S. 2678 · 118th Congress
Outbound Investment Transparency Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CornynSponsor2 cosponsors · 1 D, 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Jul 27, 2023
Outbound Investment Transparency Act of 2023
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.
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 nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Outbound Investment Transparency Act of 2023
Latest action (Jul 27, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 27, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.