# 119-s-4748: Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act

119-s-4748, Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act, is a 119th Congress bill sponsored by Sen. Baldwin, Tammy [D-WI] (D-WI); status introduced; PRIA reads it as touching household money (as of 2026-09-25).

- Canonical: https://policyrisk.com/legislation/119-s-4748
- As of: 2026-09-25
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-4748
- Congress: 119
- Title: Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act
- Status: introduced
- Introduced: 2026-06-11
- Sponsor: Sen. Baldwin, Tammy [D-WI] (D-WI)
- Cosponsors: 0
- Policy area: International Affairs
- Touches household money: yes
- Last recorded action: 2026-09-25

## Summary

**Foreign Investment Review Authority (FIRA)** would oversee and enforce large foreign investment commitments made as part of trade deals, tariff responses, or related negotiations. The bill would require public reporting, ethics checks, and penalties so investments deliver a defined "net economic benefit" and quality U.S. jobs. - Foreign investors and foreign governments would have to notify FIRA at the start of any covered investment, provide lists of beneficial owners and advisers, submit quarterly updates, and include senior executive attestations. Failure to file or material misstatements can trigger civil penalties up to 10% of the investment. - U.S. workers and communities would see investments judged by a "net economic benefit" test that prioritizes domestic growth, creation or retention of quality jobs (minimum 30 hours per week, health care, defined‑benefit pensions, and family‑sustaining benefits), registered apprenticeships, and use of U.S. inputs. - The bill would require a public FIRA website listing commitments, determinations, mitigation agreements, and quarterly ethics complaint logs; allow mediation, suspension, or prohibition of non‑qualified investments; and treat four initial commitments as existing, including Japan $550.0 billion, South Korea $350.0 billion, Taiwan $500.0 billion, and a China commitment to be determined by FIRA.

## Provisions PRIA read

- Public reporting of foreign investments: benefit, medium. If enacted, FIRA would post a public website listing all covered foreign investment commitments and the investments it reviews. The site would show investor and recipient names and beneficial owners, locations, amounts, obligation dates, activities, and identified conflicts. FIRA would publish semi…
- Large country investment pledges tracked: mixed, high. If enacted, the bill would treat large country pledges as covered commitments as of enactment. It would deem Japan's commitment at $550 billion, South Korea's at $350 billion, and Taiwan's at $500 billion, each with an obligation date equal to enactment. A commitment by China would also be deemed t…
- New filing rules, fines, and exemptions: mixed, medium. If enacted, people making a covered investment would have to notify FIRA at the start and provide owners, beneficial owners, advisers, financiers, location, amount, obligation date, and quarterly updates until complete. Senior officials on both sides must sign attestations saying the investment mee…
- New foreign investment review agency: mixed, medium. If enacted, the bill would create a new agency called the Foreign Investment Review Authority (FIRA) to run the program. The board would include a President-appointed Chair (Senate-confirmed), departmental designees, and four President-appointed members from outside the President's party serving fo…
- Stricter reviews, mitigation, and limits: mixed, medium. If enacted, FIRA would decide whether investments are covered and whether they qualify and would allow petitions for review. For investments it deems qualified, FIRA would run a 30-day post-determination review focused on net economic benefit and jobs. FIRA could require mediation, suspend, or proh…

## Related bills

- 119-s-524: Coast Guard Authorization Act of 2025
- 119-s-1541: SHIPS for America Act of 2025
- 119-s-5283: Momnibus Act
- 119-s-3597: National Quantum Initiative Reauthorization Act of 2026
- 119-s-3990: PrEP Access and Coverage Act of 2026
- 119-s-2823: FAMILY Act

## Sources
- [119-s-4748 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/4748)

## Related
- [119-s-524: Coast Guard Authorization Act of 2025](https://policyrisk.com/legislation/119-s-524)
- [119-s-1541: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-s-1541)
- [119-s-5283: Momnibus Act](https://policyrisk.com/legislation/119-s-5283)
- [119-s-3597: National Quantum Initiative Reauthorization Act of 2026](https://policyrisk.com/legislation/119-s-3597)
- [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)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-4748 (as of 2026-09-25).