118th Congress Finance and Financial Sector
S. 2678: Outbound Investment Transparency Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill requires U.S. persons to notify the Department of the Treasury when making investments in or engaging in other economic activity associated with North Korea, China, Russia, or Iran. This requirement applies to U.S. persons in certain sectors, including advanced semiconductors and microelectronics, artificial intelligence, and satellite-based communications. Covered activities that trigger the notification requirement include investing in an entity, establishing a venture or subsidiary, or acquiring certain positions in an entity in these countries.
U.S. persons must notify Treasury 14 days before engaging in a covered activity. However, if the covered activity is a secured transaction, notification must be provided not later than 14 days after the transaction.
Specific information or documentary material provided to Treasury is not subject to public disclosure, with certain exceptions.
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Treasury must at least annually report to Congress a summary of the notifications received under this bill.
The Department of State must engage with allied countries to coordinate protocols, procedures, and information sharing regarding these investments. The Department of Justice has the authority to enforce this bill.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Robert Casey D-PAOriginal
- Dan Sullivan R-AK
Who scored on this bill
- 1John Cornyn SponsorDrew cross-party cosponsors, introduced2 events+6
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Other bills by John Cornyn
History
- Introduced in the Senate by John Cornyn.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.