Sponsors (4)
Official title: To establish the Foreign Investment Review Authority to determine whether foreign countries that have made investment commitments to the United States have complied with those commitments, and for other purposes.
Introduced June 11, 2026 by Ro Khanna · Last progress June 11, 2026
The bill increases transparency, ethics oversight, and national‑security vetting of foreign investments and aims to steer deals toward U.S. jobs and resilient supply chains — but it does so at the cost of higher compliance and administrative burdens, potential deterrence of legitimate investment, privacy risks, and possible diplomatic or politicization side effects.
Taxpayers, state and local governments, investors, journalists, and the public will get much more transparency about foreign investments — regular unclassified reports, a public registry of reviewed deals, disclosure of beneficial owners and conflicts, quarterly ethics reporting, and up-to-date pledged-vs-delivered totals.
Federal national-security officials, investors, and communities will gain stronger tools to protect critical assets — creation of FIRA, clearer vetting of foreign investments, bans for sanctioned/high‑risk actors, and CFIUS powers to suspend/prohibit or require remediation.
U.S. workers and communities will be prioritized for higher-quality jobs because investments must demonstrate a net economic benefit and meet 'quality job' standards (wages, hours, benefits) and include accessible apprenticeships.
Foreign investors, deal parties, recipients, and taxpayers will face substantially higher compliance costs and administrative burdens — more notices, attestations, quarterly updates, reviews, and agency reporting — which can delay projects and require extra federal staffing.
Companies, employees, and complainants risk exposure of proprietary, commercial, or private information because public naming of investors, beneficial owners, complaint resolutions, and real‑time access to sensitive data may be required.
Stringent eligibility standards (net economic benefit, wage/benefit parity), ownership prohibitions tied to sanctions/trade lists, and sizable penalties (up to 10%) could deter legitimate foreign investment, reduce available capital for U.S. businesses, raise costs, or slow projects.
Based on analysis of 9 sections of legislative text.
Establishes FIRA to review, disclose, and regulate covered foreign investments, require investor notices/attestations, publish commitments and job metrics, and authorize mediation/suspension and penalties.
Creates a new Foreign Investment Review Authority (FIRA) to screen, monitor, and report on large foreign investment commitments and individual covered investments, require public transparency and recurring reports, apply federal ethics rules to parties involved, and give FIRA authority to mediate, suspend, or prohibit investments that fail to meet U.S. economic, labor, supply-chain, and ethics standards. The bill also requires detailed notice and attestation requirements from investors and recipients, establishes civil penalties for noncompliance or misstatements, mandates public disclosure of covered foreign investment commitments (including four initial country commitments), and directs the President to negotiate shortfalls if pledged amounts are not met within four years. The law sets definitions for covered/qualified investments and quality jobs, creates a Board, Chief Ethics Officer, and Public Oversight Board inside FIRA with specified appointment and ethics rules, and requires regular public and congressional reporting on investment details, job creation, inputs/origins, mitigation agreements, and ethics complaints.