Sponsor
Tammy Baldwin
Senator · D-WI
Senator · D-WI
Official title: 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 Tammy Baldwin · Last progress June 11, 2026
The bill substantially increases transparency, ethics safeguards, worker standards, and national-security review of foreign investments—strengthening protection of public interests—but does so by imposing extensive disclosure, compliance, and enforcement costs that may deter investment, raise administrative burdens, and risk exposing sensitive commercial or diplomatic information.
All Americans gain much greater transparency about covered foreign investments, FIRA reviews, conflicts, ethics complaints, and outcomes because the bill requires regular public reporting and publication of investor/recipient details and status.
U.S. national-security protection is strengthened by centralizing foreign-investment oversight under FIRA, giving it authority to review, require disclosures and ethics compliance, and block or suspend investments that pose security risks (including forced-labor–linked entities).
Workers and communities benefit from investment-related labor and economic-benefit standards—defined 'net economic benefit' tests, minimum hours/wage/benefits requirements, and credit for apprenticeships and accessible jobs—which aim to create quality jobs and support local economies.
Foreign and domestic investors—plus the U.S. communities that rely on their capital—face substantially higher compliance costs, disclosure obligations, and financial penalties, which may deter or reduce inward investment and raise financing costs for issuers and taxpayers.
Public disclosure requirements (beneficial owners, investment totals, inputs, mitigation compliance, named investments) risk revealing commercially sensitive information or diplomatic stances, which could harm companies, trade relationships, and the ability to close deals.
The new rules create significant administrative and operational burdens for government agencies and private parties (frequent reporting cycles, FOIA/Sunshine obligations, new boards and processes), increasing costs and potentially diverting resources from core review and enforcement work.
Based on analysis of 9 sections of legislative text.
Creates FIRA to review, publicly track, and condition large covered foreign investments, impose disclosure/attestation rules, and authorize penalties and suspension for nonqualified investments.
Creates a new independent Foreign Investment Review Authority (FIRA) to identify, review, and monitor large foreign investment commitments to the United States. The law requires regular public and congressional reporting, wide disclosure and attestation requirements for investors and recipients, ethics and transparency rules, and the power to condition, mediate, suspend, or prohibit investments that do not meet defined "net economic benefit" and "quality job" standards. The bill defines covered foreign investment commitments (including several large, named initial commitments), establishes procedures and penalties for notice and disclosure failures, creates internal and public ethics oversight bodies, and requires tracking of jobs, inputs, and compliance with mitigation agreements tied to qualified investments. It also directs presidential negotiations if committed investments lag after four years.