(a) In general
Not later than 18 months after December 18, 2025, and not less frequently than annually thereafter, the Secretary, in consultation with the Secretary of Commerce and, as appropriate, the heads of other relevant Federal departments and agencies, shall submit to the appropriate congressional committees a report, subject to appropriate confidentiality and classification requirements, that—
(1) lists all enforcement actions taken subject to the existing regulations and regulations issued under section
1 4581(e) and 4582(b) of this title during the year preceding submission of the report, which includes, with respect to each such action, a description of—
(A) the prohibited technology or notifiable technology;
(B) the covered national security transaction;
(C) the covered foreign person; and
(D) the relevant United States person;
(2) provides an assessment of the definition of the term "prohibited technology" under existing regulations or regulations issued under section
4581(e) or 4582(b) of this title by—
(A) identifying additional technologies that the Secretary, in consultation with the Secretary of Commerce and, as applicable, the Secretary of Defense, the Secretary of State, the Secretary of Energy, the Director of National Intelligence, and the heads of any other relevant Federal agencies, determined under existing regulations or regulations issued pursuant to 4581(e) 2 of this title may pose an acute threat to the national security of the United States if developed or acquired by a country of concern;
(B) explaining why each technology identified in subparagraph (A) may pose an acute threat to the national security of the United States if developed or acquired by a country of concern; and
(C) describing any removal of technologies from the category of prohibited technology under existing regulations or regulations issued under section
4581(e) of this title during the reporting period to the extent that the technologies no longer pose an acute threat to the national security of the United States if developed or acquired by a country of concern;
(3) lists all notifications submitted under existing regulations or regulations issued section
3 4582 of this title during the year preceding submission of the report and includes, with respect to each such notification—
(A) basic information on each party to the covered national security transaction with respect to which the notification was submitted; and
(B) the nature of the covered national security transaction that was the subject of the notification, including the elements of the covered national security transaction that necessitated a notification;
(4) includes a summary of those notifications, disaggregated by prohibited technology, by notifiable technology, by covered national security transaction, and by country of concern;
(5) provides additional context and information regarding trends in the prohibited technology, notifiable technology, the types of covered national security transaction, and the countries involved in those notifications; and
(6) assesses the overall impact of those notifications, including recommendations for—
(A) expanding existing Federal programs to support the production or supply of prohibited technologies or notifiable technologies in the United States, including the potential of existing authorities to address any related national security concerns;
(B) investments needed to enhance prohibited technologies or notifiable technologies and reduce United States dependence on countries of concern regarding those technologies; and
(C) the continuation, expansion, or modification of the implementation and administration of this subchapter.
(b) Consideration of certain information
In preparing the report pursuant to subsection (a), the Secretary—
(1) shall consider information provided jointly by the chairperson and ranking member of any of the appropriate congressional committees;
(2) may consider credible information obtained by other countries and nongovernmental organizations that monitor the military, surveillance, intelligence, or technology capabilities of a country of concern; and
(3) may consider any other information that the Secretary deems relevant.
(c) Form of report
Each report required by this section shall be submitted in unclassified form, but may include a classified annex.
(d) Testimony required
Not later than one year after December 18, 2025, and annually thereafter for five years, the Secretary and the Secretary of Commerce, or their designee, shall each provide to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committees on Foreign Affairs and Financial Services of the House of Representatives testimony with respect to the national security threats relating to investments by United States persons in countries of concern and broader international capital flows.
(e) Requests by appropriate congressional committees
After receiving a request that meets the requirements of paragraph (2) with respect to whether a technology should be included in the amendments as described in subsection (a)(2), the Secretary shall, in preparing the report pursuant to subsection (a)—
(A) determine if that technology may pose an acute threat to the national security of the United States if developed or acquired by a country of concern; and
(B) include in the report pursuant to subsection (a) an explanation with respect to that determination that includes—
(i) a statement of whether or not the technology, as determined by the Secretary, may pose an acute threat to the national security of the United States if developed or acquired by a country of concern; and
(ii) if the Secretary determines that—
(I) the technology may pose an acute threat to the national security of the United States if developed or acquired by a country of concern, an explanation for such determination and a recommendation whether that technology should be named a prohibited technology or a notifiable technology; and
(II) the technology would not pose an acute threat to the national security of the United States if developed or acquired by a country of concern, an explanation for such determination.
A request under paragraph (1) with respect to whether a technology may pose an acute threat to the national security of the United States if developed or acquired by a country of concern shall be submitted to the Secretary in writing jointly by the chairperson and ranking member of 1 or more of the appropriate congressional committees.