Sec. 19. Funding
314 words·~1 min read·
/bill/115/s/2098/rs/section-19A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 721 of the Defense Production Act of 1950 ( 50 U.S.C. 4565 ) is amended by adding at the end the following: There is established in the Treasury of the United States a fund, to be known as the Committee on Foreign Investment in the United States Fund (in this subsection referred to as the Fund ). There are authorized to be appropriated to the Fund such sums as may be necessary to perform the functions of the Committee. The Committee may assess and collect a fee in an amount determined by the Committee in regulations, to the extent provided in advance in appropriations Acts, without regard to section 9701 of title 31, United States Code, and subject to subparagraph (B), with respect to each covered transaction for which a written notice is submitted to the Committee under subsection (b)(1)(C)(i).
The amount of the fee determined under subparagraph
(A)with respect to a covered transaction described in that subparagraph may not exceed an amount equal to the lesser of— 1 percent of the value of the transaction; or $300,000, adjusted annually for inflation pursuant to regulations prescribed by the Committee. Notwithstanding section 3302 of title 31, United States Code, fees collected under subparagraph
(A)shall— be deposited as offsetting collections into the Fund for use in carrying out activities under this section; to the extent and in the amounts provided in advance in appropriations Acts, be available to the chairperson; remain available until expended; and be in addition to any appropriations made available to the members of the Committee. The chairperson may transfer any amounts in the Fund to any other department or agency represented on the Committee for the purpose of addressing emerging needs in carrying out activities under this section. Amounts so transferred shall be in addition to any other amounts available to that department or agency for that purpose. .
Connectionstraces to 1
Traces to 1 document