Foreign Investment Transparency and Accountability Act

If a member agency of the Committee wishes the Committee to initiate a review of a transaction pursuant to subparagraph (D), the head of the agency shall notify the Committee of such request and certify to the Committee that the transaction is a covered transaction described under subparagraph (D).

If the Committee considers a transaction (including a transaction described in a notice received under subparagraph (I)) and does not initiate a review of the transaction, the Committee shall issue a public notice to the appropriate congressional committees containing—

(I) a description of the transaction, including whether the transaction was described in a notice received under subparagraph (I);

(II) a statement that the Committee does not plan to initiate a review of the transaction; and

(III) a statement of whether or not the Committee determined the transaction was a covered transaction described under subparagraph (D) and, if not, any legislative recommendations of the Committee to make the transaction a covered transaction, if the Committee determines such a change would improve national security.

The notice described under clause (i) shall contain a classified annex, which shall contain the names of the parties to the transaction, as well as any other classified or business confidential information related to the transaction.

In this subparagraph, the term appropriate congressional committees means the Committee on Financial Services and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the Senate.