review of merger and acquisition activity involving major defense suppliers. The review will assess the financial health of firms after mergers and acquisitions and whether these actions have impacted the supply of essential goods or services for the Department of Defense. The Secretary of Defense for Industrial Base Policy must submit a report to the congressional defense committees by December 31, 2027, and every three years thereafter. The report will detail the effects of completed mergers and acquisitions on the defense industrial base and any actions taken to mitigate identified risks.

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Critical Defense Ownership Review Act

Last updated: 6/10/2026 · Introduced: 6/10/2026

Author: Elizabeth Warren (D-MA)

TL;DR (AI)

This bill mandates a review process for investment companies seeking to acquire a 25% or greater equity interest or control of major defense suppliers, requiring premerger notifications to the Department of Defense.
The Department of Defense will assess national security, competition, and financial stability impacts when reviewing these acquisitions, and report findings to the Federal Trade Commission or the Department of Justice's Antitrust Division.
It establishes a triennial review of merger and acquisition activity within the defense industrial base to evaluate financial health and supply chain impacts, with reports submitted to Congress.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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