§4535 Reports on Exercise of Authorities

Summary

The President or an agency head must send a report and give a briefing to the right congressional committees whenever they use these powers. Normally they must do this within 30 days after the action. If the action involves a business in the United Kingdom or Australia, the report and briefing must be given at least 30 days before the action. Each report must say why the powers were needed and spell out the financial terms of any related deal. For actions with a UK or Australian business, the report must also certify that U.S. or Canadian businesses were not available and explain why. "Appropriate congressional committees" means the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services. If the action involves materials critical to national security, it also means the Senate Committee on Energy and Natural Resources and the House Committee on Natural Resources.