Critical Defense Ownership Review Act
Sponsored By: Senator Warren, Elizabeth [D-MA]
Introduced
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.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Regular triennial M&A review for defense suppliers
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 by the Department of Defense. The Secretary would submit the first report to congressional defense committees by December 31, 2027, covering the prior three fiscal years, and then send similar triennial reports describing effects and actions taken to reduce identified risks.
New DoD review for big defense investments
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 include mergers, acquisitions, joint ventures, strategic alliances, or investments made on or after enactment. The bill would define key terms like "investment company" and "major defense supplier," and explicitly include current prime contractors of major systems. DoD would review each notice against factors such as national security, competition for DoD contracts, risks to supply and the supplier’s financial stability, potential costs to DoD, and whether the investor’s plan could impair supplier performance. Not later than 30 days after receiving a notice, the Secretary of Defense would send a written report of the review to the Federal Trade Commission or the Justice Department antitrust office.
Sponsors & CoSponsors
Sponsor
Warren, Elizabeth [D-MA]
MA • D
Cosponsors
Sen. Blumenthal, Richard [D-CT]
CT • D
Sponsored 6/10/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov