S.Amdt. 6606

The proposed amendment, titled the CFIUS Modernization Act of 2026, aims to update and strengthen the authorities and processes of the Committee on Foreign Investment in the United States (CFIUS). It seeks to modify the Defense Production Act of 1950 to refine how foreign investments in the U.S. are monitored and managed for national security purposes.

Key Changes and Additions:

• Process Updates: It changes the definition of "urbanized areas," removes the 5-page limit for declarations, adjusts the timing for accepting declarations, and updates how deadlines are handled during a lapse in appropriations.

• Expanded Oversight: It expands the definition of "critical technologies," authorizes mandatory declarations for certain critical infrastructure transactions, and clarifies the authority to prohibit real estate transactions.

• New Requirements: It creates a process to identify covered transactions resulting from bankruptcy filings or debt defaults and modifies confidentiality rules to allow for better information sharing with U.S. allies and partners.

• New Programs:

  • Known Investor Program: A voluntary program where foreign persons can provide information in advance to make the notice and declaration process more efficient.
  • Greenfield Investment Pilot: A two-year pilot program requiring short-form notifications for foreign "greenfield investments" in strategic sectors (such as healthcare, energy, and agriculture) to collect data on these activities.

• Administrative Actions: The amendment extends appropriations for the Committee through 2030 and establishes reporting requirements to Congress for the new programs.