To amend the Organic Act of Guam to provide an exception to the "public purpose" requirement for certain land transfers in the case of a transfer restoring such land to the original landowner or heirs, and for other purposes.

Section 1 of the Act of November 13, 2000, entitled An Act to amend the Organic Act of Guam, and for other purposes (Public Law 106–504; 40 U.S.C. 521 note) is amended by adding at the end the following new subsection:

The public purpose requirement under subsection (b) shall not apply with respect to any transfer of excess real property that the Government of Guam shall subsequently transfer to the original landowner or to the heirs of such person.

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Not more than 180 days after the date of enactment of this Act, the Government of Guam shall—

(1) establish a process to transfer excess real property described in subsection (g) of section 1 of the Act of November 13, 2000, as added by subsection (a) of this section; and

(2) transmit to the Committee on Natural Resources of the House of Representatives and the Committee on Energy and Natural Resources of the Senate a report describing such process.

With respect to any excess real property received by an individual under subsection (g) of section 1 of the Act of November 13, 2000, as added by subsection (a) of this section—

(1) any sale of such property by that individual to a foreign person, other than such a person that is an heir of such original landowner, is a covered transaction for purposes of section 721 of the Defense Production Act of 1950 (50 U.S.C. 4565); and

(2) the Committee on Foreign Investment in the United States shall initiate a review of such transaction under section 721(b)(1)(A) of such Act.