Sec. 1721. IMPLEMENTATION PLANS
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## SEC. 1721 IMPLEMENTATION PLANS **[**[50 U.S.C. 4565 note](/us/usc/t50/s4565)**]** ###
(a)In General Not later than 180 days after the date of the enactment of this Act, the chairperson of the Committee on Foreign Investment in the United States and the Secretary of Commerce shall, in consultation with the appropriate members of the Committee— ####
(1)develop plans to implement this subtitle; and ####
(2)submit to the appropriate congressional committees a report on the plans developed under paragraph (1), which shall include a description of— #####
(A)the timeline and process to implement the provisions of, and amendments made by, this subtitle; #####
(B)any additional staff necessary to implement the plans; and #####
(C)the resources required to effectively implement the plans. ###
(b)Annual Resource Needs of CFIUS Member Agencies Not later than one year after the submission of the report under subsection (a)(2), and annually thereafter for 7 years, each department or agency represented on the Committee on Foreign Investment in the United States shall submit to the appropriate congressional committees a detailed spending plan to expeditiously meet the requirements of section 721 of the Defense Production Act of 1950, as amended by this subtitle, including estimated expenditures and staffing levels for not less than the following fiscal year. ###
(c)Testimony Section 721 of the Defense Production Act of 1950 (50 U.S.C. 4565) is amended by adding at the end the following: > > ### “(o) Testimony > > > #### “(1) In general > > Not later than March 31 of each year, the chairperson, or the designee of the chairperson, shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate to present testimony on— > > > ##### “(A) > > anticipated resources necessary for operations of the Committee in the following fiscal year at each of the departments or agencies represented on the Committee; > > > ##### “(B) > > the adequacy of appropriations for the Committee in the current and the previous fiscal year to— > > > ###### “(i) > > ensure that thorough reviews and investigations are completed as expeditiously as possible; > > > ###### “(ii) > > monitor and enforce mitigation agreements; and > > > ###### “(iii) > > identify covered transactions for which a notice under clause
(i)of subsection (b)(1)(C) or a declaration under clause
(v)of that subsection was not submitted to the Committee; > > > ##### “(C) > > management efforts to strengthen the ability of the Committee to meet the requirements of this section; and > > > ##### “(D) > > activities of the Committee undertaken in order to— > > > ###### “(i) > > educate the business community, with a particular focus on the technology sector and other sectors of importance to national security, on the goals and operations of the Committee; > > > ###### “(ii) > > disseminate to the governments of countries that are allies or partners of the United States best practices of the Committee that— > > > ###### “(I) > > strengthen national security reviews of relevant investment transactions; and > > > ###### “(II) > > expedite such reviews when appropriate; and > > > ###### “(iii) > > promote openness to foreign investment, consistent with national security considerations. > > > #### “(2) Sunset > > This subsection shall have no force or effect on or after the date that is 7 years after the date of the enactment of the Foreign Investment Risk Review Modernization Act of 2018.” > . ###
(d)Appropriate Congressional Committees Defined In this section, the term “appropriate congressional committees” means— ####
(1)the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate; and ####
(2)the Committee on Financial Services and the Committee on Appropriations of the House of Representatives.
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Sec. 1721
IMPLEMENTATION PLANS
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