Bill · S. 4734· Senate(119-S-4734)
Critical Defense Ownership Review Act
- Introduced
- 6/10/2026
- Last activity
- 6/10/2026 — Read twice and referred to the Committee on the Judiciary.
- Sponsored by
- Elizabeth Warren
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
The Critical Defense Ownership Review Act requires the Department of Defense to review certain acquisitions of major defense suppliers by investment companies. This applies to transactions resulting in a controlling interest or an equity interest of at least 25 percent. The Department of Defense must assess impacts on national security, competition, and financial stability. Reports on these reviews are then sent to antitrust authorities. Additionally, the Assistant Secretary of Defense for Industrial Base Policy must conduct a review of merger and acquisition activity every three years.
Yes
Does this give the federal government more power?+3
Increases Department of Defense oversight and authority over private sector acquisitions of defense suppliers.
Does this make what the government does easier for the public to see?+2
Requires triennial reporting to congressional committees on the health of the defense industrial base.
The opposite
Would business owners be better off under this?-2
Adds regulatory hurdles and premerger notification requirements for investment companies acquiring defense suppliers.
Who it would affect, and how
Potential Positive Impacts for People
-
National Security Protection: The Department of Defense would review if transactions are within the public interest and their impact on national security and the industrial and technological base (Section 2(c)(1)).
-
Maintaining Competition: The bill requires an assessment of the potential effect on competition for Department of Defense contracts and subcontracts (Section 2(c)(2)).
-
Ensuring Availability of Goods: The review process looks for potential restrictions of services, goods, or suppliers that are critical to national security or the defense industrial base (Section 2(c)(3)).
-
Financial Oversight: The bill requires an analysis of whether an investment company's financial plan impairs the ability of a defense supplier to maintain services to the Department of Defense (Section 2(c)(6)).
-
Ongoing Accountability: The Assistant Secretary of Defense for Industrial Base Policy must report to congressional defense committees every three years on the health of the defense industrial base and risk mitigation actions (Section 3(b)).
Potential Negative Impacts for People
- Increased Costs: The Department of Defense review includes an assessment of any anticipated increased costs to the Department of Defense resulting from a covered transaction (Section 2(c)(4)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Governance And Ideology
- Increases Federal Power+3Improves Government Transparency+2
- Demographic And Interest Groups
- Good For Business Owners-2
- 6/10/2026
- Read twice and referred to the Committee on the Judiciary.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Richard BlumenthalDemocrat · Connecticut