What does FOREIGN INVESTMENT REVIEW AUTHORITY. of Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act do?

This section establishes the Foreign Investment Review Authority (FIRA). FIRA's board of directors will consist of the President-appointed Chair, designees from the Secretaries of Commerce, Labor, and the Attorney General, and four members appointed by the President with Senate consent from different political parties. Board members will serve four-year terms. FIRA must establish conflict of interest requirements for its board members and employees. An Office of the Chief Ethics Officer is established within FIRA, headed by a Chief Ethics Officer appointed by FIRA with Senate advice and consent, serving a six-year term and removable only for gross misconduct. A Public Oversight Board is established within the Office of the Chief Ethics Officer, composed of members appointed by Congressional leaders and a representative of organized labor. Members of the Public Oversight Board will serve three-year terms, with a limit of one term within any ten-year period. The Chief Ethics Officer will establish a complaint process allowing submissions from identified or anonymous individuals, with a 30-day response deadline including a substantive adjudication. FIRA is granted rulemaking authority to carry out the Act.

What does IDENTIFICATION OF COVERED FOREIGN INVESTMENT COMMITMENTS. of Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act do?

This section requires FIRA to identify and publicly disclose covered foreign investment commitments on a website. The public disclosure must include details such as the names of investing and receiving parties, investment amounts, obligation dates, and activities performed. FIRA must also disclose potential or actual conflicts of interest related to these commitments and qualified investments. FIRA can specify additional relevant information for public disclosure. On the date of enactment, certain foreign investment commitments are deemed to exist. These initial commitments include those by the People's Republic of China, Japan, South Korea, and Taiwan, with specified amounts and obligation dates.

What does MEDIATION AND PROHIBITION AUTHORITY. of Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act do?

This section grants the Financial Regulatory Authority (FIRA) authority regarding covered investments deemed not qualified. FIRA may require mediation between itself and the person making a non-qualified covered investment to establish new terms that would qualify the investment. FIRA has the power to suspend or prohibit covered investments that are not qualified.

What does APPLICATION OF FEDERAL ETHICS AND TRANSPARENCY LAWS. of Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act do?

This section requires FIRA to issue rules applying federal ethics and transparency laws to individuals involved in covered investments. These individuals include federal agencies and foreign governments. The application of these laws is limited to actions taken in connection with such investments. The specified federal ethics and transparency laws include Chapter 131 and Subchapter III of chapter 73 of title 5, United States Code. Sections 201, 203, 205, 207, 208, and 209 of title 18, United States Code are also included. Section 2635.502 of title 5, Code of Federal Regulations, and sections 552 and 552b of title 5, United States Code are also included.

What does FULFILLMENT OF COVERED FOREIGN INVESTMENT COMMITMENTS. of Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act do?

FIRA is required to maintain and regularly update a calculation of qualified investments related to covered foreign investment commitments on its website. This calculation will be available at the website described in section 4(a). If, after a four-year period from the obligation date, qualified investments are less than the commitment amount, the President must negotiate with the country that made the commitment to address the deficit.

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Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act

Q: What does Preamble of Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act do?

This bill aims to establish the Foreign Investment Review Authority The authority will review foreign countries' compliance with investment commitments to the US The bill has other purposes beyond compliance review

Q: What does DEFINITIONS. of Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act do?

This section defines terms used in the Act, including 'covered foreign investment commitment', 'covered investment', and 'net economic benefit'. A 'covered foreign investment commitment' is a commitment by a foreign country to invest in the United States made under certain conditions. The section also defines 'quality job' as a job providing at least 30 hours of work per week with certain benefits. The term 'net economic benefit' is defined as an investment that promotes domestic growth, creates quality jobs, and does not undermine existing businesses. The section establishes definitions for various terms, including 'family member', 'FIRA', and 'registered apprenticeship program'.

Q: What does NOTICE REQUIREMENTS. of Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act do?

This section establishes notice requirements for covered investments. Each person making an investment believed to be a covered investment must notify FIRA in writing, provide lists of owners and advisors, and submit quarterly updates. FIRA can require these notices regardless of whether the investor initially believes the investment is covered. If information required for the notice is unavailable, it can be provided within 5 days of becoming known. Senior officials of both the investor and recipient must file signed attestations regarding the investment's economic benefit to the U.S. and compliance with ethics rules. Senior government officials (President, Vice President, cabinet officials) must disclose any potential beneficial interests in covered investments. FIRA must provide real-time access to notices and disclosures to the Chief Ethics Officer and the Public Oversight Board. Failure to comply with notice, update, or attestation requirements, or making material misstatements, can result in a fine up to 10% of the investment's value.

Q: What does REVIEW OF INVESTMENTS. of Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act do?

This section outlines the review process for investments by FIRA (Foreign Investment Risk Assessment Committee). FIRA must determine whether investments are 'covered investments' and 'qualified investments'. Notifications from various parties (individuals, foreign governments, the President, or agency heads) trigger a review of investments to determine if they are covered and qualified. FIRA can proactively review investments and establish a petition process for interested parties to request reviews. To be considered a 'qualified investment', an investment must meet several conditions, including ethics compliance, a net economic benefit to the U.S., and not being prohibited under specific criteria. Certain investments, such as those involving entities on the UFLPA Entity List or violating Federal ethics laws, are automatically disqualified from being 'qualified investments'. Investments involving parties subject to certain orders (e.g., antidumping duty orders) may require mitigation agreements with FIRA. Charitable donations to 501(c)(3) organizations are not considered covered or qualified investments. Parties can appeal FIRA's determinations regarding investment qualification, first within FIRA and then in U.S. District Court. FIRA will review qualified investments for 30 days to assess their net economic benefit and job creation.

Q: What does REPORTING REQUIREMENTS. of Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act do?

This section establishes reporting requirements for FIRA. FIRA must submit an annual report to Congress detailing investments reviewed and identified trends or risks. The annual report to Congress will be unclassified, but may include a classified annex. FIRA is required to issue a semiannual public report on the implementation of the Act, qualified investments, and related job creation. The semiannual public report must identify jobs created by qualified investments, including compensation, unionization information, and foreign employee status. The semiannual report also requires identification of inputs used in production facilities and the origination of those inputs. The semiannual report must detail compliance with mitigation agreements and any enforcement actions taken by FIRA. The Chief Ethics Officer must issue a quarterly report to Congress and make it publicly available online, listing complaints received and their resolutions.

Last updated: 6/11/2026 · Introduced: 6/11/2026

Author: Tammy Baldwin (D-WI)

TL;DR (AI)

This bill establishes the Foreign Investment Review Authority (FIRA) to oversee and enforce compliance with foreign countries’ investment commitments to the United States.
FIRA will identify and publicly disclose covered foreign investment commitments, including details about investing and receiving parties, investment amounts, and potential conflicts of interest.
Investments believed to be covered require notification to FIRA, including attestations regarding economic benefit and ethics compliance, with potential fines for non-compliance.
FIRA will review investments to determine if they are 'qualified,' requiring them to meet ethics standards, provide a net economic benefit, and not be prohibited under specific criteria.
If an investment is deemed not qualified, FIRA can require mediation or suspend/prohibit the investment, and the President must negotiate with the foreign country if commitments are not fulfilled after four years.

119th Congressin committeeHR. 9284(In Committee)Official page

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