Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act
Sponsored By: Representative Khanna, Ro [D-CA-17]
Introduced
Summary
Foreign Investment Review Authority (FIRA) would create a new agency to vet large foreign investment commitments, require public disclosures and ethics checks, and judge whether investments deliver clear U.S. economic benefits. It would treat large country commitments from Japan ($550 billion), South Korea ($350 billion), and Taiwan ($500 billion) as covered for FIRA accounting and tracking.
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Bill Overview
Analyzed Economic Effects
8 provisions identified: 1 benefits, 5 costs, 2 mixed.
Fines for missing investment disclosures
If enacted, this bill would allow civil fines for failing to give required notices, updates, or attestations. Penalties could be up to 10% of the investment value for missing or false notices or up to 10% of the value of an undisclosed interest for knowingly failing to disclose. Other criminal penalties under existing law could still apply.
New foreign investment review agency
If enacted, this bill would create the Foreign Investment Review Authority (FIRA). A multi-member board would run FIRA, with a Chair and several presidential and agency designees. FIRA would have a Chief Ethics Officer (six-year term) and a Public Oversight Board with limited terms. FIRA must set conflict-of-interest rules for board members and staff.
New public notice rules for investments
If enacted, this bill would require anyone who believes an investment is covered to notify FIRA in writing at the start and provide quarterly updates until completion. Notices must list investors, recipients, advisers, beneficial owners, and include senior-official attestations that the deal provides a net economic benefit and follows ethics rules. FIRA would publish a public website listing commitments and reviewed investments. On enactment, certain country commitments would be deemed to exist: Japan $550 billion, South Korea $350 billion, Taiwan $500 billion, and China’s commitment amount and date would be set by FIRA. If after four years qualified investments fall short of a commitment, the President would negotiate to address the deficit.
New review and appeals for investors
If enacted, this bill would let FIRA review investments to decide if they are "covered" and whether they "qualify." Reviews could start from investors, foreign governments, the President, or federal agencies, and interested parties could petition FIRA to review deals. FIRA could suspend or prohibit non-qualified investments and require mediation to seek new terms. Appeals are limited and overturning a FIRA decision or mitigation agreement would need at least six board votes, and certain parties may sue in U.S. district court.
What counts as a qualified investment
If enacted, this bill would let FIRA call an investment "qualified" only if ethics rules are met and the investment gives a net economic benefit to the U.S. FIRA would judge growth, creation or retention of "quality jobs" (including jobs for workers without a college degree), avoidance of excess capacity, not undermining U.S. businesses, and use of domestic inputs. Investments tied to entities on the UFLPA list, subject to Withhold Release Orders, or where such an entity owns 15% or more would be disqualified. FIRA could treat federal or state bonds and broad index funds as qualified without the net economic test.
Mitigation rules for trade and IP orders
If enacted, this bill would prevent FIRA from qualifying an investment when the investor or recipient is under an antidumping, countervailing, or federal IP court order unless they sign a mitigation agreement. Mitigation agreements must include enforceable penalties, which could be fines, divestment, or unwinding the deal. FIRA would review such agreements at least every quarter and could revoke qualification for noncompliance or continued violations.
Faster reporting and complaint timelines
If enacted, this bill would require FIRA to send an annual report to Congress and a public semiannual report that lists qualified investments and details jobs, pay, union status, and input origins. The Chief Ethics Officer would have to accept complaints (including anonymous ones) and, with the Public Oversight Board, issue a substantive response within 30 days. The Chief Ethics Officer would also publish a quarterly complaint report to Congress.
Charitable donations excluded from review
If enacted, this bill would say that donations to organizations exempt under Internal Revenue Code section 501(c)(3) are not "covered investments." That means those donations would not trigger FIRA review or disclosure rules.
Sponsors & CoSponsors
Sponsor
Khanna, Ro [D-CA-17]
CA • D
Cosponsors
Rep. Dingell, Debbie [D-MI-6]
MI • D
Sponsored 6/11/2026
Rep. Brown, Shontel M. [D-OH-11]
OH • D
Sponsored 6/11/2026
Rep. Suozzi, Thomas R. [D-NY-3]
NY • D
Sponsored 6/11/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov