# 119-s-4734: Critical Defense Ownership Review Act

119-s-4734, Critical Defense Ownership Review Act, is a 119th Congress bill sponsored by Sen. Warren, Elizabeth [D-MA] (D-MA); status introduced; PRIA reads it as touching household money (as of 2026-08-11).

- Canonical: https://policyrisk.com/legislation/119-s-4734
- As of: 2026-08-11
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-4734
- Congress: 119
- Title: Critical Defense Ownership Review Act
- Status: introduced
- Introduced: 2026-06-10
- Sponsor: Sen. Warren, Elizabeth [D-MA] (D-MA)
- Cosponsors: 1
- Policy area: Armed Forces and National Security
- Touches household money: yes
- Last recorded action: 2026-08-11

## Summary

**Mandatory DoD review of large investment-company stakes in key defense suppliers.** This bill would require the Department of Defense to review proposed mergers, joint ventures, acquisitions, strategic alliances, or investments by investment companies that would give them 25% or more equity or control of a major defense supplier, and to assess risks to national security, competition, supply chains, and financial stewardship.

## Cosponsors (1)

- Sen. Blumenthal, Richard [D-CT] (D-CT), 2026-06-10T00:00:00.000Z

## Provisions PRIA read

- Regular triennial M&A review for defense suppliers: benefit, medium. If enacted, the Assistant Secretary of Defense for Industrial Base Policy would conduct a review every three years of merger and acquisition activity involving major defense suppliers. The review would assess firms’ financial health and whether deals reduced the supply of goods or services needed b…
- New DoD review for big defense investments: mixed, medium. If enacted, the bill would require investment companies to file a premerger notice with the Department of Defense for covered deals and would bar any investment company from getting 25% or more equity or control of a major defense supplier without a prior DoD review. Covered transactions would incl…

## Related bills

- 119-s-5071: Children's Safe Welcome Act of 2026
- 119-s-2819: Head Start for America's Children Act
- 119-s-1541: SHIPS for America Act of 2025
- 119-s-3990: PrEP Access and Coverage Act of 2026
- 119-s-2823: FAMILY Act
- 119-s-2763: Keep Billionaires Out of Social Security Act

## Sources
- [119-s-4734 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/4734)

## Related
- [119-s-5071: Children's Safe Welcome Act of 2026](https://policyrisk.com/legislation/119-s-5071)
- [119-s-2819: Head Start for America's Children Act](https://policyrisk.com/legislation/119-s-2819)
- [119-s-1541: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-s-1541)
- [119-s-3990: PrEP Access and Coverage Act of 2026](https://policyrisk.com/legislation/119-s-3990)
- [119-s-2823: FAMILY Act](https://policyrisk.com/legislation/119-s-2823)
- [119-s-2763: Keep Billionaires Out of Social Security Act](https://policyrisk.com/legislation/119-s-2763)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-4734 (as of 2026-08-11).