This bill requires the Committee on Foreign Investment in the United States to review any purchase by a Chinese entity of a controlling interest in a U.S. company deemed critical to national security, critical infrastructure, or of cultural significance. The President may approve such a purchase only if, among other things, the purchase price was not significantly affected by the COVID-19 (i.e., coronavirus disease 2019) pandemic and the sale will not permit additional access to distribute propaganda or alter U.S. news and media consumption.
The bill's provisions cease to have force or effect once the United States has substantially recovered from the economic impacts of the pandemic.
To place temporary restrictions on acquisitions by the People's 
               Republic of China, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. RESTRICTION ON ACQUISITIONS BY THE PEOPLE'S REPUBLIC OF 
              CHINA.

    (a) In General.--The Committee on Foreign Investment in the United 
States shall review, and the President shall deny, any purchase of a 
controlling interest in a covered company by a covered foreign 
interest, except as provided by subsection (b).
    (b) Waiver.--The President may approve the purchase of a 
controlling interest in a covered company by a covered foreign interest 
if the President, acting through the Committee on Foreign Investment in 
the United States, determines--
            (1) that it is not in the interest of the United States to 
        take further action under section 721 of the Defense Production 
        Act of 1950 (50 U.S.C. 4565) with respect to such purchase;
            (2) that the purchase price was not significantly affected 
        by the COVID-19 pandemic; and
            (3) that sale of the covered company to a covered foreign 
        interest will not permit the covered foreign interest 
        additional access to distribute propaganda or otherwise alter 
        U.S. news and media consumption.
    (c) Sunset.--This section shall cease to have any force or effect 
on and after the date on which the President--
            (1) determines that the United States has substantially 
        recovered from the economic impacts of COVID-19; and
            (2) notifies the Committee on Foreign Investment in the 
        United States, the Congress, and the public of such 
        determination.
    (d) Definitions.--In this section:
            (1) Covered company.--The term ``covered company'' means 
        any company registered and doing business in the United States 
        that is--
                    (A) critical infrastructure, as described section 
                721(a)(4)(D)(ii)(II) of the Defense Production Act of 
                1950 (50 U.S.C. 4565(a)(4)(D)(iii)(II));
                    (B) engaged in the production and dissemination of 
                news media; or
                    (C) otherwise determined to be critical to national 
                security, critical infrastructure, or culturally 
                significant by the President.
            (2) Covered foreign interest.--The term ``covered foreign 
        interest'' shall mean--
                    (A) the Government of the People's Republic of 
                China;
                    (B) any entity partially or wholly owned or 
                controlled by the Government of the People's Republic 
                of China, and any subsidiaries of such an entity;
                    (C) any other entity registered in the People's 
                Republic of China with substantial ties to the 
                Government of the People's Republic of China; and
                    (D) any other entity that the President determines 
                to be subject to the control (as defined under section 
                721(a)(3) of the Defense Production Act of 1950 (50 
                U.S.C. 4565(a)(3))), whether direct or indirect, of the 
                Government of the People's Republic of China.
                                 <all>
To place temporary restrictions on acquisitions by the People's Republic of China, and for other purposes.
To place temporary restrictions on acquisitions by the People's Republic of China, and for other purposes.
Official Titles - House of Representatives
Official Title as Introduced
To place temporary restrictions on acquisitions by the People's Republic of China, and for other purposes.
Rep. Banks, Jim