Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act
Sponsored By: Senator Baldwin, Tammy [D-WI]
Introduced
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.
Show full summary
- 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.
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 1 benefits, 0 costs, 4 mixed.
Large country investment pledges tracked
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 to exist but its amount and obligation date would be set later by FIRA.
Public reporting of foreign investments
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 semiannual public reports with job, compensation, union, and input-origin details and an annual unclassified report to Congress. The Chief Ethics Office must publish quarterly complaint reports to Congress online.
New filing rules, fines, and exemptions
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 meets the bill's net economic benefit tests. Top U.S. officials must disclose if they or family members benefit. Civil fines of up to 10% of the investment value (or 10% of undisclosed interest) could apply for missed filings or material misstatements. Federal and State bonds, diversified index-tracking funds, and donations to 501(c)(3) charities would be exempted from the net-benefit test or coverage.
New foreign investment review agency
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 four-year terms. FIRA would create a Chief Ethics Officer (six-year term, Senate-confirmed) and a Public Oversight Board with congressional and labor appointees. The agency would adopt conflict-of-interest rules and give ethics offices real-time access to filings.
Stricter reviews, mitigation, and limits
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 prohibit investments it finds unqualified. It would bar qualification when parties are on restricted lists (like the UFLPA Entity List), subject to certain customs orders, or when a related party holds 15% or more. If a party faces antidumping/countervailing duty or certain IP orders, FIRA could require a mitigation agreement with penalties, divestment, or unwinding. Internal appeals are limited and overturning a determination or mitigation terms would require at least six board votes. After a four-year window, the President must negotiate with a committing country if qualified investments fall short.
Sponsors & CoSponsors
Sponsor
Baldwin, Tammy [D-WI]
WI • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov